Announcement of more upscale housing for downtown.


Group seeks 'hip' feel for redevelopment
by Brandice J. O'Brien
The Journal Record
6/2/2005

Small Hazy pic of project



The Oklahoma City Urban Renewal Authority on Wednesday awarded the Block 42 Project Redevelopment Team the opportunity to revitalize about 87,000 square feet of blocks 42 and 43 of the Maywood addition into high-end townhouses and flats.
The team is comprised of about 10 members and includes associates from Humphreys Capital Investments, Timberlake Construction, Saxum Strategic Communications and Third Degree Advertising.

Surrounded by Interstate 235, NE Fourth Street and I-235 Service Road, the dwellings will range from 1,050 to 2,700 square feet and cost an average of $300,000.

The 30 units - 18 townhouses and 12 elevated flats - and the surrounding areas aim to epitomize high-end, modern urban residences and gated access to rear-entry parking will be accessible with a Pikepass-like gadget that opens when it recognizes the account, said Todd Edmonds, partner at Michael Mahaffey & Associates and architect on the project.

Team Manager Grant Humphreys said the project would emphasize a vibrant, 24-hour community that's hip and urban.

"I like that terminology - hip, with a little hop in it," said Russell Perry, Urban Renewal commissioner.

All townhouses will have a rooftop terrace and porch, and the interior can be tailored to the individual homeowner's requests.

Homeowners can choose the flooring, wall color and countertops based on a catalog of choices, or upon seeing a completed model home.

Model homes will be equipped with stainless steel appliances, granite countertops and floors made with materials including bamboo, cork and wood.

A common area with a pavilion and a free wireless Internet access system will be available in the center of the property.

Humphreys said a common area, landscaped by Minneapolis firm Oslund and Associates, would act as a serene spot in the middle of downtown and provide a sense of community.

Green space takes up 25 to 30 percent of the project, said JoeVan Bullard, Urban Renewal executive director.

Block 42 offered $225,000 for the property and requested tax increment financing for 13 percent of the project. BancFirst, the lender for the project, will hold private equity of $1 million in certificates of deposit as collateral.

"We are putting a new product in an unproven market," Humphreys said.

Humphreys said an established clientele including medical and urban professionals, as well as empty-nesters, would be attracted to the area.

Now that the project has been approved, Humphreys and Urban Renewal will work on the development agreement and, assuming the two parties agree on numbers and prices, Block 42 will move forward. In the meantime, Edmonds and Humphreys will further outline the design development and drawings to finalize construction documents.

"(Block 42 is) the first high-end owner-occupied that's going to happen and it's the first step in building that part of the city," Humphreys said.

Work could begin as early as November with residences completed by next summer.