More development for Automobile Alley: Offices, retail and hotel planned for key intersection
Pivot Project and Rose Rock Development Partners are teaming up to build a mix of offices, retail, a garage and hotel that will include a future phase of housing at a key intersection between Midtown, Automobile Alley and the Innovation District.
Candace Baitz, president of development at Pivot Project, on Wednesday asked for $4.5 million in tax increment financing loans for infrastructure on the Alley North development, which will be anchored by a $23 million office building to be leased to a corporate headquarters moving downtown.
“We have been working on this project for two years,” Baitz said. “We have planned an office user that we will announce soon. It’s a 100-year-old company. We also will be building parking and retail.”
Baitz estimated the first phase will total $115 million, not including a second phase of apartments that will be built on the north half of the property that in full extends along the east side of Broadway between NW 13 and NW 16.
Baitz said additional tax increment financing requests are likely for the development. Tax increment financing uses taxes on future gains on real estate values to pay for new infrastructure improvements. The fund accumulates for an approved district. Proceeds also can be used by taxing entities for public improvements
The TIF money being requested for Alley North is from a district created along an innovation zone that spans part of Automobile Alley, Deep Deuce and the Oklahoma Health Center.
More: A funding tool for OKC development is near its end. Why were some projects chosen over others?
The development, Alley North, continues a wave of developments announced in Oklahoma City against a backdrop of rising interest and construction costs.
A slew of projects in the works at Automobile Alley
Automobile Alley, a stretch of Broadway between NW 4 and NW 13, has at least four major projects developers say are close to being built, including The Hub, an $80 million mix of apartments and offices at the northwest corner of NW 13 and Broadway; NOVA, a $26 million mix that will include a food market, apartments and pickleball courts; and Alley’s End, a $50 million mix of affordable housing and retail at NW 4 and Broadway.
Midtown, just west of Alley North, is seeing an expansion of its skyline with construction already underway on three office buildings and new apartments with more to come.
The Alley North corporate headquarters will span 60,000 square feet and four to five stories tall. The first phase also will include a 400-space garage, and a 120-room boutique hotel. Baitz said she expects the first phase to open in 2027.
The largely vacant land is being sold by Dolese Bros., which last year moved its headquarters and operations from the southeast corner of NW 13 and Broadway to The Half along Broadway Extension.
Plans shown Wednesday to the Oklahoma City Redevelopment Authority show new, pedestrian friendly streets and a community greenspace will be built as part of the development.
“We are aiming for a very walkable, contained development,” Baitz said. “We have anywhere from 25,000 to 50,000 square feet of retail. Some of that will be positioned as medical offices. Our first retail will be a food and beverage tenant, an operator that will be an exciting addition to our market.”
This article originally appeared on Oklahoman: Corporate HQ, housing, offices, retail coming to OKC's Auto Alley
