OKC Real Estate Briefs May 9, 2003

Article excerpt

Construction of the first building in the 70-acre Edmond Business Park took a major step forward as workers erected the tilt-up walls and began installing interior supports of the Art Deco-style flex space.

The building at the northeast corner of NW 122nd Street and Broadway Extension in Oklahoma City is part of a much larger planned business park by developers Nicholas J. Preftakes, president of Precor Realty Advisors, and Mark Ruffin of Mark Ruffin Co. LLC.

When completed, the Art Deco-inspired mixed-use development will include multiple buildings that offer everything from showroom/ warehouse space, to retail and office space.

Preftakes has said the first phase of the development on about 17 acres of the property will be known as "design market at Edmond Business Park." The first phase will include two showroom/warehouse buildings along the Broadway Extension.

The first building to be erected is an 88,500-square-foot showroom warehouse. The property will have 24-foot clear height and both dock-high and grade-level access.

Construction of the first building should be completed by late June, developers have said.

Contracts

The U.S. Army selected a consortium led by GMH Military Housing LLC of Philadelphia and Atkins Benham Constructors of Oklahoma City to design, build and maintain new military housing at Walter Reed Army Medical Center in Washington, D.C., Atkins officials said this week.

The $184 million contract is the second 50-year Army housing contract the consortium has received in 2003.

Atkins said that under the new contract, the consortium will build an undetermined number of housing units. The exact configurations - quadraplexes, duplexes, or single-family detached homes with garages - has not been determined.

In addition to the housing, the consortium will design and build new community and recreational facilities on the base.

Besides GMH and Atkins, the third member of the consortium is Centex Construction Group based in Dallas.

Construction under the new contract is tentatively scheduled to begin in April 2004.

Atkins earlier this year announced that that GMH and its partners were picked for a new $2 billion family housing program at Fort Stewart and Hunter Army Airfield in southeast Georgia, home of the Third Infantry Division. The initial $463 million construction program includes 3,500 new and renovated family housing units.

Walter Reed is part of the Army's Residential Communities Initiative, a military and private sector partnership designed to improve the quality of life for soldiers and their families.

The Army has identified 28 of the Army's 63 major U.S. installations for participation in the program. The Army estimated that roughly 70 percent of its 85,000 family housing units need immediate replacement or renovations.

Through RCI, the Army partners with a private developer to build, manage, and maintain family housing on military installations during a 50-year period.

The developers provide the capital and expertise, and the Army conveys the housing to the developers and provides a long-term lease on the land. The developer receives the Basic Allowance for Housing for soldiers living in the units. …