Edge @ Midtown

[CuatrodeMayo]

*gag* @ the name

[G.Walker]

hopefully they make a website and Facebook like Level, so we get updated on the construction process, and have access to a photo gallery.

[soonerguru]

*gag* @ the name

I share this sentiment. The name sounds like some dorky apartment complex with fake lofts near a university, not somewhere actual adults would move. Whoever came up with this concept needs to take a step back and think rationally about what their branding says about their property. It's certainly not a message of distinction. What about something simple like Midtown Village?

Goofy names like this seem to go hand in hand with having local yokels as developers. They really have no clue what they're doing.

[mcca7596]

They really have no clue what they're doing.

Or at least don't really have a feel for the neighborhood when they spend all their time in suburbia.

[Rover]

It is great we have so many cool marketing geniuses on this board. Nothing is ever as smart or cool as them. LOL. It is amazing. Can't leave it as "I don't care for the name", but have to insult everyone else in the process.

[ljbab728]

It is great we have so many cool marketing geniuses on this board. Nothing is ever as smart or cool as them. LOL. It is amazing. Can't leave it as "I don't care for the name", but have to insult everyone else in the process.

You're right, Rover. Obviously we need some outsiders to come into OKC to tell us what is cool for us because we don't have a clue. LOL

[rcjunkie]

I share this sentiment. The name sounds like some dorky apartment complex with fake lofts near a university, not somewhere actual adults would move. Whoever came up with this concept needs to take a step back and think rationally about what their branding says about their property. It's certainly not a message of distinction. What about something simple like Midtown Village?

Goofy names like this seem to go hand in hand with having local yokels as developers. They really have no clue what they're doing.

Well then you two must pack your tent and Occupy the Edge!!!!!!!!!

[adaniel]

For what its worth there are some student owned condos in Norman called the Edge.

I agree the name is pretty weak.

[Just the facts]

The problem is that OKC developers still see apartments as temporary living conditions for the tennants, and build brand recognition accordingly. It would be nice if someone built a development focused towards long-term rental with 5, 10 or 15 year leases and marketed them as such. Not everyone who rents wants to move every year and don't want to live in an "apartment complex".

I am actually dishartened at OKC's developers and their near total lack of urban knowledge. They have fed so long on the milk of suburbia they are unable to eat meat. That is a little biblical reference.

[Urban Pioneer]

Not to defend it, but I think that "The Edge" originated from being on what is considered the formal "edge" of the downtown neighborhood proper. That is before you formally cross over into Heritage Hills and Mesta Park.

If the building design is cool enough, it might actually aesthetically fit. Nothing is quite as bad as "The Legacy." Legacy of what? lol With that for comparison, "The Edge" is an improvement IMO.

[BoulderSooner]

please show me a place that has 5/10/15 apt leases

[Rover]

The problem is that OKC developers still see apartments as temporary living conditions for the tennants, and build brand recognition accordingly. It would be nice if someone built a development focused towards long-term rental with 5, 10 or 15 year leases and marketed them as such. Not everyone who rents wants to move every year and don't want to live in an "apartment complex".

I am actually dishartened at OKC's developers and their near total lack of urban knowledge. They have fed so long on the milk of suburbia they are unable to eat meat. That is a little biblical reference.

Rental is by definition short term...annual mostly. Leasing can be longer, but usually not much longer. Apartment owners (urban or otherwise) don't get locked into long term leases were they would have locked in financials over an unusually long period of time. And why in the world would you even want a 15 year lease that would wind up being more expensive than a purchase. This isn't an urban vs. suburban issue, it is a financial and sensibility issue. You don't get 5-10 or 15 year apartment rentals in New York City and I don't know of many areas more urban than that. Best you can do is have renewable contracts with rent control.

[Just the facts]

please show me a place that has 5/10/15 apt leases

There many apartment homes here in central Philly that have long term leases available. Some penthouse apartments rent for over $7,000 per month. These people are not signing a new lease every 12 months.

[Rover]

Those are most likely co-ops with annual renewing rental/lease agreements. Or in those cases, it may well be condo's or co-ops whereby the owners sub-let on a long term basis. Rental is rarely preferred by those who can afford more because they are limited in what they can do to the property itself and are subject to periodic increases for all sorts of reasons, whether they have a lease or not. The longer the lease terms the more common for rent increase clauses anyway.

In America apartment rental really goes back to the tenements in NYC. Evolved from those were co-ops and then condo buildings. Perhaps OKC needs more co-ops where the building is an entity and the tenants own shares. That tends to give more stability and control to the renters and somewhat more flexibility. Of course, condos are the best for allowing freedom of the tenant to do things to their own living environment. At any rate, virtually everywhere, renting is done out of economic necessity, not from choice. Of course there are always exceptions.

[Spartan]

hopefully they make a website and Facebook like Level, so we get updated on the construction process, and have access to a photo gallery.

I agree, but I just doubt it. Level is being undertaken by a developer who has a very good understanding of his target demographic and its trends. That is a project by and for young professionals. I haven't seen anything yet about The Edge that tells me who the target demographic is. I don't know that it will be a niche development, but more likely appeal to a more general crowd.

[warreng88]

Construction value increases on Edge at Midtown apartment project
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:57 PM Wednesday, December 7, 2011

OKLAHOMA CITY – Developer Gary Brooks has upped the construction value for his 250-unit Edge at Midtown apartment project by about $3 million based on favorable market surveys and said the building is on track to become one of the most environmentally sustainable housing developments in the state.

Brooks originally told the Oklahoma City Urban Renewal Authority that the Edge at Midtown would cost about $28.2 million, but told the board on Wednesday that he is now prepared to spend up to $3 million more to ensure the quality of the construction, based on the amount of financing available and favorable market conditions.

Plans for the old Mercy site by Legacy at Arts Quarter developers Brooks and Mike Henderson of Cornerstone Development will be aided by a U.S. Department of Housing and Urban Development program that guarantees loans for multifamily housing.

Brooks is on track to have his financing approved by HUD in time to break ground on the development by August, he told the Urban Renewal Authority on Wednesday.

“It’s the type of project that HUD wants, it’s urban and extremely sustainable,” Brooks said.

Financing for the project also will be helped by an estimated $1.5 million in tax increment financing funding.

Brooks hopes to obtain a gold Leadership in Energy and Environmental Design, or LEED rating from the U.S. Green Building Council for the Edge development on the site of the old Mercy Hospital near NW 13th Street and N. Walker Avenue. The Edge project would be the first housing development in the state to obtain a gold LEED rating, he said.

Several other high-profile Oklahoma City developers competed at the Urban Renewal Authority for the rights to the Mercy site this year, including Oklahoma City developer Wiggin Properties; Gardner Tanenbaum Group, led by Dick and Stephen Tanenbaum; Sieber Hotel redeveloper Marva Ellard; and prolific homebuilder Home Creations.

[OKCisOK4me]

I hope that TIF holds strong!

[Pete]

This is all sounding good... This project will make a huge difference in Midtown.

[dmoor82]

What area do you all think has more potential,Midtown or DD?MAybe Midtown has a more mixed use potential and DD is more residential,both will have a streetcar line.This is gonna a be fun watching these two areas grow!

[Spartan]

Wow, now I'm almost glad this project was chosen. What a great way for Brooks to instill faith in people watching on.

[ljbab728]

Wow, now I'm almost glad this project was chosen. What a great way for Brooks to instill faith in people watching on.

You're right, Spartan. When was the last time we had a developer who decided to put more money into a project instead of scaling back?

[Snowman]

I hope at least someone sneaks in a mural or painting of 'The Edge' from U2.

[Spartan]

You're right, Spartan. When was the last time we had a developer who decided to put more money into a project instead of scaling back?

No kidding. All that ever happens is downsizing of projects any more. This is great, and it reaffirms our hope that the economy is rebounding and lending/investing is loosening up.

So far, this news has shown that it's important to remain flexible on your opinion of a project and of a developer. Maybe Brooks and Henderson really were ashamed of how lame Legacy turned out and want to "right that wrong." What better way than to do a huge LEED housing project? Wow, that is a new one for OKC.

[Just the facts]

What area do you all think has more potential,Midtown or DD?MAybe Midtown has a more mixed use potential and DD is more residential,both will have a streetcar line.This is gonna a be fun watching these two areas grow!

I think DD because it has growth constraints on all sides which will increase density and then raise values. Remember when everyone thought DD apartments were high density? Look at them now. Except for the vacant lots they are the lest dense part of the area. If they don't go condo in the next 5 years I can see them being replaced by mid-rise buildings.

[BoulderSooner]

I think DD because it has growth constraints on all sides which will increase density and then raise values. Remember when everyone thought DD apartments were high density? Look at them now. Except for the vacant lots they are the lest dense part of the area. If they don't go condo in the next 5 years I can see them being replaced by mid-rise buildings.

we are not close to the point that existing (profitible) apts are going to be torndown to build anything else ..

which is why midtown has much more potential than DD