The Oklahoma City Urban Renewal Authority is in talks with developer Ron Bradshaw to participate as a land equity partner in a for-sale housing project just north of the Civic Center Music Hall.
Urban Renewal commissioners on Wednesday unanimously approved authorizing the agency’s staff to negotiate terms that would provide its surface parking lot at Couch Drive and Lee Avenue to Bradshaw’s project, Civic Center Flats, in exchange for profit participation. The agreement also would require the agency to recover its investment before the development group begins to profit from the project.
The project calls for 34 condominiums, ranging in size from 800 to 1,400 square feet, with the average sales price of $300,000 with the smaller units to sell for less than $200,000.
Developer Ron Bradshaw said six of the units will be two-story condominiums. The development is designed by architects Hans Butzer and Jeremy Gardener, and is intended to complement the Civic Center Music Hall across the street to the south.
Dan Batchelor, an attorney for the Urban Renewal Authority since shortly after its creation in the mid-1960s, said the proposed participation is unprecedented.
One of my goals is to use that property we own to create ongoing revenue streams for the Urban Renewal Authority.”
Director of the Urban Renewal Authority