Land deal advances for $40 million parking garage for Oklahoma City convention center
The Oklahoma City Economic Development Trust on Monday voted unanimously to approve the acquisition of land downtown for a convention center parking garage.
The proposal moves on to the city council Tuesday.
City government leaders are proposing to buy the square block bounded by SW 3 and 4 streets, between Broadway and E.K. Gaylord Boulevard, for $14 million from OG&E.
The site is kitty-corner from Chesapeake Energy Arena.
OG&E's control center for its electric power generating, transmission and distribution systems is in the 98,000-square-foot "gold building" on the property.
The utility will relocate the control center in northeast Oklahoma City. OG&E expects to complete the move by March 2019, when the real estate deal is to close.
The $40 million, 865-space parking garage is to serve the MAPS 3 convention center, park and streetcar, and the basketball arena and new convention center hotel.
Convention center construction is expected to begin in 2018, with the nearly $300 million convention center and the $235.5 million, 600-room hotel to be ready in 2020.
The city's parking authority will issue bonds to construct the garage. The city is combining $9 million from MAPS 3 and a $5 million, interest-free loan from OG&E to buy the land.
The city also will:
• Extend Central Avenue to the site of OG&E's new control center off E Wilshire Boulevard.
• Provide land to OG&E for a new electric substation off NW 10 Street.
The city's cost for those items will be limited to $420,000.