Developers plan new apartment projects Downtown

Eric Schmid, with Allford Hall Monaghan Morris, and Richard McKown with a sample of the exterior of Mosaic, an apartment project McKown is developing Downtown.
Photo by Kelley Chambers

Marva Ellard renovated the 1920s
Sieber Hotel, 1305 N. Hudson, into 38 apartments, which has been full since it
opened in 2009. Richard McKown developed Level, a 228-unit development in Deep
Deuce that was fully leased before it was finished last summer.

Ellard has teamed with commercial
real estate advisers Andy Burnett and Zach Martin, and builder Jeff Johnson to
covert the top three floors of the five-story Mideke building in Bricktown, 100
E. Main, into 36 apartment units. McKown is again working with Wade Scaramucci,
an architect with London-based Allford Hall Monaghan Morris, to bring a new
multifamily project to vacant land just west of Level. The project is dubbed
Mosaic.

The Mideke building team received
approval for $500,000 in tax incremental financing money from the city council to
help make the $6 million project a reality. Rather than price the units at the
high end of the spectrum, the group plans to start rents at $600 per
month. The highest priced units will be
about $1,400 per month. Martin said it was important to make some of the units
more affordable.

“So many projects
Downtown have been built to capture the high end of the market,” he said. “You
can’t keep doing that forever, and you have to build affordable stuff for
everybody.”

Work is set to begin this
summer, with completion in about 12 months.

At Mosaic, McKown
received approval for the design March 21 by the Downtown Design Review
Committee, for the four-story, 97-unit development. McKown said the budget is
$12.5 million, and he plans to seek tax credits and TIF dollars for the
project.

With many units Downtown
starting at about $900 per month, McKown said he has made an effort at Level to
keep the minimum costs slightly below market. His units at Level range from
$885-$1,400 per month. He plans to offer comparable pricing at Mosaic.

“We want to keep our units as
affordable as possible,” he said.

The project will be
similar in appearance to Level, with stucco and concrete on the exterior dotted
with sand and ground mica chips that will glint in the sunlight. Once the
project breaks ground, McKown said it will take about 14 months to build.

“If all the pieces come together, we
would like to break ground in May,” he said.

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