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It was a growth strategy nearly four years ago, a plan by Fort Smith, Ark.-based ERC Properties to boost its income by building more apartments for higher-income tenants. The company, then known largely as a developer of apartments for low- and moderate-income families, wanted to broaden its market, said Bert Belanger, vice president and general counsel for ERC. So managers hatched a strategy to build more apartments - luxury apartments - for higher- income tenants and thus boost the company's product mix and profits.
More than three years after that decision, the growth strategy could result in one of ERC's most upscale projects in Oklahoma City, a proposed $40 million mixed-use apartment and commercial development in Bricktown to be called The Factory.
We'd rather be known as a company creating quality housing that is affordable to a wide variety of folks, Belanger said from his Oklahoma City office. In this particular case, we're looking at upper end, higher-income folks that want to live in an urban environment as far as The Factory is concerned.
ERC Properties and the McLain family this month unveiled plans to build the roughly $40 million mixed-use development in Bricktown. Richard McLain, managing broker and president of Mull Real Estate, said the project would provide about 245 market-rate apartments, retail and flex space, and a roughly 500-car parking garage.
If the project moves forward, developers...