The Leslie (dead)

[Midtowner]

Dumpy? Can you see into the future? Because they look fine to me and not at all "dumpy" If thats ur idea of that word then look around this city a little more closely. No offense of course, but cheap doesn't equate to dumpy and they look great to me.

Go look at the new construction in Dallas in the area just east of downtown.

Like Betts said, this land is in limited supply. We only get one shot at doing it right. By comparison to what they have going on in Dallas (and for basically the same price), they are building much nicer stuff.

[jbrown84]

All this Deep Deuce housing (save "Deep Deuce at Bricktown") is just as high quality as all the mid-rise and low rise stuff I've seen in Dallas. I'm not sure what you mean by "cheap".

Thanks. Even better I got it figured out to a link now:

http://www.urbanneighbors.org/Websit...ES%20PLACE.PDF

Bad link. Crashed my browser and all my tabs.

[Architect2010]

And last time I checked we aren't Dallas. If we can't afford to fill up the Browsntones or the Hill, then I doubt we would even be able to support these "nice highrise, urban developments we're seeing in places like Dallas" you talk about.

This development is fine. It is not dumpy and that is an ignorant argument from anyone.

[warreng88]

From the Journal Record:

Downtown OKC set for more-affordable condosby Kelley Chambers

OKLAHOMA CITY – Downtown Oklahoma City may soon see housing options targeted at buyers who can’t quite afford a half-million-dollar condo.

The developers of Maywood Park began work in late 2006 to construct a neighborhood from the ground up.The first units they built, the Brownstones at Maywood Park, are priced between about $500,000 and $800,000.

Fifteen of those units were built and five more were added as show homes to benefit the Oklahoma City Orchestra League.

The development team, led by Ron Bradshaw, is now at work on the Second Street Lofts with plans for two more projects hitting a price range as low as $99,000.

The Second Street Lofts are under construction and priced about half as much as the brownstones.

“It’s down a notch in the price range,” Bradshaw said.

That project will have 55 lofts and 30,000 square feet of commercial space. Bradshaw said 39 of those units have sold along with 10 percent of the commercial space.

Residents and tenants at the lofts will also have underground parking, a luxury that adds to the final price tag.

“That’s really what makes these things cost so much is the underground parking,” Bradshaw said.

On average the lofts will have about 1,000 square feet and sell for between $134,000 and $266,000.

Pre-sales will be key in the start dates of two other projects.

The Leslie project is set to begin construction after the first of the year and a second phase must pre-sell 50 percent of the units before construction.

That project calls for two 24-unit phases.

“Demand is what’s going to dictate the speed in which we build all this,” Bradshaw said.

The Leslie units will be priced from $99,000 to $230,000 each, and have at-grade parking.

“One of the things that brings the price down is we don’t have an underground parking garage to build,” Bradshaw said. “But it’s the same quality as the rest of it.”

On the drawing board is also a project dubbed Maywood Hall.

The 36-unit project will require presales of half the units before the start of construction.

Units will range from about $145,000 to $370,000.

“It’s going to be in the middle of the price range,” Bradshaw said.
David Burnett, with Sperry Van Ness Oklahoma, marketed the neighboring Block 42 condo project, and said it is refreshing that a developer is catering to those who want to buy a condo downtown but have as of yet been unable to due to price.

Burnett said demand will likely be tremendous if the Triangle Group can deliver an urban product at a lower starting price point than much of what is currently available.

“It is refreshing to hear that a developer is finally catering to a largely untapped demographic,” he said. “Deep Deuce and a few other apartment complexes have generally been the only option for young professionals when it comes to downtown living.”

[taylor83]

About a week ago I heard that the Leslie will be for rent rather than for sale. Anyone else heard this?

[jbrown84]

I think it would be a good idea.

[metro]

why do you think it'd be a good idea, when it's the first reasonably priced development?

[jbrown84]

Because all the rental properties are full and most of the for-sale properties are nowhere close. In other words, demand.

[mcgrawsdad]

Because all the rental properties are full and most of the for-sale properties are nowhere close. In other words, demand.

Demand is some of the issue, but the bigger issue is financing. Even well qualified borrowers are having difficulty getting financed.

[bluedogok]

^^^ Yep, getting a single family home financed for what most of the condos are priced is difficult enough, getting a condo financed in the current environment is much more difficult. That is what many have found out here in Austin with some of the towers that are being completed, people who put down money on pre-sales aren't able to close because of the financing situation. The Monarch (rental tower) is filling up at a good rate while some of the other buy options are filling up slower, those who had their final financing in place before the markets went to crap are in, those that didn't have had trouble.

[jbrown84]

If the Park Harvey--as ugly as it is, with no dedicated parking and little in the way of nearby services--can fill up easily, you KNOW there is high demand for rentals downtown.

[bombermwc]

I can sort of see what people are saying though. They, like all the other projects down there, are just apartment buildings. They're the same stuff you'd see in a suburb, just with a little fancier face to them. We're not making smart use of our land at all with all these dinky little projects. But it is in-filling between the health center and downtown, which is a good thing.

My guess is that when we finally see a real urban residential project develop (meaning a tower), it will be in west downtown, not east. I say that because the CBD is cutt off at Broadway and the rail lines. You cross that and you're in Bricktown....the land of no towers per zoning. And no one would randomly place (or get approval for) a tower out this far east. Basically we either have to wait forever for a C2S project, or we see it go up in west downtown....spreading the connection of downton to Midtown.

[Richard at Remax]

Since these are pricier and better than your regular apartments, are the leases going to be longer than your average renter? For example a minimum lease is 2 years so you don't have as much turnover than people moving in very six months. Or they could set up a rent to own. Even though I am not a fan of that procedure I think it could be an option.

[wsucougz]

I'm fine with these being rental. I just want to see them get built. The owners could always spruce them up and sell them as condo's 5-10 years down the line.

There is definitely strong demand for downtown and near-downtown rental housing.

[BG918]

I can sort of see what people are saying though. They, like all the other projects down there, are just apartment buildings. They're the same stuff you'd see in a suburb, just with a little fancier face to them. We're not making smart use of our land at all with all these dinky little projects. But it is in-filling between the health center and downtown, which is a good thing.

My guess is that when we finally see a real urban residential project develop (meaning a tower), it will be in west downtown, not east. I say that because the CBD is cutt off at Broadway and the rail lines. You cross that and you're in Bricktown....the land of no towers per zoning. And no one would randomly place (or get approval for) a tower out this far east. Basically we either have to wait forever for a C2S project, or we see it go up in west downtown....spreading the connection of downton to Midtown.

I'd like to see the north downtown/midtown area fill in with mid-rise or high-rise towers, roughly from 5th to 10th streets in between Shartel and Broadway.

[lasomeday]

Yeah, it would be great to see two or three residential high rises go up in that area, but also a few along the river and maybe an 8 to 12 story one in Bricktown. I definitely would like to see a 15 to 20 story hotel in the Medical District.

[jbrown84]

I think before we see a tower, we'll see something in between. A denser, midrise condo structure with all structured parking. Like what Legacy should have been.

[onthestrip]

If someone can get a project going like this in Stillwater in this economy, it makes me surprised that something similar isnt being done near Midtown/N. of BT right now.

*Stillwater Flats | Stillwater Oklahoma*

You obviously wouldnt have the same apartment floorplans, but at least this complex is 4stories, its dense, and most importantly it has multi-level interior parking, which is completety lacking in the BT area. Oh, and no eifs either.

[betts]

There's a sign up for the Leslie in Maywood Park now, and I believe it said, "Starting at $90,000" so they are apparently for sale.

[taylor83]

I talked to the Brownstones marketing director about a week ago and she said they will be for rent instead of for sale. Also, if you check the TAP Architecture site, it calls the project "The Leslie Apartments".

TAParchitecture: On the Boards

[jbrown84]

If someone can get a project going like this in Stillwater in this economy, it makes me surprised that something similar isnt being done near Midtown/N. of BT right now.

*Stillwater Flats | Stillwater Oklahoma*

You obviously wouldnt have the same apartment floorplans, but at least this complex is 4stories, its dense, and most importantly it has multi-level interior parking, which is completety lacking in the BT area. Oh, and no eifs either.

The Legacy is very similar. The Stillwater project looks a little more attractive but is just as suburban looking (pitched roof) in the long run.