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.
Cathy O’Connor, director of the Urban Renewal Authority, said the land was acquired in the agency’s earliest days with federal funding, and the proceeds from the property can be reused for operations and/or further development. She said the deal also is structured to allow Bradshaw to build the project as for-sale instead of rental housing.
“One of my goals is to use that property we own to create ongoing revenue streams for the Urban Renewal Authority,” O’Connor said. “Structuring a deal where the authority can receive an ongoing revenue stream, it would be easier to do this with a rental project. But we do support the development of for-sale product downtown and this is one way we can accomplish that goal and also meet the goals we’re trying to accomplish as well.”
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