OKC Chooses Developer For Downtown Construction

Tuesday, November 25th 2014, 6:04 pm
By: Karl Torp

A major project that will transform downtown Oklahoma City is getting closer to reality.

The city has chosen Chicago-based Clayco to develop what was once home to the Stage Center at Sheridan and Hudson.

Four buildings, 25 to 27 stories tall, will be built under the plan. Two will include office space and the other two will be high-rise residential.

“It's a game changer in a lot of ways for this part of downtown,” said Cathy O'Connor, President of the Alliance for Economic Development of OKC.

OG&E headquarters will be there, as will retail space and a parking garage.

The total investment is expected to be $530 million.

Developers asked for nearly $143 million in tax incentives over the next 25 years.

“You have to subsidize parking in a way,” said O'Connor about the need to offer tax incentives to developers.

She told News 9 this was only a request, and will likely not be the amount agreed upon in the end.

The project still has many hurdles, including what each of the four buildings will look like.

If all goes as planned, the project could be completed by late 2017.