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Thread: 700 West

  1. #51

    Default Re: 700 West

    It's moving through the process.

    Has been approved by OCURA and then will have to go to design review, then file building permits.

  2. Default Re: 700 West

    Awesome. Thanks, Pete!

  3. #53

    Default Re: 700 West

    Quote Originally Posted by Pete View Post
    It's moving through the process.

    Has been approved by OCURA and then will have to go to design review, then file building permits.
    I keep forgetting about this project. Exciting. Where in that process is the Metropolitan?

  4. #54

    Default Re: 4th & Shartel

    Quote Originally Posted by Teo9969 View Post
    2 things bother me about this development, one only marginally and the other, fairly insignificantly:

    Marginally, I wish the 1st floor were 2 to 4 feet taller with more emphasis on retail.

    Insignificantly, the parking…not because it's surface, but because that means other solutions will have to be found in this area before anything can be built to fill out the lot. Not that there should HAVE to be, but knowing OKC, nothing will move forward until residents of this development have been assured they have parking during construction.
    Dude, what a silly comment. Did you not pay any attention to the original article??!! They're live-in/work units with doors to the outside that most likely can be made accessible to pedestrians walking by…You should probably read before you post...

  5. #55

    Default Re: 4th & Shartel

    Quote Originally Posted by Teo9969 View Post
    Dude, what a silly comment. Did you not pay any attention to the original article??!! They're live-in/work units with doors to the outside that most likely can be made accessible to pedestrians walking by…You should probably read before you post...
    Whoa man, you're right, my bad, but maybe you could calm down just a bit? It's just a forum with all of us putting out random ideas and I was probably preoccupied at the time I made the post.

    Anyway, overall I think this will be a fantastic addition to the neighborhood, and I really am excited to see what comes out of these live/work units produce. Specifically, I'd love to know what they cost and if the whole unit could be written off for tax-purposes, cause that would be SUHWEEEET!!!!

  6. #56

    Default Re: 700 West

    Guys, we're getting off topic.

    Does anybody know if the whole the live/work unit could be tax-deductible? That would make starting a business so much easier, especially like starting a small art studio or music teaching studio. If those rents were $1800 but entirely tax deductible, that's a huge incentive to start something.

    This would instantly become my favorite living development if they find a way to make these live/work units something that interacts with the outside world. Such a huge opportunity for the Arts District to blossom into…you know…an Arts District

  7. #57

    Default Re: 700 West

    ^

    You can deduct your home office / workspace on your taxes.

    Just the percentage used for exclusively for work.

  8. Default Re: 700 West

    Quote Originally Posted by Teo9969 View Post
    Guys, we're getting off topic.

    Does anybody know if the whole the live/work unit could be tax-deductible? That would make starting a business so much easier, especially like starting a small art studio or music teaching studio. If those rents were $1800 but entirely tax deductible, that's a huge incentive to start something.

    This would instantly become my favorite living development if they find a way to make these live/work units something that interacts with the outside world. Such a huge opportunity for the Arts District to blossom into…you know…an Arts District
    I am not a CPA nor a tax attorney but I do not think you could take the whole amount as a deduction. It would be split. Similar to having a home office, you can take a portion of rent, utilities, etc but not the whole amount.

  9. #59

    Default Re: 700 West

    ^

    Correct.

    You calculate the percentage of space used exclusively for business, then take that percentage of rent and utilities.

  10. #60

    Default Re: 700 West

    I'm aware of that…

    But these seem to be fundamentally different…so much so that I'm wondering how OKC is going to zone them. Will it be okay for them to run a business from the unit? Can a tenant have a studio in which they charge entrance fees, sell their art, sell basic beverages (that don't need a food license), etc. Could they house an insurance agency, law firm or Jeweler here? It's all technically one-unit, but if it's zoned residential, what would be the scope available for running business.

  11. Default Re: 700 West

    Quote Originally Posted by Teo9969 View Post
    I'm aware of that…

    But these seem to be fundamentally different…so much so that I'm wondering how OKC is going to zone them. Will it be okay for them to run a business from the unit? Can a tenant have a studio in which they charge entrance fees, sell their art, sell basic beverages (that don't need a food license), etc. Could they house an insurance agency, law firm or Jeweler here? It's all technically one-unit, but if it's zoned residential, what would be the scope available for running business.
    That's more of a zoning question versus tax deduction question as IRS isn't going to really care about how it is zoned. It is an interesting question but we have mixed use now when you look at the buildings with condos on some floors and office space on others. Are they zoning each floor separately or is there a general mixed use zone that covers both? Like you pointed out...these are even more unusual as it is basically the same unit being used for both. I winder if the old Allen's café had a separate entrance for his residence upstairs and what his zoning was and the same for City Glass where he built a condo upstairs. Surely we have some zoning experts on here that can answer this.

  12. #62

    Default Re: 700 West

    Quote Originally Posted by Jeepnokc View Post
    That's more of a zoning question versus tax deduction question as IRS isn't going to really care about how it is zoned. It is an interesting question but we have mixed use now when you look at the buildings with condos on some floors and office space on others. Are they zoning each floor separately or is there a general mixed use zone that covers both? Like you pointed out...these are even more unusual as it is basically the same unit being used for both. I winder if the old Allen's café had a separate entrance for his residence upstairs and what his zoning was and the same for City Glass where he built a condo upstairs. Surely we have some zoning experts on here that can answer this.
    If it's a single-rent unit zoned as commercial, is not the entirety of the rent for your business, especially if those rents work out to a similar rate as other office rental rates in the area?

  13. Default Re: 700 West

    Quote Originally Posted by Teo9969 View Post
    If it's a single-rent unit zoned as commercial, is not the entirety of the rent for your business, especially if those rents work out to a similar rate as other office rental rates in the area?
    If you are living in it, then a portion is being used for living expenses. Similar to a company car that is wholly owned by the business and has a commercial tag, if you drive it outside of work, that benefit of personal use is considered income (the use of the car for personal business in place of actual money) and is considered taxable. The IRS is going to look at usage...not zoning or how a car is tagged or titled.

  14. #64

    Default Re: 700 West

    Quote Originally Posted by Jeepnokc View Post
    If you are living in it, then a portion is being used for living expenses. Similar to a company car that is wholly owned by the business and has a commercial tag, if you drive it outside of work, that benefit of personal use is considered income (the use of the car for personal business in place of actual money) and is considered taxable. The IRS is going to look at usage...not zoning or how a car is tagged or titled.
    Hmmm…interesting. Is it the individual's or businesses' responsibility to keep track of personal use of business property and determine an income value on the usage?

  15. #65

    Default Re: 700 West

    Quote Originally Posted by Teo9969 View Post
    Hmmm…interesting. Is it the individual's or businesses' responsibility to keep track of personal use of business property and determine an income value on the usage?
    Absolutely it is, as it is with any deduction claimed on a tax return.

  16. #66

    Default Re: 700 West

    I am a CPA and you get to deduct the percentage of expenses compared to the percentage of your home used as your office. for example, if you home is 1000sq ft and the room you use for your office is 300 sq ft, you can use 30% of all expenses on you house (utility bills, groceries, rent, repairs, etc…)

    But, this is only if this is the only office you have. If you have an office your your house but you main offices are somewhere else, this deduction doesn't apply.

  17. #67

    Default Re: 700 West

    But what if you have a room/house in your office?

    Enviado desde mi SAMSUNG-SGH-I727 usando Tapatalk 2

  18. #68
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    Default Re: 700 West

    Unless you use your whole house for an office and you work 24 hrs a day, you still can't write it all off. It is still proportional.

  19. #69

    Default Re: 700 West

    Anything new on this?

  20. #70

    Default Re: 700 West

    what the story on this? Is it still going to happen?

  21. #71

    Default Re: 700 West

    Like Civic Center Flats, this project is an agreement with OCURA and they have to meet various milestones along the way otherwise OCURA takes the property back and re-issues an new RFP.

    So, they still have a bunch of time to get all their financing and plans together. The people behind both projects are reputable.

  22. #72

    Default Re: 700 West

    Awesome.

  23. #73

    Default Re: 700 West

    Any idea if this project is still on track, and if it will be done by next spring? Wife and I are looking to move to the OKC urban core in about a year, and a small place like this would be perfect for us. I imagine construction would go fairly quickly once it can begin since there's no structured parking.

  24. #74

    Default Re: 700 West

    Quote Originally Posted by Montreal View Post
    Any idea if this project is still on track, and if it will be done by next spring? Wife and I are looking to move to the OKC urban core in about a year, and a small place like this would be perfect for us. I imagine construction would go fairly quickly once it can begin since there's no structured parking.
    Welcome to the site!

    I haven't heard anything about this project in quite some time.

    It was the only response to the RFP the City put out on that site and they won conditional approval from OCURA, but then complete silence. Haven't seen it on their agendas, nothing submitted for design review, etc.

    It's the same ownership group as Sycamore Square New Build, and I haven't seen much about that project lately either.

    I suspect they are just moving slowly. As with all contracts with OCURA, they have to meet milestones at various time increments and if they don't perform, then the property is put back out for a new RFP.


    So, I don't think there is any way this will be ready by next spring. Even if this started moving forward again, they are several months out from breaking ground (takes time to get designs approved and then have building permits issued), then it's usually 12 to 24 months for construction.

  25. #75

    Default Re: 700 West

    Just learned this deal is completely dead.

    I expect OCURA will be reissuing the RFP soon and this time, I bet they get multiple proposal.

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