$75 million development proposed for 36th Street North corridor

[brettakins]

$75 million development proposed for 36th Street North corridor
https://www.tulsaworld.com/business/million-development-proposed-for-th-street-north-corridor/article_8de89f6a-71c1-560e-9298-e666b401f5b8.html

A local real estate development company has proposed about a $75 million mixed-used investment designed to be catalyst for the 36th Street North corridor.

The Tulsa Development Authority on Thursday OK'd the contents of a financial assistance agreement that would include up to $15.5 million in public aid and voted to enter into redevelopment talks with Alfresco Group LLC.

The three-part project would include a 105-room boutique hotel, a 265-unit multifamily complex (second phase) and a 50-unit multifamily community (third phase) — with a total of 63,000 square feet of retail space — at 36th Street North and Martin Luther King Boulevard.

[Rattle Trap]

This is right down the road form that new Osage casino. Casinos are casinos but I thought them building a larger one there would be good for the area. It's pretty amazing what building the Hard Rock did for that surrounding area in Catoosa. If something similar can happen there in North Tulsa that would be really good.

[TulsaGoldenHurriCAN]

I wonder on these TIFs, will they affect current business owners around there? Do they affect homeowners' taxes? It seems like a massive tax break but they said they assured that it only applies if the developer delivers.

$15 million tax break for a $75 million investment is massive. That's almost ludicrously high! People complained about the tax breaks Amazon was receiving... This is right up there on that same level percentage-wise but without the same level of permanent jobs.

[DTowner]

My first thought was that it is somewhat odd that the hotel is the first thing to be built.  Then I saw the announcement about Muncie Power Products moving to the new Peoria-Mohawk Business Park and it makes a little more sense.

The expanded Osage Casino may bring more economic development to this stretch of 36th St. North, but not likely this far over in the next few years to match up with the opening of this new hotel.

[TulsaGoldenHurriCAN]

I'm guessing the hotel is more for the casino considering that proximity.

A 240-employee manufacturing facility will not make a dent in hotel capacity. That might only bring in a few out-of-towners a week, if that.

It is depressing that hotel areas turn into these little copy-paste American hubs with all the gross car-centric development to go with it. But on the upside, at least it might be a dying business model: https://www.tulsaworld.com/business/nevada-s-largest-casinos-report-b-loss-in-fiscal/article_00a7f918-0162-5e0d-841c-efd64221fb9a.html

Losing money is pretty ridiculous when their whole model is mathematically challenged idiots literally giving them cash for nothing.