Plans are coming together for redevelopment of the 48-acre Parks and Wynnewood apartments. The developer met with residents and neighbors Wednesday to review plans for an 8-acre section of the development, intended for senior housing.
Banc of America owns the property, which can only be developed as low-income housing because of a government deed restriction known as a Land Use Restriction Agreement, or LURA. But the owner has agreed to ask the Texas Department of Housing and Community Affairs to release the LURA on a portion of the acreage, which could then be developed for market-rate housing.
Banc of America also will give the city $125,000 so the City Design Studio can study the development and the Wynnewood Shopping Center to develop guidelines for sustainable development in the Wynnewood area.
The 8-acre senior housing is the first part of the Parks at Wynnewood to be redeveloped, and the project must be complete by the end of 2012. The new apartments will be of two or three stories with balconies and improved overall design. The plan is to redevelop the entire 48 acres over the next several years.
The current apartments were built in the ’60s, and residents say the boxy old apartments have no closet space, no drawers for silverware in the kitchens, and breaker boxes are placed prominently in the center of living room walls. While the new apartments are under construction, current residents will be relocated to other parts of the complex.