Page Woodson School

[yukong]

I learned something very interesting from Ron Bradshaw while discussing this project with him, something Urbanized probably knows but was new to me.

He said when applying for historic tax credits. that when it comes to windows in particular they require a complete mock-up and installation at the building site before approval is provided.

Which completely explains why there has been one new window installed at The Plow and 21c for a long time.

I'm sure it was to get the needed approval, then the larger order was placed. Interesting stuff.

When OCU was restoring the old Central High School...they replaced all the windows, (other than the leaded glass windows over the doors)...and they had to use exact replicas of the old windows, but the first ones they ordered did not meet specifications for the historical site as the pitch of the window sill was off by a couple of degrees So they had to send those back and get order new ones with the right pitch.

[Pete]

Oklahoma Housing Finance Agency Approves Funding for the Conversion of Page Woodson School in Oklahoma City Into Affordable Housing Apartments
05/27/2015

OKLAHOMA CITY - Oklahoma Housing Finance Agency’s Board of Trustees approved during its May meeting reservations of four percent Affordable Housing Tax Credits and the issuance of tax-exempt multi-family bonds for the creation of 136 affordable apartments.

New Page, LLC was awarded a maximum of $1 million in four percent Affordable Housing Tax Credits and a maximum of $25 million in tax-exempt multi-family bonds to convert the former Page Woodson School, 600 N. High Ave. in Oklahoma City, into 68 apartments and to construct a new building to house an additional 68 apartments on the same property. All 136 units will be rented to residents earning no more than 60 percent of the area median income.

“This is a very important historic rehabilitation in Oklahoma City in an area experiencing a housing renaissance,” said OHFA Executive Director Dennis Shockley.

OHFA is authorized to issue tax-exempt bonds for the construction and rehabilitation of low and moderate income multi-family rental developments. Tax-exempt bonds provide a source of long-term below market interest rate financing since interest on the bonds is exempt from federal income taxes for investors.

The tax credit amount listed is received each year for the first 10 years of a project’s operating period. For example, a $500,000 reservation results in a total tax credit award of $5 million. Those credits are then sold to investors. Proceeds provide equity financing that ultimately results in reduced rents for tenants. OHFA serves as both the bond and tax credit issuer for this development.

[Plutonic Panda]

Has anything happened with this?

[shawnw]

[Spartan]

That's a big bond deal.

[Plutonic Panda]

I'm very pleased to hear they are still moving forward with this.

Basically says they plan to start construction this August and be completely finished by 2019 with the first phases opening up in 2017.

School development is seen as catalyst for JFK neighborhood's revival in Oklahoma City | News OK

[Pete]

They have construction fences all around but otherwise not much evidence of progress.

Walking around there makes you appreciate the property and the surrounding area. So much potential and such easy access to the HSC and downtown.

[Spartan]

There's a lot of site testing and underwriting approvals that must happen with tax credit developments. Every entity involved in the deal will want to dissect that pro forma. Perhaps they weren't as far along on Phase 2 Environmental Tests for example, given that it's kind of surprising the project cleared OHFA's underwriting standards so quickly. This really seems like more of a 9% project, but this being a feasible 4% deal just speaks to the huge demand for affordable housing within the primary market area.

[yukong]

It will be after the first of the year before you see any progress. My understanding is there is a hang up somehow on the financial end of this deal. Until that is ironed out, (which I'm told will happen) no work will begin. They are spending quite a bit a day on security. They now have 24 hour security from what I am told.

[Pete]

It will be after the first of the year before you see any progress. My understanding is there is a hang up somehow on the financial end of this deal. Until that is ironed out, (which I'm told will happen) no work will begin. They are spending quite a bit a day on security. They now have 24 hour security from what I am told.

Thanks so much for the info.

You can see in that photo I posted that they actually have portable lighting in both the front and back of the property, no doubt to help keep it secure.

[RodH]

I found this info regarding the Page Woodson development in the November OCURA agenda packet. I do not know whether it was approved or not.

Contract for Sale of Land and Redevelopment – Part I Colony - Page Woodson, L.L.C. DRAFT OF 10.16.2015
Provided that all conditions precedent to the Redeveloper’s obligations to perform under this Agreement are satisfied, the Redeveloper currently estimates that construction of the Improvements will be commenced and completed no later than the dates provided in the following phased schedule:
Phase I Commencement of Public Infrastructure February15, 2016 Completion of Public Infrastructure July1, 2016
Commencement of Site Preparation February15, 2016 Commencement of Building A Renovation February15, 2016 Commencement of Vertical Construction of Building B March 1, 2016 Completion of Building A Renovation February 15, 2017 Completion of Building B Construction February15, 2017
Phase II Commencement of Site Preparation August 15, 2016 Commencement of Vertical Construction September 15, 2016 Completion of Construction August 31, 2017
Phase III Commencement of Site Preparation March 1, 2017 Commencement of Vertical Construction March 31, 2017 Completion of Construction March 1, 2018
11

Phase IV Commencement of Site Preparation August 1, 2017 Commencement of Vertical Construction September 15, 2017 Completion of Construction August 1, 2018
Phase V Commencement of Site Preparation March 15, 2018 Commencement of Vertical Construction March 30, 2018 Completion of Construction March 15, 2019
The estimated Commencement Dates and estimated Completion Dates may be further extended by mutual agreement of the Redeveloper and the Authority. The Authority understands and agrees that there are many factors that may cause these estimated Commencement Dates and estimated Completion Dates to become unattainable, many of which are outside of the reasonable control of the Redeveloper. The Authority agrees to work with the Redeveloper in good faith in the event further extensions of these dates become necessary, and the Authority will not unreasonably withhold, condition or delay its consent or agreement to extend the dates, as needed.

[Pete]

Just spoke to Ron Bradshaw...

They will be starting renovation of the school and the construction on the next building right around January 1st.

Should soon see lots of activity out there.

[Spartan]

That's a huge feat to pull this deal together. Great project.

[Pete]

That setting is simply awesome.

The schools sits up on a hill with a great skyline view, there is a park directly south, HSC to the north, easy access from everywhere.

Yet another great urban area set to take off.

[Lazio85]

Page Woodson by
lazio85, on Flickr

Page Woodson by
lazio85, on Flickr

Page Woodson by
lazio85, on Flickr

Page Woodson by
lazio85, on Flickr

[Pete]

Hooray!

I've been going by there for months waiting to see signs of forward movement.

This is such a cool building and sits up nice and high on a hill with a great view of the health sciences center and downtown.

[ChrisHayes]

What about all the land surrounding it? Is that going to be developed or is it going to remain green space? I see quite a bit of development potential.

[Pete]

What about all the land surrounding it? Is that going to be developed or is it going to remain green space? I see quite a bit of development potential.

Property around Page Woodson - OKCTalk

[Pete]

[baralheia]

Glad to see that Lingo is the GC on this project. They do top-notch work.

[Pete]

Glad to see that Lingo is the GC on this project. They do top-notch work.

Yes, they are awesome, particularly so with historic buildings.

[Pete]

Credit Erik Gransberg:

[Plutonic Panda]

Are they going to start building the new stuff around it as well?

[Pete]

Not until this is finished.

[baralheia]

The whole site is a flurry of activity right now, though, so I imagine they want to get the main building completed ASAP. It looked like they were cutting holes in the brick on the north side of the building for new windows when I drove by on Tuesday, and scaffolding is up all across the building. The pool building is completely gone too.