Triangle group gets approval for 3 new housing developments

[Pete]

Triangle's redevelopment agreement approved: Group to build townhouses on three separate parcels
by Brandice J. Armstrong
The Journal Record
2/16/2006

OKLAHOMA CITY - The Oklahoma City Urban Renewal Authority approved a redevelopment agreement and design development documents by the Triangle Development Partners at Wednesday's meeting.

The Triangle Development Partners acquired three parcels from Urban Renewal Authority for development. Two will be developed in the next several years, while one will be held under a three-year development deal.

"The Triangle group has many more tracts (for) development," said Robert Annis, deputy director of the Urban Renewal Authority. "Ours are situated at key locations (and they) want to acquire them so they don't have an open area."

Prior to approval, JoeVan Bullard, Urban Renewal executive director, referred to the entire project as the Swiss cheese development.

Parcel one, which is on the southwest corner of Fourth Street and Oklahoma Avenue, will have seven brownstone townhouses.

Situated at the northeast corner of Third Street and Oklahoma Avenue is parcel two, which will become a park, Maywood Park, and several brownstones.

The brownstones between Second Street, Fourth Street, Broadway Avenue and Walnut Avenue will be known as Brownstones at Maywood Park. At a cost of $400,000 to $800,000, they will have 2,500 to 3,500 square feet.

"(They're) designed to be legacy buildings," said John Ward of TAParchitecture. "They ought to be here for several hundred years from now. All of the materials selected are low maintenance and will be there for a long, long time."

The goal is to have these two parcels completed within the next two to three years, officials said.

Parcel three, set between the south side of Second Street at Oklahoma Avenue, is also a planned mixed-use development. Parcel three is under a three-year development deal and if the Triangle Development Partners do not develop it within three years, Urban Renewal can take it back.

The Triangle Development is a planned mixed-use project with more than 700 residential units and will encompass about 30 acres between Interstate 235, Bricktown, Broadway Avenue and 10th Street.

[metro]

and another:

City properties added to Triangle housing

By Steve Lackmeyer
The Oklahoman

The Oklahoma City Urban Renewal Authority agreed Wednesday to add three city-owned parcels to a mixed-use town center development promoted as "The Triangle."
Developers of the project, Anthony McDermid, Bert Belanger, Pat Garrett and Ron Bradshaw, also unveiled a new name for housing being built as part of the project -- "The Brownstones at Mayfield Park" -- which will be built along NE 3 and NE 4 between Oklahoma and Walnut avenues.

The agreements approved Wednesday cover three properties: parcel No. 1 at the southwest corner of NE 4 and Oklahoma Avenue, parcel No. 2 at the northeast corner of NE 3 and Oklahoma Avenue, and parcel No. 3 at the southeast corner of NE 2 and Oklahoma Avenue.

Bradshaw told Urban Renewal commissioners construction will begin within 60 days on 15 townhomes planned along both sides of NE 3 on property already owned by the partnership. The redevelopment agreement requires construction to begin by May 1 on housing and retail in parcel No. 1 and housing in parcel No. 2.

The agreement calls for the authority to retain ownership of parcel No. 3 until the Triangle developers are ready to start construction of either a retail or office complex on the site, which is now a parking lot used for storage by Flintco Construction.

The partnership has until May 1, 2009, to buy and start construction at parcel No. 3.

"The idea in our master plan is that it's a good commercial site because of its proximity to parking to the south and to downtown," Bradshaw said. "It's got 250,000 square feet -- enough for an office building. But it may be developed another way."

[keving]

A couple of things...

This is great that the area is finally going to get developed into something other than empty, fenced off parking lots. Even better that it is going to be upscale housing and not apartments I also like that they are going to build a park in with the development.

What are the vehicle parking situations going to be for these units?

Also, are there plans to have some moderately priced units in the same area?


Lastly, I found a drawing at http://www.taparchitecture.com/main.html - Click LIVE then 3rd and Oklahoma Street Residences. Wouldn't want to get in trouble for reposting an image.

[soonerguru]

Also, are there plans to have some moderately priced units in the same area?

Dream on, man. If there were, I would be all over it. Sorry, though, don't have the jack to play ball in that league.

This is a real mistake, IMO. Hopefully, there will be so much inventory of for-sale units that prices will stabilize, but that doesn't appear to be happening.

This is the same kind of thing that Austin, Denver and other cities have already done. All of their downtown housing pretty much precludes everyone but the idle rich.

My uncle makes six figures and he can't afford to buy anything in downtown Austin.

I don't think this is going to help the "vibrancy" of downtown much. We'll just have a few more bankers and such living downtown instead of north Edmond.

[soonerguru]

Also, are there plans to have some moderately priced units in the same area?

Dream on, man. If there were, I would be all over it. Sorry, though, don't have the jack to play ball in that league.

This is a real mistake, IMO. Hopefully, there will be so much inventory of for-sale units that prices will stabilize, but that doesn't appear to be happening.

This is the same kind of thing that Austin, Denver and other cities have already done. All of their downtown housing pretty much precludes everyone but the idle rich.

My uncle makes six figures and he can't afford to buy anything in downtown Austin.

I don't think this is going to help the "vibrancy" of downtown much. We'll just have a few more bankers and such living downtown instead of north Edmond.

[metro]

In the words of the late Mr. Miagi, "Patience danielson". We are just now starting to see the beginning fruits of our labor from MAPS. Survey's have shown there is more of a market than you would think, myself included, of this high-end housing. We've already seen two projects for around $100-$100K or so. That's a good start on moderate price housing already. The high-end will start to flood out after the triangle and a few other projects and make way for more moderate and affordable high occupancy housing. As long as there is a market for high-dollar occupancy housing, why not jump on the bandwagon if you have the "jack" . If I was a developer I'd want to make as much bank as I could off a high end project than make chump change on a lower end project. Moderate housing will come in time. I have a secret but I can't tell.....

[HOT ROD]

I don't think this is going to help the "vibrancy" of downtown much. We'll just have a few more bankers and such living downtown instead of north Edmond.

I think it is much better to have bankers and such downtown than empty parking lots, fields, and bums! But just as metro said, "patience danielson"

Im sure OKC is targeting the upper end now to set standards for what the communities will be. Then developments will open up for more modest spenders and renters.

Besides, with the new upscale demographics coming to 73102 - im sure it will be possible soon to begin advocating for upscale retailers like Nordstrom that you all want downtown!

Very smart move, OKC! Continue the Renaissance!!!

[Jack]

It isn't like the new developments sprouting up in the burbs are any different. Show me a new home for less than $150K in NW OKC or Edmond.

[metro]

Jack, I think they are talking about the majority of housing coming downtown its well between $200,000-800,000K. Many starting at 300-400K. All the major projects are well in excess of 200K . I mentioned we're already off to a good start on lower end by having two projects at or under $150,000. Make sense?

[Patrick]

I think all Jack cares about is getting a Jack in the Box located on the canal! LOL!