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Thread: 10th Street RFP

  1. #76

    Default Re: 10th Street RFP

    Quote Originally Posted by Kevinm88 View Post
    Talked with them today. They are still adjusting the plans, but are aiming for low $200's per foot for the townhomes.
    Wow! Maybe there’s a market for that price point on this stretch of 10th but I’m not seeing it. Seeing how they were practically given the land by OCURA I would have guessed prices being mid 100s per foot. Unless they are having to set aside a certain amount of units for low income buyers, which might force them to get more out of the “free market” units.

  2. #77

    Default Re: 10th Street RFP

    Quote Originally Posted by onthestrip View Post
    Wow! Maybe there’s a market for that price point on this stretch of 10th but I’m not seeing it. Seeing how they were practically given the land by OCURA I would have guessed prices being mid 100s per foot. Unless they are having to set aside a certain amount of units for low income buyers, which might force them to get more out of the “free market” units.
    Pete's article says 10% of the units are reserved for "income eligible."

  3. #78

    Default Re: 10th Street RFP

    This project has completely halted.

    https://tenpenn.weebly.com/





  4. #79

    Default Re: 10th Street RFP

    Quote Originally Posted by Pete View Post
    This project has completely halted.

    https://tenpenn.weebly.com/




    I followed the link but didn't see any additional information. Any idea why this has been put on hold?

  5. #80

    Default Re: 10th Street RFP

    Probably trying to get financing.

  6. #81

    Default Re: 10th Street RFP

    Yeah, I talked to Aaron Dodson about this years ago and it was speculative then. I would assume most banks would require a certain percentage sold or leased before following through with financing.

    Also, Aaron has a lot of irons in the fire with two residential developments in Covell Valley and Thunder Canyon as well as homes for sale in seven or more communities at prices ranging from the low $200's to close to $1 million. That's a pretty big price range for a homebuilder. Maybe once he sells more of the lots out of CV and TC, he can afford more equity for development on 10th street. To be honest, I was surprised it started as early as it did. I thought it would take years more for him to restructure to make him more lendable or raise equity for the project.

  7. #82

    Default Re: 10th Street RFP

    What kind of contract did he sign with the city in return for the free land? Is there a required completion date?

  8. #83

    Default Re: 10th Street RFP

    Nevermind, I see the answer here. What will happen if Dodson doesn't meet the terms of the agreement?

    Quote Originally Posted by Pete View Post
    In June of 2017 the city sold the 3 acres on four separate parcels to Dodson for $56,000 and the two parties entered into a redevelopment agreement.

    The agreement stipulates the property will be developed in two phases. The first, which has just commenced, must be completed by the end of 2018 and involves Tracts A&B, the easternmost parcels of the 4.

    Tract A will include 12 apartments above 6 retail spaces. Tract B will be 9 for-sale townhomes.

  9. #84

    Default Re: 10th Street RFP

    Quote Originally Posted by OKC Talker View Post
    Nevermind, I see the answer here. What will happen if Dodson doesn't meet the terms of the agreement?
    They will give him an extension -- they always do, and sometimes more than one.

    If they run out of patience with him, he would likely have to return the property to the City.

  10. #85

    Default Re: 10th Street RFP

    Any update on this land?

  11. #86

    Default Re: 10th Street RFP

    This whole project is dead as a doornail.

    Not sure what the next steps may be.

  12. #87

    Default Re: 10th Street RFP

    Doesn't OCURA have the right in the redevelopment agreement to take the property back and reissue the RFP?

  13. #88

    Default Re: 10th Street RFP

    Quote Originally Posted by T. Jamison View Post
    Doesn't OCURA have the right in the redevelopment agreement to take the property back and reissue the RFP?
    I believe so but I have no idea where this currently stands.

    I'm sure they are giving the developer a ton of rope since they were the only ones to respond to the RFP.

  14. #89

    Default Re: 10th Street RFP

    Quote Originally Posted by Pete View Post
    I believe so but I have no idea where this currently stands.

    I'm sure they are giving the developer a ton of rope since they were the only ones to respond to the RFP.
    if i remember correctly for some reason the city staff did this rfp outside of ocura (which i think was there first try at this type of thing)

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