The Bentway- 2021 ULI Americas Awards for Excellence Finalist
Learn more about 2021 ULI Americas Awards for Excellence Finalist, The Bentway (Toronto, ON).
East Point is a 40,000 sq/ft redevelopment project located on the northeast side of Oklahoma City along Route 66. NE 23rd Street was a commercial artery that was originally built in the 1950s for subdivisions surrounding the then-new state capitol 1.5 miles to the west. Segregation and sprawl led to disinvestment, particularly in the largely African American northeast quadrant. East Point totals over $8MM in project costs. East Point’s partnership invested $600k, the City of OKC provided $2.7MM, and the rest was financed by two different banks.
Phase 1 includes 1) a 100-year-old Medicaid-patient focused clinic that moved its headquarters from Downtown OKC to East Point, 2) a medical research tenant that works alongside the Clinic (both of which are open), and 3) a public/private partnership between Homeland Grocery and Rest ore OKC to provide the only grocery store in what is a food desert.
Phase 2 is a retail driven project that is 95% complete as the tenants are building out their space. Prior to our development, no new development had occurred on the east side in the previous 30 years. The partnership structured the LLC whereby a community partner, Sandino Thompson, was given ownership and t hen relational authority over the developer, Pivot Project. Tenants upon signing the lease, received 15% ownership in the space. Upon the maturity of the lease, each tenant’s ownership is memorialized for perpetuity until they choose to sell. The partnership also passed along City incentives provided through TIF to the tenants to include additional TI and reduced rent.