Gardner-Tanenbaum Holdings (GTH) has announced their plans to convert two historic downtown buildings into a multifamily residential complex with some mixed use components. The two buildings are adjacent to one another at the corner of Park and Robinson avenues: the Tradesmen National Bank Building at 101 N. Broadway, and the Medical Arts Building at 100 Park Ave.
The total renovation — at an estimated $60 million — will create 265 residential units and 4,300 square feet of retail and restaurant space. Construction begins March 2023 and is expected to wrap up March 2024. GTH founder Dick Tanenbaum said the two buildings are already connected by the underground tunnel system, and no other structural changes will occur to create additional connections.
“We studied connectivity first,” Tanenbaum said, “and there will be two ways to access one building from the other: the existing tunnel system or simply walking out one door and in the other. The tunnels around the buildings are already open, and we will be opening the tunnels underneath both buildings to create tunnel access to surrounding buildings like the First National Center, The Skirvin and The Colcord.”
The new development — The Harlow — takes its name from 1920s movie star Jean Harlow. Tanenbaum said the development will include a plethora of amenities, including pickleball and racquetball courts, a movie theater, co-working spaces, a bar, lounge and a pet spa, among other benefits. According to Tanenbaum, a Dallas restaurateur is already looking at restaurant space.
The bulk of the development will be for the residential component — 95% per Tanenbaum — and the units will include 400-square-foot studio apartments with rent starting at $860 for the studio, and increasing for the one and two bedroom units with an average rent of $1,045 monthly. Tanenbaum says “it is the best value in the country right now” once convenience to downtown and amenities are factored in.
The bank lobby will be the central location for administration and many of the amenities, but the majority of retail and restaurant will be in the existing tunnels. “Activating that corridor will bring new business flooding into the OKC Underground,” Tanenbaum said. “It will offer unfettered access for retailers to reach the influx of new business and residential customers in both buildings.”
Tanenbaum said the development is benefitting from the historic building renovation tax credit. “The numbers wouldn’t work otherwise,” he said. “We’re excited to be renovating these beautiful buildings, and downtown businesses have already expressed interest in housing units for their staff. It’s going to be a one-of-a-kind, spectacular living experience.”