Steelyard

[G.Walker]

If my calculations are correct, this would be on the most expensive recent housing developments downtown U/C:

Bricktown East Apartments ($35 million)
Bricktown East Hotel (?)
Hilton/Garden Inn ($32 million)
The Edge @ Midtown ($31 million)
Level Urban Apartments ($24 million)
Aloft @ Deep Deuce ($18 million)
Maywood Apartments ($18 million) ????

this is pretty amazing, if all of these come to fruition...

[mcca7596]

The key thing to take away from that article is that rents would start at $568 according to the terms of the grant.

[Urbanized]

Ran into Bob Meinders last night at the Thunder game and we talked at length about this development during halftime. He was very excited about the project, tempered with understandable caution. I don't imagine he'd want all of the details blurted out on a message board, but Steve's reporting appears to be on point, as usual.

[LandRunOkie]

I wonder if news of this development will slow down momentum of sales at the Hill. I also wonder why the Hill people didn't see this coming and get this land from Meinders early on, as it is the largest unpaved & undeveloped lot in Bricktown.

[Just the facts]

I wonder if news of this development will slow down momentum of sales at the Hill. I also wonder why the Hill people didn't see this coming and get this land from Meinders early on, as it is the largest unpaved & undeveloped lot in Bricktown.

It actually should help because it will provide future buyers for people currently living at The Hill and will hopefully attract more 'basic needs' suppliers to the area. One of the great things about urban living in an area with multiple levels of housing is that people can live their entire life in the same neighborhood as the life situation and economic levels change. A student might live in the East Brciktown Complex today, move to The Level after graduation, then get married and buy a unit at The Hill. All the while they can eat in the same restraunts and even sit at the same seat. In 30 years they can watch their kids sit in the same booth with their family. They might even get to know the owner and service staff by name.

[betts]

I wonder if news of this development will slow down momentum of sales at the Hill. I also wonder why the Hill people didn't see this coming and get this land from Meinders early on, as it is the largest unpaved & undeveloped lot in Bricktown.

I think that the people buying at the Hill would have the same concerns I have. Is this going to be a high quality development, or will it, sooner rather than later, be an ugly run-down property? That would affect their property values somewhat, although anyone living in an urban area has to accept the fact that you don't get the uniformity of neighbors that you would expect in the suburbs. After all, they've got the Broadway Extension as one of their neighbors, and I have Ruedy's Garage, something that would never be tolerated by a suburban dweller in homes of those prices. That still wouldn't make me excited about a badly built development. However, Steve has allayed many of my concerns. Thanks!

If the implication is that people would rather rent than buy, and people will choose to live in the new development rather than buying at the Hill, I think you're probably looking at two different populations

[dankrutka]

Could they reserve the most affordable prices for ACM@UCO students? It would be cool if a couple floors were student housing.

[kevinpate]

Could they reserve the most affordable prices for ACM@UCO students? It would be cool if a couple floors were student housing.

I suppose they could if there was someone to guarantee income on the units. From the operator perspective, unemployed or part-time employed students are not stronger tenants than the steadily employed service professionals or hotel housekeepers or entry level DT clerks.

[G.Walker]

I think the project will turn out fine. With financial help securing the land, and with facade being mostly brick, more than likely they will cut corners on the inside. With the Edge @ Midtown being mostly brick, it very well could be like The Edge @ Midtown, but with cheaper fixtures and amenities.

[Just the facts]

Just a reminder - only a small percentage of the units will be 'affordable'. I don't think there will be 'cheaper' anything. The guidelines I have seen suggest that no more than 10% of any development should be dedicated to 'affordable' housing- which in this case would be in the 20 unit range. One of the goals of urban development is to avoid the concentration of people based on income levels. That is what suburbia is for and what New Urbanism is trying to correct.

[Steve]

Just a reminder - only a small percentage of the units will be 'affordable'. I don't think there will be 'cheaper' anything. The guidelines I have seen suggest that no more than 10% of any development should be dedicated to 'affordable' housing- which in this case would be in the 20 unit range. One of the goals of urban development is to avoid the concentration of people based on income levels. That is what suburbia is for and what New Urbanism is trying to correct.

Dead on.

[BoulderSooner]

edge at midtown is up to 34mil ..

[Pete]

Carnegie Centre is already underway and total project cost will be about $15 million.

[wschnitt]

Carnegie Centre is already underway and total project cost will be about $15 million.

Underway with construction? Not that I have seen.

[OKCisOK4me]

Carnegie Centre is already underway and total project cost will be about $15 million.

Carnegie Center?

[BoulderSooner]

Carnegie Center?

the old downtown library building .. across from the brantif building

[OKCisOK4me]

Carnegie CenTRE -- the old English spelling makes it extra classy!

It's the old downtown library.

the old downtown library building .. across from the brantif building

Gotcha. Thanks ;-)

[Pete]

Soon if not already... Big building permit was issued a couple of weeks ago.

[wschnitt]

Might be hard for me to see considering it is a lot of interior work.

[Pete]

Carnegie CenTRE -- the old English spelling makes it extra classy!

It's the old downtown library.

[HangryHippo]

Have there been any renderings of this proposal anywhere? Probably jumping the gun a bit with the question though...

[BDK]

I think the article said there would be a proposal in the summer.

[BoulderSooner]

just over 15% will be below market rate .....

[Skyline]

This is a very exciting project and it almost seems like this is going under the radar. Reminds me of when Pete made a comment on Okctalk about Okc turning the corner.

Has Okc really gotten to a point that an announcement of a project this size is expected and doesn't generate much excitement?

If this project goes as planned Bricktown could have 4 new hotels under construction simultaneously. WOW!

[mcca7596]

This is a very exciting project and it almost seems like this is going under the radar. Reminds me of when Pete made a comment on Okctalk about Okc turning the corner.

Has Okc really gotten to a point that an announcement of a project this size is expected and doesn't generate much excitement?

If this project goes as planned Bricktown could have 4 new hotels under construction simultaneously. WOW!

We're just all cautiously optimistic as so many things have fallen through in the past. When renderings come out, there will be much more buzz.