April 13, 2017 (STLRealEstate.News) The desire for a convenient lifestyle is what’s pulling many families back into urban centers around Tulsa, Oklahoma, stated Tulsa-based American Residential Group this past week. Urban cores offer everything at people’s disposal, and makes owning an automobile not a necessary purchase anymore, stated Steve Ganzkow, president of American Residential Group (ARG). But, to maintain this trend that many families in Tulsa’s suburbs desire, the housing within the urban cores needs to become less costly in upcoming months.
To help prosper from the shifting sentiments, ARG most recently completed a development in Tulsa’a East Village called The Edge, a downtown apartment community that opened last year. The apartment complex has a price point of about $1.65 per square foot, stated Ganzkow, whereas other projects in Tulsa developments run at about 25 percent more than that.
“This movement to urban (areas) is for real,” said Ganzkow. “We have to create a product that is more affordable. I think the answer is going to be a public-private partnership. I know that Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Mortgage Corp.) are on-board as well. If they are going to stay in business, they have to figure out a way to provide more affordable product for developers to do that. It’s not just cut back on the amenities anymore.”
Tulsa hosted a real estate panel this week with Ganzkow as one of the panelists at the forum. Up for discussion were featured overviews from the office, retail industrial and multifamily segments. The event was hosted at the Renaissance Tulsa Hotel and presented by the Commercial Real Estate Specialists of the Greater Tulsa Association of Realtors.
Some consensus was reached about pursuing affordability in upcoming construction and infrastructure projects for the city of Tulsa in the future. Audience members came prepared.