Newspaper article THE JOURNAL RECORD

Developers See Continued Downtown Growth Ahead

Newspaper article THE JOURNAL RECORD

Developers See Continued Downtown Growth Ahead

Article excerpt

This should be a "banner year" for renovation projects in Oklahoma City, in the opinion of Oklahoma City developer Jim Hun ter.

Hunter is president of Common Development Corp. and a partner in St. Charles Associates, developers of Charter Commons Office Park - located on an entire city block between NW 13th St. and NW 12th St. and Harvey Ave. and Hudson Ave. - and the St. Charles Hotel - formerly the Sieber Hotel at 1305 N. Hudson Ave.

Both are major projects for the central business district, although Hunter does not consider either development as technically located in the downtown area.

Charter Commons in particular, he said, is unique in that is location makes it easily accessible to and from downtown, while it is free of the parking hassles which plague the downtown area.

Hunter said 1985 has been "a significant year" for Oklahoma City because of the ability of developers to take advantage of tax exempt financing. He believes 1986 will be a banner year for renovation projects.

"I would say 1985 was a significant year in the creation of Oklahoma City Redevelopment Authority to allow tax exempt financing on all types of buildings, including office and retail buildings," hesaid. "By offering 2 percent to 3 percent interest savings, the economics of any project is measurably improved.

"I see 1986 as a year which needs to have increased activity to take advantage of tax exempt financing, which is scheduled to end by Dec. 31, 1986," Hunter continued. "...I see this being a banner year for renovations within the area covered by the Oklahoma City Redevelopment Authority, projects that can be completed and marketed before tax exempt financing comes to an end. …

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