Two downtown apartment projects to start in 2020
Two large-scale downtown apartment projects are cleared to move forward following approval Monday by the Oklahoma City Urban Renewal Authority.
Ron Bradshaw is set to pay $2.15 million for the southeast corner of NW 4 and Shartel Avenue, where he plans to build a mix of retail and 300 apartments, while Richard McKown will be paying $575,000 for two Urban Renewal properties located at NE 3 and Walnut Avenue in Deep Deuce.
Construction on both projects is expected to start later this year.
McKown’s $22 million, 127-unit development, LEVEL East, will include a mix of either retail or offices on the first floor and will stretch along the south side of NE 3, extending east from Walnut Avenue.
The block consists of divided ownership with the middle section purchased in 2013 from OIC by McKown and the east and west parcels owned by the Oklahoma City Urban Renewal Authority.
The site lines up with McKown’s first Deep Deuce development, LEVEL, and with Mosaic to the west of LEVEL.
McKown estimates construction will take about two years because of the time it takes to build underground parking. Unlike LEVEL and Mosaic, both built with stucco facades, the LEVEL East facade will consist of white brick.
While McKown is tackling the last undeveloped block left in Deep Deuce, Bradshaw is set to build on the last piece left of a super-block cleared by Urban Renewal in the 1970s.
Bradshaw’s original proposal to Urban Renewal was to build 138 apartments with retail on the first floor. His original investment was estimated at $22 million but the new project is set at $50 million and will include a request for tax increment financing and other city incentives.
Bradshaw is also experienced in downtown development with projects including the Civic condominiums, the 2nd Street Lofts and the Page Woodson community east of downtown.
On Monday, Cathy O’Connor, director of the Urban Renewal Authority, announced the project was increased to 300 apartments with structured parking. The deal approved Monday also includes 77 units of affordable housing set at 80% of the average area median income, which is currently at $30,000.
“It’s not a tax credit project,” O’Connor said. “But it will take advantage of the city’s affordable housing fund.”