Newspaper article THE JOURNAL RECORD

Real Estate Developer Premier Assets Expands to Residential Market

Newspaper article THE JOURNAL RECORD

Real Estate Developer Premier Assets Expands to Residential Market

Article excerpt

A real estate developer perhaps best known in Oklahoma City for creating high-profile commercial and industrial developments in the metro this week said he is expanding into the residential housing market.

Richard I. Tanenbaum of Premier Assets will break ground this week on his company's first residential development, the 272-home Liberty Trails residential community at 6802 S. Sooner Road. The development could be followed by other housing projects, possibly near Yukon.

"This is the start of another whole division of our company," Tanenbaum said Friday at the construction site at Liberty Trails. "We're not just doing this one project. We're going to be getting into housing."

Premier Assets and Gardner Construction Co., the general contractor for the housing development, plan to break ground on the addition at 11:30 a.m. April 25.

Homes in the addition will range from 1,165 square feet to 1,760 square feet on lots of roughly 7,200 square feet. Houses will be offered at five price points that will range from $86,500 to about $110,000.

Tanenbaum said he plans to develop six additional along Sooner Road as commercial property for businesses like restaurants or convenience stores. Two new roads - SE 67th and 70th streets - will extend eastward from Sooner Road to the 86-acre housing addition.

Land for the development is owned by an investor group called I- 240/Sooner Road Ltd., whose general partner is Premier Assets.

"We bought the property three years ago with the full intention to do an industrial park to service Tinker and General Motors," Tanenbaum said. "Then we found out the property had mobile home zoning, which turned out was a precious commodity."

Tanenbaum said he first looked into developing a mobile home park on the property. He abandoned the idea after an economic analysis showed that rental rates for the mobile homes at that site would cost at least $50 a month more than the norm. Focus then shifted to building single-family homes, each with brick exteriors.

The decision to build the single-family homes marks a significant expansion of the business operations at Premier Assets. Among Premier Assets' projects, the company developed industrial sites such as North Gate Commerce Park, a 90-acre development at the northeast corner of Interstate 35 and Hefner Road. Premier Assets also developed North Britton Commerce Center, a 104-acre commercial site at the southwest corner of I-35 and Britton Road.

Tanenbaum, who has not previously developed residential properties, says he has surrounded himself with managers who have experience in the housing market.

"We have people in our construction company who have built thousands of homes," he said. …

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