Proposed Bricktown Development Would Include High-Rise Apartments, Hotels, Restaurants

A developer is proposing a project that would add high-rise apartment buildings, a luxury hotel, restaurants and other businesses at one site in Oklahoma City's Bricktown.

If approved, California-based developer Matteson Capital said the 2,004,235-square-foot project, called The Boardwalk at Bricktown, would be built at the parking lot next to U-Haul Moving & Storage of Bricktown. The location is bordered by Reno Avenue and Southeast K Gaylord Boulevard, near Paycom Center and the Oklahoma City Convention Center.

The development would include three apartment towers with 924 units combined, a 348-unit luxury hotel, several restaurants, retail and entertainment areas, and 890 public parking spaces, according to Matteson Capital. In addition, there would be a lagoon, fountains and other water features. The average apartment rent would be about $2,800 per month, the developer stated in a presentation.

"To be a growing city like Oklahoma City as in attracting new residents and new businesses, we feel like we're bringing something that's not there and it needs to be there," said Scot Matteson, president and CEO of Matteson Capital.

Furthermore, there would be a workforce training facility to help people get back on their feet. Matteson said those who take part in the workforce training program would pay reduced rent or no rent at all, depending on their situations.

"About 20% of our apartment units are going to be dedicated to the non-profit to bring in people that maybe can't afford to pay rent or they could pay a little rent. The non-profit will make up the difference for them and put them in a two-year program through the workforce training center. But that workforce training center is going to be open to anybody that wants to come there, not just people that's living there," said Matteson. "We're just doing this to be good citizens."

Matteson said the entire project is expected to cost about $735 million and create numerous jobs.

"Just for building the hotel is going to generate about a thousand jobs," said Matteson. "The employees that will be working at the hotel and restaurants and managing and operating the apartment buildings is another thousand."

On Thursday, Oklahoma City's Downtown/MAPS Tax Increment District Review Committee unanimously approved a resolution that recommends allocating up to $200 million in ad valorem tax increment and $5.5 million in sales and use tax increment to support the project. 

"Basically, the $200 million is the property tax rebate and there's $5.5 million. It's estimated for sales tax on construction materials. So we pay the sales tax and then they refund back that 5-and-a-half million dollars after we pay it," Matteson explained.

Matteson said they will also apply for a matching $5.5 million from the state under the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act.

There will be another hearing on the project with the Oklahoma City Economic Development Trust on July 18, said Matteson.

But it's ultimately up to the Oklahoma City Council to make the final decision on whether to approve the project. A city spokesperson said the project will likely come to the City Council in August.

If approved, it would begin around June 2024 and take several years to complete, said Matteson Capital.