It's still too early for them to start leasing and provide details.
They should be open towards the end of 2017.
It's still too early for them to start leasing and provide details.
They should be open towards the end of 2017.
Thanks for the update. Actually looking forward to moving in here as soon as they open.
They typically need at least a model unit before they can open a leasing center. I know some of the OKC developers have done off-site model units. That said, you're not going to be signing any leases 6 months out.
How has this one been coming along, any significant progress that's noticeable?
You can see it in the background of these photos. In the second photo the apartments over retail can be seen to the right.
Not a whole lot has changed but will take some newer photos soon.
Thanks Pete. I'm really excited about this project. I think it's going to look good.
Looking good. Gonna be a hoppin part of town!
Wow. This street is going to be fairly dense. Just a few years ago it was pretty bare.
Thanks for the new pics, Pete.
The steel between the floors at the Steelyard is a breath of fresh air.
Pete are there any plans to add some vegetation to this area once the apartments and hotels are built? One of my favorite parts about the Deep Deuce is the nice little canopy that they've grown over the years around their apartments, especially on the stretch of NE 2nd.
I like that the parking garage is painted to match the apartment buildings.
Yeah, that's a nice touch.
the biggest thing i second guess about this development and all the others within its proximity is how much of all this new
construction is driven by real demand and what would happen when that demand is fully satisfied?
i support downtown renewal but can't help to feel cautious about maintaining balance with real, practical business conditions.
Real Demand probably cannot be known at this point, because we're talking about a 50+ year rejection of urban living, and looking at reversing that trend (though other cities provide pretty solid track records on the matter)
There's a price that comes with "new" anywhere that it happens in the city. That so much "new" is happening downtown requires knowing whether or not said new is occurring at an inflated rate due to the downtown renaissance or if a portion of what would normally be happening in suburban areas has moved downtown. If the latter, then it's probably real demand.
Ultimately, it's too difficult to tell at this point, but I hardly think that Steelyard is going too far. I do believe there is a reason we have far less residential units that will be coming online in the next 4 years than we have had over the previous 4 years, and that's because developers want to see the demand meet the supply. If all these new complexes maintain very high occupancy rates, I wouldn't be surprised if 2500 units are announced between now and the end of the decade (that would be a 50% increase in supply)
This rate of DT for lease apartments and the limited for sale units is not IMO sustainable. OKC is not experiencing sufficient growth in threeol areas that drive and sustain housing, population growth, new jobs and increasd salaries.
Although OKC has experienced gains in each of these areas, we have seen layoffs in the O&G industry I am still skeptical that Sandrige Energy will survive), population growth has slowed and although salaries have risen, OKC still lags behind other cities in terms of per capita income.
Amazes me that given the strong Republican dominance, the City/State fails to make private sector job creation and retention alongwith education a priority.
Having said all of that I believe OKC is building an unsustainable level of apartments without significant growth or improvements in the aforementioned areas
^
OKC"s unemployment rate is still under the national average and the population growth has been very steady as well.
If things that can be measured are going to support an argument, might want to look them up first.
From what I understand, the downtown apartments are all still very full. I don't think the waiting lists are as long as they had been, but I don't think the Steelyard coming online is going to cause too many problems. It's the last of the big apartment complexes that have been proposed.
Now is probably a good time to take a bit of a breather and see how the market is doing. I agree with Teo that if rental rates stay high after the Steelyard opens, that we'll probably see a lot more apartments announced. Developers here are historically very cautious and risk averse, so I'm sure some of them need a little reassurance before they move forward on anything.
What downtown really needs is more for-sale housing. I'm wondering if another round of apartments and hotels going in might push some of the older buildings to convert over to for-sale condos. Oversupply in the market can be good if it forces an underperformer to get creative and fill a different role in the market. As long as developments like the Metropolitan fill up as soon as they open, that's all developers will want to build. No risk.
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