Strawberry Fields

[Southsider2]

With all due respect, good things seem to take an extra long amount of time in OKC. Having gone through the filing process with our city, I feel like that is one big reason why construction takes so long. Every single nook and cranny is checked by inspectors are multiple levels throughout the building process and there's no rhyme or reason on how one inspector considers passing versus failing. As one inspector told me once, it depends who you get and if they are in a good mood. If you fail an inspection, you can end up waiting up to 2-3 weeks before they come out again. By the end of the process, you don't even want to think about building/renovating anything else simply to avoid the entire process. I'm all for safety measures, but it seems to be overkill here in OKC. And no, it's not the same everywhere, cause we are dealing with permits in Dallas and it's a lot easier and faster.

I would agree that developments seem to take an extra long time but I don't know enough about the inspection process you laid out to really comment on it. Having dealt with other City offices, I could totally see that being the case though. I get to work on many large and small projects in OKC and see the financials behind them. The truth no one from here really likes talking about is that many times these projects (especially the bigger ones) are simply too risky to take on and the bigger local lenders are reluctant to loosen up. When you really dig into the metrics OKC is not as appealing to investors as one would think given all the progress the city has made. We boast many things that look appealing on the surface such as really low unemployment rates and a cheap cost of living but we also have an average income drastically lower than the national average. Our population grows consistently but we do so extremely slowly. Could we be one of those cities that has a big boom in the coming decade or two? Possibly. Things can change quickly but looking at the past can be a great indicator for the future and OKC's past is one that's been pretty consistent on this front.

Something that hurts Strawberry Fields, the OAK, and the Producer's District is that we already have an extremely soft office market that doesn't really show signs of getting much better in the near future. Things change fast so they COULD get better but I wouldn't necessarily project it to. Retail nationally is hurting so we aren't alone there by any means. The weed shops actually do help since they pay ridiculous rents that far exceed typical market rents so that's good I guess. Something that does bode well for this development is that contrary to what some believe, most of the multifamily developments in the general downtown area are not struggling. I have personally seen rent rolls/average occupancy and retention rates for many of the multifamily developments downtown and most of them are at stabilized occupancy with only a few exceptions. It is becoming more competitive and one new trend I've seen is the emergence of concessions like a month of free rent.

I completely understand the general consensus of skepticism for this development but in my opinion, there is plenty demand for mid-rise housing here. Is there enough to justify building a 15-20 story apartment/condo building right now? Probably not. I won't even go as far to say that a mid-rise residential building would for sure be successful but from everything I can gauge I think that they'd have a good shot at getting it leased up pretty swiftly if the price points are right. I think if they can successfully develop housing here it will kick start the rest of this development. I'd also be willing to bet that they've had interest on the three developments but no one ready to pull the trigger due to the current state of the area. I encourage you all to drive through this area in the coming week, what you will see is a bunch of unoccupied dilapidated structures and many homeless people sleeping in the nooks and cranny's (no offense meant, just an observation). Many people wouldn't even consider walking through here in the middle of the day because whether it's actually safe or not, it doesn't ~feel~ safe.

[Pete]

Some new images on their website.

Looks like the development at the corner of the boulevard and Hudson will be called Parkside Retreat.

[5alive]

Love the images of course. Here's to hoping much of this will happen over time.

[jonny d]

Pete, have you had a chance to talk to anyone affiliated with Strawberry Fields, to try to get an update for the timing of their projects?

[Pete]

I know they are required to develop the lot at the boulevard and Hudson in the very near future. This is part of an agreement with the city when they did a land swap.

Who knows on the rest. I know they have been trying to partner with other developers to start on some of these but there have been no permits or anything that would indicate anything is imminent.

[riflesforwatie]

It's astounding to me that we just spent months reconstructing S Walker Ave from SW 25 to Reno and we couldn't build sidewalks as a part of it. A block away from our beautiful $139 million park. Along a bus route. Maybe someone in Public Works knows something we don't and Strawberry Fields will be magically finished in 6 months, thus giving the city government an excuse for why sidewalks here could wait. That would be a nice surprise.

Anyway, the picture is looking north from SW 5 and Walker.

[Pete]

^

When those properties are redeveloped, the owners will be required to install sidewalks.

[Pete]

Some ominous news for this development:

Tax liens have been placed on 93 of the 97 properties owned by Strawberry Fields LLC.

They have not paid the 2019 property taxes on any of those 93 properties, with a total owed of over $200,000.

[AP]

Color me surprised

[Pete]

The virus is going to be blamed for everything but these taxes are from 2019, before the pandemic.

This group has yet to do anything other than tear down dozens of structures.

[David]

That's what we get when someone with far more enthusiasm than development experience is allowed to grab huge tracks of property in an important district. Assuming I'm remembering the history of this right, that is.

[jdizzle]

The virus is going to be blamed for everything but these taxes are from 2019, before the pandemic.

This group has yet to do anything other than tear down dozens of structures.

Wouldn't 2019 taxes be paid in 2020 (during the pandemic)? Not saying that you are wrong, by any means. Just trying to possibly give SOME benefit of the doubt to the owners.

[Canoe]

Isn't it that you can pay half in December and the rest in March if required.

[Pete]

Isn't it that you can pay half in December and the rest in March if required.

This is correct.

But they didn't pay anything in December or March.

[Richard at Remax]

I mean, is anyone surprised that this was nothing more than a slideshow of shiny new things in order to flip these properties?

[BoulderSooner]

That's what we get when someone with far more enthusiasm than development experience is allowed to grab huge tracks of property in an important district. Assuming I'm remembering the history of this right, that is.

allowed?

they bought the property what could have been done to "stop" them ??

[AP]

I mean, is anyone surprised that this was nothing more than a slideshow of shiny new things in order to flip these properties?

Absolutely not. That has been many people's concern from the beginning.

[Pete]

They may need to make a deal with the city to build the MAPS4 soccer stadium here.

They'd have to take a big loss on what they've paid for land, but nobody else is going to be buying and developing for a while, then the stadium could be a springboard for more development.

[shawnw]

Except not south side as many desire

(edit: I guess technically much of this IS south side, just not south of the river)

[Canoe]

They may need to make a deal with the city to build the MAPS4 soccer stadium here.

They'd have to take a big loss on what they've paid for land, but nobody else is going to be buying and developing for a while, then the stadium could be a springboard for more development.

How big of a footprint would a stadium take up including parking? Also k thought the stadium was going to the fairgrounds... Is that something different?

[Pete]

How big of a footprint would a stadium take up including parking? Also k thought the stadium was going to the fairgrounds... Is that something different?

Yes, two different things: 1) new fairgrounds arena and 2) soccer stadium.

Both were included in MAPS 4.


As for footprint, it would be large. I could see it going more to the west then leaving the area closest to the park for residential and commercial.

[David]

allowed?

they bought the property what could have been done to "stop" them ??

Oh please, nothing like this happens in a vacuum. The city cooperated, banks cooperated, all in service to a boondoggle that couldn't even start a single construction project.

[Pete]

Nothing is really lost here.

Everything in that area was in bad shape so there has been no subtraction.

Just a classic case of over-promising which leads to disappointment but no real harm.

[David]

Other developments that might have actually broken ground could have been in the works in this area though, more synergy for the park when it opened. It's total speculation on my part of course, but this should have been prime real estate for something interesting aside from just Social Capital.

[Pete]

Other developments that might have actually broken ground could have been in the works in this area though, more synergy for the park when it opened. It's total speculation on my part of course, but this should have been prime real estate for something interesting aside from just Social Capital.

That's true but even Social Capital is really struggling. I was in there on a beautiful Sunday evening when the park was very busy and there weren't more than 30 people in the entire place.

SF has at least consolidated what were dozens of small lots and fragmented properties. Down the road, that will help the area to develop, even if they don't do the work themselves.