NORMAN - A $20 million mixed-use development is under way at the southwest corner of Lindsey Street and 12th Avenue SE, the site of the former Kingsgate Apartment complex.

With a completion date scheduled for 2007, East Village's 7.8 acres will be home to 96 high-end condominium-style apartments and loft apartments, 43 townhouses and 27 retail stores for lease. Retail and condo apartments will be spaced out in three identical buildings.

In addition, a 60,000-square-foot pad site is for sale for $15 per square foot at the corner of Lindsey Street and 12th Avenue SE.

"(This is) actually the first one of its kind in Oklahoma," said Judy Hatfield of Equity Realty and the leasing agent for East Village. "Norman is really booming right now. There had been a time in Norman history when there was an east/west side component and now there's a lot of development on the east side, if not more than the west side of Norman."

More than 144,000 vehicles travel on Lindsey Street and 12th Avenue SE per day, according to the City of Norman's Public Works Department.

Land near the University of Oklahoma is in high demand. Students and working residents want a more viable and an upscale living environment, said Hunter Miller of 78 Robinson Partners, owner of the land and East Village developer. They want the coffee shop or boutique store that gives the feeling of community and convenience, he said.

Miller is working in collaboration with country singer Toby Keith on the project.

At a cost of $120,000 to $160,000 per unit, apartment and loft apartment condos will range from 900 to 1,300 square feet. There are 20 floor plans available.

There are two floor plans available for townhouses. At a cost of $185,000 to $190,000 per unit, each unit has about 1,600 square feet.

"We've sold 80 of the 139 (residential units), and that's including 75 condos and five town homes," Miller said. "It will be pre-sold before we get it up."

Adiel Gorel, CEO of International Capital Group, a real estate investment and brokerage firm in San Francisco, said he plans to invest in the development.

"I like the attitude of the city toward growth and attracting businesses," he said. "I will buy a few properties in Norman. I'm usually involved in all the markets. I'm the biggest investor. I lead by example."

The three buildings will be constructed in phases. As residents start moving into the first building, construction on the second will begin. Sooner Traditions, an entity of 78 Robinson Partners, is the construction company for the project.

Several retail businesses are attracted to the project, which is one mile east of the University of Oklahoma. The designs were drawn up by TAParchitecture.

Hatfield said that 21 hot prospects are in the process of writing letters of interest. Business prospects include dry cleaners, salons and a trendy coffee shop. Braum's, Sonic, Taco Bell, AMF Bowling and AutoZone are already in the area.

Prior to the East Village development, Kingsgate Apartments, a complex built in 1971 and backed by the U.S. Department of Housing - Urban Development, was on the property. In the mid-1980s, the multifamily housing had become run-down. After disagreements between HUD and the owners of the property about money and the welfare of the complex, HUD foreclosed on the multifamily complex in 1997.

Kingsgate was demolished after asbestos was found, and HUD sold the property to the City of Norman for $10.

In early 2005, 78 Robinson Partners purchased the property from the City of Norman for $2 million, the reappraised value of the land. Site work began in October 2005, and construction including the pouring of the foundation is expected to begin in the next two to three weeks, Miller said.

Brandice J. Armstrong reports on real estate, technology, manufacturing, entertainment, tourism and media. You may reach her by phone at (405) 278-2846 or by e-mail at brandice.armstrong@journalrecord.com