OKC Urban Renewal Approves Downtown Residential Development; Project Awaits Land Sale
Brandice J. O'Brien, THE JOURNAL RECORD
The Oklahoma City Urban Renewal Authority on Wednesday approved the design drawings, schematics and development agreement for Urban Form LLC's Block 42, a residential real estate development in downtown Oklahoma City.
Still pending approval is an agreement on the land purchase price and the amount of tax increment financing public funds for the project.
Urban Form plans to buy more land from the Oklahoma Department of Transportation and is waiting for confirmed measurements, said team manager Grant Humphreys.
Urban Form offered to pay $225,000 in cash for the land and requested tax increment financing for 13 percent of the project, but is willing to compromise and negotiate the request. The team paid $25,000 in earnest money. BancFirst is the lender.
Humphreys and investors plan to put up $1 million in certificates of deposit of additional collateral paid from private equity toward the project to secure financing.
Similar to other proposed downtown projects - The Hill at Bricktown, the Triangle, and the latest Central Avenue Villas - Block 42 proposes high-end, modern residences for Oklahoma City's urban community.
The modern style and clean lines of Block 42 will really appeal to people, said Todd Edmonds, partner at Michael Mahaffey & Associates, and architect on the project. It's an urban dwelling, not a traditional suburban garden home, so we are going for something more edgy and hip.
Roughly 87,000 square feet of blocks 42 and 43 of the Maywood addition, which is surrounded by Interstate 235, NE Fourth Street and I-235 service ramp, will be redeveloped into 30 units - 18 townhouses and 12 elevated flats. …