Newspaper article THE JOURNAL RECORD

Bank One to Renovate Park Place

Newspaper article THE JOURNAL RECORD

Bank One to Renovate Park Place

Article excerpt

As part of an increasing effort by the public and private sector to revitalize blighted areas of northeast Oklahoma City, Bank One Oklahoma announced Wednesday its investment of $13 million in the renovation of the vacant Park Place Apartments.

In partnership with the American Housing Foundation and the Oklahoma Housing Finance Authority, Bank One is financing the renovation project currently under way on the 224-unit complex at 215 NE 28th St. west of Lincoln Boulevard.

"When renovation is completed in November, Park Place Apartments will provide homes for area residents five blocks northwest of the Oklahoma State Capitol," says Jamie Wilson, community development officer for Bank One.

Once completed, the complex will feature 20 efficiency units renting for $339 per month, 124 one-bedroom units for $355 and 80 two-bedroom units for $423. All units at Park Place will be available for families at 60 percent or below the Oklahoma County median income, according to Bank One officials.

The four Park Place resident buildings will feature all-new interior design, including new appliances, cabinets and fixtures. In addition, the complex will feature a two-story clubhouse equipped with a computer training facility providing Internet access as well as an after-school tutoring program, exercise center and a child care center.

American Housing Foundation acquired the property in 1995 for an undisclosed amount. American Housing will also build a large playground and swimming pool. The entire complex will be surrounded by a brick post and iron fence with security entry access.

"Many people saw Park Place as a rundown, vacant eyesore," notes Steve W. Sterquell, spokesperson for American Housing Foundation. "American Housing Foundation saw the possibility to create an affordable housing community for the wonderful citizens of Oklahoma City."

Gail Armstrong Construction Co. is general contractor for the project with Benham Group as architect.

Park Place was constructed in 1964 as Capitol Arms Apartments. …

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