Alley's End (4th & EK Gaylord)

[chssooner]

How slowly? I honestly was thinking by this time, we would have quite a few cranes throughout downtown OKC (this and Boulevard Place). I hope the supply chain issues and now rising interest rates don't kill any upward momentum downtown OKC was going to have, building-wise.

[HOT ROD]

any more news?

[macchiato]

In an Oklahoman story posted on the 6th for an unrelated residential development around the State Fairgrounds, the city's Economic Development Program Manager mentioned that there's enough money left over from a 2017 bond for Alley's End.

[shawnw]

not sure how we could use bond funds to pay for a private development?

[Pete]

not sure how we could use bond funds to pay for a private development?

It's part of an affordable housing program.

[shawnw]

Ah, that makes some sense

[BoulderSooner]

It's part of an affordable housing program.

10 mil from that 2017 bond issue for this

[shartel_ave]

I've been able to confirm that these plans were actually created for another developer who had been considering acquiring this property; not Land Run. For some reason that potential deal did not come together.

My understanding is that Land Run does not have any specific plans at this time.

that sucks, drove by it sunday and it looks sad

[Pete]

OCURA just applied to close some abandoned alleys on this project, so looks like there is some forward movement.

[PaddyShack]

that sucks, drove by it sunday and it looks sad

What is this from??

[shartel_ave]

What is this from??

Dude, alley's end looks sad the way it is now

[G.Walker]

Updates?

[Pete]

Forward movement on this project.

City planning to lease the developers the site and take a minor ownership interest in the improvements.

[chssooner]

Forward movement on this project.

City planning to lease the developers the site and take a minor ownership interest in the improvements.

I love forward movement!

Does city ownership usually spur development along faster, knowing they can lease it to another party if they fail to deliver the project?

[Pete]

^

This was all part of an RFP process and when they choose someone, they are the 'conditional redeveloper' meaning there are all types of requirements that must be met.

If they are not, the City can cut their involvement (as they did with the original developers of The Hill) or continue to work with them.

Ownership of the property usually doesn't transfer until all aspects of the agreement are fulfilled.

[David]

Really hoping we see construction start on this by the end of the year.

[HOT ROD]

perhaps a redesign which adds height to this gateway corner could be expected? Perhaps also a significance in architecture that, perhaps, follows the street in an urban, vertical way - could also be exptected. that is how we should use TIF, as incentive, and not just a funding source for the bottom line.

[Pete]

The plan for this project now stipulates that all 211 units will be affordable housing.

I don't know if the design has changed but if so, they'll be required to resubmit their renderings.

[bucktalk]

The plan for this project now stipulates that all 211 units will be affordable housing.

I don't know if the design has changed but if so, they'll be required to resubmit their renderings.

Just curious....is there an actual definition of 'affordable housing'? Is that a vague term or is there actually price to reflect affordable housing?

[Pete]

Just curious....is there an actual definition of 'affordable housing'? Is that a vague term or is there actually price to reflect affordable housing?

It's a HUD term that generally means you need to be income-qualified.

The rule of thumb is that rent and utilities are no more than 30% of your monthly gross income and there is usually a tiered-system by income with a maximum limit.

[bucktalk]

It's a HUD term that generally means you need to be income-qualified.

The rule of thumb is that rent and utilities are no more than 30% of your monthly gross income and there is usually a tiered-system by income with a maximum limit.

Thanks.
So, under the HUD term, would a food service worker in downtown/Bricktown qualify for 'affordable housing' or not likely? I genuinely don't know.

[Southsider2]

Just curious....is there an actual definition of 'affordable housing'? Is that a vague term or is there actually price to reflect affordable housing?

Typically when people are talking about "Affordable Housing" they're referencing either LIHTC (Section 42) or Government Subsidized (Section 8) properties. LIHTC (Low Income Housing Tax Credit) properties restrict rents at certain stipulated AMI (Area Median Income) levels. The most common AMI level to be restricted at is 60% AMI but you often see a mix of 60%, 50%, 40%, and 30%. For LIHTC, the tenants typically still pay their own rent but it is just a lower amount a month (hence rent restricted). Hope this helps!

[bucktalk]

Typically when people are talking about "Affordable Housing" they're referencing either LIHTC (Section 42) or Government Subsidized (Section 8) properties. LIHTC (Low Income Housing Tax Credit) properties restrict rents at certain stipulated AMI levels. The most common AMI level to be restricted at is 60% AMI (Area Median Income) but you often see a mix of 60%, 50%, 40%, and 30%. For LIHTC, the tenants typically still pay their own rent but it is just a lower amount a month (hence rent restricted). Hope this helps!

Great info! Thanks!

[Pete]

Thanks.
So, under the HUD term, would a food service worker in downtown/Bricktown qualify for 'affordable housing' or not likely? I genuinely don't know.

Yes.

I know the affordable housing component at Page Woodson stipulated that a single person could not make more than $40K; the limit for 2 people was $45K and then there was a scale depending on the number of kids. That was six years ago when they opened so those income limits have likely increased since then.

And if you qualified, a studio started at around $800 with increases depending on square footage and the number of bedrooms.

Page Woodson, like most complexes that offer affordable housing units, is comprised of mostly 'market rate' apartments, which means the developer can charge whatever the market will bear. But the affordable housing units have to stay that way as part of the lending agreement with HUD.

[Anonymous.]

I also know of several service industry workers that live at Steelyard in Bricktown for amazing rates due to their affordable housing units. It is a great thing, IMO. Most of them work in Bricktown itself or even Midtown.