Metropolitan

[betts]

I'm hoping above hope they do for sale housing here considering they were at least proposing it at one point. But the world is much different than it was in 2008.

Or at least people think the world is different. It's going to be very interesting to see what happens when Deep Deuce is full of rental apartments. Will it be overbuilt? Will owners have to compete, end up lowering what they charge for rent and then drop what they spend on maintenance or sell? I sometimes think developers are the least foresighted of all businessmen/women. We'll see.

[Spartan]

I wouldn't mind seeing something like their project in South Carolina.

Pete, I was skimming the old Campbell Park thread. What ended up happening with the land that Belanger and Self owned? Is it still available?

OK Contemporary is going there. That's the reincarnation of the City Arts Center currently at the Fairgrounds.

[Spartan]

By the way Pete, the Bomasada group has had Oklahoma in its range for a while now. They also developed a project in Brookside, one block to the west of Peoria. Perhaps they already sold it if its not in their portfolio, but I think it was for-sale.

It was a controversial project because some Brookside homeowners didn't want the density nor the McCondo aesthetic. But I think it was a nice project if I remember right.

[dankrutka]

They also developed a project in Brookside, one block to the west of Peoria. Perhaps they already sold it if its not in their portfolio, but I think it was for-sale.

It was a controversial project because some Brookside homeowners didn't want the density nor the McCondo aesthetic. But I think it was a nice project if I remember right.

I walked around this project the last time I was in Tulsa and I love the location and idea of the project. If the execution is good it'll be a hit as it is literally next door to a Whole Foods and within walking distance of all the venues on Brookside. The only negative I really noticed is the visibility of the parking garage. It kind of towered over a lot of shops. Hopefully they're going to make it visually appealing with ivy or something else.

[HangryHippo]

By the way Pete, the Bomasada group has had Oklahoma in its range for a while now. They also developed a project in Brookside, one block to the west of Peoria. Perhaps they already sold it if its not in their portfolio, but I think it was for-sale.

It was a controversial project because some Brookside homeowners didn't want the density nor the McCondo aesthetic. But I think it was a nice project if I remember right.

Can you share a link to this development or the intersecting streets so we can scope it out on the internetz?

[Spartan]

I walked around this project the last time I was in Tulsa and I love the location and idea of the project. If the execution is good it'll be a hit as it is literally next door to a Whole Foods and within walking distance of all the venues on Brookside. The only negative I really noticed is the visibility of the parking garage. It kind of towered over a lot of shops. Hopefully they're going to make it visually appealing with ivy or something else.

I don't seem to remember the garage towering over shops but my memory doesn't go far beyond knowing it was Bomasada. Here's a link:

Upscale Brookside apartment complex to begin construction after three-year delay | Tulsa World

Guess it was rental after all.

[catch22]

Is anyone planning on going to this meeting today?

[betts]

You keep saying that Deep Duece is full or will be full of rental apartments. Deep Deuce, as currently planned, will be about 1/3 owned and 2/3 rental. It is starting to sound like you've got a beef with renters in the neighborhood or something. Block 42, The Hill, Central Ave. Villas, The Lofts at Maywood Park all represent a good deal of the land use in the neighborhood not to mention newer projects like the Clark Building home and the proposed Firehouse home. Attached is a quick image I drew up of the current, under construction, proposed, and really my best guess for district going forward for land use purposes.

You'll see that even though owner-occupied will have fewer units, they represent still a significant amount of land use within the district. I'm not really trying to start an argument with you but I don't see enough future rental projects even possible to expect any kind of "full of rentals" possibility. Attachment 4127

I should have been more clear. My concern in the quoted posts is not for how many rental units there are relative to for sale units. Rather, it has been my personal experience that developers build until they finally can't sell what they've built. With for sale housing, the developer has to continue to maintain unsold properties in order to sell them (sort of - we did have a bit of a problem with this at the Brownstones, and STILL have unfinished ends) Once they're sold, even if the price ended up being cut dramatically, in most instances owners have pride in ownership and maintain their property.

When it comes to rental properties downtown, we have no idea what the demand is and when or if the rental market will be overbuilt. There is still a fair amount of open land or unbuilt apartments in Deep Deuce and Midtown. Since the developer continues to own the property, if a rental "war" ensues, the developer will want to maintain profitability. Maintenance, landscaping, trash removal can suffer. That's not good for downtown IF that happens. If rental units are resold to out of town investors, then profitability becomes even more important. That is my concern, not the existence of rental properties in Deep Deuce.

[wsucougz]

Totally agree. What's the latest on the unfinished ends? Will they cap them or is the idea still that the string of Brownstones will be extended? On one end they are planning the

townhomes, right? If so, will those butt right up against the unfinished end?

[betts]

There are for sale flats in buildings similar to the Brownstones planned for two of the ends, although I believe it's on hold while some covenant issues are being worked out. One of the end buildings was purchased and is being finished out. They own the adjacent lot. I peeked inside and they are clearly planning on extending their house to the second lot, based on a dead-end hallway I saw. I don't know how many stories the addition will be, but they'll be required to finish the end of the house they've purchased.

[catch22]

So did anyone go to this meeting or find any details on this project?

[dankrutka]

Steve tweeted this earlier:

@stevelackmeyer: Dear @ferrisobrien - you will soon have new neighbors .... a few hundred new neighbors to be exact. Call me!

Isn't the Spy located in this area?

[Pete]

^

Yes the Spy is on the west side of Oklahoma, just north of 7th.

I'm sure Steve went to the meeting today and will soon have a story about the new development.

[dankrutka]

Here's another tweet from this morning:

@gamecockhOkie: The Bomasada apartment development at 6th and Oklahoma would feature 330 units with ave 1.75 parking spaces/unit structured parking. #OKC

[Pete]

330 units would make it the largest downtown complex, bigger than the Legacy, Level... Even Regency Tower and Deep Deuce Apartments.

Would take existing and proposed downtown multi-family from 3,200 units to over 3,500... More than a 10% increase.

Will also bring a ton of people within walking distance of Auto Alley, which should help that district tremendously.

[UnFrSaKn]

http://newsok.com/the-metropolitan-w...rticle/3863714

[Pete]

From the Oklahoman:



More here:

Article Photos: The Metropolitan will be largest single-housing project in downtown OKC Gallery

[UnFrSaKn]

Here's a StreetView of that billboard on 8th.

[dankrutka]

Wow. The design looks good. Really impressive.

[ljbab728]

Wow. The design looks good. Really impressive.

I agree. This was worth waiting for.

[Rover]

Nicely done.

[Steve]

Please don't repost full stories.

[blangtang]

Hold on, help me out here...

The Metropolitan, a 330-unit, $45 million apartment complex that will be the largest single housing development announced yet for downtown Oklahoma City.

>only singles will be allowed to live here!

FAIL!

single largest housing development? what kind of kooky did I smoke tonight

[Praedura]

The Metropolitan! Cool, we're going to get a modern subway system!

But seriously...

This looks really nice. And a cool name to boot.

Was anyone else aware of the scale of this thing previously? This is a surprise to me. I mean, with this thing and The Edge, and the Maywood Twins (my joke, sorry)... this is a lot of residential going up in the DT area.

[blangtang]

You missed the posts that were deleted. And is was appropriate that they were deleted.

only children concern themselves with such matters.
----
bigger picture point I wanted to throw out there- houston developer and ATL architect on this project ->they make it look like a cakewalk to get this done.

via that one newspaper:


John Gilbert, president of Houston-based Bomasada Group, said that unlike a previous proposal he scrapped two years ago at NW 11 and Broadway, The Metropolitan is financed and will not require any tax increment financing or other public assistance.
...

“It's an oddity at 8th Street — the billboard,” said architect Mark Lange, principle in Atlanta-based Lord Aeck Sargent. “That's something we needed to incorporate into the project. We didn't have the option of removing the billboard.”