View Full Version : New Providence Place Apartments



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circuitboard
07-19-2010, 01:34 PM
Has anyone else noticed the New aparatments on sw12th and Macarthur? "Providence Place" based out of Dallas, TX. I passed the construction site today and they already have structures up, and the amenties look impressive for the area.

http://www.theprovidenceplaceapts.com/index.html

ljbab728
07-19-2010, 11:00 PM
Has anyone else noticed the New aparatments on sw12th and Macarthur? "Providence Place" based out of Dallas, TX. I passed the construction site today and they already have structures up, and the amenties look impressive for the area.

http://www.theprovidenceplaceapts.com/index.html

That is a very underdeveloped area and is ripe for something like that.

circuitboard
07-20-2010, 01:43 PM
That area has seen quite a bit of growth recently, and isnt the new outlet mall, not far from there on reno and council?

ljbab728
07-20-2010, 10:30 PM
That area has seen quite a bit of growth recently, and isnt the new outlet mall, not far from there on reno and council?

The outlet mall is about 3 miles away and the expansive Westgate Marketplace is about a mile north.

Thunder
07-21-2010, 03:27 AM
Too pricey. I give this place an F grade on affordable housing.

metro
07-21-2010, 07:32 AM
Thunder, all of OKC's apartments don't need to be low grade, low rent. For some that is very moderate.

MIKELS129
07-21-2010, 07:57 AM
I am surprised at what they call amenities.. seems bare neccessities to me.

rondvu
07-21-2010, 08:06 AM
Don't mean to sound like a Danny Downer. It twenty years it will all be section 8 and a tick to the area. Just look at Lyrewood Lane and Stratford Drive. Woodlake was once the premier apartment address in Oklahoma City. Now the OCFD calls it Firewood Lane and the OKCPD calls it Lyrehood Lane. The over abundance of the mega-apartment complexes has been the demise of the Putnam City School district. Over fifty percent of the students are now on free lunch. I am sure the apartments are not the only reason, but certainly it started the ball rolling. As you can tell I am not a fan of apartments. Most are allowed to run down and the owners just want their guberment checks coming in. They have no thought to what they are doing to the neighboring area. There are a few exceptions, Pheasant Run on N. Meridian and Warwick West on NW Expressway.

BG918
07-21-2010, 08:20 AM
Don't mean to sound like a Danny Downer. It twenty years it will all be section 8 and a tick to the area. Just look at Lyrewood Lane and Stratford Drive. Woodlake was once the premier apartment address in Oklahoma City. Now the OCFD calls it Firewood Lane and the OKCPD calls it Lyrehood Lane. The over abundance of the mega-apartment complexes has been the demise of the Putnam City School district. Over fifty percent of the students are now on free lunch. I am sure the apartments are not the only reason, but certainly it started the ball rolling. As you can tell I am not a fan of apartments. Most are allowed to run down and the owners just want their guberment checks coming in. They have no thought to what they are doing to the neighboring area. There are a few exceptions, Pheasant Run on N. Meridian and Warwick West on NW Expressway.

The same thing has happened in a number of cities where apartments 'clustered' in the 70's and 80's. Lyrewood & Stratford and NW 122 & Penn area, as well as 61st & Riverside/Peoria area in Tulsa, Greenville & Park Lane area in Dallas, and a number of similar areas come to mind where planning departments allowed over-building of apartment complexes that have since become government housing.

Spartan
07-21-2010, 08:23 AM
61st and Peoria is really the worst example out of all of those, and didn't even become so bad with just the apartments themselves, but when they became govt housing is when the area hit decline, and hard.

It looks like these jokers are trying to pull off what will probably be marketed as downtown housing....15 minutes out of downtown.

metro
07-21-2010, 08:23 AM
rondvu, that's a stretch comparing it to Lyrewood Lane, the worst stretch of apartments in the state. A solid mile of apartment communities. We're talking about one apartment complex here with Providence Place, not dozens. Yes it will probably run down in 20 years, but to compare it to Lyrewood Lane is pretty audacious.

Spartan
07-21-2010, 08:27 AM
It shows you what happens with sprawl, though. I think Lyrewood Lane is a spot-on example of the future that awaits ANY unsustainable development.

MIKELS129
07-21-2010, 08:32 AM
I think he is right about the mega size apartment complexes. I wish they would limit them to less than 100 units.

OKCMallen
07-21-2010, 09:37 AM
That does seem pretty pricey actually. Approaching downtown prices. I pay less to own my home, that has more sq ft, than their biggest apt, in a better part of town (50th and Western). (Not that I'm anything special.)

Midtowner
07-21-2010, 09:44 AM
That does seem pretty pricey actually. Approaching downtown prices. I pay less to own my home, that has more sq ft, than their biggest apt, in a better part of town (50th and Western). (Not that I'm anything special.)

Agreed. Definitely pricey. Not sure what demographic they're after in that area. That's higher than many downtown prices.

rondvu
07-21-2010, 11:23 AM
Metro, I am not referring to all apartments or complexes, that would be foolish. I am referring to the so call "MEGA-APARTMENT COMPLEXES". Whether it be a sole complex or a cluster of complexes more often then not they have a short lifespan as premier properties. That is why I also included two good examples of "good apartments" in my posts. I am only referring to the typical track record of such business adventures. Hopefully I can eat my words in a few years. BG918 and Spartan seem to know what the intent of my post is trying to state.

adaniel
07-22-2010, 10:33 AM
Agreed. Definitely pricey. Not sure what demographic they're after in that area. That's higher than many downtown prices.

Actually I pay about that in my (soon to be former) place, although I live in a more affluent part of town. Surprisingly I had a friend from Dallas help me find that place and she remarked on how affordable it was considering the all features I got.

At the risk of sounding really snobby, the nature of the apartment market here in OKC is if you don't want to live around riff raff, you need to just pony up the money or get a house.

Midtowner
07-22-2010, 01:55 PM
Actually I pay about that in my (soon to be former) place, although I live in a more affluent part of town. Surprisingly I had a friend from Dallas help me find that place and she remarked on how affordable it was considering the all features I got.

At the risk of sounding really snobby, the nature of the apartment market here in OKC is if you don't want to live around riff raff, you need to just pony up the money or get a house.

I had what I thought was a pretty decent place at a much more affordable rate than the above... but you're right for the most part. Part of what you pay for with higher prices is better neighbors.

lasomeday
07-22-2010, 09:42 PM
I googled the address and it has it off of Portland. So this housing would be about 7 minutes from downtown and pretty close to Dell and the Section 8 housing south of it.

SkyWestOKC
07-22-2010, 10:25 PM
It's off of MacArthur....I drove by it yesterday.

ljbab728
07-22-2010, 11:27 PM
I googled the address and it has it off of Portland. So this housing would be about 7 minutes from downtown and pretty close to Dell and the Section 8 housing south of it.

It's 2 miles from Dell and the Section 8 housing across the street from Dell so that's not a relevant issue. The new housing downtown is closer to Section 8 housing.

ms7168
07-23-2010, 05:26 AM
One thing about it the rent prices would keep the riff raff out. My mortgage payment is less than the cheapest apartment and that includes taxes and insurance. You would have to add renters coverage to the apartment prices. Another factor is the 866 number. What happens if something goes south in the middle of the night on the weekend? You get to wait two weeks to get it fixed?

betts
07-23-2010, 05:42 AM
It shows you what happens with sprawl, though. I think Lyrewood Lane is a spot-on example of the future that awaits ANY unsustainable development.

Actually, I think it's a risk anytime you build really affordable housing. That was always my concern with affordable housing downtown. Corners are cut, less durable and therfore less expensive materials are used and over time, buildings deteriorate. In most older large cities, the affordable downtown housing is old expensive apartments and homes that, when they deteriorate, become affordable for many, but also very conducive to remodeling, as the outer structures are attractive and relatively intact.

Kerry
07-23-2010, 06:39 AM
It shows you what happens with sprawl, though. I think Lyrewood Lane is a spot-on example of the future that awaits ANY unsustainable development.

I am going to agree with this statement. When we lived in Tampa we bought a nice home in a suburban community. We lived in that house for 6 years and at first the deed restrictions required owner-occupied only, no renting. After about 2 years they said renters were allowed but it had to be a 12 month lease and landsacpe contract in place with a professional landscaper. Then it went to 6 months, then the landscape requirment was gone. After that we moved to Jacksonville.

I went back to Tampa about 5 years later and drove by our old subdivision. It looked like a bomb went off. Cars parked in the yards, which was the only thing keep the weeds down, the palm tree in our yard hadn't been pruned since I did it just before we moved, the fences were falling down, people had sheets in the windows instead of blinds or curtains. I was actully uncomfortable driving through a place where my kids learned to walk and ride a bike. It was very sad.

I have been trying to convince my wife to move closer to downtown, if not in downtown, but she alwys has a reason not to. Then last night we were talking and she brought up how many towns and cities in Europe don't have a lot of traffic. I told her it is because people don't need cars. The density is much higher so most people walk where they need to go and rail takes them to places they can't walk to. For some reason she just doesn't make the connection between the two scenarios.

circuitboard
10-12-2010, 07:49 PM
Looking pretty good, considering the area. I Like the use of more stone details. The red brick buildings are "loft" style apartments. Neat that they mixed those with traditional designed apartments. Something different for OKC. The developer is out of Dallas, maybe we will see some more developments from Dallas developers. I've always been fond of many of the designs in Dallas uptown and surrounding.

http://i690.photobucket.com/albums/vv267/jbholt1/provapts.jpg

http://i690.photobucket.com/albums/vv267/jbholt1/provapts2.jpg

betts
10-12-2010, 08:58 PM
The same thing has happened in a number of cities where apartments 'clustered' in the 70's and 80's. Lyrewood & Stratford and NW 122 & Penn area, as well as 61st & Riverside/Peoria area in Tulsa, Greenville & Park Lane area in Dallas, and a number of similar areas come to mind where planning departments allowed over-building of apartment complexes that have since become government housing.

Which is precisely why I think the city needs to be VERY careful what apartments it allows to be built in downtown and Midtown. As I've said, everyone is all gaga about rentals downtown now, but rental property is a money-making proposition for the owners, and one way to make more money is to avoid property upkeep expenses. The other is to cut corners on construction costs, which also doesn't bode well for the long-term.

onthestrip
10-12-2010, 09:27 PM
Which is precisely why I think the city needs to be VERY careful what apartments it allows to be built in downtown and Midtown. As I've said, everyone is all gaga about rentals downtown now, but rental property is a money-making proposition for the owners, and one way to make more money is to avoid property upkeep expenses. The other is to cut corners on construction costs, which also doesn't bode well for the long-term.

There is quite a bit of difference between these mega apartment complexes and the smaller, more likely to be locally owned, apartment buildings that will be built in Midtown.

bombermwc
10-14-2010, 07:14 AM
I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

circuitboard
10-14-2010, 10:08 AM
I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.

adaniel
10-14-2010, 01:47 PM
Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.

If this is the same developer I'm thinking of, these guys built an apartment complex near my parents home in Plano, TX about 6 years ago and so far they've held up pretty well. I don't believe those are as decked out as these, but I do know the ones in Plano rent for way more that what is advertised for Providence Place.

IMO the apartment market in OKC is not good. This area needs and can support more high end rentals. As already stated there are way too many oil boom era megacomplexes that were designed to cram as many people as possible at the low rent rate as possible. There are plenty of people around this area that have a good bit of disposable income who, for whatever reason (single, don't want/can't qualify for a mortgage, move around a lot, etc), don't want to buy a home. But that doesn't mean that they have to live in a dump or rent a house for which they'll have to pay a fortune to heat and cool. I think they will have no problem filling these up.

bombermwc
10-15-2010, 07:11 AM
No no. they don't They have HOOKUPS, not actual washers and dryers. They also have OPTIONAL granite. Go back and read the site and you'll see how the things they list, aren't exactlly "standard". It's a cookie cutter apartment complex.

metro
10-15-2010, 08:28 AM
I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

As others stated, I think it will fill in nicely. I think Oklahomans complain more than any other people I've met. It's been empty farm fields for years and it's in the heart of the city, we need the infill. Who cares if it's run down in 20 years, hopefully something higher and better use can come along at that point. There is so much sprawl and vacant lots in this city it is beyond ridiculous. Personally I think they are on the mid to high end and we need more of this in OKC. I don't get why everyone cares about the trash dump, it's not like the people are staring at a dumpster or piles of trash, it looks like a hill from a distance. It's a little more interesting than the vast flat nothing we have. I'm not saying I'd buy a house (long-term investmenet) near the dump, but come on folks, it's apartments, most of which people move frequently. Honestly I think it gives them a better view than say if it was a few miles down the road on Morgan Rd or something. And heaven forbid out of state investors finally start bringing some money and decent development to the city.


Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.


Agreed.

Midtowner
10-15-2010, 08:43 AM
Nothing wrong with a decently large, decently average development. If they can fill their apartments at those prices, power to 'em.

ljbab728
10-15-2010, 10:47 PM
Nothing wrong with a decently large, decently average development. If they can fill their apartments at those prices, power to 'em.

Agreed, it's better than another trailer park in that area.

circuitboard
11-07-2010, 04:50 PM
Same builder did these in Dallas, says condo, but they are apartments according to the leasing information. I Like the exterior design.

http://www.alixcondos.com/

ljbab728
11-07-2010, 10:56 PM
Same builder did these in Dallas, says condo, but they are apartments according to the leasing information. I Like the exterior design.

http://www.alixcondos.com/

They look very nice with one exception. The sinks in the bathroom are called floating vanity sinks. Those are a total waste of space and unfunctional. No one needs a bathroom sink big enough to take a bath in. More counter space would be much a much more effecient use of space.

circuitboard
11-08-2010, 11:56 AM
They look very nice with one exception. The sinks in the bathroom are called floating vanity sinks. Those are a total waste of space and unfunctional. No one needs a bathroom sink big enough to take a bath in. More counter space would be much a much more effecient use of space.

I agree with you, don't care for an all water sink.. I need counter space also.

kevinpate
11-08-2010, 12:07 PM
the floater sinks were new to me. They do seem wasteful of space and not very practical, unlkess you need a place to hose off a few kids all at once when it is cold outside

warreng88
11-15-2010, 08:49 PM
Texas developer to build apartments in southwest OKC
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:59 PM Monday, November 15, 2010

OKLAHOMA CITY – Texas developer Jay Amundson is betting on an unmet demand for housing in southwest Oklahoma City to make his 304-unit Providence Place apartment development a success, and hopes to eventually expand.

Amundson belongs to the limited partnership that has owned 55 acres of former farmland around SW 12th Street and S. MacArthur Boulevard since 2004. Providence Place is under construction on 24.5-acres and slated for completion in spring 2011.

The development will feature two manmade lakes, extensive landscaping and a network of walking trails, as well as a clubhouse with a 120-inch-screen theater room that residents can use. The apartment units, as well as a row of loft-style townhome apartments, make extensive use of building materials like natural stone and brick. The interiors include polished concrete floors and modern-looking brushed nickel fixtures.

“We built this for the long term,” Amundson said. “We didn’t want to build a flimsy box we’re going to flip a year or two down the road. We’re here to stay because we believe in the area.”

The loft-style units feature granite countertops and 20-foot ceilings.

The apartment units will start at $699 a month while the lofts will start at $1,050 a month. Providence Place Community Manager Lorna Deaton believes the $50-million Outlet Shoppes at Oklahoma City in the works just a few miles away at Interstate 40 and Council Road, as well as other nearby commercial development, will draw potential renters to the site. The outlet mall is slated to open in August 2011.

“That’s 1,000 employees just two exits down the road,” Deaton said. “The area is growing and we expect to grow right along with it.”

Providence Place had to overcome several significant financing hurdles before the first bricks could be laid there, Amundson said.

High commodities prices and other construction costs stalled the development between 2006 and 2008, but the development project picked up steam again in 2009 when a lack of active construction projects brought down prices considerably.

“It made it just impossible to build,” Amundson said.

Then the Class A housing development project took five years to get financing because of the downturn in the credit markets and unstable commodities prices, Amundson said.

Amundson eventually received private financing for the project with the help of a Housing and Urban Development program that insures mortgages to rehabilitate or develop new rental housing. The program insures mortgage loans for rental housing geared toward moderate-income tenants. Amundson said Providence Place is not low-income housing and was built with private financial backing.

The area is zoned for a total of 650 apartment units, and Amundson plans to build more housing on the site as the market demands. Amundson’s land is also zoned for commercial development along MacArthur Boulevard and he hopes to eventually build a row of shops there.

dmoor82
11-15-2010, 08:57 PM
Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

ljbab728
11-15-2010, 11:25 PM
Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

I suspect they will survive without you dmoor. A number of years ago I actually lived in an area closer to the landfill than that. There was never an odor.

circuitboard
11-16-2010, 01:29 AM
This is a great infill project, and I think it is turning out really good!

Thunder
11-16-2010, 01:41 AM
Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

You're much closer than you think. Take a tour of your kitchen and bathroom. Wait, you're already used to the smell...

dmoor82
11-16-2010, 07:06 AM
I suspect they will survive without you dmoor. A number of years ago I actually lived in an area closer to the landfill than that. There was never an odor.

I lived in The Mobile home park a half a mile South of I-40 on the West side of Macarthur when I was younger and YES it does stink on some days!

dmoor82
11-16-2010, 07:09 AM
You're much closer than you think. Take a tour of your kitchen and bathroom. Wait, you're already used to the smell...

Shhhhhhhhh...... dont tell anyone,I actually like The Dump smell!

ljbab728
11-16-2010, 10:19 PM
I lived in The Mobile home park a half a mile South of I-40 on the West side of Macarthur when I was younger and YES it does stink on some days!

You must have a much better sense of smell than I do. I never smelled anything at all. I can't say that about other places that I've lived that weren't near a landfill. I still contend that the landfill won't affect occupancy at all even if you choose not to live there.

dmoor82
11-17-2010, 03:14 PM
You must have a much better sense of smell than I do. I never smelled anything at all. I can't say that about other places that I've lived that weren't near a landfill. I still contend that the landfill won't affect occupancy at all even if you choose not to live there.

I think since The landfill is so tall in height it just looks bad from I-40, but when you get down in that area on ground level you dont even notice it!Dont get me wrong I support this complex and hope that it will bring other projects in time!

SSEiYah
12-31-2010, 01:56 PM
Um, I think this picture says it all...This is more for entertainment purposes only, however my opinion of the area is probably shared by others.

http://www.mfxers.com/bc/providenceplace.jpg

betts
12-31-2010, 02:07 PM
On the other hand, if no one tries to add better housing, it's only going to get worse. It looks like they'll be close to shopping!

ljbab728
12-31-2010, 10:31 PM
Um, I think this picture says it all...This is more for entertainment purposes only, however my opinion of the area is probably shared by others.

http://www.mfxers.com/bc/providenceplace.jpg

As I've mentioned before, you could take a similar view of much of the new housing in the downtown area and find similar things in the surrounding area. Should we discourage development there?

metro
01-01-2011, 09:42 AM
In fairness, you are leaving a lot out of the picture, such as the Westgate Marketplace and Meridian Ave corridor

SSEiYah
01-01-2011, 12:06 PM
So the 3rd floor scenic view of the salvage yard and landfill worth that extra few hundred a month?

I was really wanting to move in those apartments since they are walking distance from my employer, however I was shocked they were $700/month for a 1 bedroom. I would consider it if they were $500+utils for a small studio. Watersedge on meridian (built in the 80s) was $390/month with all new appliances. It was ok other than having my car broken into a few times and the occasional gunshots/helicopters overhead the oak grove public housing area.

You would think the land is cheap over there since there are numerous boarded up businesses and houses, I thought it would be reflected in the monthly rent.

Spartan
01-01-2011, 01:10 PM
Well it's not like there is a shortage of available land in other areas of the metro where a project of such low quality could more ostensibly command such high rents.

Doug Loudenback
01-01-2011, 02:29 PM
Thunder, all of OKC's apartments don't need to be low grade, low rent. For some that is very moderate.
Agree.



As others stated, I think it will fill in nicely. I think Oklahomans complain more than any other people I've met.
Agree.

For what it is, suburban apartments, the project looks pretty good to me and, if the Journal Record article (http://www.okctalk.com/showthread.php?t=22534&p=376724#post376724) is accurate, doesn't sound like it's being built on the cheap. Would I, a substantially retired old guy who likes downtown and old things, chose to live there? No. I'm quite happy living in my wife's and my Mesta Park home. But, I suspect that a good market exists for this project, and I wish it well.

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace1.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace2.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace3.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace4.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace5.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace6.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace7.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace8.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace9.jpg

http://i8.photobucket.com/albums/a49/DougLoudenback/misc/providenceplace10.jpg

So what's not to like?

Spartan
01-01-2011, 06:40 PM
So what's not to like?

Well, it's just the whole preposterous idea of this being urban living, which is insulting to advocates and proponents of urban living and people who know what urban living is. "Come life in one of our lofts just 10 minutes from downtown."

They're not true lofts, and it's hardly 10 minutes from downtown, it's practically Yukon--and during the day it takes longer than 10 minutes to go anywhere because there is some traffic, a lot of slow-driving Okies, and you'll surely hit every light--that's just going to get fast food a mile or two away.

What's worrisome is that it remains to be seen if this thing will actually be able to swoop in and eat up some demand for downtown apartments, which erodes that pent-up demand. Tanenbaum was able to do it very successfully by selling "urban living 10 minutes from downtown" on I-44, and now these out-of-towners being able to do it in the opposite direction is also frustrating. It's exploiting the inability of getting people to just swoop in and build quality apartments downtown. This is too easy for the developers, who get to feign urban with potential renters, at the same time as pleasing the banks who feel more comfortable with suburban projects.

I'd be interested to see what bank financed this project, likely one not from OKC who just swallowed the marketing pitch on the location ignoring that to anyone from OKC the location is very strange. If it was a local bank, there must have been interesting conversations about, "You want our money to build apartments, where??" And if that's the case, and considering that obviously it did come to fruition (which so many urban projects don't), then that would seem to suggest another entirely different and equally frustrating problem, that local banks are more willing to go for loony suburban projects that sensible urban ones.

Keep in mind, that I don't want them to fail, because that would be bad for OKC, and I do think they will be successful. OKC is a really strong rental market, and the current economy is very strong for rentals (because it's harder to buy right now and people have to live somewhere), so OKC will probably be able to support a variety of good and bad apartment developments.

Doug Loudenback
01-01-2011, 07:24 PM
About location, Nick, you said, "it's practically Yukon." Oh, come on, Nick, you know that's not so.

Are you suggesting that OKC apartment development needs to be handicapped or something that gives downtown location a competitive advantage?

If these upstart out-of-staters can march right on in to town and just "do it," what does that say about in-staters who "just don't?" I don't know but suppose that financing was from a Texas lender ... and, again, if so, what does that say about OKC lenders? It's a free market.

Spartan
01-01-2011, 08:07 PM
Doug, I'm just saying the project doesn't excite me like it does the people at OKCBiz or the Journal Record. If I were in the shoes of a city planner or a city councilor of course I'd temper my opinions or not say any of that at all. It's great that our city is viewed as such a strong market that it's attracting decent-sized outside investment, even if that investment is a crappy project in my opinion.

Sometimes there's a big difference in just saying, "I don't care for this project," and actually suggesting something should be done about it. I don't think anyone that thinks this project is a joke (like me) is implying that the developers don't have the right to do a bad project there. As far as I'm concerned, it's not downtown, it's not near a park, it's not near any nice neighborhoods, and it's not near a lake or a wildlife refuge. It's truly one of the places in the metro where something could be built and I would seriously not care.

The reality is that it is an improvement for the area, which is sort of an odd transition zone between strip malls and trailer parks/landfill/industrial.

SSEiYah
01-01-2011, 11:47 PM
Some people are claiming these are built "cheaply". I do not think that is the case. They look to be of similar quality to the new apartments in Yukon off of I-40 which were built recently. They have what looks to be an awesome theater room, great floor plans. They use stained concrete in living areas which is far better than carpet, cheaper than say...maple, but gives it that "modern/upscale" look. If they have concrete separating the units, that is a plus. It appears the floors may be concrete which is great for noise suppression.

The thing is, there are tons of ABANDONED apartments in that area, boarded up, ect. Nobody seems to have an interest on renovating the apartments on NW 10th/Rockwell/Council area.

http://tinyurl.com/2bv2m65 --> That is the main one that comes to mind.

You live under the path for the jets.
You live next to a major landfill with smells.
You live in an industrial side of town.
You are paying $1000/mo for a place to live in a city where the average rent is $534 for 1 bedroom and $659 for a 2 bedroom. (source: apartmentratings.com)

The only demographic I see being able to afford $1000+utils for a place are folks from Dell, the airport or some surrounding employers in that part of town. Most retail jobs in that area are not much above minimum wage.

Either way, I hope they work out. The whole idea is just shocking to me about why they chose that area for "higher end" apartments.

That idea would be perfect for Edmond, but not that area.

ljbab728
01-02-2011, 12:07 AM
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The only demographic I see being able to afford $1000+utils for a place are folks from Dell, the airport or some surrounding employers in that part of town. Most retail jobs in that area are not much above minimum wage.

Either way, I hope they work out. The whole idea is just shocking to me about why they chose that area for "higher end" apartments.

That idea would be perfect for Edmond, but not that area.

The apartments are obviously not targeting minimum wage retail workers. There are numerous apartments in that part of town which already do that. You mentioned the possibilities where potential renters might come from and there is a large segment of those in that area of the city so I don't see why it would surprise you. Higher end earners there might not want to spend an hour commuting to Edmond in rush hour.

SSEiYah
01-02-2011, 12:41 AM
I'm guessing there will be expansion along SW 15th from Portland to MacArthur on the river. The land and infrastructure is ready to go.

Hopefully this will encourage some higher-end development in the area.