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Mar. 15, 2013

City Renews Hunt for M-F Developer to Top Off 10-Story Downtown Parking Structure

By Gabriel Circiog, Associate Editor

As construction of a Downtown Oklahoma City parking structure nears, the Oklahoma City Urban Renewal Authority is trying for the second time this year to recruit a developer to top off the 10-story structure with housing.

NewsOK.com reports that the Central Oklahoma Transportation and Parking Authority has signed off on a $20.6 million bid by Tulsa-based Flintco to build a 10-story garage with 20,000 square feet of ground-floor retail space, reports NewsOK.com. Flintco will build the 830-space structure west of the Hightower Building at 105 North Hudson Ave.

After its first invitation to developers in January got no takers, the city urban renewal agency is again looking for candidates to build up to 80 units of housing on the structure’s top three levels.

In other local real estate news, Tulsa World reports that Kanbar Properties may try to sell more of the 13 properties in its 2.1 million-square-foot portfolio, which accounts for about 30 percent of Downtown Tulsa’s inventory of office space. Bob Pielsticker of CB Richard Ellis/Oklahoma made the comments March 13 during a meeting of the Greater Tulsa Association of Realtors.

John and Stuart Price, the investors and developers who bought a stake in Kanbar Properties last fall, have “a clear plan” for the 13 buildings, Pielsticker told the audience, according to the World.

In February, the First Presbyterian Church paid $2.1 million for the Avanti Building at 810 South Cincinnati Ave. Pielsticker noted that three additional buildings have been put up for sale.

The owners may try to repurpose other properties, such as the Pythian Building at 423 South Boulder and the TransOK Building at 2 West 6th Street, as multi-family properties.

Rendering: www.theallianceokc.org

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