The city of Oklahoma City continues to take important steps to revitalize the northeast quadrant of the city.
This once thriving area has seen businesses and residents leave over the years, which has impacted its neighborhoods and the community. Recently, the area was approved as a $45 million tax increment financing district. The Alliance for Economic Development has been working with Oklahoma City staff, developers and community organizations such as the Northeast Renaissance Stakeholders Committee to make improvements to this part of the city.
Last week, a groundbreaking took place on the $7 million Northeast Town Center redevelopment project at NE 36th Street and N. Lottie Avenue, which will provide high-quality shopping amenities and a grocery store. Just over $2 million in performance-based TIF assistance was approved for the redevelopment of the shopping center. Charles Shadid owns the property and architect and developer Rick Brown designed the redevelopment.
The 96,000-square-foot property is a great example of a blighted area in need of redevelopment assistance. To assist in the cost of redevelopment, funds from the Northeast Oklahoma City TIF district can be used in areas where development would likely not happen without the funding assistance.
Read the full article here in the March 2nd edition of The Journal Record.