metro
12-27-2006, 03:24 PM
I know we've talked about this development but I searched and couldn't really find an official thread talking about it or the Village. The article is from today's Oklahoman.
Lack of buyer for apartments slows development plan
By Robert Medley
Staff Writer
THE VILLAGE — Plans to redevelop about 25 acres of land that includes The Vintage Lakes Apartments are on hold because the apartment complex has yet to be sold, City Manager Bruce Stone said.
The Village city council has created a tax increment finance district covering the land where the apartments are located, near Hefner Road and Pennsylvania Avenue. The plan includes developing another 25 vacant acres near city hall, Stone said.
Work on the vacant land is expected within the next six months, much sooner than any movement on the apartment complex is expected, Stone said.
Stone said the owners of Vintage Lakes and a prospective buyer have not yet worked out a deal.
The city favors a plan that calls for any new owner to demolish the apartments and build new homes, Stone said.
The developer will be eligible for financing and the city could make improvements to the area under a state law that supports tax increment finance districts.
"We are hoping the perspective buyer and the owners work out a purchase and we can go from there,” Stone said. The city manager said a 65,000-square-foot nursing facility and 65 new homes are expected on the vacant land.
City inspectors have continued to inspect Vintage Lakes Apartments, and inspectors found problems with five apartments in late November.
The apartments can be condemned if they are not fit for tenants, Stone said.
If the apartments are not sold there is no guarantee the land would be redeveloped in the city's plan, Stone said.
"TIF is just a plan,” Stone said.
"In order for it to happen you have to have private development. If that does not happen we would continue to deal with the apartments.”
The 436-unit Vintage Lakes is valued at about $12 million, Oklahoma County records show.
Lack of buyer for apartments slows development plan
By Robert Medley
Staff Writer
THE VILLAGE — Plans to redevelop about 25 acres of land that includes The Vintage Lakes Apartments are on hold because the apartment complex has yet to be sold, City Manager Bruce Stone said.
The Village city council has created a tax increment finance district covering the land where the apartments are located, near Hefner Road and Pennsylvania Avenue. The plan includes developing another 25 vacant acres near city hall, Stone said.
Work on the vacant land is expected within the next six months, much sooner than any movement on the apartment complex is expected, Stone said.
Stone said the owners of Vintage Lakes and a prospective buyer have not yet worked out a deal.
The city favors a plan that calls for any new owner to demolish the apartments and build new homes, Stone said.
The developer will be eligible for financing and the city could make improvements to the area under a state law that supports tax increment finance districts.
"We are hoping the perspective buyer and the owners work out a purchase and we can go from there,” Stone said. The city manager said a 65,000-square-foot nursing facility and 65 new homes are expected on the vacant land.
City inspectors have continued to inspect Vintage Lakes Apartments, and inspectors found problems with five apartments in late November.
The apartments can be condemned if they are not fit for tenants, Stone said.
If the apartments are not sold there is no guarantee the land would be redeveloped in the city's plan, Stone said.
"TIF is just a plan,” Stone said.
"In order for it to happen you have to have private development. If that does not happen we would continue to deal with the apartments.”
The 436-unit Vintage Lakes is valued at about $12 million, Oklahoma County records show.