Could Edmond get a Shake Shack and Ruth's Chris? Officials are weighing new tax incentive

Jeff Elkins Steve Lackmeyer, The Oklahoman, September 6, 2025

Edmond development officials are looking at what incentives might be used to close deals with some of the biggest names in national retail and dining, including Ruth’s Chris Steakhouse, Shake Shack, Cooper’s Hawk Winery and Restaurant, Dick’s Sporting Goods and Petsmart.

The tenants, most of which are new to Edmond, are to be part of Legacy at Covell. The development at Covell Road and Interstate 35, started with construction of a Hilton Garden Inn and 20,000-square-foot conference center in 2016 and a Showbiz Cinemas that opened in 2018. 

The project stalled for several years until Dallas developer Eric Seitz and developer Raptor Properties secured a deal in 2024 for Whole Foods to be a leading anchor tenant.  

Jennifer Springer, interim director at the Edmond Economic Development Authority, said discussions are underway regarding incentives and how best to support Legacy at Covell as part of a larger effort to recruit retail and businesses desired by residents.

“We’re looking at what we are lacking that will give our citizens a place to buy retail items they are looking for that normally they would have to travel outside of Edmond to find,” Springer said. “We have worked on developing a methodology to where we are evaluating projects being considered in Edmond for the best return on investment for the city.” 

Springer said the process to evaluate the Legacy at Covell project for incentives was established in August. She said the task is being done with careful study while also not needlessly delaying deals from being completed. 

“We’re very excited to be working with this group on this project,” Springer said. “But we also need to make sure it makes the most sense and that it was the best return on investment.”

Brokers with Shop Companies, which is representing the development, did not return calls to The Oklahoman. Their website shows Legacy at Covell prospects also include a Pei Wei, Chase Bank, Chipotle, Texas Roadhouse, First Watch restaurant and a Summer Moon coffee shop. The online flyer indicates the only signed leases among the new list of tenant prospects are with Chipotle and Shake Shack. 

The development of Legacy at Covell hasn’t progressed as quickly as originally anticipated. The development consists of a Hilton Garden Inn and 20,000-square-foot conference center built in 2016 and a Showbiz Cinemas that opened in 2018.

The announcement of Whole Foods, however, set expectations in the real estate community that it would draw greater interest in the retail center. Development outside of Legacy at Covell includes Crest Foods, McDonald’s, Braum’s, Starbucks and Puppy Paws Hotel & Spa. 

David Chapman, finance and real estate professor at the University of Central Oklahoma and former Edmond city councilmember, said the Whole Foods announcement changed the dynamic for the development that spans 110 acres, with 50 for retail, 45 for multifamily and 15 for multi-use.

“Retailers are followers,” Chapman told The Oklahoman on Friday, Sept. 5. “Once you land a Whole Foods, you’re going to get followers, and those are going to look like Dick’s Sporting Goods, Hobby Lobby, Barnes & Noble, Cooper’s Hawk, Ruth’s Chris, Texas Roadhouse and Shake Shack. A lot of these (companies) do their own research, but they would value Whole Foods’ research more than their own in many cases.”

What incentive is being discussed?

Chapman said the plan for Legacy at Covell was always to create a large, multi-use and walkable development, but it’s been a struggle to achieve this goal. The reason for that, he said, is because “the city didn’t believe that (businesses) wouldn’t come if it didn’t have the proper incentives.”

When Chapman was on the Edmond City Council, he said the proposal was for two cents out of the city’s 3.75-cent sales tax. This would give the developer the ability to incentivize retailers and restaurants to come, he added, noting that now, the offer is 1.5 cents for the developer.

Chapman said the incentive being discussed is performance-oriented, and Whole Foods and other retailers wouldn’t get the money from Edmond up front. He said the developer may have to provide a portion of the funding initially to attract businesses, then a deal would need to be worked out between them as sales tax is generated.

There’s also a state incentive that will match the city, but the municipality has to apply for that, Chapman said. If Edmond were to receive that state incentive, it would amount to 75 cents, half of the city incentive in a 25-year deal, he added.

During his time on the city council, Chapman said he would hear from many who were skeptical that incentives are necessary to attract new business. 

“Citizens would always say, ‘oh, they will come anyway,’ but we have plenty of proof that they won’t because we’ve given it years,” Chapman said. “So, are we better off getting partial sales tax and having to give up a little? The answer to that is almost always yes.”

Another common concern from residents of a city when a large development is proposed, is the threat of losing business in other areas. Chapman said the location for Legacy at Covell near Interstate 35 makes retail cannibalization unlikely.

He also said Edmond will reap considerable revenue from the material to support construction at the development. 

“Edmond gets the sales tax of every single board,” Chapman said.