Council approves TIF incentives for two downtown historic rehabs to create apartments

The Oklahoma City Council unanimously approved two joint resolutions authorizing Tax Increment Financing (TIF) assistance for separate historic rehabilitation projects in downtown Oklahoma City.

The first, the Cotton Exchange at 228 Robert S. Kerr, proposes converting a historic office building into 100 apartment units in a roughly $27 million renovation. Developer representatives requested up to $2,275,000 in TIF assistance structured as a phased incremental‑tax payout (50% of increment years 1–5 and 75% years 6–12, with a cap at $2,275,000). Developer John Sner described structural repairs to the stone facade and said the project would preserve ground‑floor retail while adding studios, one‑bed and two‑bed apartments.

The council then approved a larger request for the Robinson Renaissance building, a 1927 structure that developer representatives plan to convert into 106 apartments with retail and underground connectivity. The Robinson team requested up to $6,000,000 in TIF assistance under a staged reimbursement schedule (a higher percentage in early years tapering later). Project representatives emphasized the capital intensity of rehabilitating older office buildings and the use of historic tax credits alongside private equity to reach the projects’ capital stacks.

Kenny Sudel of the Alliance for Economic Development introduced both proposals and described them as part of the Quarter Shore TIF area enhancements the council had just amended. Council members framed the approvals as tools to stabilize and repopulate downtown historic buildings, increase the tax base and supply new market‑rate housing.

Both joint resolutions passed unanimously; staff said contractual terms and subsequent implementation documents will follow in later procurement or reimbursement actions.