The costs are substantially similar to that which occurs in many subdivisions in Edmond -- and Edmond developers aren't charging nearly the premium (although they are still turning a substantial profit).
If someone can sell a property at $225 to $300/sq.ft., they are making more than enough profit to pay for those improvements themselves, pass the costs on to the buyers at those prices and still make out with a substantial profit.
Check out what you can get in downtown Kansas City for $119,000.
Kansas City Lofts :: 21 Ten Lofts
Those sorts of 730 sq. ft properties in OKC would be going for $165,000 or so. The location would not be nearly as urban either. It's sort of hard to justify these prices, especially when you start to compare to far more urban environments with better views, etc.