Garage is proposed for Oklahoma City's MidTown and Automobile Alley
The Hotel Marion, one of downtown Oklahoma City's oldest buildings, may soon be renovated as part of a proposal to use tax increment financing to build a garage that would serve Automobile Alley and MidTown.
The Hotel Marion, one of downtown's oldest buildings, may soon be renovated as part of a proposal to use tax increment financing to build a garage that would serve Automobile Alley and MidTown.
The 104-year-old Victorian building at 110 NW 10 has been boarded up for more than 20 years and is located at a heavily traveled intersection between the two downtown neighborhoods.
Brent Bryant, the city's economic development coordinator, said the agreement set for review Thursday by the Tax Increment Financing Committee calls for a $1 million low-interest loan and a $2 million forgivable loan tied to a second mortgage be provided for construction of the 300-space garage.
The garage would be built by the MidTown Renaissance group on a surface parking lot at 123 NW 10. The deal requires the developers to complete renovations of the Hotel Marion and decades-old car dealership buildings at 1100 and 1101 N Broadway. The garage would provide 200 spaces for the buildings and an additional 100 spaces for public parking.
“There are several projects in MidTown that don't have any parking right now,” said Cathy O'Connor, president of the Alliance for Economic Development of Oklahoma City. “The Marion has absolutely no parking, and that has always been an issue as we've tried to get it developed. This garage will help make other projects happen in MidTown, and it will support residential and restaurant development along Automobile Alley.”