The Bower

[jonny d]

http://newsok.com/downtown-for-sale-...rticle/5576595

Didn't see a thread about this. If there is one, and I just missed it, feel free to merge!

[Pete]

Yes, this was filed for design review late yesterday afternoon.

[Plutonic Panda]

Wow these are awesome. It seems like OKC is picking up steam again.

[Pete]

[Plutonic Panda]

Thank you for making those aerial maps. They make these developments much easier to visualize.

[DoctorTaco]

I've said this before, but AHMM is the best architecture firm doing work in OKC. They consistently turn out top-notch product.

[Pete]

I've said this before, but AHMM is the best architecture firm doing work in OKC. They consistently turn out top-notch product.

Completely agree and they have helped to raise the bar in OKC.

[Timshel]

A lot of potential for infill in this part of downtown. I hope this is the beginning of an increase in outdoor space in downtown's for sale urban housing. I've never understood why there seems to be an aversion (intentionally or otherwise) to adding significant outdoor space in OKC's downtown housing, which I believe can be done without creating "suburban backyards" as the article alludes to. Excited to see these develop and to see what else may be in the pipeline.

[Ross MacLochness]

Wow! I'm very impressed by this! It's creative, family friendly, has greenspace with every townhome, and...............has hidden underground parking.

[warreng88]

I talked to Richard about this several years ago, so this has been in the works for a while. His biggest question mark was there being good enough comps in the area to make sure the end user could get financing.

So, if the sale of one of the condos is $200,000 and someone can put 10% ($20,000) down and finance the other 90% ($180,000), the comps from the bank/mortgage company they are obtaining financing through need to show like properties sold within the past 12 months at the same price point. I think there has been enough volume and properties turning over in the past 12 months in the DT/BT/DD area that those are now viable figures.

All that being said, I really like what David and Richard and doing around the metro. Great infill projects on (sometimes) tricky lots/areas.

[sooner88]

I talked to Richard about this several years ago, so this has been in the works for a while. His biggest question mark was there being good enough comps in the area to make sure the end user could get financing.

So, if the sale of one of the condos is $200,000 and someone can put 10% ($20,000) down and finance the other 90% ($180,000), the comps from the bank/mortgage company they are obtaining financing through need to show like properties sold within the past 12 months at the same price point. I think there has been enough volume and properties turning over in the past 12 months in the DT/BT/DD area that those are now viable figures.

All that being said, I really like what David and Richard and doing around the metro. Great infill projects on (sometimes) tricky lots/areas.

I ran into the appraisal issue when I was looking at a condo in Midtown a couple years ago. There simply weren't enough comps and the banks had no way to appraise. I don't think that this will be an issue going forward.

[warreng88]

I ran into the appraisal issue when I was looking at a condo in Midtown a couple years ago. There simply weren't enough comps and the banks had no way to appraise. I don't think that this will be an issue going forward.

Completely agree. There has been a lot of movement in the past few years. I know that was the biggest question mark in Richard's mind, so I am glad to see the market has picked up for condos and they can now sell that product. I am curious if this will stem more of these kinds of developments as there is obviously a demand.

[Pete]

Here are the 3D renderings.

I have all the floor plans and other details which I will post in a bit.

[Pete]

[Pete]

[riflesforwatie]

Any speculation on how much these will go for? I see McKown mentioned $300k in the Oklahoman article. If that applies to the bigger units these would be very affordable. If that applies to the smallest units, these will be extremely expensive. (Edit: and warreng, is the 200k in your post just an example, or an idea of what some of the these might sell for?)

Either way a really cool proposal. Hope it works out!

[sooner88]

Any speculation on how much these will go for? I see McKown mentioned $300k in the Oklahoman article. If that applies to the bigger units these would be very affordable. If that applies to the smallest units, these will be extremely expensive. (Edit: and warreng, is the 200k in your post just an example, or an idea of what some of the these might sell for?)

Either way a really cool proposal. Hope it works out!

I can't imagine these would sell for less than $250/sf, probably closer to $300/sf.... which would put the smallest unit (980 sf) at around $250,000 - $300,000. Just speculating based on current market prices for the area though.

[Pete]

Any speculation on how much these will go for? I see McKown mentioned $300k in the Oklahoman article. If that applies to the bigger units these would be very affordable. If that applies to the smallest units, these will be extremely expensive. (Edit: and warreng, is the 200k in your post just an example, or an idea of what some of the these might sell for?)

Either way a really cool proposal. Hope it works out!

My guess is they will start around $300K and go up from there.

[warreng88]

Any speculation on how much these will go for? I see McKown mentioned $300k in the Oklahoman article. If that applies to the bigger units these would be very affordable. If that applies to the smallest units, these will be extremely expensive. (Edit: and warreng, is the 200k in your post just an example, or an idea of what some of the these might sell for?)

Either way a really cool proposal. Hope it works out!

The $200,000 is just an example, no hard numbers there.

[dankrutka]

So balconies can be done in OKC! /s

[Urbanized]

^^^^^^
They can be - and always have been - easily done as long as they don’t extend past the property line, overhanging the public right-of-way.

[onthestrip]

I know prices in the area have gone up quite a bit but I wonder how many people will pay $300/ft when they are surrounded/share walls by other units. Isnt the Civic priced well below $300/ft? And I dont think they've sold very quickly. Might be wrong.

Also, whats the o/u on TIF money they'll ask for? Im thinking $800,000.

[dankrutka]

^^^^^^
They can be - and always have been - easily done as long as they don’t extend past the property line, overhanging the public right-of-way.

Yeah, this was my sarcastic attempt to encourage OKC to start building real balconies on new development, not the Juliet Baloconies we often see. I mentioned in another thread how almost every urban development in Milwaukee has large balconies, but very few in OKC seem to.

[bchris02]

Yeah, this was my sarcastic attempt to encourage OKC to start building real balconies on new development, not the Juliet Baloconies we often see. I mentioned in another thread how almost every urban development in Milwaukee has large balconies, but very few in OKC seem to.

Whenever a development is proposed with large balconies, like Broadway Park, it usually gets considerable NIMBY opposition. Any idea why?

[KingOfTheNorth]

Whenever a development is proposed with large balconies, like Broadway Park, it usually gets considerable NIMBY opposition. Any idea why?

People don't like other people hanging out outside and looking down on them.