An Oklahoma City Council committee unanimously agreed Tuesday to allow city planners to begin negotiating an agreement for $4.5 million in federal Neighborhood Stabilization Program funds to be used in building a 249-unit apartment complex in east Bricktown.
The application filed by Bricktown Apartments LLC., a partnership between developer Gary Brooks and Andy Burnett, proposes a four-story complex along the north side of Sheridan Avenue between Joe Carter Avenue and Lincoln Boulevard on the former site of Stewart Metal.
If the deal is successful, it also will include a 160-room, eight-story hotel at the corner of Joe Carter and Sheridan avenues and structured parking.
Assistant city planner Matt Gabrielson said the funding is part of a third phase of the Neighborhood Stabilization Program that is focused on spurring construction of affordable multifamily housing in areas deemed to be in greatest need.
A final agreement is expected to be submitted to the full city council this summer with requirements that at least half of the proceeds be spent by March 2013.
It would allow the $4.5 million to be used toward purchase of the land. Under the agreement, rents would start at $568 a month.
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