The highly-visible property has been vacant for several years after Ferguson bought it in 2008. Over the last few years it has been a magnet for vandals and vagrants.
Completely gutted back to its poured-in-place concrete walls, the new Tiffany will feature substantially larger 1- and 2-bedroom units with completely modern interiors.
A new 3-story building with a pool over covered parking will be added to the west to bring the total number of rental units to 150.
Built in 1966 with few changes made since, the old Tiffany was badly outdated with an average apartment size of less than 500 square feet.
Future amenities include include a fitness center, yoga studio, resident lounge, doorman/concierge service, dog park, coffee bar, and convenience store.
Principal Glenn Ferguson had sought to do a more ambitious addition but discovered an unrecorded water line that would have been cost-prohibitive to move.
With large balconies on the east and west sides, The Tiffany offers excellent views of downtown and Lake Hefner.
Construction will be complete in spring of 2018.