Apr 11, 2015 2:00 EST

VSWest LLC – Villa Teresa on Classen, MidTown OKC: Six eclectic and architecturally interesting multi story brick and wood frame structures

iCrowdNewswire - Apr 11, 2015

 

Offering Type:
Debt
Goal:
$7,300,000

The Project

The project is the conversion of six eclectic and architecturally interesting multi story brick and wood frame structures into mixed use residential/retail units. The current site is owned by the Carmelite Sisters of St Teresa and is currently used as a convent, school (now closed) and ancillary residential and office buildings.

The project is located in the highly sought after Midtown area of Oklahoma City, OK. The property consists of a major portion of an irregular city block of 3.5 acres tract of urban land. The existing six buildings, totaling 59,700 sq ft under roof, were constructed between the 1910’s and the 1950’s and are evenly spread out around the nearly 3.5 acre tract. The tract is covered with mature trees as well as several species of shrubbery.

The triangular shaped block has approximately 673 feet of road frontage along Classen Drive, approximately 577 feet of road frontage along Dewey Avenue, approximately 402  feet of road frontage along NW 13th and approximately  208 feet adjoining the property  to the north.

The Plan

The plan is to convert four of the existing six structures into multiple single residential units. The two existing wood frame buildings to the east with frontage on Classen Drive and Dewey Ave will be demolished. Several of the existing buildings are of historical significance and will be registered as both Oklahoman and National Historical Landmarks.

Where the two building will be removed a new built building(s) with similar craftsman architectural style will be constructed. It is planned on the building being three stories with commercial retail / office on the entire ground floor and residential units on the second and third floors. Possible tenants for the commercial retail / office space are medical, professional, retail or even a niche supermarket similar to Trader Joe’s or Wholefoods.

The buildings that will be retained will be completely gutted back to the interior walls, floors and roofs. Then we will build new residential townhomes inside these historic and interesting shells.

The units will have all new plumbing, wiring, internal walls, doors, energy efficient HVAC, lighting and fixtures. Each unit will have their own private yard and a detached garage. The entire block will be fenced and there will be both gated entry for cars as well as pedestrians.

LEED NEIGHBORHOOD DEVELOPMENT PROJECT The project will qualify for LEED certification on several levels. On the Project Scorecard for Smart location, Neighborhood pattern and pattern, Green infrastructure, Innovation and regional priority the project currently scores a Gold rating with a real possibility of reaching the highest Platinum rating.

 

The six improved buildings consist of:

The Villa Teresa Convent is a three story solid brick and masonry building that was built in 1917 with a large 1960’s annex.  The two joined building has 22,585 sq ft above ground and 7890 sq ft basement level for a combined built surface area of 30,475 sq. ft. It directly fronts Classen Drive to the south. This building will divide into fourteen to sixteen  individual residential units.

The Nursery School is a three story solid brick and masonry building that was built in 1920’s as a single family residence.  The building has 5226 sq ft above ground and 1500 sq ft basement level for a combined built surface area of 6726 sq. ft. It directly fronts Classen Drive to the south. This building will divide into four individual residential units.

The Small School Building is a 1450 sq. ft. single story masonry 1920’s built building rectangular in shape sited to the north side of the interior of the block. This will be used a function room for the entire complex.

The Main School Building is a 14,160 sq. ft. two story building built in the 1950’s and added onto in 2001. There are two options for this building, converting it totally into residential or commercial offices or dividing it into commercial office space on the ground floor and residential space on the upper  floors.

The East School Building is a converted 1915 vintage single family home. The building has 3870 sq ft above ground and 1440 sq ft basement level for a combined built surface area of 5310 sq. ft. It directly fronts Classen Drive to the south. The building is wood frame and is in poor shape. This will be removed.

The Garage Apartment  is to the rear of the East School Building. It is a 1760 sq. ft. two story wood frame structure constructed in the same style as the East School Building.  The building is wood frame and is in poor shape. This will be removed.

The New Build

The building(s) with be constructed in similar craftsman architectural style to the two buildings it will be replacing. The new build structure will have a ground floor surface area of between 9,500 and 12,000 sq ft. The two levels above it will be roughly the same square footage for each floor. This will give the new building a total sq. footage of between 28,500 and 36,000 sq ft.

Other Improvements

Due to the irregular shape of the tract and the placement of the existing buildings there is abundant room for parking, both covered and open. This solves one major issue most urban redevelopment projects have.

The Market

As with many other American cities, center city population declined in the 1970s and 1980s as families followed newly constructed highways to move to newer housing in nearby suburbs. Urban renewal projects in the 1970s, including the Pei Plan, removed many older historic structures but failed to spark much new development, leaving the city dotted with vacant lots used for parking lots.

In 1993, the city passed a massive redevelopment package known as the Metropolitan Area Projects (MAPS), intended to rebuild the city’s core with civic projects to establish more activities and life to downtown. The city added a new baseball park; central library; renovations to the civic center, convention center and fairgrounds; and a water canal in the Bricktown entertainment district. Water taxis transport passengers within the district, adding color and activity along the canal. MAPS has become one of the most successful public-private partnerships undertaken in the U.S., exceeding $3 billion in private investment as of 2010.[25] As a result of MAPS, the population living in downtown housing has exponentially increased, together with demand for additional residential and retail amenities, such as grocery, services, and shops.

Due to the high demand for additional residential and retail amenities, price per sq ft in the Midtown area starts at $225.00 a square foot and up.

There has recently been recently constructed apartment buildings in the Midtown area but these is a shortage of owner occupied residential units in the area. We plan to serve this shortage with our townhouse condominium development.

The Area

Oklahoma City is the capital and largest city of the state of Oklahoma. The county seat of Oklahoma County,[8] the city ranks 27th among United States cities in population. The population grew following the 2010 Census, with the population estimated to have increased to 610,613 as of July 2013.[5] As of 2013, the Oklahoma City metropolitan area had a population of 1,319,677,[9] and the Oklahoma City-Shawnee Combined Statistical Area had a population of 1,390,835 residents,[9] making it Oklahoma’s largest metropolitan area. Oklahoma City’s city limits extend into Canadian, Cleveland, and Pottawatomie counties, though much of those areas outside of the core Oklahoma County area are suburban or rural (watershed). The city ranks as the eighth-largest city in the United States by land area.

 

Oil, natural gas, petroleum products and related industries are the largest sector of the local economy. The city is situated in the middle of an active oil field and oil derricks dot the capitol grounds. The federal government employs large numbers of workers at Tinker Air Force Base and the United States Department of Transportation’s Mike Monroney Aeronautical Center (these two sites house several offices of the Federal Aviation Administration and the Transportation Department’s Enterprise Service Center, respectively).

Located on the I-35 corridor to the southeast suburbs is the  University of Oklahoma, a coeducational public research university. As of 2007 the university had 29,931 students enrolled, employing nearly 3,000 faculty members,[

The school is ranked first among public universities in enrollment of National Merit Scholars and among the top ten in the graduation of Rhodes Scholars. PC Magazine and the Princeton Review rated it one of the “20 Most Wired Colleges” in both 2006[ and 2008.

The city was the scene of the April 19, 1995 bombing of the Alfred P. Murrah Federal Building, in which 168 people died. It was the deadliest terror attack in the history of the United States until the attacks of September 11, 2001, and remains the deadliest act of domestic terrorism in U.S. history.

 

                                                                           The Sales Plan                                           

The project clearly divides itself into two or three separate phases which are the conversion of the existing commercial buildings, the leasing of the existing commercial areas in the buildings and the demolition and construction of the new build.

As soon as we retain the project, we will start to presell these  units from drawings and plans. We will start demolition and build out a model as soon as plans and permits are issued. Phase one will be completely finished within a six month period.

 

Sponsor

VSWest llc

We are experienced developers who create truly unique living environments using existing buildings as well as new construction to match the surroundings. We are specialists in the conversion of historic and important buildings into residential units. We offer start-to-finish solutions for our every project. We strive to retain original features as well as designing new buildings and additions to match the existing style of the surrounding buildings.

Profitability is also the main motivator in our projects.  Redeveloping existing buildings gives us a huge economical edge on new builds.  When buying existing buildings the vast majority of the exterior work is completed. Roofs, wall, foundations, flooring, windows, doors, services, drives, walks, fencing and  landscaping is all done and complete. These existing structures represent great  value for our end clients as we are acquiring soundly built, craftsmen made and often iconic architecture design for a fraction of what it would be to rebuild at todays construction costs.

VS West is committed to providing the best and most unique living environments for our clients. When we are searching for our next project we look for several distinguishing  items that the building and land must have.

We look at dozens of potential projects on a weekly basis with a view to finding one great project in a thousand.

Firstly the proposed project must be in a livable and pleasant area, with surrounding residential areas that will offer an enjoyable and sustainable live style. We want tree lined street, nearby parks, schools and social centers. The project must be located near, but not next to, transportation centers and travel routes allowing easy access by foot, vehicle or public transports.

Secondly, we look at project for architecturally, aesthetically and structurally pleasing aspects of the building or buildings. A beautiful building is a piece of community art work and should be saved for all to see and enjoy. It should blend well into it’s existing surrounding and naturally lend it self  residential use. The buildings should  be  soundly built and well maintained. The grounds should be able to provide ample parking, green space and a lend itself to a community feel.

Thirdly, the proposed project must stack up financially. When buying existing buildings the vast majority of the exterior work is completed. Roofs, wall, foundations, flooring, windows, doors, services, drives, walks, fencing and  landscaping is all done and complete. These existing structures should represent great value for our end clients as we are acquiring soundly built, craftsmen made and often iconic architecture design for a fraction of what it would be to  rebuild at todays construction costs.

Fourthly, the interior areas of the buildings must also lend themselves to a modern, efficient, environmentally and socially friendly living space. We look for natural light and open living space with ready access to private outdoor green spaces. We reuse, repurpose or recycle everything possible from the site into the  rebuilding of the interiors. We use the latest and most advanced lighting, heating and cooling systems on the market.

VS West literally looks at hundreds of projects that do not meet the companies criteria. Each of our project communities are one of a kind and unique to it’s setting.

Once we have found a project that works and we take in on, we work with the local planners, local historical societies, neighboring HOAs to take their thoughts and ideas into consideration for our final designs.

We always attempt to leave the exterior of the buildings looking the same. If items that need replacing, like roof, doors, windows or fencing, which  can not be repaired, VSWest will strive to make the replacement look like the original item they are replacing. This keeps the whole façade and project looking as close to the original as possible.


scott byron call

Scott Byron Call has been involved in the real estate and the construction industry for over four decades. He graduated in 1977 with a BA and started with Motorola Communications in their construction sales division. He owned his first home by age 23 and did my first HUD / Foreclosure flips at age 25. He did a HUD / Foreclosure flip five or six times a year until bidders outnumbered properties by 100 to 1. He then started splitting single family homes into apartments. This then led onto larger projects with the redevelopments existing nonresidential buildings into residential use. His completed conversion projects include: A 1880’s Wesleyan Chapel, that was being used as an electrical warehouse, into six luxury condominium apartments. A 1930’s electrical substation into four town homes and the construction of six new town homes to the rear of the existing structure on the balance of the site. A 1920’s warehouse into fourteen luxury one and two story apartments. A row of Victorian shops and garages into 6 luxury town homes and for new build town homes to match the Victorian structure. A 1850’s brick built barn into a luxury single family home. A 1870’s brick built granary into a luxury single family home. A 1880’s group of brick built agriculture storage buildings into a luxury single family home. His new construction experience has been as the main contractor on several luxury single family homes in upscale residential subdivisions He has also worked as the main contractor for the construction of commercial swimming pools and the ancillary equipment and changing rooms. He has also constructed or remodeled over 1000 residential swimming pools.

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VSWest LLC

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