View Full Version : Metropolitan



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Pete
02-15-2016, 02:16 PM
From https://twitter.com/AutoAlleyOKC :


https://pbs.twimg.com/media/CbSBELkUcAAoNey.jpg


https://pbs.twimg.com/media/CaFMxrnUMAQmSPA.jpg

Pete
02-22-2016, 11:37 AM
https://pbs.twimg.com/media/Cb1e1QiWAAAuSPw.jpg:large

ljbab728
02-22-2016, 11:03 PM
This is another example of something I have complained about many times previously. These types of events are not planned at a time when most people with normal work hours can attend unless they work very nearby. Making this last until at least 7PM would have made it much more inclusive and would likely generate a much larger turn out.

ljbab728
02-27-2016, 12:50 AM
Steve's update, as this project winds down along with a video interview with John Gilbert, who is the president of the Bomasada Group.

http://www.oklahoman.com/article/5481542?embargo_redirect=yes


Construction is expected to wrap up by June on the north half of the sprawling 330-unit complex, which is on the east side of Oklahoma Avenue between NE 6 and NE 9. The $45 million project was developed by John Gilbert, president of Houston-based Bomasada Group, and its chairman, Stuart Fred.

“We started pre-leasing months ago,” Gilbert said. “Even with oil prices down and with the current economy, we are getting fabulous traffic and a great response. We are very excited for the future of The Metropolitan.”

“We are actively looking for more sites downtown,” Gilbert said. “We built one already in Tulsa and we are preparing to do another there this summer. We are very bullish on Oklahoma.”

soonerguru
02-27-2016, 02:09 AM
I like the Metropolitan, but I like Lift even more. Lift seems to have better overall materials and is very sharp. Looking forward to both opening and breathing more life into the inner city, but after seeing the near-finished products of both companies, I like the work of Milhaus more.

dankrutka
02-29-2016, 01:47 AM
From Saturday.

12312

12313

12314

dankrutka
03-18-2016, 11:17 AM
Pool is ready to go.

12378

dankrutka
04-24-2016, 11:57 PM
This perspective kind of shows how unfriendly the connection to Deep Deuce is for pedestrians coming from Metropolitan.

12536

Anonymous.
04-25-2016, 09:37 AM
Yea that entire barrier that is Harrison Ave is just way too intimidating for comfortable crossing. Unfortunately it pretty much cuts all of DD off from that eastern edge of AA. I already feel sorry for Metropolitan residents trying to walk to the CBD in the mornings during rush hour.

Richard at Remax
04-25-2016, 10:41 AM
I'm sure the vast majority would just go down Oklahoma rather than Walnut. No reason to cut over that early anyway

dankrutka
04-25-2016, 10:47 AM
I'm sure the vast majority would just go down Oklahoma rather than Walnut. No reason to cut over that early anyway

Oklahoma isn't very good either though, right?

Urbanized
04-25-2016, 11:08 AM
^^^^^^
Not to mention that it will become a much more important walking intersection when/if the Innovation District convinces the powers-that-be to back pedestrian improvements between that area and downtown, possibly even including a full or partial cap of I-235. We just need to work from the default position that all parts of downtown will eventually need to be walkable, as different areas knit themselves back together.

bchris02
04-25-2016, 12:27 PM
This perspective kind of shows how unfriendly the connection to Deep Deuce is for pedestrians coming from Metropolitan.

12536

Every time I walk through there I think about how desperately something is needed to improve pedestrian access from the metropolitan area to Deep Deuce. I think converting the Oklahoma/5th/Harrison intersection, another pedestrian nightmare, to a traffic circle would be optimal.

HOT ROD
04-26-2016, 05:13 AM
where's the innovation district?

Teo9969
04-26-2016, 08:36 AM
where's the innovation district?

OUHSC more or less

AP
06-20-2016, 08:27 AM
I went on a tour here this weekend with a friend who is moving from Norman to OKC. He wanted to be in the area so we looked at DD, Level, Mosaic and Maywood. This complex is by far the nicest. The others don't really even compare, IMO. And I believe the pricing is similar and in some instances, price per sqft, cheaper than the other. Also, when we were at Maywood, the manager said they were shooting for August move-ins for Maywood II. Not sure how that's possible as they have a long way to go.

Pete
06-20-2016, 08:33 AM
I agree.

Metropolitan is very, very nice.

Lots of elaborate common areas, units have very nice finishes and the parking garage is well integrated so the walk to each apartment is reasonable.

I hope this developer does more in OKC. First class project.

Teo9969
06-22-2016, 12:30 PM
How much cheaper was the land for The Metropolitan?

AP
06-22-2016, 01:34 PM
According to the assessor, the land sale for The Metropolitan was $3,253,500. Level was $2,606,000. Maywood Apts was $1,180,000. Maywood phase II was $1,095,000.

bchris02
03-03-2017, 10:57 AM
I recently read that this place has a 74% vacancy rate, despite aggressive promotions and discounts. Is this true and if so, any idea why?

Pete
03-03-2017, 11:17 AM
^

That was from Steve's chat and I have no idea where he is getting that info. His statements seem to imply they are providing bigger discounts than Maywood and LIFT and I'm not sure that is the case.


Wanted to point out that the Metropolitan is one of the very few urban housing developments that received zero economic incentives. No TIF or anything else. And they have to compete in a market where virtually every other competitor was strongly subsidized.

And despite all this, Level is still full and usually has a waiting list.


In a competitive marketplace the good projects do well and I don't think that has changed one bit even with the recent flood of new units.

Anonymous.
03-03-2017, 01:37 PM
74%?! That seems really unlikely, did he mention where that number is from?

They currently have 41 units listed for availability. 41 of 330 is 12%. So unless they are just not advertising all their units - then it is nearly full.

ljbab728
03-04-2017, 12:29 AM
The year-end multifamily survey by Price Edwards basically confirms what has been happening as a result of the oil boom and downturn.
http://m.newsok.com/article/5540160


The multifamily building boom is over, courtesy of the 2014-16 crude oil price slide, but it will be a while before high-flying developers bring their work in for a landing.
Historically low loan rates, strong oil prices and a growing workforce caused an expansion in apartment building here for just more than a decade ending with the steep dive starting in early 2014.
Nearly three years later, apartments are still going up despite a decline in occupancy to just less than 90 percent, the lowest in recent history, Dirkschneider reported.
Nonetheless, a decrease in jobs combined with the increase in new apartment units lowered occupancy. This caused leasing offices to offer move-in specials, rent concessions and other deals to sign residents, even as the average rent rate increased 3.46 percent, Price Edwards reported.
Special deals sparked a mini-migration from older properties to new ones, creating the need for incentives at those, too, according to apartment brokers at ARA Newmark.

riflesforwatie
03-05-2017, 03:58 PM
I recently read that this place has a 74% vacancy rate, despite aggressive promotions and discounts. Is this true and if so, any idea why?

This is not true. There are some vacant apartments (not sure exactly number) but it's more like 10%. I can tell you that our parking garage is nearly full and that I see very few empty apartments now. 6 months ago sure but now, no way.

riflesforwatie
03-05-2017, 04:01 PM
^

That was from Steve's chat and I have no idea where he is getting that info. His statements seem to imply they are providing bigger discounts than Maywood and LIFT and I'm not sure that is the case.


Wanted to point out that the Metropolitan is one of the very few urban housing developments that received zero economic incentives. No TIF or anything else. And they have to compete in a market where virtually every other competitor was strongly subsidized.

And despite all this, Level is still full and usually has a waiting list.


In a competitive marketplace the good projects do well and I don't think that has changed one bit even with the recent flood of new units.

Hi Pete, they are providing some more incentives than LEVEL simply because they don't have a waiting list. Otherwise I agree completely with your post. Maybe Steve made a typo, that's the only thing I can think of because 74% isn't even close to being accurate. Even then though the incentives are higher they aren't terribly out of line with some of the other competing complexes (in other words the prices including all incentives are generally comparable to one another)

2Lanez
03-05-2017, 04:25 PM
Yeah, must have been a typo. Definitely wasn't Steve Lackmeyer dramatically overstating something and passing it off as fact.

riflesforwatie
03-05-2017, 05:52 PM
I looked up the chat transcript and Steve said 74% OCCUPANCY rate, not 74% VACANCY rate as was recounted here in the first post I replied to. I still think that occupancy number is too low (or perhaps outdated), but I wanted to correct the record.

Bits_Of_Real_Panther
03-05-2017, 09:08 PM
I believe they are offering 1000 $ off the 1st month of rent.

Pete
11-08-2017, 07:06 AM
Sold for an OKC-record almost $200K/ unit while 95% leased:

http://newsok.com/the-metropolitan-new-apartments-in-downtown-oklahoma-city-catches-investors-interest-fetches-record-price/article/5571259

AP
11-08-2017, 07:37 AM
$200K/unit

king183
11-08-2017, 09:15 AM
Sold for an OKC-record almost $200K/ unit while 95% leased:

http://newsok.com/the-metropolitan-new-apartments-in-downtown-oklahoma-city-catches-investors-interest-fetches-record-price/article/5571259

What do you think this means for the future of apartments downtown? With a price like that, will it spur more building/demand? Or are we still a bit overbuilt at the moment?

Pete
11-08-2017, 09:21 AM
What do you think this means for the future of apartments downtown? With a price like that, will it spur more building/demand? Or are we still a bit overbuilt at the moment?

I've been saying for a while we do not have nearly enough housing in the pipeline.

A ton of units were dumped on the market last year and they have pretty much been absorbed.

The only properties under construction now are the Steelyard (249 units) and West Village (345). And even those are relatively well-spaced with Steelyard finishing up soon and West Village still a year out.

It seems the market will stay a bit soft for about a year or maybe two -- and by soft I mean not long waiting lists at most places -- then we are going to have a housing crunch.

And when that happens we'll see lots of developers suddenly start new projects.

kevin lee
11-08-2017, 10:12 AM
So Steelyard's phase II will likely be sooner than later?

Pete
11-08-2017, 10:25 AM
So Steelyard's phase II will likely be sooner than later?

Gary Brooks told me he is concentrating on First National and Phase II is on hold for now.

FNC will add 200 apartments as well but not for several years.

riflesforwatie
11-15-2017, 12:06 PM
I was talking with a neighbor at Metro and we were both surprised to hear the 95% occupancy figure. But, it's definitely the most full it's ever been.