Full Moon

[Pete]

Still nothing happening here.

[Pete]

Even though this project received all necessary design approvals some time ago, they have yet to even file a building permit application.

That is not a good sign.

Even after an application has been filed, it usually takes several months to receive final approval so work can begin.

[Dustin]

Housing downtown is booming. Seems like this would be a hit.

Maybe Rand had a change of heart?

[Pete]

Housing downtown is booming. Seems like this would be a hit.

Maybe Rand had a change of heart?

What usually happens is that these projects are proposed then they go out for construction bids.

Often, the bids come in higher than anticipated and therefore it is difficult to finalize financing.

This is exactly what has happened at the Classen16 project and several others that had to be significantly revised or scrapped altogether.

I know Classen16 has be re-bid in the hopes of getting the costs down and not sure if they will end up revising or not.

[shawnw]

do you think the collapse of the project for the foodies diner space has any influence? for example, would rand want to acquire that land as well to ensure sightlines and perhaps parking for that property? just a thought.

[Pete]

do you think the collapse of the project for the foodies diner space has any influence? for example, would rand want to acquire that land as well to ensure sightlines and perhaps parking for that property? just a thought.

The Foodies property is not for sale.

They signed a long-term lease with the group which proposed Hudson Park so they are still receiving a healthy rent payment.

My understanding is that Hudson Park is dead and the current lessee is trying to find someone to assume their lease.

[shawnw]

ah, thanks for the clarification

[TheTravellers]

Lackmeyer said this in his chat today: "Rand Elliott initially indicated to me he had financing for the project, but that wasn't quite right. "

[Pete]

Getting 6 highly stylized apartment units financed has to be a huge challenge.

[bchris02]

This is unfortunate as I really liked this project and it was eye catching. OKC needs more stuff like this would have been. It helps make the city interesting.

[Pete]

High style is really only economically feasible over a larger project where you can defray some of those costs across many units / tenants.

Also, I'm not aware of Rand developing anything himself unless you count the small office building his firm occupies near Deep Deuce.

If I'm wrong about this, I hope someone will provide other examples.

[onthestrip]

High style is really only economically feasible over a larger project where you can defray some of those costs across many units / tenants.

Also, I'm not aware of Rand developing anything himself unless you count the small office building his firm occupies near Deep Deuce.

If I'm wrong about this, I hope someone will provide other examples.

He's probably finding out firsthand that his designs arent very cheap to actually build.

[HOT ROD]

maybe he can resubmit and downgrade it as "Half Moon". or even "Banana Moon".

[Pete]

Was just reminded that Rand owns and renovated the Buick Building which is home to Red Prime.

[warreng88]

maybe he can resubmit and downgrade it as "Half Moon". or even "Banana Moon".

Crescent Moon?

[stjohn]

Odds here seem to be waning.

[wsucougz]

Odds here seem to be waning.

Did you do what I think you just did?

[stjohn]

Did.

[Pete]

Ran into Rand Elliott today and he told me they still plan to go forward with this project but because it's unorthodox, they are having difficulty nailing down the financing.

Sounds like it may just take a while to sort that out.

[bchris02]

Ran into Rand Elliott today and he told me they still plan to go forward with this project but because it's unorthodox, they are having difficulty nailing down the financing.

Sounds like it may just take a while to sort that out.

I really hope this happens. Sometimes its unorthodox development that adds character to a neighborhood.

[shawnw]

Maybe he should switch to offices like preftakes, get the financing, build it, and if no one wants to office there, convert to residential....

That said, it doesn't seem like he has any units presold or wouldn't financing be easier?

[Pete]

^

This project will be apartments, so no pre-sales.

[shawnw]

Ah okay, thought condos.

[fromdust]

Been about 2 years since this thread started...my guess is this project is dead in the water.

[Pete]

Been about 2 years since this thread started...my guess is this project is dead in the water.

Yes, I believe so.