By : Jeff Elkins//The Journal Record//June 5, 2024//
A rendering of the 8,000-seat multi-purpose arena proposed for the University North Park entertainment district is shown. (Rendering courtesy of the University of Oklahoma)
$1B entertainment district to transform Norman
A rendering of the 8,000-seat multi-purpose arena proposed for the University North Park entertainment district is shown. (Rendering courtesy of the University of Oklahoma)
By : Jeff Elkins//The Journal Record//June 5, 2024//
NORMAN — Norman leaders expect a $1 billion mixed-use development to generate at least 5,000 jobs and provide housing for 3,000 residents.
A working session between Cleveland County, University of Oklahoma and Norman leaders Wednesday provided an update on the plan for a $1 billion entertainment district in northwest Norman.
Team Norman, a collaboration between OU, Norman and business leaders in September announced preliminary plans for a mixed-use entertainment district in the University North Park area, which includes an 8,000-seat multi-purpose arena. OU would be the anchor tenant of the venue on a 25-year lease, occupying it for 28% of the year for basketball and women’s gymnastics.
Part of the price tag would be funded through tax increment financing. Approximately 80% of the development’s cost would be paid through private investment, including a significant commitment by the University of Oklahoma. The remaining 20% would be paid through public sources. No funds would come from the city or county general funds, and the public would not see a tax increase.
The University of Oklahoma Foundation, an independent charity that facilitates and manages philanthropic gifts to support the university, owns the land in the proposed district north of West Rock Creek Road.
OU Athletic Director Joe Castiglione said the $330 million total cost of the arena would require $230 million in public funding and approximately $100 million in private capital.
Details revealed at the meeting marked the first update for the public since a pre-development meeting in November 2023. Also late last year, the Norman City Council narrowly approved a resolution, 5-4, declaring the intent to consider approval of a project plan and creation of a tax increment financing district.
OU President Joseph Harroz said the statutory TIF committee that developed following the November meeting unanimously approved the project in May. He said the next step is to receive approval from the Norman Planning Commission on June 13.
“This was thought through with a great deal of effort,” Harroz said Wednesday.
Stakeholders expressed optimism that the commission will approve the project, which would then go before Norman City Council for final consideration.
VistNorman Executive Director Dan Schemm spoke during the meeting about the economic growth the project could generate. He said the district would attract visitors to the community, which means more money spent at local shops and restaurants and a subsequent increase in tax revenue.
“They’re going to all of the mom-and-pop and local stores that they can’t experience anywhere else, but they don’t know where the city boundaries are,” Schemm said. “They go to where the venues and restaurants are. We don’t have enough of that for them to experience while they’re here. This will help alleviate that.”
The initial master plan shown at the November meeting showed a housing district with high-density multi-family units with white parcels described as an urban residential product just to the north. A commercial zone includes the arena and entertainment, restaurant, office, retail, hospitality and conference uses. Sean Rieger, lead attorney at Rieger Sadler Joyce LLC, said last year that a structured garage planned to the northwest of the arena could alleviate the need for surface parking.
Norman Chamber CEO Scott Martin said the project is perhaps the most significant one in the city’s history. Castiglione called it a “game changer” for the university.
“New retail, housing and jobs will spur great economic growth and our citizens will undoubtedly reap the rewards,” Castiglione said. “Moreover, as we enter the SEC, the district will build upon OU Athletics’ strengths, adding to our suite of best-in-class facilities and attracting a whole host of talented student-athletes. The project will also bring new events to Norman and will serve as a beacon of possibilities for our city and community.”
The Rainier Companies, a Dallas-based commercial real estate investment firm, is the lead developer on the project. Company CEO Danny Lovell said it’s rare to come across a $1 billion opportunity, particularly in the third-largest city in Oklahoma.
“We think what we’ve got with the arena as the catalyst, we will be able to attract other shopping tenants, hospitality, dining and medium and high-residential options within the district,” Lovell said. “This is a passion project for our firm, and we’re planning to build something that we don’t believe exists in the state of Oklahoma.”
The project was scheduled for consideration by Norman Planning in December, but the applicant, University North Park LLC, asked for a continuance to the next meeting and has repeated that request for every meeting since.
Martin said the TIF committee didn’t meet to consider the project until May. He said the city didn’t implement the group until April, and members were tasked with determining the three community members who would join the mayor, university officials and other leaders at the table.
“The mayor provided a list of individuals to the rest of the committee, and together, they considered those seven individuals and chose three of them,” Martin said after the meeting Wednesday afternoon.
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