Civic

[shawnw]

I agree on the development being 10 years away, but they have been talking about building a new jail for five years or more now. That could be in the 2017 GO Bond. Not saying it is a good idea, but it could be there.

Last vote to fund a new jail failed. Just saying it might take awhile for them to work that out...

[warreng88]

Last vote to fund a new jail failed. Just saying it might take awhile for them to work that out...

When was that? I know it's not popular, but I never knew there was a vote.

[bradh]

There hasn't been a vote in the 5.5 years I've lived here.

We better support it, or we're going to pay out the rear for it via federal mandate, but that's for another thread.

[hoya]

They didn't vote, but polls indicated if there was a vote, it would fail.

[bradh]

that is correct

[shawnw]

Oh that's right, did they call off the vote when they realized it would fail?

[Larry OKC]

shawnw: yep...lost count on how many times over the years, there have been articles stating by those in the know, that an election date would be set shortly...has yet to happen. IIRC, we were supposed to have voted on it around the time of the MAPS 3 election (if not before that) and a few times since.

As a side note to an earlier post, it is the COUNTY jail, so it won't be in the City's "2017 GO Bond" (unless the County has GO Bonds too?)

[Teo9969]

We've pretty much given up on trying to get inside Rex ES's boundaries, not going to pay over $250 per sq ft for something. It's depressing because we both would like to live down closer to work, but we're kinda down on the old houses (not for us) and it's hard to take that leap that you won't lose your ass paying what seems to be top of the mountain prices.

Nothing listed in this thread is over $250/sqft. Nothing downtown is anywhere near top of the mountain prices. In 10 to 20 years, when downtown is relatively filled in, I don't think $300/sqft is unreasonable by any stretch of the imagination. And I don't think there will be any new builds with a family unit for less than $200/sqft. Maybe you get lucky and something from one of the older DD properties becomes available at a low price point, but I kind of doubt it.

[BoulderSooner]

Nothing listed in this thread is over $250/sqft. Nothing downtown is anywhere near top of the mountain prices. In 10 to 20 years, when downtown is relatively filled in, I don't think $300/sqft is unreasonable by any stretch of the imagination. And I don't think there will be any new builds with a family unit for less than $200/sqft. Maybe you get lucky and something from one of the older DD properties becomes available at a low price point, but I kind of doubt it.

This

[Plutonic Panda]

This

bro... if you just look into your soul.. you will find what you need ton conteu yourr journey my friend. These houses are change the city forever,, we supprt them!!!

[AP]

bro... if you just look into your soul.. you will find what you need ton conteu yourr journey my friend. These houses are change the city forever,, we supprt them!!!

???

[DoctorTaco]

Bummer. What's more, is that these will not be easy to resell at those rates.

As Pete said, the great thing about real estate is that it is nearly a perfect marketplace. If, as you say, you cannot resell at these prices, then banks won't loan money to buyers the first time around. Either the price is right and OKC peeps are just having trouble getting used to the new normal, or the price is wrong and will come down a little in negotiations (as often happens in real estate transactions). Likely the reality is somewhere in the middle.

Just rememeber, the top 3 rules in real estate. Location, location, location. Yes this is close tot he jail but also will be close to (possibly) two new skyscrapers, the art museum, and the civic center. Avana apartments sold for a record amount last summer and they're just around the corner from these.

I do hope they stay for-sale, though, and do not go to the rental market.

[hoya]

bro... if you just look into your soul.. you will find what you need ton conteu yourr journey my friend. These houses are change the city forever,, we supprt them!!!

Cocaine is a helluva drug.

[soonerguru]

bro... if you just look into your soul.. you will find what you need ton conteu yourr journey my friend. These houses are change the city forever,, we supprt them!!!

I haven't done mushrooms in years. Can you still find them around here?

[Plutonic Panda]

I haven't done mushrooms in years. Can you still find them around here?

man I honestly don't know I'm not sure why I posted that tbh

[hoya]

I haven't done mushrooms in years. Can you still find them around here?

Clearly you can.

[Plutonic Panda]

Clearly you can.

coke is better

[warreng88]

So, I was looking at the flats on zillow again and they are only listing 25 of them. The article says there are going to 34. Has someone already bought nine or are they sometimes just not listed?

[Plutonic Panda]

Is this still happening?

[ljbab728]

Is this still happening?

Is there some reason you think it might not be? It was only announced about 3 months ago.

[Plutonic Panda]

Is there some reason you think it might not be? It was only announced about 3 months ago.

ummm. . . this has been talked about for over a year and officially announced in January

[ljbab728]

ummm. . . this has been talked about for over a year and officially announced in January

That still is very soon for most developments. It was proposed in January but wasn't really finalized then and doesn't explain why you are wondering about it. Urban Renewal, who owns the property, didn't sign on to this until the middle of June. Pete addressed that with you in another thread. You just always want everything now and that rarely happens.

http://newsok.com/oklahoma-citys-urb...rticle/4936635

[Plutonic Panda]

my bad

[Pete]

OCURA is set to approve a financing package next week for the sale of the property for this project (I added the bold):


Background: Civic Centre Flats, LLC was the sole respondent to the Authority’s request for proposals for property located between Couch Drive and N.W. 2nd Street, just east of N. Lee Avenue (Lots 7–16 of the Bennett and Gerson Addition). On June 18, 2014, the Authority approved a Contract for Sale of Land and Redevelopment (“Redevelopment Agreement”) with Civic Centre Flats, LLC (“Redeveloper”) that contemplates the development of a for-sale residential project that will include 34 units (20 one-bedroom units; 8 two-bedroom units; and 6 two-bedroom, two-story units).

The Redevelopment Agreement requires the approval of a financing agreement between the Authority and the Redeveloper. The proposed Financing Agreement makes the determination that the purchase price of $700,000.00 is not less than fair value. It dictates that the purchase price will be paid to the Authority upon the sale of each of the units. It also provides for the Authority’s participation in the Redeveloper’s profits.

[catch22]

is that normal? For OCURA to have a direct cut of the profits? What has OCURA done to deserve a cut of the developer's pie? Is OCURA also investing money for design and construction?

Seems like they are just selling the land. Must be nice. You are going to pay me for this land, and then once you own the land I'm going to take directly from your profits of each unit you sell.

Seems suspect to me.