Tiffany Apartments

[Pete]

Still moving forward, just slowly.

[trousers]

The owner filed it to be rezoned for mixed use. Hearing before the planning commission is scheduled for April 14th.
Case number: SPUD -887

[Uptowner]

Sure would be cool to sneak a little dive bar into it somewhere. The kind of place where nobody knows your name and you can have a drink without bumping into people who want to talk about work.

[Lazio85]

ATTENTION:

(SPUD-887) Application by GF 5 Properties, LLC, to rezone 5505 North Brookline Avenue
from SPUD-673 Simplified Planned Unit Development District, R-4 General Residential
District and O-2 General Office District to SPUD-887 Simplified Planned Unit
Development District. Ward 2.

314694604132016074958103.PDF

[Pete]

Here are the latest plans which should finally be finalized...

Basically renovating the building and adding a 3-story structure to the west; 2 levels of apartments (24 units), parking on level 1 and a rooftop pool:

[Lazio85]

How does their proposed parking layout going to work with the church to the south of this property?

[Pete]

How does their proposed parking layout going to work with the church to the south of this property?

The new building will be west of Tiffany where the covered parking is now. The church won't be impacted.

[HangryHippo]

I wish the original (pictures at the top) plans could have come to fruition.

[AP]

The good news is lasomeday should be able to get us plenty of pictures during construction, being in 3030 NW Expressway.

[Pete]

I wish the original (pictures at the top) plans could have come to fruition.

Coudn't get the financing.

As I explained earlier, commercial projects almost require local lenders and no one here has an appetite for mid- and high-rise apartments, simply because it's unproven ground.

If anything, this project could help pave the ways for others.

[HangryHippo]

Coudn't get the financing.

As I explained earlier, commercial projects almost require local lenders and no one here has an appetite for mid- and high-rise apartments, simply because it's unproven ground.

If anything, this project could help pave the ways for others.

I certainly hope it does.

[Lazio85]

Mayfair Hills Neighborhood UPDATE

The rezoning request for the proposed Tiffany Tower apartment redevelopment project was withdrawn Thursday, meaning it was not heard or acted on by the Oklahoma City Planning Commission.

I spoke with the attorney who presents the Tiffany developer and who happened to be at the Planning Commission meeting on another case. He said the Tiffany zoning request was withdrawn because the developer is seeking state tax credits because of the historic nature of the Tiffany Tower. An application to have the Tiffany building added to the National Register of Historic Places has been underway for some time. David Box, the attorney, said the developer wants to have the tax credit issue wrapped up before a final plan is submitted to the Planning Commission for approval. He had no idea how long it would be delayed. However, he did confirm the tax credit issue will not change the proposed plan for the Tiffany site.

[Pete]

^

Yes, I forgot to mention they had applied for this.

Hope they get it and this project starts moving forward.

[Plutonic Panda]

Owner attempts to revive Tiffany apartments in Oklahoma City | News OK

[OKCBornAndRaised]

It appears the owner obtained a lot split from the church for the additional surface parking they needed, and they took out a small mortgage to do so this week.

Deed: http://countyclerk.oklahomacounty.or...02010782790%22

[catch22]

It appears the owner obtained a lot split from the church for the additional surface parking they needed, and they took out a small mortgage to do so this week.

Deed: http://countyclerk.oklahomacounty.or...02010782790%22

did I read that correctly? $10 for the land?

[Pete]

^

That is the standard amount for 'consideration' which is necessary for a real estate contract.

The exact amount is usually stipulated elsewhere.

[PhiAlpha]

Yeah similar to oil and gas lease records, you almost never see the bonus or exact payment amount disclosed anywhere in the County Clerk's office.

[Pete]

Still boarded up but should finally be starting work soon:

[Bullbear]

Had dinner with a friend and some of his friends. Met a guy working for the Architect firm doing this building. he said it has been a nightmare of a project. I will be glad to see something moving.

[Lazio85]

Here is a link to the National Register of Historic Places Registration Form:

It has a great narrative and history with photos of the current interior, and am glad to have this project next to my neighborhood.

https://www.nps.gov/nr/feature/places/pdfs/16000375.pdf

[Kemotblue]

I think they are about to start saw on the OKC permits that their were permits issued for the project.

[bombermwc]

Id be curious what the nightmare the architect describes entails. I'm sure the building has a lot of things to bring it up to current code, but that shouldn't be a nightmare. If they aren't really gutting the place, then I'm sort of confused on what all they think there is to do. The expansion plans didn't seem that crazy either....so we must be missing something complex that they are aware of. Did the city spring some rules on them?

[Pete]

By far the biggest obstacle was getting financing for a semi high-rise apartment building.

None have been built / highly renovated in OKC, apart from Founders Tower and The Classen, which were both condo conversions.

[Spartan]

Any bank that's only willing to finance garden-style apartments in a metro of 1.4 million is not a savvy real estate operation.

Conversely, I'm used to working on deals that get killed early bc of too much new inventory that a market is absorbing right now. Especially with strict underwriting scenarios like HUD MAP etc, which I think OKC would be a great market for.

It would seem like there's a tremendous opportunity for a developer/lender partnership that fundamentally believes in bringing OKC real estate into the 21st Century.