A coalition of prominent figures from Norman’s civic, business, and education sectors has revealed ambitious plans for a groundbreaking $1 billion entertainment district. 

The proposed development, spearheaded by “Team Norman,” seeks to transform the city with a slew of amenities, including a new arena for University of Oklahoma athletics, hotels, offices, shops, restaurants, bars, entertainment venues, and housing for thousands, the Oklahoman reported.

The coalition has emphasized that the project will not burden city or county general funds nor necessitate a tax increase. Instead, it plans to fund 80 percent of the venture through private investment, with the remaining 20 percent coming from public sources. 

Norman Mayor Larry Heikkila suggested that tax increment financing and potentially revenue bonds would be employed to secure the public portion of the funding.

TIF districts are instrumental in harnessing tax revenues generated by new developments to fund public improvements in the area. In some instances, bonds are issued and repaid with increasing ad valorem taxes, while others function as rebates.

University of Oklahoma President Joe Harroz Jr. expressed support for the project, particularly the replacement of the Lloyd Noble Center. 

While the university won’t shoulder development costs, it will contribute by paying rent for the arena and other facilities. These revenues are earmarked to support the use of revenue bonds, which are financed through increased development-generated income.

Lawrence McKinney, president of the Norman Economic Development Coalition, highlighted the city’s housing shortage and the need to attract new residents and businesses to avoid stagnation. The coalition envisions a district that aligns with residents’ desires for walkable, safe, green neighborhoods that are inclusive of an economically diverse population.

Situated near the University North Park district, the development will front Interstate 35, specifically at Rock Creek Road and 24th Avenue NW. The proposed development would include a venue designed to host various events, from concerts and shows to OU basketball games and women’s gymnastics competitions. An outdoor plaza will be adjacent to the performance venue.

This announcement comes five years after a previous effort, which sought tax increment financing but was withdrawn by the OU Foundation due to opposition at City Hall. 

— Ted Glanzer

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Gisele Bündchen — the Brazilian supermodel, cookbook author and ex-wife of retired quarterback and Super Bowl ring accumulator Tom Brady —  has purchased a new home in Southwest Ranches, Florida.

Flamboyant Tree LLC, which is tied to Bündchen, paid the unidentified sellers just over $9 million for the 7.5-acre property, which was listed most recently for $10.5 million, the Wall Street Journal reported. The sellers bought the property in 2003 with $1.65 million.

Laura Valente of Global Luxury Realty LLC represented Bündchen, while the listing agents were Chad Bishop and Saddy Abaunze Delgado of ONE Sotheby’s International Realty.

The property has a 5,200-square-foot home and, in keeping with a sporty family — Bündchen has two children with Brady — two equestrian rings, a full soccer pitch, an infinity pool, outdoor kitchen and man-made pond with fish, the outlet says.

The town and surrounding area are known for being a big horse-riding community, Bishop told the outlet.

But the property will serve as more than a mini-sportsplex. Bündchen plans on having chickens and other farm animals, in addition to horses, on the property.

“They will make it a real animal-friendly property,” Bishop told the WSJ.

Bundchen is no stranger to owning property in South Florida.

She paid $11.5 million for the waterfront home at 1400 Biscaya Drive in Surfside in October 2022 via a trust, records show. The 6,600-square-foot house, built in 1981, is likely a teardown. It sits on a 0.4-acre lot across the water from the Indian Creek mansion that Brady is building. 

The Surfside property has 92 feet of waterfront. The seller, Bay Drive BJ Partners LLC, lost money on the deal. It paid $11.8 million for the property months earlier, in April of last year. 

Joel Lusky with The Brokerage South Florida Real Estate represented the seller in the sale to Bündchen, according to Realtor.com. Vanessa Frank with One Sotheby’s International Realty represented Bündchen.

Records show that Bündchen, via an LLC, also paid $1.3 million for the small, non-waterfront home at 8850 Emerson Avenue in Surfside in February 2022, months before she and Brady announced their divorce. The deal may have introduced her to Frank of One Sotheby’s, who was the listing agent for 8850 Emerson Avenue. The 1,540-square-foot, three-bedroom, two-and-a-half-bathroom house, built in 1940, was renovated and sits on a 0.1-acre lot. 

Brady and Bündchen paid $17 million for the lot at 26 Indian Creek Island Road in late 2020, via an LLC managed by Fontainebleau Development executives. 

The couple knocked down the home on the nearly 2-acre property and began building a new mansion, which Brady continued after the couple’s divorce, according to records.

— Ted Glanzer

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