The Oklahoma City Urban Renewal Authority will see plans today for a proposed 139-unit apartment complex in Deep Deuce.
Ron Bradshaw, a partner in the 2nd Street Lofts
The Urban Renewal Authority is being asked to amend the original development agreement for the site at NE 4 and Oklahoma, which was slated for development of more brownstones.
If the project proceeds as expected, Ron Bradshaw said Tuesday that construction is expected to begin this summer, with design work being done by Dallas architect Jack C. Irwin.
“He's done a lot of work in Uptown Dallas,” Bradshaw said.
“He understands high-density living. This will have a pool, patio area, two levels of parking underneath, a dog run area, and it will be very urban.”
Bradshaw's development comes on the heels of construction under way on the $24 million, 222-unit Level Urban Apartment development spearheaded by Richard McKown at NE 2 and Oklahoma. It will also coincide with construction of a seven-story Aloft hotel across the street from McKown's project.
McKown said Tuesday he welcomes Bradshaw's development, adding it likely will help efforts to complete a deal with a grocery and restaurant for the first floor of Level.
“We're starting to work through details with our urban grocery and restaurant,” McKown said. “We've also had new inquiries about both locations. A surprising number of folks want to be a part of this community, and we're excited about that.”
McKown said he's not worried about competition from another apartment complex, adding that downtown has done well with housing added to date.
“I think the residential community downtown needs to continue to grow,” McKown said. “I don't think the physical real estate is there for it to become overbuilt.”
Bradshaw, meanwhile, said he suspects the downtown housing market will continue its switch from the wave of for-sale residences four years ago to rental projects such as the ones he and McKown are pursuing. Bradshaw was one of several developers who had more for-sale housing projects under design when the financial pain of the Great Recession hit in 2008.
“Financing is more difficult to get, it's hard to qualify, you've got to have down payments,” Bradshaw said. “And if all the demographics and studies are correct, we will have more people renting than in the past.”
Bradshaw added he believes the downtown for-sale market is recovering and will be assisted by the continued development of Deep Deuce.
“There are still people buying,” Bradshaw said. “They want to know what's all around them — they would like to see what it will look like when it's done. We might have gotten the cart before the horse, and should have done some rental before doing for-sale.”