Downtown Oklahoma City and its urban neighborhoods have undergone an unprecedented residential real estate boom over the past decade. The city’s construction boom has been led largely due to the demand for apartments in trendy downtown districts Deep Deuce and Midtown. While higher-end townhomes have gone up, the city’s fanciest residential living is mostly confined to the historic neighborhoods and suburban communities.
A new era in downtown living is coming, according to developer Nick Preftakes. The shift represents new thinking when it comes to luxury and urban living, where high-end properties are located within the city’s most popular urban districts and provide residents with walking distance to downtown, restaurants and shops.
Come early 2019, The Broadway Condominiums will rise from the corner of NW Sixth Street and N. Broadway Avenue. As a future anchor for Automobile Alley, this contemporary five-story structure with 11 luxury condominiums — many with price tags that exceed $1 million — fulfill a growing demand by people who want to live downtown and experience the freedom a condominium offers.
“It’s in response to a demand of a product that doesn’t exist,” said Preftakes, a longtime Automobile Alley property owner known for projects like the former C.R. Anthony Building, Hudson Essex Building and The Garage Loft Apartments.
“You don’t have to look far to see it. It exists in most metros,” Preftakes said, explaining that condominiums with a focus on high-end units are even prevalent in nearby Tulsa. “We are addressing a need for people who want to lock and leave. They raised their families. They are done with a big house. They want to go to their place in Santa Fe or Florida and not worry about a lawn. They want to be able to entertain and host a family guest.”
Designed by Bockus Payne Associates Architects, The Broadway Condominiums will match the unique and historic ambiance of Automobile Alley while delivering a modern look. In February, when Preftakes first announced the project, Collin Fleck, project architect, wrote in a media statement to Oklahoma 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 the 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.”
Construction begins on The Broadway Condominiums this month. It’s a first-of-its-kind residential development, so Preftakes opened a showroom at 701 N. Broadway Ave., Suite 524, where visitors can view displays of floor plans, renderings of the building’s interior and exterior and a full kitchen display of appliances, cabinets and granite countertops. There are also displays of tile, carpet and wood floor selections. The condos will be sold through realtor Wendy Chong of Re/Max Preferred Properties.
“You really get a feel for what it is you’re buying,” Preftakes said while standing in the showroom, located across the street from the proposed development in the former C.R. Anthony Building with anchor tenant RCB Bank. “You almost have to. Again, when you are doing something that doesn’t exist, people don’t believe you. There have been many things that were going to happen in Oklahoma City. People are skeptical on the level of quality. I really felt compelled to show people.”
From 5 to 7 p.m. Thursday, Preftakes and Automobile Alley neighbors will toast the project inside the showroom. The event will introduce the project with its focus on high-end units to the neighbors as well as prospective buyers. The showroom space is intended to give visitors a real look at the future condos, including what residents and visitors will see when they look out from the windows onto the city’s skyline.
The Broadway Condominiums joins other ongoing and future development projects including Oklahoma Contemporary Arts Center, the MAPS 3 Modern Streetcar, the Broadway Park five-story retail building and the expansion of the Oklahoma City Community Foundation building. Such projects are transforming Automobile Alley while attracting new residents and benefit those who already live nearby.
“It’s very special,” Preftakes said. “I’ve done residential before, but not at this price level and not at this location.”
Print headline: Luxury living, Development on OKC condos begins with a focus on high-end units.