Hill, The

[Plutonic Panda]

The price of lumber alone has skyrocketed the past 6 months.

Steel as well. China has been on a road and rail expansion boom on a scale bigger than the interstates conception and it’s surely had an impact on the global market.

Another odd thing I saw is the price of tequila going up due to COVID shutting down agave farms in Mexico.

[shawnw]

Ah, yes, tariffs. Hurting our business as well, we've had to adjust prices accordingly.

[Jersey Boss]

Ah, yes, tariffs. Hurting our business as well, we've had to adjust prices accordingly.

Weren't the tariffs on Canada lifted a couple of months ago?

[mugofbeer]

An irony is that Colorado is trying every which way to have slightly burned and huge amounts of beetle-killed trees harvested out. It's perfectly good for construction.

[shawnw]

Things happening

https://twitter.com/ULIoklahoma/stat...99051645337600

Urban residential development opportunity in OKC House buildings The requirements for submittal can be found on OCURA’s website

A pre-submission meeting will be held on Friday, April 30th at 10am
for details.

[Pete]

You can see the entire RFP here:

https://8982d45a-c353-4fda-8b7f-eb15...dc89bb8bab.pdf

[BoulderSooner]

You can see the entire RFP here:

https://8982d45a-c353-4fda-8b7f-eb15...dc89bb8bab.pdf

from the RFP it seems like the really want the hill part 2 ... with a better developer ... which makes sense

[shawnw]

Long-stalled Deep Deuce development reimagined as 'zero energy' neighborhood

https://www.oklahoman.com/story/news...od/5435826001/

I don't know that facing interior courtyards is the answer.

[Timshel]

Interesting. Would be cool - but I'll file this in the "I'll believe it when I see it" along with most all other The Hill-related news.

Most interesting part of that article to me was learning that the West Village is 96% occupied. Curious if the rest of the downtown apartment complexes are similarly full. Makes me feel confident in (and provides the basis for) some of the planned additional downtown housing developments.

[shawnw]

Have a friend that lives in The Edge that says they are only 50% occupied, not sure how accurate.

[BoulderSooner]

adding a second pool at the Hill doesn't make much sense .... there are rarely any kids at the Pool currently

[Southsider2]

Have a friend that lives in The Edge that says they are only 50% occupied, not sure how accurate.

I don’t believe this is accurate. I recently got my hands on a market study for Class A apartments in downtown. Most are at stabilized occupancy.

[Pete]

This is the survey done by Price Edwards for year-end 2020:

[T. Jamison]

Have a friend that lives in The Edge that says they are only 50% occupied, not sure how accurate.

Pete beat me.

[Pete]

For comparison, here are the numbers for 2019:

[BoulderSooner]

For comparison, here are the numbers for 2019:

]

do you know what % occupancy (in general) makes these profitable??

[Pete]

do you know what % occupancy (in general) makes these profitable??

Depends on the project of course, but most pro formas I've seen use 90% for break-even. But over time, if you have permanent financing, your costs stay pretty flat while rents always go up.

Max occupancy is usually 95% due to the nature of people moving in and out.

[BoulderSooner]

Depends on the project of course, but most pro formas I've seen use 90% for break-even. But over time, if you have permanent financing, your costs stay pretty flat while rents always go up.

Max occupancy is usually 95% due to the nature of people moving in and out.

thanks Pete

[T. Jamison]

That 5% to 10% vacancy is called structural vacancy. It is required for move-in and move-outs in addition to repairs and maintenance. If a property's occupancy rate is 100%, that indicates to an owner that the rent is too low and needs to increase to reach the structural vacancy rate.

[Pete]

The architect would be Rand Elliot and the contractor Vincit.

From the submitted proposal:

[BoulderSooner]

a friend of mine that lives in the Hill just texted me about idea to stamp his current garage ally ...with why?? and if it could be done in a weekend sure if not no thanks ..

[David]

Hopefully this new design won't want another 12 years or whatever we're currently too.

[Urbanized]

Hopefully this new design won't want another 12 years or whatever we're currently too.

Pretty unlikely that it will languish if this team is awarded a development agreement. I don't know Irwin, but Andy definitely gets things done.

[soonerguru]

I have learned to avoid setting any expectations for Rand Elliott design plans. Won't get excited about this until dirt starts turning. Also, the photos showing the majestic brownstones seem to be misleading eye candy -- way too warm and ornate for anything Rand would design.

[Rover]

I have learned to avoid setting any expectations for Rand Elliott design plans. Won't get excited about this until dirt starts turning. Also, the photos showing the majestic brownstones seem to be misleading eye candy -- way too warm and ornate for anything Rand would design.

Don't conflate Rand as a designer and Rand as a developer. If it doesn't go forward it will be on the developer and not Rand. I know it is cool to bag on Rand, but he's a damn fine architect and his group can do many styles.