Newspaper article THE JOURNAL RECORD

Sycamore Square Division Revives Activity at Project

Newspaper article THE JOURNAL RECORD

Sycamore Square Division Revives Activity at Project

Article excerpt

New life has been breathed into Sycamore Square, the first major downtown condominium housing project in Oklahoma City, with the recent di vision into two separate operations.

- Five condominiums have been sold in what is now Sycamore Square North since Feb. 4, when 32 of 59 units in that half of the overall project were acquired by six investors, said Allen E. Coles, president of W&W Steel Co.

The six investors, including Coles, formed Sycamore Square Associates to acquire the 32 units. They now have 27 available.

- Sycamore Square South, including the other 59 units, is now 80 percent leased, said Rose Mary Horton, who manages Sycamore South for Sycamore Square Ltd. Rent ranges from $500 a month for 925-square foot units to $850 a month for 1,800-square foot townhouses.

"We think there is a market for condominium sales among downtown companies for Sycamore Square North," said Coles. "We can show them where they can save money on hotel rooms for guests and customers from out-of-town, and the customers are really impressed.

"The bar bill is next to nothing. They can save money on car rentals, because guests can walk anywhere downtown. Also, customers can bring their wives, and they love it.

"I got the idea, because W&W Steel owns condominiums in Lubbock and Albuquerque. Those work so well for us that I figured they would work for Oklahoma City companies, too."

Sycamore Square was opened in 1982 with 118 condominium units at 601 Robert S. Kerr Ave. by Sycamore Square Ltd. The managing partner was Shartel and Walker Corp., a subsidiary of The Tierco Group.A total of 27 condominiums were sold, leaving 32 in Sycamore North plus 59 in Sycamore South.

Sycamore Square Ltd. originally included the six partners who formed Sycamore Square Associates to acquire the 32 units in Sycamore Square North.

They are Coles, Gene H. Binning of the Trane Co.; Ken R. Stone of Gene H. Binning Inc., Dr. Stanley Muenzler, Paul F. …

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