Whittier Lofts - Development opportunity
1900 NW 10th Street
Oklahoma City, OK 73106
Highlights
- Eligible for Historic Tax Credits
- Low-Income Tax Credits - LIHTC
- Located in a QCT
- Close to Saint Anthony Hospital and Midtown OKC
- Close to the Plaza District
- Zoned R4 (spud 1447)
- The median income for Oklahoma County is $85,300
- $453,932 Proposed Gross Income
- $170,000 proposed NOI
Description
The Whittier Lofts project presents an opportunity to repurpose a century-old school in Oklahoma City's urban core into much-needed housing. With its construction dating back to 1910 and its inclusion on the Historic Register, the school is eligible for Historic Tax credits, which can provide financial incentives for its restoration and preservation. Some owner financing is a possibility.
The city has issued a Simplified Planned Unit Development (SPUD) for the project, allowing for the construction of 31 units within the existing school building. These units are designed to showcase attractive features such as 14-foot tall ceilings, exposed brick and concrete, and large loft-style windows, creating a unique and desirable living space for residents.
Additionally, the property's location in the Ten-Penn area aligns well with the city's plans for improvement. The Ten-Penn area, spanning from 10th Street North to the 16th Street Plaza District, has been targeted for revitalization through initiatives like streetscaping, lighting enhancements, and road widening. This focused effort has attracted significant investor capital, leading to renovations and new developments in the area. As a result, the Ten-Penn area is experiencing a resurgence, and it is anticipated that these positive changes will continue to enhance the neighborhood over time.
In addition to the 31 units in the school building, the project also includes plans for 16 units in the Annex, situated on the 2.28-acre site. This brings the total number of planned units to 47, providing a substantial housing opportunity within the Whittier Lofts development.
Overall, the Whittier Lofts project combines the preservation of a historic building with the creation of much-needed housing in Oklahoma City's urban core. Its location within the Ten-Penn area, which is undergoing significant improvements, further enhances the project's potential for success.
The site is located East of the intersection of NW 10th Street and N Pennsylvania, on the Southside of the street.
