Shields Plaza Mixed-Use Redevelopment
At a glance
Based on auto-generated captions; names and numbers may be misheard.
- What: a joint resolution (item 2A) approving up to $13 million from an increment district of the South Oklahoma City Economic Development Project Plan for the Shields Plaza mixed-use redevelopment by Zerby Partners (as captioned).
- Where it stands: approved by the Economic Development Trust on 2026-10-08. The deal is contingent on the South Oklahoma City TIF District being created (final council hearing set for October 27).
- Next: council action on the allocation and adoption of the TIF district.
The project
- $84.4 million development at the northwest corner of I-240 and Shields Boulevard, replacing the old South Shields Plaza shopping center and vacant land.
- About 77,000 square feet of retail plus a big box anchor still in negotiation (about $58 million in annual taxable sales), pad sites, Shields frontage retail, and a 305-unit market-rate apartment complex on the north tract. A large share of the request pays for streets, drainage, water and sewer.
- Financing: developer equity about $33.7 million, debt about $50.6 million.
The incentive
- Pay-as-you-go tax increment: 85 percent of new taxes returned in years 1 to 5, 75 percent in years 6 to 10 and 30 percent in years 11 to 15, not to exceed $13 million.
- Projected increment from a little over $1 million in year one to about $2.25 million in year 25, against a current tax base of about $89,000. Returns are about 2.9 percent in year one without the TIF and 5.7 percent with it, rising to about 12 percent.
- Presented by Kenny Sudel and Okconor (captioned; for the developer).
Sources
Discussion time
About 9 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-08 - Oklahoma City Economic Development Trust | 9 |
Log
- 2026-10-08 - Oklahoma City Economic Development Trust - Item 2A presented by Sudel and Okconor; supportive comments from trustees; approved.