The MidTown Renaissance development group is seeking $1.1 million from downtown's tax increment finance district to assist in conversion of the Osler Building into a 60-room boutique hotel.
The Osler Building, 1200 N Walker Ave., was built in 1929 and housed offices until it was acquired by the group in 2006. Chris Fleming, a representative of MidTown Renaissance, declined to comment on the request, which will be heard at Tuesday's meeting of the Oklahoma City Economic Development Trust.
Part of the development, the conversion of an old office building next door at 1212 N Walker into apartments, is close to completion while work has yet to start on the Osler.
“It's something we're excited about,” said Brent Bryant, the city's economic development coordinator. “The contract was delayed due to the structuring of the deal. But if you go back in the history of it, this is well within the time frame of helping them out.”
The building at 1212 N Walker Ave. includes 24 apartments, 3,300 square feet of retail and 3,000 square feet of office space. A third component of the application calls for an old office building at 430 NW 12 to be converted into 16 apartments.
If the application is approved, the terms call for the entire development to be completed by Jan. 1, 2014, or for the value of the properties to exceed $15.8 million. The properties are currently assessed at $1,025,223. The terms also call for at least 40 percent of the residential units to be rented and occupied by the Jan. 1, 2014, deadline. Bryant confirmed only after such terms are met will the tax increment finance assistance be paid to the developers.