In an event that could reshape Oklahoma City’s Bricktown, a substantial tax increment financing agreement was greenlit on Tuesday for an upscale apartment towers project. The remarkable development known as The Boardwalk at Bricktown is poised to elevate the city’s skyline. The approval, achieved through a 7-to-2 vote by the Oklahoma City Council, signals a mixed sentiment. While the majority hailed the project, Councilmembers James Cooper and JoBeth Hamon voiced concerns regarding the inclusion of affordable housing units.
The driving forces behind this vision are Scot Matteson, CEO of Matteson Capital, and developer Randy Hogan. The project secured an impressive $200 million in TIF funding, setting a record. The venture encompasses two twin 28-story apartment towers, with a third tower planned upon leasing the first two.
Construction start date on upcoming upscale apartment towers in Bricktown
Construction of upscale apartment Towers in Bricktown is projected to start next year, beginning with underground parking and a retail podium building as the base for the two towering apartment complexes. The value of tax increment financing can’t be overstated, as emphasized by Matteson. With funding secured, focus now shifts to finalizing design details
The upscale apartment Towers project in Bricktown magnificence is undeniable, with an impressive 924 apartment units and a sprawling 80,000 square feet of retail, dining, and entertainment space. Positioned at the northwest corner of Reno and Oklahoma avenues, the project will transform a parking lot adjacent to the U-Haul building. Notably, the tax increment financing arrangement excludes the Hyatt Dream Hotel, a separate undertaking on the same property.
The upscale apartment Towers project in Bricktown intriguing facet involves leasing 132 units to Aspiring Anew Generation, a nonprofit based in Arizona. The nonprofit aims to subsidize rents for low-income individuals, although its credibility has faced scrutiny. Cooper and Hamon questioned the organization’s track record in providing affordable housing and workforce training effectively.
The hotel, connected via a sky bridge to the apartment towers, will follow suit. The potential addition of a third tower hinges on leasing success, with a “worst case scenario” completion estimate of six years. This moment underscores Oklahoma City’s ambition to redefine urban living and propel the city into a new era of progress and prosperity.