Flat Iron District (Oklahoma City, Del City, May: apartments, rental, lofts)

[happytown]

Development of Maywood Park in the Flat Iron district enters a second phase next month with construction starting on condominiums aimed at a market demanding lower-price downtown housing

The $14 million, four-story Lofts at Maywood Park, developed by Ron Bradshaw, will be built on the north side of NE 2 between E.K. Gaylord and Oklahoma Avenue. The flats, priced at $126,000 to $304,000, are being introduced in response to buyers who have expressed frustration at housing in other developments selling at more than $250,000, said Bradshaw, who is developing the complex with his son, Jason Bradshaw, and Pat Garrett.

About half of the Lofts at Maywood Park units will be priced less than $200,000, with payments designed to be "one step up” from an average rental rate for downtown apartments.

"We wanted to develop a product to meet financing points of the younger buyers,” Ron Bradshaw said. "When we started the Brownstones (on NE 3) on the high end, we always intended to surround that with a mixed product.”

The complex will include a first floor for offices and retail. The development's designer, HSE Architects, is among its potential office tenants.

"We're offering an alternative for smaller users who are being pulled to the suburbs because they want to own their own space,” Bradshaw said. "What we're offering includes spaces as small as 1,500 square feet.”

Construction is expected to start by May on the 55-unit complex, which would be built above enclosed parking for residents and commercial tenants. The designs are influenced by surveys of 20-somethings interviewed during conceptual development, Bradshaw said.

Their responses? They want bigger bathtubs, patios, a fitness center, sauna, and a lounge and public grill on the top floor. The complex will include all of the requested amenities, as well as separate storage lockers. The design is more contemporary than the Brownstones at Maywood Park, currently under construction, though the brick color will match those on the more expensive housing.

The units will be fully finished with granite kitchen countertops, appliances and wood flooring. Balconies are available with each of the five floor plans.

Bradshaw estimates the lofts will be completed by mid-2008, while the brownstones will be completed by June. Both the lofts and brownstones are designed for continued expansion along NE 2 and NE 3.

As part of the development, Bradshaw said the group is buying Willards Roofing, 100 NE 4, and providing the company with a new location in Del City. The metal building is slated to be razed this summer, and the property will be included in future development.

The Brownstones at Maywood Park are among four downtown housing projects under construction with most prices at $200,000 and up. Block 42, the Brownstones and The Centennial are all scheduled for completion later this year. Work is also under way on the Central Avenue Villas. Other announced projects include Overholser Green at NW 13 and Walker and several smaller MidTown area condominium developments by Greg Banta.

Brett Hamm, president of Downtown Oklahoma City Inc., agreed downtown has a pent-up demand for entry-level housing. He added the emphasis on higher-priced housing the past two years has been intentional.

"When you're developing a market, you have to start on the high end and work your way down,” Hamm said. "It's very difficult to start low and work up. So that's why we've started the way we have. ... But we've been anxious to see these other price points come in. We need to have a diversity of all income brackets, and not just one.” DeleteReplyForwardSpamMove...
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