From the Gazette:

http://www.okctalk.com/images/pete/broadwaycondos1.jpg

Automobile Alley developers announce plans for urban condos (http://okgazette.com/2017/02/22/automobile-alley-developers-announce-plans-for-urban-condos/)
By Laura Eastes | 2/22/17

When developer Nick Preftakes and his business partner Mark Ruffin introduced an Oklahoma City loft apartment concept in 1995, Automobile Alley and other downtown districts were defined by their past. Only a handful of people recognized their potential as great urban districts.

The once-notable automobile sales locale became an area that had seen better days. The car sales industry, once centered on showrooms and custom factory orders, morphed into expansive lots, and customers drove their purchases home. Dealerships followed the people to the suburbs, leaving a majority of the downtown businesses vacant or in disrepair.

District renaissance

With Automobile Alley’s prominent location near downtown — along N. Broadway and Oklahoma avenues between 13th and Fourth streets — and a nationwide trend of urban renaissance, a successful wave of redevelopment revived the area.

In 1995, Preftakes and Ruffin’s rehabilitation of a dilapidated, three-story, 1930s-era garage into The Garage Loft Apartments — New York-style rental loft units on the corner of NW 13th Street and Broadway Avenue near Midtown and Automobille Alley — became a key project in propelling the historical district’s rebirth.

Today, Automobile Alley is an economic success story. The area’s revival brought restaurants, retail development and business offices as well as luxury car dealerships and urban, loft-style housing.

The district continues to thrive. Last fall, Oklahoma Contemporary Arts Center broke ground on a new, world-class campus dedicated to serving the community with arts classes, exhibitions and events. In late 2018, a modern streetcar is scheduled to launch daily service through Automobile Alley and nearby Bricktown, Midtown and Business District areas, likely spurring new businesses in its path.

Continued growth

However, Preftakes believes what the vibrant district lacks is higher-end residential infrastructure, he said during a recent Oklahoma Gazette interview.

Specifically, he sees a need for luxury condominiums or urban “lock and leave” homes, where owners trade maintenance for close proximity to a thriving downtown and metropolitan neighborhood.

“People are looking for urban living opportunities,” Preftakes, of Precor Realty Advisors, said. “Automobile Alley is a great place to colonize that. … We are looking forward to bringing residency to Automobile Alley, which has been missing.”

Preftakes is proposing a five-story development that will rise from a parking lot on the corner of NW Sixth Street and N. Broadway Avenue.

Preftakes believes The Broadway Condominiums — 12 luxury condominiums ranging from 1,600 to 3,300 square feet — will be the first-of-its-kind residential development in the area.

Unlike the soaring number of apartment rentals in the city’s urban core, Preftakes said his development offers something leases simply can’t.

“Certainly, this will be the first housing for sale in Automobile Alley,” Preftakes said.

The Broadway Condominiums, 700 N. Broadway Ave., will be located across the street from the former C.R. Anthony building, another of Preftakes’ projects, and Hudson Essex Building.

‘Historically unique’

For this project, Preftakes enlisted Oklahoma City-based Bockus Payne Associates Architects, who designed a building with modern conveniences while preserving historic Automobile Alley’s aesthetic.

“The Broadway Condominiums will serve as an anchor for Automobile Alley and will complement the urban fabric and local vernacular of this historically unique part of the city,” Collin Fleck, project architect at Bockus Payne Architecture, wrote in a media statement to the Gazette. “The majority of the structure will be characterized by the brick aesthetic for which Automobile Alley is known, while the focal feature will be a contemporary composition of architectural metal and glass carved out of the building’s corner to distinguish the modern era of its inception and to highlight the building’s unbeatable downtown views.”

Showcasing the area’s commitment to philanthropic organizations — Automobile Alley is home to the Oklahoma City Community Foundation — and the district’s support of the arts, The Broadway Condominiums’ ground-floor window cases will display exhibits by local nonprofit organizations and local artists that are designed to introduce new ideas, broaden interests and develop appreciation and understanding of the various facets of culture and community.

The displays also will shield street-level views of resident parking.

While the development is still in the early planning stages — it has yet to be presented to the Automobile Alley Board of Directors, Downtown Design Review Committee or City of Oklahoma City — Preftakes anticipates the project’s completion during the summer of 2018. The two- to four-bedroom condos will be sold through relator Wendy Chong of Re/Max Preferred Properties.

This the corner now:

http://www.okctalk.com/images/pete/broadwaycondos2.jpg

Rand Elliot is not going to like this. Need more corrugated metal siding.

I'm sure this will be one of those "we'll build it when we have most the units sold" situations.

They have not filed anything with the city as of yet.

And you can bet these will be very expensive, probably at or above $300 / SF.

Just look at that, another new development rendering that includes the streetcar.

Really excited to see another parking lot disappear, although this one isn't as egregious at the one between 5th and 6th on the east side of Broadway. I think it makes sense for something on a prime corner to be luxury housing, but I hope we see someone eventually propose something more affordable along one of the side streets away from a prime corner. There are still a lot of empty lots in Auto Alley along the quieter side streets.

^

Exactly right and AA needs housing.

You can already see the big impact of the Metropolitan and it looks like that complex is pretty well leased.

^

Exactly right and AA needs housing.

You can already see the big impact of the Metropolitan and it looks like that complex is pretty well leased.

This project will compliment the Metropolitan niceley and will make the walk over there nicer. east 6th could develop into a neat lil corridor.

Really excited to see another parking lot disappear, although this one isn't as egregious at the one between 5th and 6th on the east side of Broadway. I think it makes sense for something on a prime corner to be luxury housing, but I hope we see someone eventually propose something more affordable along one of the side streets away from a prime corner. There are still a lot of empty lots in Auto Alley along the quieter side streets.

I don't think that's in downtown's future for at least 10 years, if not 25. Assuming that affordable means something less than $200/sf in 2017 dollars

If you want affordable downtown, there are plenty of older properties for sale and lease.

If you want new construction with great amenities and a good location, things are only going to get more expensive, not less.

similar to 701Hudson...no parking garage?

similar to 701Hudson...no parking garage?

It says the display windows will shield the resident parking.

Finally! I was wondering when something like this would come downtown. As long as OKC maintains this upward trajectory, these should have no trouble selling.

I love it, great design, hope it gets built.

Steve's article on this: Upscale condos planned for OKC's Automobile Alley (http://newsok.com/article/5539041).

The nighttime rendering included in the article really looks great.

Hopefully they will be asked to include retail on the corner facing the intersection. Seems like a waste to have unused facades on such a prime corner.

It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

Also.. Check out the prices: over $400 per square foot!

It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

Also.. Check out the prices: over $400 per square foot!

http://cdn.quotesgram.com/img/33/57/629350450-2759888223_DocBrownGreatScott_xlarge.png

Are there any talks about plans for the parking lot south of this proposal?

It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

Also.. Check out the prices: over $400 per square foot!

I wonder how's this will be worth the investment for Preftakes... DOK article by Steve says $12 million project, 12 units 600k-1.5mm. Seems like anycost overrun or weakness in for sale market will make this a very marginal project? Is he looking at the bigger picture by taking a loss or small gain to help prove the for-sale comparables making a larger more expensive project more feasible?

I'm sure they will try to pre-sell before ever breaking ground.

Worked for 701 N. Hudson but this is considerably more expensive and I like that Hudson project better anyway.

I wonder how's this will be worth the investment for Preftakes... DOK article by Steve says $12 million project, 12 units 600k-1.5mm. Seems like anycost overrun or weakness in for sale market will make this a very marginal project? Is he looking at the bigger picture by taking a loss or small gain to help prove the for-sale comparables making a larger more expensive project more feasible?

That's a pretty obscene number for a relatively small development...The 701 building permit came in at $3,500,000 for 11 units. $12,000,000 for 12 units must mean something on a whole 'nother level.

$12M has to buy more than what we see in the rendering...the question is what? Land is certainly part of it as 700 N. Broadway >> 701 N. Hudson....but ~3.5x greater than...I'm not convinced.

That's a pretty obscene number for a relatively small development...The 701 building permit came in at $3,500,000 for 11 units. $12,000,000 for 12 units must mean something on a whole 'nother level.

$12M has to buy more than what we see in the rendering...the question is what? Land is certainly part of it as 700 N. Broadway >> 701 N. Hudson....but ~3.5x greater than...I'm not convinced.

Not that the size of the units totally explains the difference either, but the only 701 Hudson unit that exceeds 1,600 sq/ft is the penthouse (which comes in at 1,800 + 1,400 terrace). The story above states the Broadway units will range from 1,600 to 3,200. If the average unit size in the Broadway condos is 2,000+ sq ft (I have no idea if that's the case), that's a substantial difference in price per condo given the price per sq/ft I'm sure they'll be asking.

Just look at that, another new development rendering that includes the streetcar.

The streetcar route is absolutely on fire, and the development quality is really rising. At least as much as Rand will allow for.

He will probably come after this project's balconies, too.

The more and more I think about it, the more and more I hate the parking at the first level.

This was already presented to the Automobile Alley association (Rand Elliott included) and I have heard that they were happy with the design. I think these balconies are much more integrated into the building than the ones originally proposed further up the street, making the massing of the building relate well to the rest of the district.


The streetcar route is absolutely on fire, and the development quality is really rising. At least as much as Rand will allow for.

He will probably come after this project's balconies, too.

Really excited to see another parking lot disappear, although this one isn't as egregious at the one between 5th and 6th on the east side of Broadway. I think it makes sense for something on a prime corner to be luxury housing, but I hope we see someone eventually propose something more affordable along one of the side streets away from a prime corner. There are still a lot of empty lots in Auto Alley along the quieter side streets.

I don't think affordable housing on prime urban lots will ever happen. It hasn't in other cities and I don't believe we'll see it here. Classen Ten Penn and the Kennedy Neighborhood are places I would look that are close to downtown, will be affordable for awhile and will appreciate, I believe. I'd buy a lot or a fixer upper there if I wanted a yard.

If I owned the Deep Deuce Apartments, I might condominium use them one building at a time, but likely they would be cheaper, but perhaps not fit the definition of "affordable", because of their proximity to downtown.

I don't think affordable housing on prime urban lots will ever happen. It hasn't in other cities and I don't believe we'll see it here. Classen Ten Penn and the Kennedy Neighborhood are places I would look that are close to downtown, will be affordable for awhile and will appreciate, I believe. I'd buy a lot or a fixer upper there if I wanted a yard.

If I owned the Deep Deuce Apartments, I might condominium use them one building at a time, but likely they would be cheaper, but perhaps not fit the definition of "affordable", because of their proximity to downtown.

OKC has a pretty perfect example of a prime located LIHTC deal on Classen Drive and 13th. Most larger cities require 10% inclusionary units.

Here are some new images for this project:



http://www.okctalk.com/images/pete/broadwaycondosnew1.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew2.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew3.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew4.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew5.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew6.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew7.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew8.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew9.jpg


http://www.okctalk.com/images/pete/broadwaycondosnew10.jpg

I really like everything about this building, except for the lack of consideration for some sort of pedestrian interaction on the ground floor. I know people would need some place to park, but it sure seems like that parking could be handled in a different and better fashion than this - freeing that bottom floor up to be used for small shops or something. But honestly, that's my only real gripe about this building, and at least they have the shadow box display windows instead of a more-or-less featureless wall.

i'm starting to really like these. Love the location!

I really like everything about this building, except for the lack of consideration for some sort of pedestrian interaction on the ground floor. I know people would need some place to park, but it sure seems like that parking could be handled in a different and better fashion than this - freeing that bottom floor up to be used for small shops or something. But honestly, that's my only real gripe about this building, and at least they have the shadow box display windows instead of a more-or-less featureless wall.

Simple solution but costs money: Put parking below ground and use ground floor for commercial use.

That penthouse will be awesome. I like that they're hiding the parking, and maybe its not feasible given the minimum required amount of parking, but I wish they would create enough space to put at least some commercial instead of the art display cases. It doesn't take much space to put in a news stand/mini-bodega, to-go or standing-only coffee shop, or grab-and-go food option (perhaps from an established restaurant in town), which would provide additional options and meeting places for pedestrians and value for the persons living in the condos.

EDIT: Didn't see your post before typing this baralheia, but I think we're both on the same page. I agree that the art display cases are better than nothing but I think it's a missed opportunity.

There are 23 spaces for 9 units.

Code in the downtown area does not require any parking at all.

Does any residential in the city utilize underground parking?

There are 23 spaces for 9 units.

Code in the downtown area does not require any parking at all.

I get having parking from a marketability perspective, but 2.5 spaces per unit seems like a lot. I wonder if they will include parking spaces with the units or if they will be sold separately.

I'm sorry, I mis-counted. There are 12 units and 23 spaces.

Is the 5th floor a unit or a gathering area ?

Does any residential in the city utilize underground parking?

Maywood II Apartments and The Centennial condos.

I wish more places would have underground parking...but i do understand it's more expensive. Is it because Oklahoma ground/clay is too hard?

I wish they would create enough space to put at least some commercial instead of the art display cases. It doesn't take much space to put in a news stand/mini-bodega, to-go or standing-only coffee shop, or grab-and-go food option (perhaps from an established restaurant in town), which would provide additional options and meeting places for pedestrians and value for the persons living in the condos.

I love this thinking. Even a really small retail space could be an ammenity to residents, add to the street life, and not take up much room in the development.

I agree, even just something small would be really great. I was recently in San Francisco and loved all of these little places to grab a snack, coffee, etc. This one in particular was right near where I was staying (https://goo.gl/maps/pDywYYCNsnr) and the space couldn't have been larger than 2-3 parking spots.

http://i.imgur.com/nnEh0ug.jpg

^^
I like this thinking. Something the size of Peloton Cafe is what i'm thinking (without the patio)

http://www.pelotoncafeokc.com/

The two things I wouldn't mind seeing changed:
1. Reduce the amount of parking enough to at least have the frontage along Broadway available for retail
2. A little more detail on the upper floors facing Broadway. The action is more along Broadway, not 6th (IMO).

Ideally, they would utilize underground parking, but I understand that's more costly.

Maywood II Apartments and The Centennial condos.

Also Maywood Lofts and Central Avenue Villas.

The Regency has 1 basement level of parking...

The other option for this project would be to put parking on the 2nd level above commercial space then the 4 levels of residential on top of that.

The other option for this project would be to put parking on the 2nd level above commercial space then the 4 levels of residential on top of that.

This is a nice idea as well.

The other option for this project would be to put parking on the 2nd level above commercial space then the 4 levels of residential on top of that.

The Carnegie Centre apartments seem to do well with this set up - the second level garage feels more "private" there as well compared to ground level parking. Udander and Nourished seem to do well also, even though they're not the most conspicuous retail establishments in downtown OKC.

The Century Center has parking both above and below the commercial space.

As I've noted before, parking floors actually need less load bearing than commercial.

These units got listed for sale the other day.

$400-500 per square foot.

Cheapest $671K. Most expensive $1.58MM

Wow. At $485- 515.05 it would be most expensive active per foot in the MLS in the urban area. A home in Gaillardia had the title at $466/foot.

Who are these people that can afford this kind of place? Does OKC really have that many rich people to support all these new, high $$$ places?

Who are these people that can afford this kind of place? Does OKC really have that many rich people to support all these new, high $$$ places?

You would be surprised by the amount of real/pseudo millionaires this city has. So yes, these will pretty easily sell out.

It's not really the price that would make them difficult to sell. There are lots of houses in OKC that sell in that price range. It will be interesting to see if people are interested in the square footage for the price. They will need to be extremely upscale, in terms of finishes, I would think.

I still see these selling fast. There are a lot of Oak Tree, Gallardia, Nichols Hills people that can and will want a cool downtown place. And thats just the people that EASILY have money for this. Not even counting the people that would live here more permanently. I'm telling you guys, the OKC metro has decent money and is largely untapped. There's a lot of money being spent outside of this state on upscale things such as awesome residences like these, but also tyoical shopping. I love that these are so highly priced. I will record a video of myself eating a sales brochure from this place and post it here if they have trouble selling these.

Here are some indoor renderings pulled from the listings:

http://i.imgur.com/B8PGl6d.jpg

http://i.imgur.com/WyxPuET.jpg

http://i.imgur.com/LCxcFFM.jpg

Wow. This is quite impressive! Just what OKC needs.

Saw they had a big advert in the GAzette.

http://www.okctalk.com/images/pete/broadwaycondos081317.jpg