An abandoned apartment complex off Northeast 23rd Street and Interstate 35, long sitting dark and boarded up, is finally on track for a full overhaul. City leaders have signed off on a roughly $15 million renovation that would turn the property into 132 townhome-style rental units, with developers saying they want to bring family-sized apartments back without pushing out existing neighbors.
On Tuesday, the Oklahoma City Council approved up to $2.5 million in tax increment financing to help move the project forward. The Pearl Housing Project calls for gutting and rebuilding 92 two-bedroom and 40 three-bedroom townhomes, with anticipated monthly rents between $1,000 and $1,300 and no income qualifications attached. Developers said they aim to start construction later this year and wrap up in about 18 months, according to KOCO.
How It Fits Into A Broader Plan
The makeover lines up with a yearslong city effort to revive the Northeast 23rd corridor, where officials have backed brownfields cleanups and clinic-and-retail projects to draw fresh investment. City planning documents label the stretch a priority for both housing and economic renewal, a strategy that city officials say helps make projects like this financially workable, according to the City of Oklahoma City.
Who’s Behind The Project
The development team is working with The Coalign Group, and Cathy O’Connor, listed as a founder on the OKCID, said the plan is “to renovate all 132 units and to set the rent at a place that’s affordable for the community.” Councilman Camal Pennington added that it is important to mix incomes so the area does not simply concentrate poverty. Those remarks, along with details on the tax rebate setup, were reported by KOCO.
Next steps include final permitting, choosing contractors and locking in the rest of the financing. Under the TIF program, a portion of future property taxes will be rebated back to the developer to help cover project costs. Economic development groups describe these kinds of incentives as standard tools to make projects financially viable, according to the Alliance for Economic Development, and the city’s housing strategy points to a need for more workforce housing across Oklahoma City, which officials say this development could help meet, per the City of Oklahoma City…