Grant Humphrey's talks about affordable downtown housing

[metro]

Developer pushes need for affordable housing downtown

September 20, 2007
OKLAHOMA CITY

Developer Grant Humphreys has found success in his high-end Block 42 urban homes project, but now is considering a project to target a different demographic. “We see a strong need for entry-level and mixed-income housing in downtown Oklahoma City,” Humphreys said. “We’re considering all options on how to address that need.”

Humphreys, with Urban Form LLC, is the developer for several projects including Block 42, which has sold 28 out of 42 town homes and flats, and will welcome its first residents soon. Based on the success of Block 42 and other high-end residential projects around downtown, Humphreys said the time has come to begin looking at more affordable options for buyers currently priced-out of purchasing homes downtown.

One option would be the establishment of a community land trust, which would be the first one in Oklahoma. A community land trust focuses on housing and community development. The trust typically buys and holds land but sells off residential and commercial property with a focus on affordable housing. But Humphreys isn’t talking about building low-income or cheap housing.“For a community to be sustainable you need to have all demographic levels represented,” he said. “You have a huge portion of the market that’s out-priced right now so we’re trying to target that.”The price for units would ideally be in the $120,000 to $180,000 range. The anticipated buyers would be recent college graduates, young professionals and starter families.

Current downtown condos start at about $200,000 and many go up to more than half a million dollars.Brett Hamm, president of Downtown OKC Inc., said the possible shift to building more affordable housing downtown will help meet the need of all the market segments, not just high-end buyers.“Affordable or work force housing is always a key ingredient to a successful downtown,” Hamm said. “It’s a natural step in the process when you’re establishing downtown residential.”

If Humphreys’ project comes to fruition, one potential site is a plot of land owned by the Oklahoma City Urban Renewal Authority at NW Fourth Street and Shartel Avenue. On Wednesday, Humphreys gave an informal presentation to OCURA commissioners on his vision to open downtown housing to a broader market. The presentation was not an agenda item and no action was taken.JoeVan Bullard, OCURA executive director, said two others have contacted his office about developing projects at the NW Fourth Street and Shartel Avenue site. Bullard said he is getting input as to the timing of when a request for proposal should be issued for the site.Humphreys said his project is still in the planning stages and not contingent on acquiring any certain site.

[SpectralMourning]

I'm not exactly sure if I'd want to buy an apartment next door to the jail. They have the housing complex directly east of there, but that's not as close as such. Either way, I'm glad to see that pad developed. Good luck to them on that.

[Midtowner]

I live over there and it's fine.

The folks inside the jail stay there (for the most part).

[BDP]

I'm not exactly sure if I'd want to buy an apartment next door to the jail.

That's exactly why it makes sense to build more affordable housing there, because the perception by luxury buyers is that such a location would not hold value. Personally, I don't think it's any big deal. If anything, you have a greater police presence because of the jail and courthouse than anywhere else in the city. But the target demographic, that of young college grads, will probably not have the same hang ups as the usually older buyers who are looking for housing that may cost 300k and up. Typically they're going to think of it more as within walking distance of work, the arts district, midtown, and bricktown than worrying about the jail being nearby.

I certainly wish OKC had such options when I was right of college. I may have been more interested in living here. Instead I lived in a big city in a neighborhood that probably would have frightened the gated-community-minded folk of OKC. Of course, I never had any crime committed against me or my property until I moved back to OKC in what many here would perceived as a "safe" neighborhood, or at least considered safer by those who might get nervous about living in downtown Oklahoma City.

In any event, I certainly hope it works, as it would be great to have a critical mass of young college educated residents in downtown Oklahoma City. What we really need is an apartment tower that could offer doorman services. That would certainly mitigate any security concerns. However, I doubt that could be done for this price range and such services usually require higher fees that someone paying 80k for an apartment may not be interested in.

[jbrown84]

I live in the Park Harvey and from what I've seen, it is mostly the demographic in question, including me. Park Harvey and Regency Tower are about your only options if you make less than 40,000 a year, but the tide is turning. It's good to see Humphreys dedicated to downtown and not just the almighty dollar.

[metro]

We do have an apartment tower with doorman services. Two in fact. Regency Tower and Park Harvey. If you count the nearby Classen Tower, you have three.

As Mid said the area is pretty safe IMO. If anything you get more police presence than you would anywhere else in OKC. The Sheriff's office is just down the street. As well as the Police HQ.

[Midtowner]

We do have an apartment tower with doorman services. Two in fact. Regency Tower and Park Harvey. If you count the nearby Classen Tower, you have three.

As Mid said the area is pretty safe IMO. If anything you get more police presence than you would anywhere else in OKC. The Sheriff's office is just down the street. As well as the Police HQ.

My only gripe is that the jail can be damn noisy at night.

A lot of the time, there's some a-hole announcing things across some sort of intercom system in the wee hours of the morning. I can hear it anytime we open our windows.

[BDP]

Good points. I think those services help create the perception of it being safer, even when the real risks are minimal to begin with.

[SpectralMourning]

There's also the concern about the homeless problem. I still don't really see anything being done about that. I have people in my hotel complaining about visiting "the west side of Bricktown" because of the rough looking people, and it is a valid concern. If they want to revitalize the area, revitalize it. This will just add to the trainwreck.

[BDP]

It probably is a valid concern, but I have rarely seen a city core with less homeless. Now, down around the mission is different, but, of course, that makes sense. As much time as I spend in bricktown or downtown, I have only been approached by a homeless person maybe a few times. And, really, I say that only because I am sure it must have happened, but I honestly can't remember it.

Again, down by the freeway and west of the core is a different story, imo. There are many cities that would love to have our homeless problem.