Case Ready to Start $21M Jenks M-F Project After Delay for Flood-Control Compliance

By Gabriel Circiog, Associate Editor

Case & Associates is ready to kick off a 260-unit multi-family project in Jenks after a recent delay mandated by federal flood-control regulations.

As previously reported by Multi-Housing News, the Jenks city council approved a zoning change from commercia l to residential use last November for the $21 million project on South Elm Street.

But as The Tulsa World
reports, the Federal Emergency Management Agency determined that the site is located in a flood plain. As a result, Tulsa-based Case had to wait for the previous owner to raise the site’s elevation an average of 3 to 5 feet. Company president Scott Case told the World that the Reserve at Elm had the longest lead time of any project undertaken by the firm to date.

When construction is complete in about 10 months, the apartment community will be the largest multi-family property in Jenks. It will comprise 130 one-bedroom units and 130 two-bedroom units varying in size from 789 to 1,176 square feet; monthly rents will range from $799 to $1,099. Amenities will include a clubhouse, fitness center, business center, gated access, a dog park, picnic areas, 60 garages and an outdoor swimming pool.

Elsewhere in the area, Case is weeks away from completing the Cascata Apartments, a $22 million, 286-unit project at 81st Street and Mingo Road. Case reported that the property is already 15 percent pre-leased.

Photo of Cascata Apartments courtesy of: www.cascataapartmentstulsa.com

GE Eyes Sites for $110M Research Center

By Gabriel Circiog, Associate Editor

General Electric will build a $110 million Global Research Center in the Oklahoma City area that will pursue innovation in the oil and gas sector and to bringing products to the market faster.

Announced April 3 at the capitol by GE chairman & CEO Jeff Immelt and Gov. Mary Fallin, the facility will be GE Research’s first-sector specific center. It will initially create 125 high-tech jobs for researchers, who will join GE’s global network of 50,000 scientists and engineers.

GE did not immediately reveal details about the facility’s location, design or development timetable. The company said that it is evaluating sites that can draw on educational institutions like the University of Oklahoma and on the metro region’s skilled workforce. Oklahoma City is also home to GE Oil & Gas’ Artificial Lift business, which has more than 550 employees.

“Advancements in technology are revolutionizing the way energy is produced, whether it be deeper subsea fields, hard to reach unconventional resource sources, or mature oil fields getting a second life,” said Daniel Heintzelman, president & CEO of GE Oil & Gas. “The creation of the new center, in close proximity to many of our customers, will allow us to accelerate the development of new technologies and enable GE to deliver even more advanced solutions to our customers faster.”

At the outset, the new center will focus on technologies that permit safe, efficient and reliable production, delivery and use of unconventional oil and gas resources. Unconventional resources like shale gas have the potential to create jobs, fuel innovation and lead to greater energy independence, the company said.

 “At GE, we see a tremendous opportunity in the oil and gas space, “said Immelt. “Since 2007, we have invested $11 billion to build broad technical capabilities that can deliver productivity gains and foster innovation for our customers.”

Photo Courtesy of: GE Power & Water via www.genewscenter.com

After 100 Years, Sunbeam Family Services Mounts $12M Campaign for New HQ on North Classen

By Gabriel Circiog, Associate Editor

When Sunbeam Family Services moved to its current location at 616 N.W. 21st Street in 1912, the building was on the northern outskirts of Oklahoma City. Much has changed in the century since then; the city has grown up around the building, which now sits tucked away in a residential neighborhood. And Sunbeam—which offers early childhood education, foster care, counseling and senior services free or a sliding-scale basis—has outgrown its longtime home.

To enhance its mission of serving central Oklahoma’s most vulnerable citizens, Sunbeam has launched a $12 million capital campaign to raise funds for a new 45,000-square-foot headquarters at 1411 North Classen Boulevard, The City Sentinel reports. Sunbeam has raised $8.4 million toward its goal.

Designed by Rees Associates Inc., the two-story building will provide a user-friendly space in a safe neighborhood for children adults and seniors. The facility will have improved access for the disabled and will be more accessible by bus for low-income clients. Sunbeam’s new headquarters will bring its programs and services together under one roof and trim its overhead. Tulsa-based Flintco L.L.C. will serve as the project’s general contractor.

Rendering: Sunbeam Family Services.

InterContinental Hotels, NewcrestImage Team Up for Bricktown Hotel

By Gabriel Circiog, Associate Editor

InterContinental Hotels Group announced late last month that the Bricktown entertainment district will be the site of its next development in Oklahoma City. The hotel company is partnering with NewcrestImage to develop a 124-key Holiday Inn Express at 101 East Main St. Construction is scheduled for completion by the end of the year, followed by a grand opening in early 2014.

The Holiday Inn Express Bricktown will be the seventh property developed by NewcrestImage under the InterContinental Hotels Group family of hotel brands. The company has a portfolio of six Holiday Inn Express properties, totaling more than 450 keys, in Arkansas and Texas. Another three hotels are in NewcrestImage’s development pipeline.

“This is a strong market and is well positioned for growth,” commented Daxesh Patel, managing partner with NewcrestImage, “We are looking forward to working with IHG on this new hotel.”

Located near the Bricktown Ballpark, Cox Convention Center and Chesapeake Energy Arena, home of the National Basketball Association’s Oklahoma City Thunder, the 70,500-square-foot hotel will be built by Brightman Construction, an affiliate of NewcrestImage.

“The Holiday Inn brand family is the fastest-growing chain globally in its segment; and we remain focused on strengthening that presence even further in the right markets through strong relationships with our owner community,” said Joel Eisemann, Chief Development Officer, The Americas, InterContinental Hotels Group.

Rendering Courtesy of: www.brightmanc.com

City Renews Hunt for M-F Developer to Top Off 10-Story Downtown Parking Structure

By Gabriel Circiog, Associate Editor

As construction of a Downtown Oklahoma City parking structure nears, the Oklahoma City Urban Renewal Authority is trying for the second time this year to recruit a developer to top off the 10-story structure with housing.

NewsOK.com reports that the Central Oklahoma Transportation and Parking Authority has signed off on a $20.6 million bid by Tulsa-based Flintco to build a 10-story garage with 20,000 square feet of ground-floor retail space, reports NewsOK.com. Flintco will build the 830-space structure west of the Hightower Building at 105 North Hudson Ave.

After its first invitation to developers in January got no takers, the city urban renewal agency is again looking for candidates to build up to 80 units of housing on the structure’s top three levels.

In other local real estate news, Tulsa World reports that Kanbar Properties may try to sell more of the 13 properties in its 2.1 million-square-foot portfolio, which accounts for about 30 percent of Downtown Tulsa’s inventory of office space. Bob Pielsticker of CB Richard Ellis/Oklahoma made the comments March 13 during a meeting of the Greater Tulsa Association of Realtors.

John and Stuart Price, the investors and developers who bought a stake in Kanbar Properties last fall, have “a clear plan” for the 13 buildings, Pielsticker told the audience, according to the World.

In February, the First Presbyterian Church paid $2.1 million for the Avanti Building at 810 South Cincinnati Ave. Pielsticker noted that three additional buildings have been put up for sale.

The owners may try to repurpose other properties, such as the Pythian Building at 423 South Boulder and the TransOK Building at 2 West 6th Street, as multi-family properties.

Rendering: www.theallianceokc.org