The property at 620 NW 21st was purchased from Sunbeam in 2014 by a group headed by local developer Marva Ellard. Ellard owns and redeveloped the historic Sieber Hotel in Midtown.
Sunbeam moved to a new headquarters on Classen a few years ago.
Progress on the project has been slow after OCURA originally awarded the Contract for Redevelopment in 2014 and then amended the agreement in 2015.
The development group has now secured financing to convert the structure to 13 apartments. The agreement mandates seven of the units be rented to low- and moderate-income households as defined by federal regulations.
The move comes as demand for affordable housing intensifies as rents and for sale properties continue to skyrocket in the city's core.