This 32-unit apartment complex in the heart of the Paseo Arts District just sold to an investment group headed by Jeremy Foraker for $1.35 million. Foraker is also the developer for the restaurant and office complex proposed at NW 28th & Walker (http://www.okctalk.com/showwiki.php?title=NW+28th+Walker).

The Market at Paseo was built in 1966 in the Mediterranean style that is typical of the district, and features a well-landscaped courtyard.

The new owners plan to freshen the exterior, improve the landscaping and update units on a rolling basis. Here is rendering of the plans:

http://www.okctalk.com/images/pete/paseomarket121714.jpg


To the immediate east of this property is SixTwelve (http://www.okctalk.com/showwiki.php?title=SixTwelve) creative space, which is nearing completion.


http://www.okctalk.com/images/pete/paseosum.jpg


http://www.okctalk.com/images/pete/market1.jpg


http://www.okctalk.com/images/pete/market2.jpg


http://www.okctalk.com/images/pete/market3.jpg


http://www.okctalk.com/images/pete/market4.jpg

I have always loved the courtyard of these apartments. will be nice to see it all freshened up a bit.

The Paseo in general needs new development and redevelopment but most the property is held by a couple of people who are not very motivated to invest or sell.

Very little has happened here while virtually every other urban district has gone wild over the last 5 years.

The Paseo in general needs new development and redevelopment but most the property is held by a couple of people who are not very motivated to invest or sell.

Very little has happened here while virtually every other urban district has gone wild over the last 5 years.

I always wondered why the Paseo felt like it was being left behind. Some people say that the Plaza District has sucked the oxygen out of the room, but my feeling is that there is plenty of oxygen to go around, if you pardon the extended metaphor. Glad to finally see some momentum over there.

The Paseo had a huge head start over almost every other district and has done almost nothing of late. So much potential... There isn't even a real hang-out bar on the strip.

Also, there are tons of small apartment complexes all around (4-plexes, 8-plexes) that could be and need to be updated.

Paseo needs a angel developer to take a bunch of properties under their wing; since John Belt passed away not much is happening here. Perhaps Jeremy Foraker will step into that role.

This sounds good. Renovation in The Paseo needs a light touch.

By the way, Jeremy told me he'd like to do more in the Paseo but nothing is for sale.

He said he couldn't even find a small office space to rent -- let alone buy -- in the district.

The Paseo in general needs new development and redevelopment but most the property is held by a couple of people who are not very motivated to invest or sell.

Very little has happened here while virtually every other urban district has gone wild over the last 5 years.

I totally agree. There are 5 key grass fields that are not utilized that could be developed as well as many residential and commercial properties in this small area that could be updated. This area should be the example for the rest of the city on how to create an urban district, but it just isn't happening. Plaza has exploded past them.

One of the big advantages in this area is the existing, great residential building stock on all sides.

Tons of houses still at decent prices and loads of small apartment buildings, most with great character.

Ideally, a lot of the housing would see new life and infill and then connect the Paseo to the Uptown/23rd area, which is already spreading north.

There needs to be some high-density housing built in this area. Also, more services for existing residents. Joy Reed Belt is not showing herself to be any more interested in developing things than John was. Paseo is definitely stagnant.

As for the surrounding neighborhood, I hope it's always a little bit funky. I know some people (artists, academics, etc.) who live in some of those apartments you describe and are very grateful for affordable rents. Too much gentrification could make the Paseo less Paseo.

Despite being left behind in terms of recent development, I still feel the Paseo is ahead of any other urban district in OKC other than Bricktown. It no longer will be however in the very near future if things don't start happening there. Its definitely the city's most unique district and while I would love to see new development there, I hope if new development does occur it fits well with the existing building stock.

There needs to be some high-density housing built in this area. Also, more services for existing residents. Joy Reed Belt is not showing herself to be any more interested in developing things than John was. Paseo is definitely stagnant.

As for the surrounding neighborhood, I hope it's always a little bit funky. I know some people (artists, academics, etc.) who live in some of those apartments you describe and are very grateful for affordable rents. Too much gentrification could make the Paseo less Paseo.

FWIW, the Positively Paseo organization, which was putting up quite a bit in new construction at one point, has largely moved on from this neighborhood because lot prices got too high. They now mainly build in Classen Ten Penn. Also, good luck finding anything in this area for sale under $100/ft that isn't a complete gut job. It all seems a bit premature since there are still some blocks with Paseo and Jeff Park that are a bit rough.

I don't know why there isn't more construction. There is never any inventory. I had friends who looked at the areas near Sparrow Park (which has some great craftsman style homes) for nearly 2 years, going so far as to make offers to people who did not even have their homes for sale. They finally threw in the towel and recently bought in Gatewood.

As far as commerical development is concerned, the Plaza is now the "it" neighborhood for the funky/artsy crowd in OKC and its largely come at the expense of the Paseo. If the Paseo isn't careful I could see them getting passed up by Film Row or 23rd St as well.

Watching how things are run since the passing of John Belt, I don't think you'll see much of anything substantial happen with most of the Paseo until Joy Belt no longer controls the properties. She just seems to have no sense of urgency or understanding of how slim the margins can be for non-art gallery businesses. After a minor oven fire in the kitchen of the Red Rooster shut down the kitchen there it took over a year to renovate it and get it operational again. Operation of the kitchen is a requirement of the lease for both parties, and an integral part of the Rooster business model. Operating without a kitchen darn near killed the tenants business entirely. That is just plain sad. However, I am also in no hurry to see things change dramatically as far as the character of this little 'hood because I enjoy phenomenally affordable rent in an area that is really quite vibrant as it is. Although more retail and less stagnant art galleries would be a welcome addition.

As far as commerical development is concerned, the Plaza is now the "it" neighborhood for the funky/artsy crowd in OKC and its largely come at the expense of the Paseo. If the Paseo isn't careful I could see them getting passed up by Film Row or 23rd St as well.

I see 23rd and the Paseo likely to compliment each other in the near future rather than compete, especially when/if the Rise is completed. Walker needs to be developed continuously from 23rd up to Paseo Dr. There is a lot of empty space there for a mixed-use development to bridge the gap between the two districts.

Bchris, I disagree a bit. The only spaces on that stretch that aren't well utilized for residential are between 23rd and 25th on both sides of the street and the lot at the SW corner of Walker and Paseo, which is slated for a restaurant and office space. But yes, the redevelopment of 23rd street will be a huge boon to The Paseo as well.

I live in Jefferson Park and the Paseo is definitely my favorite district. But my girlfriend and I always find ourselves talking about what the Paseo needs. I enjoy visiting the Plaza but I'd much rather walk two blocks to the Paseo and be able to enjoy the same types of entertainment. I want to see more people walking about the district!

Rendering of the renovation:

https://scontent-b-dfw.xx.fbcdn.net/hphotos-xpf1/v/t1.0-9/10801956_803074566420774_5890066577946028507_n.jpg ?oh=98bb0449fcc608b72a9238dcfe0770a3&oe=550EB341

This place is so badass! I almost lived here.

What are rents there now? Paseo is one area is be wary of gentrifying just bc artists don't make money, esp in a state like OK that doesn't have income tax exemptions credits etc for them.

$600, I think. Owner says rents won't increase to cover the renovations.

What are rents there now? Paseo is one area is be wary of gentrifying just bc artists don't make money, esp in a state like OK that doesn't have income tax exemptions credits etc for them.Yeah, when I was interested, I was told $550.

Here is a better rendering:

http://www.okctalk.com/images/pete/paseomarket121714.jpg

So...they're painting it?

It needs a lot more than painting. I was by there yesterday. It appears in need of serious repair...looks pretty run down from the outside.

Unit by unit they are doing a to the studs remodel of the entire place and I understand they are replacing some awnings and decks.

$600, I think. Owner says rents won't increase to cover the renovations.

Not bad

So...they're painting it?

...and planting 5 trees!

They are completely renovating the property inside and out.

It's a very cool building but pretty run down. It will look very different when finished.

3/19/2015

https://farm8.staticflickr.com/7601/16256472914_2e43372262_b.jpg

Thanks!

That already looks much better.

Paseo has a ton of older, small apartment buildings and vacant lots that represent so much potential.

Of all the urban districts, it's the one with the most existing multi-family housing stock and slowly but surely, those properties are being renovated and upgraded.