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.