Developer chosen for MidTown Oklahoma City housing project

Gary Brooks and Mike Henderson were chosen by the Oklahoma City Urban Renewal Authority to develop apartments on the former site of Mercy Hospital in MidTown.
by Steve Lackmeyer Published: June 21, 2011
Advertisement
;

photo - This rendering for the Edge shows a revised design along Walker Avenue that now includes the leasing office, clubhouse and retail replacing apartments on the ground floor.  Provided
This rendering for the Edge shows a revised design along Walker Avenue that now includes the leasing office, clubhouse and retail replacing apartments on the ground floor. Provided

An effort by developer Chuck Wiggin to retain a shot at building housing on a coveted block in MidTown were dashed Monday as the Oklahoma City Urban Renewal Authority instead chose to award the project to the developers of nearby Legacy at Arts Quarter.

Gary Brooks and Mike Henderson prevailed with their pitch for a $28.2 million, 250-unit complex with revised designs showing a clubhouse, leasing office and 8,200 square feet of retail facing Walker Avenue. The development is scheduled for the former home of Mercy Hospital at NW 13 and Walker Avenue, immediately south of Heritage Hills.

After choosing the two finalists from five that bid for the project, Urban Renewal commissioners focused on experience in applying for financing with the backing from the Department of Housing and Urban Development and the $28.2 million investment proposed by Brooks compared to the $42.6 million investment suggested by Wiggin.

Brooks and Henderson both have experience with HUD-financed apartment developments, while Wiggin is preparing to apply for his first HUD loan for a project in Tulsa.

Wiggin dismissed the suggestion by Brooks that prior experience with urban redevelopment and HUD-backed construction loans gave him an advantage in obtaining financing.

“People wonder if we have the same capability and experience in applying for HUD financing,” Wiggin said. “I would say to you that the government is equal opportunity. … We're prepared to go through this process.”

Continue reading this story on the...

by Steve Lackmeyer
Business Reporter
Steve Lackmeyer is a reporter and columnist who started his career at The Oklahoman in 1990. Since then, he has won numerous awards for his coverage, which included the 1995 bombing of the Alfred P. Murrah Federal Building, the city's Metropolitan...
+ show more


About

Cornerstone Development

(The Edge)

Led by: Gary Brooks and Mike Henderson

Proposal: Six stories, with a rooftop terrace and dog park, 500-space garage, featuring 8,200 square feet of retail and 250 rental units with monthly rates between $735 and $1,395.

Cost: $28,219,041

Proposal land purchase: $850,000

Requested tax increment financing assistance: $1.5 million

Trending Now


AROUND THE WEB

  1. 1
    QuikTrip ranked first among convenience stores
  2. 2
    Allegations against OHP trooper accused of sexual assault detailed in report released Tuesday
  3. 3
    Mother of boy in Adrian Peterson case outraged over 'invasion of privacy'
  4. 4
    Report: Adrian Peterson merchandise pulled from Nike stores in Minnesota
  5. 5
    Woman's lost Bible returned after 40 years
+ show more