New project brings blend of housing rates
An exciting new project is starting downtown. The long-vacant parcel at 700 NW Fourth St. is being developed into apartments of various sizes for various income levels. It will meet some of the demand for new residential in the urban core.
The project, dubbed 700 West, will be five stories tall and include 302 apartments, many with views of downtown. The intent of the project is to infill a long-vacant parcel with a modern and timeless building that will support its current neighbors and spark new developments in this part of downtown Oklahoma City. The apartments will range from studio to two bedrooms. The development will have a parking garage with approximately 300 parking spaces. The project will be adding public sidewalks and landscaping along N. Shartel Avenue and NW Fourth.
The developer is designating 72 of those apartments as affordable units. Affordable is defined as not requiring more than 30% of the income from those individuals or families earning at or less than 80% of the area median income. This is an important goal for continued, thoughtful development in downtown. In Oklahoma City, an individual making 80% of the area median income earns $41,650. To spend the recommended 30% or less of their income on housing means their housing costs must be about $1,041 or less a month, including utilities. There are too few affordable housing units anywhere in Oklahoma City, much fewer in the downtown area, and this development is a step in the right direction.
The financing for 700 West is expected to close in late October, with construction expected to begin in November and completion expected by December 2022. The estimated total project cost is $52.6 million. The developer, Ron Bradshaw, is receiving $2.155 million in development financing support from TIF District 2 funds and $2 million from the Affordable Housing Funds associated with the 2017 General Obligation-Limited Tax Bonds.
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