Once-hot Oklahoma City developments are on ice for now

BY STEVE LACKMEYER Published: September 23, 2009
What a difference a year can make.

One year ago, Oklahoma City developers were looking at starting construction on up to a half dozen major condominium projects as the first wave of housing was rising up from the ground.

With work wrapping up on the Lofts at Maywood Park along NE 2 east of E.K. Gaylord Boulevard, only one project from the first wave remains unfinished — The Hill at NE 3 and Russell Perry.

Bill Canfield, developer of The Hill, told The Oklahoman via e-mail that progress continues with the project, though part of the project has remained partially unfinished since construction halted a year ago.

"We have seen a considerable increase in interest from potential purchasers in the past few months,” Canfield said. "Currently, we have three urban homes sold and a fourth pending contract. Legitimate interest has been expressed for 10 of our urban homes and we are actively working with potential purchasers. Recent developments have encouraged us. We are hopeful to reconvene construction in the next couple of months as the market continues to strengthen.”

At the Central Avenue Villas, which opened at NE 4 and Central a couple months ago, nine of 30 units have sold, developer Anthony McDermid reported.

Grant Humphreys, developer of Block 42 at NE 4 and Central, said he has 33 of 42 units occupied after agreeing to lease a couple of condominiums at rates above what the occupants would have paid for a mortgage.