The Oklahoma City Economic Development Trust unanimously approved providing $1.1 million in tax increment financing assistance toward redevelopment of MidTown's empty Osler Building into a 60-room boutique hotel.
The MidTown Renaissance group, represented by Chris Fleming, told trustees the company owns 26 buildings in MidTown, of which 57 percent have been renovated. He said construction is about to wrap up on the last of eight buildings that qualified for a $1,000,500 allocation in 2009. That money is set to be paid upon completion of the former Guardian garage into housing at NW 10 and Robinson Avenue.
“We're on track for that to be complete by December 2012,” Fleming said.
The new allocation, which won't be payable until all of the work is done and still needs Oklahoma City Council approval, is based on renovations started at 1212 N Walker Ave. and 430 NW 12, which both will be turned into apartments, and the Osler Building, 1200 N Walker Ave.
“We're currently in talks to consummate an agreement with a hotel operator and look forward to beginning that project in the near future,” Fleming said.
Fleming admitted the scheduled completion deadline of Jan. 1, 2014 is “aggressive,” but added the development group has gained experience in managing building renovations with previous projects.
“Our backup plan for the Osler is historically it was an office building,” Fleming said. “We looked at residential, but the floor plans were too small, so our backup is for it to go back to being offices.”