The deal, which is set to close in about 45 days and is pending a $500,000 tax increment finance district allocation from the city, allows Berlin to retain ownership of the first two floors while selling the remaining space for conversion into 30 apartments.
It's a project Berlin himself once hoped to pursue, and some of the design work he commissioned with architect Sam Gresham is still a part of the plan moving forward.
“To Gary Berlin's credit, he's the first who understood and was reasonable about a price for space he wasn't using,” Ellard said.
The build out will be overseen by RPC Construction, whose owner, Jeff Johnson, lives in nearby Deep Deuce and is also a partner in the development. Financing, meanwhile, is being handled by Jonathan Dodson with Legacy Bank.
Ellard hopes the project, once completed, might inspire other Bricktown property owners to add housing to the top floors of other old warehouses.
“It's the maturation of a city,” Ellard said. “If we are going to be a city and truly have a downtown, it can't go dark at six o'clock. It has to have a neighborhood identity. We've seen an explosion of housing in Deep Deuce. That has to come to Bricktown.”