- Associated Press - Sunday, June 7, 2015

EDMOND, Okla. (AP) - The two large venues planned at an Oklahoma intersection are expected to break ground this summer after both experienced some complications.

Since its announcement in October 2013, the $21 million Summit Sports Complex has a new ownership group. Sold Out Strategies purchased the project from Derek Turner with Turner & Co. and Davis Hudiburg with Broadway Development Group. Sold Out Strategies partner Brad Lund would not disclose the sale price.

“We are formalizing our financing on it,” Lund told The Journal Record (https://bit.ly/1KNm7CB ). “Once formalized, we will be able to break ground.”

CBRE will act as the broker of record for securing the financing. Lund said he and Sold Out co-owner DeBray Ayala expect to close on the financing in two months and want to break ground in August. The city of Edmond will retain ownership of the land, making it a public-private partnership.

The complex will have four permanent maple hardwood basketball courts, eight Sport Court volleyball courts, two regulation indoor soccer fields, 25,000 square feet of viewing area and a lounge. Temporary floors can be installed to have up to eight basketball courts and 16 volleyball courts for tournaments and practices. It will be between 155,000 and 181,000 square feet, Lund said, depending on final funding from investors and the bank.

“We’re not worried about (the funding),” he said. “It just takes longer than we originally planned.”

Nearby will be a six-story Hilton Garden Inn and Conference Center. Edmond Economic Development Authority Executive Director Janet Yowell said the developer, Roddy Bates with Raptor Properties, recently received his construction financing. She said the financing process was complicated on the developer’s side since the city offered the land and infrastructure work as an incentive. In total, the city will spend $11 million on the project.

The hotel and conference center previously had been approved by the planning commission. Now, the City Council must approve changes to the developer agreements. The revisions will adjust the timeline since the project is taking longer than anticipated, Yowell said.

Raptor Properties Principal John Wooley II said construction will begin this summer. The company has about 260 acres at Covell Road and Interstate 35. McDonald’s, Braum’s and a feed store will be in the area as well.

Wooley said once Summit starts moving forward, another hotel plans to open across the street from the sports complex. Since the hotel and conference center project is progressing, Wooley said other developments will also start to advance.

“The conference center will open doors for us to move forward with other new-to-market retailers that we have been wanting to pursue,” he said. “We needed to get this started first. Hopefully in the next couple of months, we’ll be able to start working on the next fun thing.”

He said outside developers have been closely watching the hotel and conference center progress. Even when Raptor attends retail conferences, the talk often goes back to the future of that project. Now, that’s no longer a question.

“(Moving forward with the hotel and conference center) gives us the next step to go deeper in our conversations with some of the other tenants and new-to-market businesses that we’re trying to lure to the site,” Wooley said.


Information from: The Journal Record, https://www.journalrecord.com



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