Villa Teresa

[warreng88]

double post

[okie_native]

^

I'm glad to see this in good hands and with plans to preserve it.

I called them today because I had heard about the sale but they were unwilling to provide any details.

I believe the architect mentioned is ADG.

Pete, what makes you think it's ADG?

[Pete]

Pete, what makes you think it's ADG?

Because I heard this from the same sources who told me 1) the property was under contract; 2) who the buyers were; and 3) they would be doing some new construction of condos/townhomes -- all those things turned out to be true.

It could be that ADG is only working on the new construction part.

If you have any anything to add, would appreciate hearing it.

[warreng88]

The Oklahoman has a story of Marva Ellard's plans for the redevelopment of the Villa Teresa property. I read it before the paywall went up so I can't quote it, but townhomes and condos will be built facing east on Dewey. Can't remember all of the other details, but the total development cost is $30 million.

Pete, do you have details on this?

[Pete]

New owners of Villa Teresa reveal ambitious redevelopment plans


A group headed by local owners Marva Ellard and Billy Woodring have filed plans with the Downtown Design Review Committee that show the intention to renovate the existing buildings at the former Villa Teresa school and convent, as well as add condominiums on the eastern edge.

After the school had closed, Villa Teresa Investments LP bought the 3.43 acre property and five historic buildings in September for $5.75 million.

Plans by Fitzsimmons Architects show at least 3 phases of redevelopment.

Phase I has been labeled the Dewey Townhomes and Classen Flats which would be located in an undeveloped area along Dewey Avenue.

The townhouses would be 3 levels offering various floor plans from 2,030 to 2,548 square feet. The flats would be contained in a 3-story building near Dewey and Classen Drive and should offer excellent skyline views in units ranging form 1,720 to 2,333 square feet.

Phase II would involve renovating the historic Lowery House into two condos and the former school building would become eleven flats between 774 and 1,281 square feet.

A boutique hotel would be part of Phase III and involved converting the former convent and Anderson house.

All homeowners and hotel guest would have access to a 24-hour concierge, health spa, gym and pool.

The committee will review the plans on February 15th.

[catch22]

Wow! I think that looks like a great plan.

[Dustin]

That is amazing.

[Pete]

It's not shown on the plans because the hotel piece is still pretty conceptual, but pretty sure the area along NW 13th and west of the First Unitarian Church will be parking and likely structured.

[king183]

These townhomes will likely fetch $325-400 a square foot. So starting around $650,000. Does that sound right?

[Midtowner]

I office in the area and was very happy when Ellard took over. The lot was not being maintained at all. The day the new investors stepped in, the lot was mowed and it's been great since. Awesome to see this development. I'd love to see a coffee shop or something to that effect go in.

[onthestrip]

These townhomes will likely fetch $325-400 a square foot. So starting around $650,000. Does that sound right?

With the local economy still not showing much expansion and mostly with the increase in supply and diversity of for sale housing , I just don’t see mid/downtown housing going for over $300/ft in the near future, unless it’s a quality single family home. I know there’s been some Sosa homes priced in that range that have sat on the market for a while now.

This is an awesome looking plan though. Love the look of the townhomes. And love to see grass lots get developed.

[OKCretro]

Very cool and exciting.

[Ross MacLochness]

Great to see more dense housing downtown. These look great and are close to a streetcar stop.

[Anonymous.]

Love the plans. But I don't like it when developers plan to do things "in phases". In OKC that usually means, cutout the coolest things and do them eventually or never.

[PhiAlpha]

Love the plans. But I don't like it when developers plan to do things "in phases". In OKC that usually means, cutout the coolest things and do them eventually or never.

Thats not unique to OKC by any means.

[HOT ROD]

^^ I'm just glad the 'additions' to the property are Phase I. We need density in our developments and this will assure that.

[PhiAlpha]

^^ I'm just glad the 'additions' to the property are Phase I. We need density in our developments and this will assure that.

That could be a good thing but I think renovations to the current structures should be the primary concern in a phase 1. Having said that, if they are going to put that much effort into building new structures, I’m sure they will end up renovating what’s already there.

[HOT ROD]

ya, that's my thought. It's far easier to just reno the existing then run out of money or some other excuse not to build the new additions. Weve seen far too many OKC projects end up like this with that area ending up as a little surface parking lot fronting the main street.

However, with this development focusing in on the new additions fronting the main street first - there's momentum to finish the entire project (and likely full funding if said additions sell/lease out); I hope this becomes the model for urban redevelopment in downtown and at least the inner urban core.

[Urbanized]

I’ll just interject that - while she can sometimes be super-deliberate and frustratingly slow for those who wish for instant gratification as development enthusiasts - Marva does VERY good work, is super concerned with good urban principles and neighborhood interaction, and eventually finishes everything she starts. Eventually.

[Urbanized]

Also she’s excellent when it comes to HP.

[Pete]

Out of curiosity, what has Marva finished other than the Sieber? Looking back at the Sieber thread, that renovation was announced in 2006 and the building re-opened in 2009.

I noticed they finally have started renovating those 2-3 cottages north of the Pump but that's taken years and the 4-plex and empty lots have not been touched.

She also has not started work on the senior housing at the old Sunbeam campus.


I'm not being critical, just trying to learn more about her projects and what we can expect.

[DoctorTaco]

Out of curiosity, what has Marva finished other than the Sieber? Looking back at the Sieber thread, that renovation was announced in 2006 and the building re-opened in 2009.

I noticed they finally have started renovating those 2-3 cottages north of the Pump but that's taken years and the 4-plex and empty lots have not been touched.

She also has not started work on the senior housing at the old Sunbeam campus.


I'm not being critical, just trying to learn more about her projects and what we can expect.

How does she manage this? She must be independently wealthy? Don't most developers need to quickly turn projects around to generate cash flow and start paying down their debts?

I have to imagine Marva is buying all this stuff out of her own pocketbook and hence there is no urgency to start generating immediate cash flow. Could this be the case?

[Pete]

BTW, a Journal Record article in that Sieber thread says 12 years passed between the time Ellard bought the Sieber and when it re-opened.

That was a different time but she and her partners did receive a bunch of help from the city in terms of a big loan, community block grants, etc.

[shawnw]

while the housing hasn't happened at Sunbeam "The Arc" appears to be operating?

https://www.thearcokc.com/

[PhiAlpha]

while the housing hasn't happened at Sunbeam "The Arc" appears to be operating?

https://www.thearcokc.com/

Yes, the Arc has been completely renovated and is leasing office space. It's kind of a co-working space. It looks really nice inside.