Norman’s $1 Billion Entertainment District: A Transformative Development

The city of Norman, Oklahoma, is set to undergo a major transformation with the development of a $1 billion entertainment district. Led by Danny Lovell, a Henryetta native, this ambitious project includes a new 8,000 seat arena for OU men and women’s basketball and women’s gymnastics, 140,000 square foot open air retail entertainment venue, more than 500 new multifamily units, up to 180,000 square feet of new commercial office space and at least one new hotel. The project spans approximately 90 acres in University North Park adjacent to I-35 and promises to bring a variety of amenities and economic opportunities to the area.

A Collaborative Effort

The project has beenspearheaded locally by Team Norman, a coalition of civic, business, and educational leaders dedicated to enhancing the city’s infrastructure and economy. This group includes the Norman Chamber of Commerce, the Norman Economic Development Coalition, and the University of Oklahoma Foundation. The vision is to create a vibrant mixed-use space featuring an arena for University of Oklahoma athletics, hotels, offices, shops, restaurants, and housing.

Funding and Economic Impact

The development is planned to be primarily funded through private investment, which will cover 80% of the costs, while the remaining 20% will come from public sources such as tax increment financing (TIF) and revenue bonds. This financing strategy ensures that the project does not burden the city or county general funds, nor does it require a tax increase for residents. TIF districts will allow the city to use the tax revenues generated by the new developments to fund public improvements in the area.

Addressing Housing Needs

One of the key benefits of the project will be addressing the housing shortage in Norman. The proposed development includes plans for various mediuem and high density residential options, creating an inclusive and economically diverse community. By providing new housing and business opportunities, the district aims to attract residents and businesses, stimulating local economic growth.

A New Arena and Event Space

The project will feature a new 8,000 seat arena to replace the existing Lloyd Noble Center, supporting a range of events from University of Oklahoma men and women’s basketball games as well as gymnastic meets, to concerts and community gatherings. An adjacent outdoor plaza will further enhance the district’s appeal as a destination for entertainment and leisure

Future Steps

As the project moves forward towards City Council approval in August, it has undergone rigorous review and planning including formal approval from Norman’s Statutory TIF Committee and Norman’s Planning Commission, which have ensured its alignment with the community’s needs and goals. The development is poised to be a significant milestone in Norman’s growth, offering a dynamic environment for residents and visitors alike.

This transformative entertainment district represents a strategic effort to enhance Norman’s appeal and economic viability, setting the stage for a thriving future.