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Thread: The Elliott

  1. #1

    Midtown The Elliott

    8-story condo project planned for Midtown


    After seeing thousands of rental apartments built over the last several years in the urban core, for-sale housing is now surging.



    Plans have been submitted for The Elliott, an eight-story condominium project on a vacant lot in Midtown.

    Developers Grant Willoughby and John Ridley have completed several stylish homes and commercial projects in Oklahoma City and have teamed with architect Rand Elliott on the design, which would feature commanding views of the downtown skyline and surrounding Midtown area.

    In an in-person interview, Willoughby told OKCTalk that the project would be similar to a boutique hotel, complete with 24-hour concierge and catering to those who have become accustomed to high-end living but who now want a 'lock-and-leave' home with zero maintenance.



    A two-level parking garage would be on the west side of the building with a covered breezeway leading through the heavily landscaped grounds and into the lobby.

    While units would start at 1,300 square feet in size and number as many as 41 separate homes, they could be as large as a buyer desires with the ability to combine multiple units into single apartments.



    On the 8th floor, an expansive penthouse would have access to a private 2,300 square foot covered deck. All units on the southeast corner would have a 325 square foot balcony and one unit on the 7th level would have a stairway to a loft space above.

    All homes would have 12-foot ceilings and high finishes, including pop-out dormers from the interior space, which would give the appearance of floating in the air. Even with high-end finishes, Willoughby emphasized that price per-square foot should closely follow other new luxury construction in the area.



    Other amenities would include a 30-foot by 20-foot pool with a walk-behind waterfall, a two-way fireplace that would serve both the common patio space and the lobby and two high-speed elevators.



    Willoughby said the project is named after his late grandparents who helped him get started in business.

    The development would be located directly across Classen Drive from Villa Teresa, where new owners of the historic school have recently announced plans for condominiums and other uses.



    Total height would be 125 feet, making it the tallest of any of the recently built or announced condo projects.

    A model home and sales office made out of a converted shipping container should be placed on the property in the coming weeks.


    George Massey is the exclusive marketing representative and can be reached at 405-640-4794.


















  2. #2

    Default Re: The Elliott

    Those are fantastic

  3. #3

    Default Re: The Elliott

    I like this. Love the combination of brick and all glass. That area needs some good mid rise development, and that lot across from Villa Teresa is a great spot for it.

  4. #4

    Default Re: The Elliott

    Ooooo very nice! Vacant lot too! Don't even have to tear anything down. Very exciting! That entire area will look amazing once this and Villa Teresa are finished.

  5. #5

    Default Re: The Elliott

    Really, really excited to see how this turns out.

  6. #6

    Default Re: The Elliott

    I hope this is very successful and spurs new, similar projects.

  7. #7

    Default Re: The Elliott

    Home run. If I hit the lottery will buy a unit.

  8. #8

    Default Re: The Elliott

    No complaints about this project. Beautiful design, great location, tall enough for those obsessed with height. This ain’t a home run, it’s a grand slam.

  9. #9

    Default Re: The Elliott

    Pete:

    1. Do you know what the price point will be per sf?
    2. Can you show us some ideas of what else they have done?
    3. Do you know what their financial backing is like and do they have to get units presold prior to construction? The reason I ask is financing for a project like this is usually the most difficult thing to figure out.

  10. #10

    Default Re: The Elliott

    Like every other condo project, there will have to be some pre-sales before they start.

    As stated in the article, the goal is to price per SF similar to the newer luxury condo projects in the core.

    Here is a link to their website. Just shows residential but they've done some commercial as well. All very high-style.

    https://willoughbyridley.com/

  11. #11

    Default Re: The Elliott

    What a great looking development. Here's hoping it happens.

  12. #12

    Default Re: The Elliott

    Sweet! Nice to see - I've thought the core was long overdue for some more for-sale housing options. The Lofts just doesn't cut it anymore.

  13. #13
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    Default Re: The Elliott

    I'd live there!

  14. #14

    Default Re: The Elliott

    So roughly $450-500K for an entry-level unit. That ain't too bad, honestly.

  15. #15

    Default Re: The Elliott

    This is a fantastic development.

  16. #16

    Default Re: The Elliott

    Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?

  17. #17

    Default Re: The Elliott

    Quote Originally Posted by SuburbanNation View Post
    Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?
    That is the genereal area for which they are aiming.

  18. #18
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    Default Re: The Elliott

    I'm going to be surprised if they are not closer to $400 (give or take) with the 1300 sq foot low to mid-500s and the 2500 units are $1M range.

  19. #19

    Default Re: The Elliott

    Quote Originally Posted by SuburbanNation View Post
    Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?
    I assume this ground floor unit is priced at $480/sf because it has a commercial space along with a living unit. The other units for sale here are $350/sf.

    And good luck at a $400/sf price point. There are several homes for sale in midtown, more specifically sosa, that are much less than $400. Looks like a sweet project but I'll believe it when I see it.

  20. #20

    Default Re: The Elliott

    Several homes in the SoSA area have sold for close to $400/SF and none are mid-rise luxury condos with a concierge and tons of amenities a block from the streetcar.

  21. #21
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    Default Re: The Elliott

    We'll see what the market bears, but high $300s to $400 for new construction with those amenities is what I think you'll see. In line with Villa T. as well.

  22. #22

    Default Re: The Elliott

    Quote Originally Posted by Pete View Post
    Several homes in the SoSA area have sold for close to $400/SF and none are mid-rise luxury condos with a concierge and tons of amenities a block from the streetcar.
    I dont keep that close of an eye on it but I havent seen any sosa home sold for $400 in quite a while.

  23. #23
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    Default Re: The Elliott

    As another comparable, Cirrus pricing is about $350.

  24. #24

    Default Re: The Elliott

    This is the 1st MId-Rise Residential we're seeing and given that OKC is still very much overtaken by a buy and hold mentality, I'd bet Floors 8 and 7 bring some gaudy prices, floors 4 - 6 prices will sell on the high end of the market after sitting a bit and floors 1 to 3 will sell relatively quickly but will fetch prices more in line with other places around town.

    Overall, I think they'll do pretty well on this in pre-sales, especially with oil turning around at the right time.

  25. #25

    Default Re: The Elliott

    I just don't know where all of these high paying jobs are?!?! Whenever I go out and look for a new job it's hard finding something that pays more than my current position. Is there really that much money in O+G??

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