Construction scheduled to begin on 4 downtown housing projects
Construction scheduled to begin on 4 downtown housing projects
By Steve Lackmeyer
The Oklahoman
Construction is scheduled to begin by February on four downtown Oklahoma City housing projects -- all of them concentrated in and around Deep Deuce.
Two of the projects are proceeding with assistance of about $2.7 million in tax increment financing approved Wednesday by the Oklahoma City Redevelopment Authority.
All of the projects represent the first addition of large-scale for-sale housing downtown since the construction of Sycamore Square 20 years ago. Sale prices in the projects range between $150,000 and $550,000.
The four projects all involve land controlled by the Urban Renewal Authority. Director JoeVan Bullard said he's not worried about the prospect of multiple projects opening at once.
"With four or five projects coming out of the ground at once, there will be a bigger buzz," Bullard said. "I don't think any of them coming out at the same time will have a negative impact."
At least two of the competing developers say they will be the first to begin work.
Grant Humphreys' Urban Form LLC already has opened a sales office at 824 N Broadway for "Block 4," an $11 million, 36-unit townhome complex to be built on NE 4 across from the Deep Deuce Apartments.
"This project has the momentum of a freight train," Humphreys said. "We submitted for a building permit and are set to jet. ... It looks like we'll be the first out of the ground."
Or will he? Architect Anthony McDermid, a partner in the Central Avenue Villas, also has applied for a building permit for Central Avenue Villas planned for the corner of NE 4 and Central Avenue -- just northwest of the Deep Deuce Apartments.
The project, to cost between $4 million and $5 million, will offer 30 condominiums priced between $150,000 and $500,000. McDermid's partners include Somerset Partners, which owns the Deep Deuce Apartments, and McDermid's partner's in the nearby Triangle project -- Bert Belanger and Pat Garrett.
Ron Bradshaw, another partner in The Triangle, told Urban Renewal commissioners Wednesday he, too, is prepared to start work on the first 15 townhomes planned as part of a much more expansive town center. Bradshaw promised he is also about to tear up unused former Kerr-McGee surface parking in the area and convert it into greenspace until it is developed.
The town center development includes 25 acres acquired by the partnership between NE 2, Broadway, Walnut Avenue and NW 10. Wednesday, Urban Renewal commissioners designated the Triangle partners as developers for three city-owned properties along Oklahoma Avenue at NE 2, NE 3 and NE 4.
The properties, Bradshaw said, are the final pieces needed to complete their vision of a mixed-use development, including a park and pedestrian link to Bricktown.
"Our plans for The Triangle are to create a neighborhood within the city where neighborhoods are the focus of thoughtfully planned retail and business spaces that complement the energetic urban style of living we see emerging downtown," McDermid said.
No total estimate is available for the project, McDermid said, because the development will be built in phases, starting with 15 townhomes along NE 3. Work will begin on others as the first 15 are sold.
Marva Ellard, a partner in "The Hill" planned for NE 2 and Stiles, said she anticipates work starting in February on the first of what will be up to 171 townhomes. The $50 million development includes the priciest and biggest homes among the announced projects, with prices hitting $550,000 for homes exceeding 3,000 square feet.
"We're really glad to have a lot of things going on," said Ellard, whose partner is William Canfield. "It's not like we will be alone out there. And we all have different ideas."
Tax increment financing, which allows for new tax revenues generated by development to be invested in related public improvements, will likely be used in three of the projects:
About $6.5 million is being requested by developers of the Triangle for streets, sidewalks, landscaping, streetlights and a pedestrian link to Bricktown.
The Oklahoma City Redevelopment Authority on Wednesday approved $690,000 for an alleyway, plaza and other public improvements associated with Block 4. The application still needs approval from a review board and the Oklahoma City Council.
Similar approval still is needed for $2 million approved by the Oklahoma City Redevelopment Authority for construction of a retaining wall, streets, lighting and new sewer and water lines as part of The Hill.
A study commissioned earlier this year by Downtown Oklahoma City Inc. indicates the growth in demand for downtown housing over the next five years could support up to 4,250 units. The total combined growth of rental and for-sale downtown housing is expected to climb between 4,000 and 7,750 units.
Humphreys said he already has a reservations list.
"We have seen a strong level of initial interest from prospective purchasers," Humphreys said. "People are excited to see high-end, owner-occupied dwellings in downtown Oklahoma City."
What else is in the works?
Developer Richard Tanenbaum previously announced he will begin renovating the 48-year-old Park Harvey Building at 200 N Harvey in January. The 17-story building will have 178 apartments ranging in size from 532 to 1,170 square feet leasing for $550 to $950 per month, according to pro-forma estimates.
Urban Renewal Authority Executive Director JoeVan Bullard said Wednesday he is assured by developer Mike Henderson that he will meet a Dec. 21 deadline to start work on the 303-unit Legacy Summit at Arts Central. The planned $26 million apartment complex has gone through several delays since first being announced in 2002.
Developers Anthony McDermid, Bert Belanger and Pat Garrett have a deal pending with Kerr-McGee Corp. to renovate three empty office buildings into for-sale housing. The developers hope to start work sometime next year.
Originally Posted by shane453
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