Cumberland Court
From the Journal Record:
Millionaire’s row: Developer to replace rental homes in Nichols Hills
By: Molly M. Fleming The Journal Record January 29, 2016
NICHOLS HILLS – Developer Tony Say started buying 1950s-era rental homes on Cumberland Drive in 2007. They sit between Avondale Drive and N. Western Ave.
“I saw an opportunity to maybe tear down the old houses and build new ones,” he said. “It sort of mushroomed into buying a lot of houses over the course of the first couple of years.”
By late 2008, Say had purchased 20 of the street’s 23 homes. Then the economy went south. Say continued to lease the homes until he thought the market was better.
In the time that Say has owned the homes, Nichols Hills and Oklahoma City have seen major retail changes near Cumberland Drive. A Whole Foods Market opened in 2011. WP Glimcher bought the Classen Curve, Triangle and Nichols Hills Plaza shopping centers, with new tenants opening or coming soon. Pops, based in Arcadia, opened a second location in Nichols Hills Plaza. Trader Joe’s will be its neighbor later this year.
Another developer approached Say about using his lots for a townhome project. But Say wanted to keep it as single-family structures.
“We decided the best thing would be to transform that street,” he said. “We really want to build something that will be a long-lasting, legacy-type project.”
The project, called Cumberland Court, required some cooperation between the city and Say’s team. The city granted a variance on how far the homes had to be set back from the streets and built walls on the development’s north, south and east sides, closing off Western Avenue.
The Avondale entrance will have stone signage. There will be a concierge’s hut, providing services to the residents.
The street will remain open, though, Say said.
“We’re not building a private, gated community,” he said. “We’re improving what’s out there. We’re taking something that’s not pretty and making it really beautiful.”
Nichols Hills Mayor Peter Hoffman said he is thrilled for the development. He said the block is being transformed from something that is OK to something spectacular.
“The city is so grateful that Tony stayed the course for the many years it took to acquire each lot one by one, never flinching and never stopping,” Hoffman said.
Say acquired the remaining three homes in 2015. When he first started purchasing on the block he paid about $200,000 per home. Last year it was $500,000.
The mid-century homes will be replaced by homes ranging from 3,500 to 6,500 square feet. Say said he expects the homes to cost $1 million to $2 million. Bruce Bockus, architect with Bockus Payne Associates, has done the initial design work, though residents can choose their own architects. Tim Johnson did the engineering work.
Say said there are four vacant homes, so he’s waiting on several other residents to vacate. The homes all have month-to-month leases. Former resident Logan Walcher and his wife, Kristen Walcher, moved into one of the homes shortly after getting married. He said he wasn’t surprised to have to move after living in his house for 10 months. He said it only took two weeks to find another home.
While the Walchers are one of 23 families that were displaced, in the end, Hoffman said the project is a step forward for the city.
“These homes will be pricey, but then at the same time, they’ll be beautiful and surrounded by other homes of high quality,” he said. “The whole neighborhood will represent the best of what there is in housing. It will be a beautiful living landmark for city of Oklahoma City and Nichols Hills.”
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Re: Cumberland Drive: Nichols Hills
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