The Spaniard (formerly The Elliott)

[PhiAlpha]

Well dang...it's smaller than I imagined

What is this?!?!? A condo for ants?!?!? It needs to be at least 3 times that size!

[jedicurt]

What is this?!?!? A condo for ants?!?!? It needs to be at least 3 times that size!

well they made it for the people in the Matt Damon movie "Downsizing"

[okatty]

Honey I Shrunk the Condo

[NJAOKC]

Did the broadway condos plan get scrapped? This looks like another project that will never move forward. 701 Hudson units have been struggling to sell as well.

I assume this ground floor unit is priced at $480/sf because it has a commercial space along with a living unit. The other units for sale here are $350/sf.

And good luck at a $400/sf price point. There are several homes for sale in midtown, more specifically sosa, that are much less than $400. Looks like a sweet project but I'll believe it when I see it.

[ChrisHayes]

Did the broadway condos plan get scrapped? This looks like another project that will never move forward. 701 Hudson units have been struggling to sell as well.

It got scrapped as a condo project. It's being reworked with a similar design but as an office building

[GoldFire]

It got scrapped as a condo project. It's being reworked with a similar design but as an office building

According to the thread for that project that isn't even happening anymore as the lot has now been sold.

[HOT ROD]

Cool. Maybe another mid rise is on the way.

More appropriate ate than the low rise condos imo.

[Colbafone]

Cool. Maybe another mid rise is on the way.

More appropriate ate than the low rise condos imo.

No no no. What's actually going to happen is that that land will just sit there for an extended period of time. Maybe they'll repave it for parking. And in 15 years, there will be a battle over 2 or 3 things to be developed there, with a mediocre 2 or 3 story office complex being built. It will have a decently pitched, shingled suburban roof, and maybe vinyl siding. Upon standing at the front door, you'll be made to feel as if you are at a Choctaw dentists office. But no, you're in the heart of Automobile Ally to file for divorce. Man, what happened to your life to be in this position? Anyway, "this building sucks", you'll think in 16 years when it complete. Your last thoughts as you walk away from filing for divorce, "Wasn't this plot supposed to be some nicer high end for sale housing? What the heck happened?"

What a tragedy, the story of Downtown Oklahoma City.

[OkieNate]

No no no. What's actually going to happen is that that land will just sit there for an extended period of time. Maybe they'll repave it for parking. And in 15 years, there will be a battle over 2 or 3 things to be developed there, with a mediocre 2 or 3 story office complex being built. It will have a decently pitched, shingled suburban roof, and maybe vinyl siding. Upon standing at the front door, you'll be made to feel as if you are at a Choctaw dentists office. But no, you're in the heart of Automobile Ally to file for divorce. Man, what happened to your life to be in this position? Anyway, "this building sucks", you'll think in 16 years when it complete. Your last thoughts as you walk away from filing for divorce, "Wasn't this plot supposed to be some nicer high end for sale housing? What the heck happened?"

What a tragedy, the story of Downtown Oklahoma City.

What in the world are you talking about?!

[Colbafone]

What in the world are you talking about?!

The unfortunate events that have made up the Broadway Condominiums development.

[king183]

Did the broadway condos plan get scrapped? This looks like another project that will never move forward. 701 Hudson units have been struggling to sell as well.

I didn't realize 701 Hudson still had 8 units available. That's a worrying sign about the demand for this type of market since that project was done so well.

[Richard at Remax]

Maybe it just got scrapped because the prices were insane?

As with 701 N Hudson I think it's the location that's holding it back a bit. Pretty steep for not being a bit in no mans land.

[shawnw]

what's wrong with 701's location? 6th street is kind of on fire right now...

[Pete]

Broadway Condos were priced way beyond the market.

I just created a new summary article that I will update on $/SF housing numbers in the downtown area, and here are the #'s I just posted:

[Richard at Remax]

Take the *not out of my sentence to make sense. I dunno. It's got a pretty monolithic (Federal building) across the street. surrounded by parking. not many restaurants and bars in immediate area. street car will be ~2 blocks away. bus station a block south. Just don't think it really has the desire as some of these other developments have.

I just sold a condo in the Centennial at around $328.63/ft if you wanted to add that to the list.

[Sooner.Arch]

Rand has great work but terrible renders. He needs to take notes from AHMM and not just use lumion LOL

[whoeveriam]

Broadway Condos were priced way beyond the market.

Thanks for the summary, it is very useful. I also think your assessment is spot on about pricing. I personally think the market won't let prices go up much higher than $400/SF. Exceptions would be one offs like a penthouse in a property such as the Elliot. For the rest of the units I think much above $400 will make the project a difficult sale. You are looking at 2 populations who want, and more importantly can afford, such a property. Mid career professionals w/o kids, and empty nesters downsizing from larger homes. At 400/SF the 1300SF floor plan works out at about 520K, and a larger unit combining 2 spaces will be right at or above 1M. Knowing many of these people I feel these are prices the market can support, but it is at the top end, and much higher will be a stretch. Still waiting to see pricing on the Villa Teresa condos/townhomes, but the calculus is very similar. I know some folks on the list for VT waiting on firm pricing, and they may not move forward if pricing comes in too high (i.e. > 400).

I really hope both of these projects get off the ground, it would be an enormous boon to midtown and would continue the massive improvements in quality of life in the area we have been seeing and enjoying over the past decade.

Cheers!

[whoeveriam]

what's wrong with 701's location? 6th street is kind of on fire right now...

I don't think it is the location per se, but the constraints the location placed on the development; most importantly parking. You get one parking space per unit, even the larger ones. In OKC that is a real draw back except for a single person, no kids. That limits your pool of potential buyers right off, then the 500-660k price point limits some more. Given the land limitations for the site, I suspect that is all the parking they could squeeze in reasonably.

During the development the duplex next door (up and down) lost its parking and now has no parking. I looked at this property, but can't make a case for it at current price with no parking. OKC is becoming more walkable, but you still need a car given the dismal state of our mass transit system.

Cheers!

[okatty]

These are now officially listed on MLS. Here is the description:

The Elliott will provide the best residential experience in the Oklahoma City market, and is only complimented by its ideal location on the Northwest edge of OKC’s booming Midtown district. Designed by internationally recognized architect Rand Elliott, a beloved figure in OKC’s rapid transformation, this 8-story, 34-unit luxury residential tower will set the standard for visual presence in Oklahoma City. A full service concierge will provide exclusive attention to The Elliott’s residents. The Elliott’s lobby also doubles as a library/lounge, where the room’s central table will rotate local vendor’s best books, flowers, art, etc. quarterly. Residences range in size from 1,295 to 3,200 square feet, with 12 foot ceilings, Sub Zero/Wolf appliances, European frameless cabinets, and designer marble and quartz counter-tops. The Elliott’s outdoor amenities also know no bounds, and consist of multiple leisure areas, a high-design pool, and lush manicured grounds throughout. Welcome home.

[okatty]

Pricing is by floor. Ranges from $370 per foot to $425 on floors 2, 3 and 4. On 1,5,6 and 7th floors it runs $375 to $560 per foot. Penthouse - $600 per foot and listed at $1.9 mill. I tried to post a screen shot of the chart but was quite blurry.

[pw405]

Love this project!

I can't help but laugh at this comment though:

"...a beloved figure in OKC’s rapid transformation..."

Ahh, Rand.

[ChrisHayes]

Any idea as to when construction is slated to begin?

[Pete]

Any idea as to when construction is slated to begin?

Not until they have a sufficient amount of pre-sales, which is typical for most condo projects.

[onthestrip]

Good luck!

I know this is sort of a different condo project in that its a tower but there are a lot more housing options and competition in midtown. As I've said before, I think it'll be a struggle to sell many units above $350/ft. I think the only reason you ever saw many sales in that range or higher is back a few years when the for sale housing stock in midtown was really low and not many options, so people were paying big amounts to own in the area. That has drastically changed now with several new projects and homes for sale.

[Anonymous.]

Easier to see image of the pricing.