$62 Million Development

[G.Walker]

Anybody know about this? Pete, do you have access to this site?

http://www.constructionwire.com/proj...?action=search

Once on the site, filter to Oklahoma and hit search, then a $62 million dollar residential development for Oklahoma City pops up, as most recent development.

[G.Walker]

Nevermind, this is for the Mercy site, Pete you can delete this thread...

[mcca7596]

Are you sure G. Walker? The teaser says conversion of old... And under developer it says Robert...

I know the Mercy Site was where a hospital once stood obviously, but it's really not a conversion per se; it's vacant land. And if this was for Overholser Green, I didn't think Chuck Wiggins real name was Robert. What major developers do we know of named Robert? There's only BOB Howard and BOB Funk that I know of.

[Kerry]

The most expensive proposal at the Mercy site is $42 million. That isn't even close to $62 million. Could this be the 'conversion of the old Ford dealership site'?

[betts]

How about the Fred Jones factory? Bobby Hall is one of the owners, isn't he?

[G.Walker]

This was from the site:

Mercy Hospital Redevelopment
Project Information

1. Project Type:
Residential - MultiFamily (Apartments/Condos)

2. Estimated Value:
$62 million

3. Sector:
Private

4. Location:
Oklahoma City, OK. Site of the old Mercy Hospital, at Northwest 13th and Northwest 14th streets and Dewey and Walker avenues.

5. Construction Schedule:
Est. Start Date: 2nd Half 2011

6. Details:

Plans call for conversion of the old Mercy Hospital building into a mixed-use residential development with condo units.

Contact Information

Developer
Oklahoma City Urban Renewal Authority
Robert Annis, Director
204 North Robinson Avenue
Suite 2400
Oklahoma City, OK 73102
PH: 405-235-3771
[Company Report] [View Projects] [Save]

Project News & Notes

March 17, 2011Bid/AwardAs of 3/17/11, the bid process for this project has been reopened; there are five developers vying for the opportunity to develop this project. Home Creations, Mercy Redevelopers, Cornerstone Development, Wiggin Properties and GTH are the five bidders. A committee will recommend the top three proposals, which will then be reviewed in May 2011.

July 13, 2010General/OtherAs of 7/12/10, the developer and the Urban Renewal board have decided that this project will not be on hold for another year.

Created: 7/13/2010 and Updated: 3/17/2011

[Kerry]

Well there you go - no one can be more sure than that. Thanks G.Walker.

I would think that the winning developer would make this kind of request or is this the bid info for the developers? If OCURA was expecting $62 million and the highest proposal is only $42 million there must be some disappointment at OCURA.

[G.Walker]

yea, the $62 million threw me off, wasn't expecting it to be for the Mercy development...

[mcca7596]

At least we know we should see construction start by Fall of this year.

[G.Walker]

Does OCURA own anymore land that is up for redevelopment?

[Kerry]

Does OCURA own anymore land that is up for redevelopment?

On the Property Appraiser web site you can find all the land they own. They don't have a lot of large spaces left in the urban core/midtown. Just lots here and there that by themselves aren't big enough to do much with or that have adjacent property owners willing to think big. That could change as part of Core 2 Shore.

[OKCRT]

So would this be a Regency Tower type project or one that's spread out? I am not familiar with how the Mercy site is laid out. There needs to be some mid rises in midtown IMO.

[Kerry]

OKCRT - you can see the 5 proposals in the Mercy thread. The tallest proposal is 6 stories. In reality the Mercy site is probably too big. They should have cut it in half and had two proposals. This would have resulted in taller projects to make the economics work.

[Spartan]

Does OCURA own anymore land that is up for redevelopment?

OCURA owns all the land in the world, including a lot of land which they need to recall from developers whose deadlines passed a decade or so ago. cough cough Somerset cough Hogan cough cough..

[G.Walker]

OCURA owns all the land in the world, including a lot of land which they need to recall from developers whose deadlines passed a decade or so ago. cough cough Somerset cough Hogan cough cough..

If that's the case, then why doesn't OCURA accept proposals for these different sites. Then the developers that don't secure Mercy site, have a chance to develop on other land...

[Spartan]

That would make too much sense for OCURA.