Summary:

– OKC approves up to $2M TIF for Villa Teresa hotel.

– $29.7M project will create 68-room boutique hotel in Midtown.

– Separate housing project near NW 11th also receives TIF support.

OKLAHOMA CITY – More than five years after COVID derailed plans to convert the historic Villa Teresa campus into a boutique hotel, the project is moving forward.

The City Council on Tuesday approved tax increment financing (TIF) dollars not to exceed $2 million as the final funding piece for the Villa Teresa Hotel project at 1216 Classen Drive.

“Hotel financing during COVID was not a popular activity,” developer Marva Ellard said. “No one wanted to finance a hotel. We’re back on track. We’ve got a loan. We’ve got a tax credit investor and we’re ready to go.”

The $29.7 million project wi

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