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  1. #1

    Auto Alley Broadway Condominiums

    From the Gazette:



    Automobile Alley developers announce plans for urban condos
    By Laura Eastes | 2/22/17

    When developer Nick Preftakes and his business partner Mark Ruffin introduced an Oklahoma City loft apartment concept in 1995, Automobile Alley and other downtown districts were defined by their past. Only a handful of people recognized their potential as great urban districts.

    The once-notable automobile sales locale became an area that had seen better days. The car sales industry, once centered on showrooms and custom factory orders, morphed into expansive lots, and customers drove their purchases home. Dealerships followed the people to the suburbs, leaving a majority of the downtown businesses vacant or in disrepair.

    District renaissance

    With Automobile Alley’s prominent location near downtown — along N. Broadway and Oklahoma avenues between 13th and Fourth streets — and a nationwide trend of urban renaissance, a successful wave of redevelopment revived the area.

    In 1995, Preftakes and Ruffin’s rehabilitation of a dilapidated, three-story, 1930s-era garage into The Garage Loft Apartments — New York-style rental loft units on the corner of NW 13th Street and Broadway Avenue near Midtown and Automobille Alley — became a key project in propelling the historical district’s rebirth.

    Today, Automobile Alley is an economic success story. The area’s revival brought restaurants, retail development and business offices as well as luxury car dealerships and urban, loft-style housing.

    The district continues to thrive. Last fall, Oklahoma Contemporary Arts Center broke ground on a new, world-class campus dedicated to serving the community with arts classes, exhibitions and events. In late 2018, a modern streetcar is scheduled to launch daily service through Automobile Alley and nearby Bricktown, Midtown and Business District areas, likely spurring new businesses in its path.

    Continued growth

    However, Preftakes believes what the vibrant district lacks is higher-end residential infrastructure, he said during a recent Oklahoma Gazette interview.

    Specifically, he sees a need for luxury condominiums or urban “lock and leave” homes, where owners trade maintenance for close proximity to a thriving downtown and metropolitan neighborhood.

    “People are looking for urban living opportunities,” Preftakes, of Precor Realty Advisors, said. “Automobile Alley is a great place to colonize that. … We are looking forward to bringing residency to Automobile Alley, which has been missing.”

    Preftakes is proposing a five-story development that will rise from a parking lot on the corner of NW Sixth Street and N. Broadway Avenue.

    Preftakes believes The Broadway Condominiums — 12 luxury condominiums ranging from 1,600 to 3,300 square feet — will be the first-of-its-kind residential development in the area.

    Unlike the soaring number of apartment rentals in the city’s urban core, Preftakes said his development offers something leases simply can’t.

    “Certainly, this will be the first housing for sale in Automobile Alley,” Preftakes said.

    The Broadway Condominiums, 700 N. Broadway Ave., will be located across the street from the former C.R. Anthony building, another of Preftakes’ projects, and Hudson Essex Building.

    ‘Historically unique’

    For this project, Preftakes enlisted Oklahoma City-based Bockus Payne Associates Architects, who designed a building with modern conveniences while preserving historic Automobile Alley’s aesthetic.

    “The Broadway Condominiums will serve as an anchor for Automobile Alley and will complement the urban fabric and local vernacular of this historically unique part of the city,” Collin Fleck, project architect at Bockus Payne Architecture, wrote in a media statement to the Gazette. “The majority of the structure will be characterized by the brick aesthetic for which Automobile Alley is known, while the focal feature will be a contemporary composition of architectural metal and glass carved out of the building’s corner to distinguish the modern era of its inception and to highlight the building’s unbeatable downtown views.”

    Showcasing the area’s commitment to philanthropic organizations — Automobile Alley is home to the Oklahoma City Community Foundation — and the district’s support of the arts, The Broadway Condominiums’ ground-floor window cases will display exhibits by local nonprofit organizations and local artists that are designed to introduce new ideas, broaden interests and develop appreciation and understanding of the various facets of culture and community.

    The displays also will shield street-level views of resident parking.

    While the development is still in the early planning stages — it has yet to be presented to the Automobile Alley Board of Directors, Downtown Design Review Committee or City of Oklahoma City — Preftakes anticipates the project’s completion during the summer of 2018. The two- to four-bedroom condos will be sold through relator Wendy Chong of Re/Max Preferred Properties.

  2. #2

    Default Re: Broadway Condominiums

    This the corner now:


  3. #3

    Default Re: Broadway Condominiums

    Rand Elliot is not going to like this. Need more corrugated metal siding.

  4. #4

    Default Re: Broadway Condominiums

    I'm sure this will be one of those "we'll build it when we have most the units sold" situations.

    They have not filed anything with the city as of yet.

    And you can bet these will be very expensive, probably at or above $300 / SF.

  5. #5

    Default Re: Broadway Condominiums

    Just look at that, another new development rendering that includes the streetcar.

  6. #6

    Default Re: Broadway Condominiums

    Really excited to see another parking lot disappear, although this one isn't as egregious at the one between 5th and 6th on the east side of Broadway. I think it makes sense for something on a prime corner to be luxury housing, but I hope we see someone eventually propose something more affordable along one of the side streets away from a prime corner. There are still a lot of empty lots in Auto Alley along the quieter side streets.

  7. #7

    Default Re: Broadway Condominiums

    ^

    Exactly right and AA needs housing.

    You can already see the big impact of the Metropolitan and it looks like that complex is pretty well leased.

  8. #8

    Default Re: Broadway Condominiums

    Quote Originally Posted by Pete View Post
    ^

    Exactly right and AA needs housing.

    You can already see the big impact of the Metropolitan and it looks like that complex is pretty well leased.
    This project will compliment the Metropolitan niceley and will make the walk over there nicer. east 6th could develop into a neat lil corridor.

  9. #9

    Default Re: Broadway Condominiums

    Quote Originally Posted by riflesforwatie View Post
    Really excited to see another parking lot disappear, although this one isn't as egregious at the one between 5th and 6th on the east side of Broadway. I think it makes sense for something on a prime corner to be luxury housing, but I hope we see someone eventually propose something more affordable along one of the side streets away from a prime corner. There are still a lot of empty lots in Auto Alley along the quieter side streets.
    I don't think that's in downtown's future for at least 10 years, if not 25. Assuming that affordable means something less than $200/sf in 2017 dollars

  10. #10

    Default Re: Broadway Condominiums

    If you want affordable downtown, there are plenty of older properties for sale and lease.

    If you want new construction with great amenities and a good location, things are only going to get more expensive, not less.

  11. #11

    Default Re: Broadway Condominiums

    similar to 701Hudson...no parking garage?

  12. #12

    Default Re: Broadway Condominiums

    Quote Originally Posted by shadfar View Post
    similar to 701Hudson...no parking garage?
    It says the display windows will shield the resident parking.

  13. #13

    Default Re: Broadway Condominiums

    Finally! I was wondering when something like this would come downtown. As long as OKC maintains this upward trajectory, these should have no trouble selling.

  14. #14
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    Default Re: Broadway Condominiums

    I love it, great design, hope it gets built.

  15. #15

    Default Re: Broadway Condominiums

    Steve's article on this: Upscale condos planned for OKC's Automobile Alley.

    The nighttime rendering included in the article really looks great.

  16. Default Re: Broadway Condominiums

    Hopefully they will be asked to include retail on the corner facing the intersection. Seems like a waste to have unused facades on such a prime corner.

  17. #17

    Default Re: Broadway Condominiums

    It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

    Also.. Check out the prices: over $400 per square foot!

  18. #18

    Default Re: Broadway Condominiums

    Quote Originally Posted by Pete View Post
    It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

    Also.. Check out the prices: over $400 per square foot!

  19. #19

    Default Re: Broadway Condominiums

    Are there any talks about plans for the parking lot south of this proposal?

  20. #20

    Default Re: Broadway Condominiums

    Quote Originally Posted by Pete View Post
    It says there will only be display cases on the ground floor for art, as the rest is needed for parking.

    Also.. Check out the prices: over $400 per square foot!
    I wonder how's this will be worth the investment for Preftakes... DOK article by Steve says $12 million project, 12 units 600k-1.5mm. Seems like anycost overrun or weakness in for sale market will make this a very marginal project? Is he looking at the bigger picture by taking a loss or small gain to help prove the for-sale comparables making a larger more expensive project more feasible?

  21. #21

    Default Re: Broadway Condominiums

    I'm sure they will try to pre-sell before ever breaking ground.

    Worked for 701 N. Hudson but this is considerably more expensive and I like that Hudson project better anyway.

  22. #22

    Default Re: Broadway Condominiums

    Quote Originally Posted by catch22 View Post
    I wonder how's this will be worth the investment for Preftakes... DOK article by Steve says $12 million project, 12 units 600k-1.5mm. Seems like anycost overrun or weakness in for sale market will make this a very marginal project? Is he looking at the bigger picture by taking a loss or small gain to help prove the for-sale comparables making a larger more expensive project more feasible?
    That's a pretty obscene number for a relatively small development...The 701 building permit came in at $3,500,000 for 11 units. $12,000,000 for 12 units must mean something on a whole 'nother level.

    $12M has to buy more than what we see in the rendering...the question is what? Land is certainly part of it as 700 N. Broadway >> 701 N. Hudson....but ~3.5x greater than...I'm not convinced.

  23. #23

    Default Re: Broadway Condominiums

    Quote Originally Posted by Teo9969 View Post
    That's a pretty obscene number for a relatively small development...The 701 building permit came in at $3,500,000 for 11 units. $12,000,000 for 12 units must mean something on a whole 'nother level.

    $12M has to buy more than what we see in the rendering...the question is what? Land is certainly part of it as 700 N. Broadway >> 701 N. Hudson....but ~3.5x greater than...I'm not convinced.
    Not that the size of the units totally explains the difference either, but the only 701 Hudson unit that exceeds 1,600 sq/ft is the penthouse (which comes in at 1,800 + 1,400 terrace). The story above states the Broadway units will range from 1,600 to 3,200. If the average unit size in the Broadway condos is 2,000+ sq ft (I have no idea if that's the case), that's a substantial difference in price per condo given the price per sq/ft I'm sure they'll be asking.

  24. #24

    Default Re: Broadway Condominiums

    Quote Originally Posted by David View Post
    Just look at that, another new development rendering that includes the streetcar.
    The streetcar route is absolutely on fire, and the development quality is really rising. At least as much as Rand will allow for.

    He will probably come after this project's balconies, too.

  25. #25

    Default Re: Broadway Condominiums

    The more and more I think about it, the more and more I hate the parking at the first level.

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