Additional rezoning clears way for townhouse construction at Lakeview Landing

July 12—Stillwater City Council on Monday approved rezoning action for a portion of land surrounding the former Boomer Lake station that had been excluded from a previous rezoning.

A request for proposals issued by the town of Stillwater in 2019 for the adaptive reuse of the mothballed power plant specified that one of the plots contained three standby generators that could not be removed. But it has now been decided that the generators can be removed, making this part of the property suitable for construction.

On June 14, the Stillwater Planning Commission approved a recommendation to rezone the area with the generators from public to mid-range multi-family residential and to extend this RMI zoning westward along a strip of land currently zoned commercial general.

The development, named Lakeview Landing, features upscale two- and three-bedroom townhomes ranging from just under 1,800 square feet to just under 2,400 square feet.

Properties in the gated community are listed from $750,000 and up to $925,000 or $386 per square foot for the three-story, three-bedroom 2.5-bathroom unit with a private elevator in the building. ‘unity.

The residential development will be built around an entertainment complex in the former town of Stillwater power station, which will retain the industrial look while housing a restaurant, brewery and outdoor entertainment area.

The area has been dubbed The Power District.

Its revitalization is expected to spur more redevelopment in nearby neighborhoods. Commercial property owners along Highpoint Drive are already hosting outdoor market events in what they hope will become its own arts district within walking distance of Lakeview Landing housing and entertainment.

The Power District will eventually combine mixed residences, restaurants, entertainment and retail, according to the developer.

In 2021, city staff said the developer plans to bring in about $30 million in private investment to supplement the $6 million in assistance committed by the city of Stillwater.

Acting through the Stillwater Economic Development Authority, the city agreed in June 2021 to provide Lakeview Landing LLC with an advance of $250,000 to cover pre-development costs, with 95% going towards direct phase costs. 1 and 5% to city returns. houses for zoning and presales.

The remaining $6 million will be disbursed when the City is satisfied that the developer has met the conditions and obligations under a redevelopment agreement that City Council approved in April 2021.

The project recovers a property that was not taxable and significantly increases its value. This increased value will be captured by a tax increment financing district and used by the Town of Stillwater to repay the Stillwater Utilities Authority for its $6 million in-house loan at 1.75% interest over 25 years.

High-end residence halls are marketed to well-heeled Oklahoma State University alumni. On its website, Lakeview Landing promises a unique luxury lifestyle near Boone Pickens Stadium and states that it will “become our home away from home, no matter where you actually live”.

According to lakeviewlandingstillwater.com, four of the eight lakefront units have already been sold and planning permission for the site has been issued.

The property will be developed in phases and, according to property listings, the townhouses will be ready in 2023.