After the OU Motel property was sold in January and many of its residents were evicted, the property is back on the market.
Terry Moore, founder and president of the Garrett Moore Company, which bought the OU Motel, told OU Daily in January the company planned to build a high-end student housing complex called The Resort, which would include an infinity pool and lazy river.
Moore told the Daily Friday that financing the project with investors was difficult because material prices amounted to about $65 million.
“Not everybody in the world's (going to) write you a check for $65 million,” Moore said.
Moore said the company may still be able to build The Resort, but it has to wait for prices to come down. The Resort is still listed on the Garrett Moore Company’s website under “current projects.” Moore said the company could still move forward with the development if funding is secured.
An OU Motel employee, who asked to remain anonymous for fear of retribution, told the Daily in January that Moore bought the property for $4 million. Moore confirmed on Friday it was correct.
In January, the Cleveland County Assessor’s website valued the property at around $650,000. The property is currently valued at around $830,000. Last January, motel staff told the Daily the owner was hoping to sell.
The OU Motel was open for 75 years and was known as one of Norman’s most affordable housing options. The complex had many long-term residents, but some rooms were available to stay short-term.
In 2023, Norman City Council approved rezoning of the property for Subtext Living, a development company, to build Verve Norman, a luxury student housing complex. The sale to Subtext Living was never finalized, according to the assessor’s website.
When the property was sold to the Garrett Moore Company, residents received eviction notices from the previous owner on Jan. 1, and many struggled to find new housing. The motel shut down on Feb. 1.
This story was edited by Ana Barboza, Natalie Armour and Thomas Pablo. Tori Pham and Gretchen Schultz copy edited this story.
