TheImmortal
02-18-2006, 12:56 PM
Developer seeks to acquire vacant flatiron building
By Steve Lackmeyer
The Oklahoman
Developer Grant Humphreys is negotiating with the Presbyterian Health Foundation to buy a long-vacant flatiron building at NE 5, Harrison and Walnut avenues -- one of downtown's busiest entries.
The Oklahoma City Urban Renewal Authority owns the site, but the foundation is designated as developer for the property. The authority this week approved an application by the foundation to enter into a contract with Humphreys, if the building is kept as part of any future redevelopment.
Humphreys said he's uncertain what will be done with the building, which is known as a "flatiron" because of its triangular shape. Humphreys said the building could be a challenge to renovate because it has four different floor slabs -- a result of it being built on a slope -- and an 8-foot floor to ceiling height on the second floor.
"It's got to make sense," Humphreys said. "Historic preservation is great and adds to the character of the community, but at some point, you can lose a lot of opportunities."
Humphreys envisions a mixed use for the site, including retail, offices and housing. Humphreys also is developing the Block 42 condominiums at nearby NE 4 and Stiles Avenue.
Humphreys said he hopes to close the NE 5 and Harrison deal and start work within the next year. He said the area has waited "long enough" for redevelopment.
"That site is a defining block for the entryway to downtown," Humphreys said. "As Walnut is turned into a connection for Bricktown, that block will become the first view for people coming to the downtown entertainment district."
By Steve Lackmeyer
The Oklahoman
Developer Grant Humphreys is negotiating with the Presbyterian Health Foundation to buy a long-vacant flatiron building at NE 5, Harrison and Walnut avenues -- one of downtown's busiest entries.
The Oklahoma City Urban Renewal Authority owns the site, but the foundation is designated as developer for the property. The authority this week approved an application by the foundation to enter into a contract with Humphreys, if the building is kept as part of any future redevelopment.
Humphreys said he's uncertain what will be done with the building, which is known as a "flatiron" because of its triangular shape. Humphreys said the building could be a challenge to renovate because it has four different floor slabs -- a result of it being built on a slope -- and an 8-foot floor to ceiling height on the second floor.
"It's got to make sense," Humphreys said. "Historic preservation is great and adds to the character of the community, but at some point, you can lose a lot of opportunities."
Humphreys envisions a mixed use for the site, including retail, offices and housing. Humphreys also is developing the Block 42 condominiums at nearby NE 4 and Stiles Avenue.
Humphreys said he hopes to close the NE 5 and Harrison deal and start work within the next year. He said the area has waited "long enough" for redevelopment.
"That site is a defining block for the entryway to downtown," Humphreys said. "As Walnut is turned into a connection for Bricktown, that block will become the first view for people coming to the downtown entertainment district."