Renovation of Bricktown's Mideke Building into apartments is set to start next week after the successful sale of the century-old warehouse's top three floors.
Mideke Building LLC., a partnership formed by brokers Andy Burnett and Zach Martin, developer Marva Ellard and contractor Jeff Johnson, completed a monthslong negotiation for the $2 million purchase on Friday.
“This was a difficult transaction,” Martin said. “First you have a four-person partnership doing an apartment development inside of a mixed-use, multitenant building. That's not easy.”
The partnership also was the first to buy just the empty top floors of a Bricktown building, allowing the owner, Gary Berlin, to retain control of the bottom two floors that are leased out to CityWalk, CocoFlow Cafe and a some office tenants. A future purchase of those floors is being pursued by Burnett and Martin as part of a separate redevelopment effort.
“Consider also that our development included a community development block grant (for reduced apartment rents), tax increment finance funds and historic tax credits,” Martin said. “This was no easy deal.”
When the renovation is complete in summer 2014, the Mideke Building, 108 E Main, will have a restored vintage sign out front and will be home to 30 apartments. Designs were drawn up by architect Sam Gresham, while renovations will be completed by Johnson's company, Real Property Construction.