Developers planning to transform old downtown OKC Holiday Inn into affordable micro-apartments
OKLAHOMA CITY (KFOR) – A push to provide more affordable housing in Oklahoma City was just approved by the city council last week. Developers are planning to convert the old downtown Holiday Inn hotel into micro-apartments.
The developer said the studio apartments will be around 316 square feet with a kitchen and bathroom. Rent runs for about $875 a month. That is a cost the developers say is affordable for downtown living.
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Founders of Infiniti Investment presented their plans to the Oklahoma City Council in hopes to transform the old Holiday Inn in downtown Oklahoma City into 204 affordable micro-apartments.
The city council approved those plans.
“We want to bring the utility values what you’re looking for there. So, we’re about 20 to 30% cheaper than any other studio apartment in that’s new in downtown,” said Brendon Brown, developer and founder of Infiniti Investment.
Oklahoma City Mayor David Holt told KFOR, “This is a key downtown property and one that could really become a problem if it’s not rehabilitated. Therefore, I would be excited for investment in this property no matter the use, but the promise of affordable downtown housing is especially positive. We’ll see how it develops, but it’s an encouraging proposal thus far.”
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The building, which will be called The Pulse Apartments, will include amidites like an indoor pickleball court, offices, a conference center, a clubhouse, an outdoor barbecue area, a laundry room, a dog park, a pet grooming area a pool, a gym and much more.
Residents living there would also have access to a parking garage next door.
“They’ll have everything they could possibly want to live, work and play downtown,” said Brown.
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However, The Oklahoma City Housing Authority is questioning if the apartments are truly affordable.
A spokesperson for the Housing Authority said, “the Oklahoma City Housing Authority has not been contacted regarding this proposed project. Therefore, I don’t feel it is appropriate for me to comment on specifics. OCHA does support all additional “more affordable” units in traditional high cost neighborhoods. However, I do wonder about true affordability. Based on the proposed rent and the proposed unit size, the rent would equal $2.77 per square foot. Similar sized units that exist in downtown OKC (granted not new and not recently renovated) are approximately 1/2 the square foot cost. This points toward the fact it will be difficult to achieve rent reasonableness – a model which compares rent prices based on square foot and geographical location,” said Mark Gillett.
But developers say even with the small living space, they’re offering a large common area with comprehensive amenities for the cost of just under $900 a month, which is a value that would be hard to beat.
“They’re small, but they’re very functional and we’ve got a great space at the bottom of the building that we’re going to turn into an incredible amenities package… So having an efficiency unit that’s affordable, I think is an incredible advantage for young people that want to live and work downtown,” said Brown.
Brown also said they are hoping to add a restaurant or café on the bottom floor.
He also says they are already seeing interest from the public and expect construction to start next year. It will take about 12 months to complete.
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