Norman City Council is holding a public hearing to consider approving the $1 billion University North Park entertainment district project plan at its special meeting.
Today’s public hearing is the second of two regarding the University North Park entertainment district. The first public hearing was held on Sept. 3.
According to the meeting agenda, today’s public hearing is for public opinions on the project plans, while the first was for information.
Around 65 OU students are in the audience. Around half of the students said they attended the meeting to learn more about the district and the other half said they attended to support it.
Background
Introduced in September 2023, the entertainment district is a $1.1 billion proposed district designed for the University North Park tax increment finance district. It includes plans to build a retail market, 500 housing units, office space and an arena for OU basketball and gymnastics.
The entertainment district project plan would create two tax increment finance districts, or TIFs. A TIF is used to attract private investment to areas in need of economic development by supporting infrastructure and community projects.
One TIF would be for sales or use tax and would be activated on May 1, 2025. The second would be an ad valorem increment district, which captures property tax beginning in the first year projects in an area are developed, and would be activated on December 31, 2026.
According to an analysis by HVS Convention, a sports and entertainment facilities consulting firm, construction costs total $644,482,953. Around 40% of the costs would be funded by OU and private sources, while OU would use around 25% of the event dates for the arena, according to the agenda packet.
If approved, the entertainment district areas would open from 2027-29, with OU’s first season in the arena being 2027-28.
According to the analysis, the arena would host OU basketball and volleyball games, as well as concerts, shows and meetings. The arena would hold 8,000 seats, which is less than Lloyd Noble Center’s 11,000 seats. The analysis notes around 1,650 would be premium seats.
In a stabilized year, the arena could hold 146 events, according to HVS Convention. HVS Convention projects the arena would generate $51 million in revenue for the city per year and $37 million for the district per stabilized year. The analysis notes stabilization would occur in 2030, three years after construction is complete.
Lloyd Noble Center would become a practice facility if the new arena is approved, according to the city.
HVS Convention notes the 180,000 sq ft. of office space would hold 690 employees and include 148,000 square feet of leasable space. According to the analysis, 138,380 square feet is expected to be occupied in a stable year.
The office space would be constructed from 2028-29.
The Norman retail market would include 140,000 square feet of retail stores and business. Businesses would be “high-end,” with higher rents than market average, according to the analysis.
The analysis estimates around 45% of visitors would come from Norman, while 55% would come from tourists. HVS Convection also projects the retail market would generate $22 million in net new sales.
According to the analysis, the arena and retail spaces would open in late 2027.
Both OU President Joseph Harroz Jr. and OU Athletics Director Joe Castiglione have showed support for the Rock Creek Entertainment District.
On Sept. 1, Harroz wrote a column in the Norman Transcript advocating for the project’s approval.
Harroz wrote the entertainment district is essential to Norman’s future, adding it would create a strong sense of community, and attract new business and residents.
“This is our opportunity to define who we are and what we aspire to become,” Harroz wrote. “Do we seize this moment and choose the path of investment, growth, and improved quality of life? Or do we remain complacent and atrophy, watching as other cities leap ahead?”
In April, Harroz threatened to build the entertainment district outside of Norman if rejected.
Following the first public hearing on Sept. 3, Castiglione told OU Daily OU would engage in community discussions to convince the public of the district’s approval.
“This is for the greater good of Norman, and that’s what we’re trying to help people understand,” Castiglione said.
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