Rose Rock Development Partners breaks ground on 262-unit downtown OKC apartment complex

Construction is set to begin on Boulevard Place, a seven-story multifamily complex located near the Omni Hotel and Paycom Center in downtown Oklahoma City. Eight years after the concept for the development was made public, a groundbreaking ceremony was held on Tuesday, June 9, at the long-vacant site on the southwest corner of Oklahoma City Boulevard and E.K. Gaylord Avenue.

McAfee & Taft has been pleased to serve as legal counsel to Oklahoma City-based Rose Rock Development Partners in their development of the property since the very beginning. Led by shareholder Rich Johnson, the firm’s work included negotiating the redevelopment agreement with the Oklahoma City Urban Renewal Authority (OCURA), the economic development agreement for tax increment financing through the Oklahoma Economic Development Trust (OCEDT), a ground lease with OCURA, and a parking agreement and reciprocal easement agreement with the Central Oklahoma Transportation and Parking Authority (COTPA).

Once completed, the multifamily development will add 262 new apartments, including 36 workforce housing units, in Oklahoma City’s revitalized and vibrant downtown area.

“Over the course of eight long years, our client was faced with the extraordinary challenges of navigating the COVID pandemic, rising construction costs, environmental hurdles, and increased interest rates through several iterations of the project, and we were there with them through all of it,” said Johnson. “The project took patience, collaboration, and creativity, and Rose Rock Development Partners remained persistent and steadfast in their commitment to making this project a reality.”

This unusually complex real estate development and financing project was a collaborative effort with numerous public and private partners, including the City of Oklahoma City, Alliance for Economic Development, OCURA, OCEDT, COTPA, and Tradesman Architectural Studios.

Additionally, shareholder Kaitlyn Chaney represented another valued firm client, BancFirst, in connection with the construction loan agreement.

“Having a local bank that understood the importance of this project and that was a willing partner in clearing the hurdles that inevitably come with such a complex project was invaluable,” said Chaney.

Boulevard Place