They just submitted their final schematics for OCURA approval tomorrow (not sure why this wasn't done before) so hopefully we'll start to see things move forward.
With Tim Strange heading it up, I believe this will be a quality project.
I read a WSJ article this morning about the price of lumber dropping, can't help but wonder if motion on this is related.
I had a brief conversation with Tim Strange about this project last winter. What I most remember is that he said there are city, state and federal government agencies involved with the project and some areas of the project take 3 or more levels of approval. Leading to delays before COVID was factored in.
Construction set to start on hundreds of affordable apartments despite supply shortages
https://www.oklahoman.com/story/news...ts/5295030001/
Alley's End, Boulevard Place, and 700 West mentioned.
If I understood what went down today, $5M+ TIF for this passed today
I am disgusted with how this project turned out. Unless I missed something, the $1k-plus 300 square foot studios are not "affordable" housing in OKC. While they may technically qualify for "affordable" housing when you compare OKC to places like Austin, NY and San Fran, they are not affordable for the majority of staff who will work at the Omni, the group for which we are allegedly paying to subsidize.
To repeat, we are subsidizing this development for so-called "affordable housing." It seems like what we got is a bait and switch.
I remember this process as a competitive process between developers. When awarding the bid to Boulevard Place, Cathy O'Connor referenced the number of "affordable rate" apartments as a key factor in awarding this company the bid.
Were I one of the competitive development groups I would be extremely upset with the outcome of this process and be considering possible legal action.
Outcomes like this provide fuel to those who are against TIF projects in OKC. I am not one of those people, as I believe TIFs are an important tool
But there are units in the development being built that will be below market rate...not sure what you are talking about here. Sure, there are plenty of the $1k units, but also a lot that will be well below that (as $1k is likely above market rate). This development will also likely spell more retail and restaurants in the area, so in all, the TIF will be worth it. But again, 10% of the units are "below market-rate". Not sure who sets that rate, though the market rate would have to be approved by the city council.
Not according to an article I read about this two weeks ago in the Free Press. The $1k units were the cheapest, and they were for studios. The Oklahoman has done zero reporting on this matter.
Here's an article from June of this year in The Oklahoman:https://www.oklahoman.com/story/news...ts/5295030001/
"Boulevard Place includes 36 units that will be rented as workforce housing for those in the 80% to 120% of average median income."
Per what I saw in the city council meeting, the actual affordable units are no longer a thing
$650 was mention as the previous number but I guess it's much higher now
The latest update from OCURA shows:
Commenced Expected April 2022
Completed Expected December 2023
Not stanning her but why is it her fault vs the developer? Honest question, haven't been following.
AHh the old debate of what is affordable.
Just doing a quick search on apartment.com with a circle around the core. The only ones I found under $1,000 were:
$700-750 at Regency (Studio, 1 bath, 434 sqft)
$850-875 at Regency (1 bed, 1 bath, 570 sqft)
$925 at The Haven (1 bed, 1 bath, 711 sqft, none available)
$950 at Park Harvey (1 bed, 1 bath, 582 sqft)
Quick glance most 1 bed, 1 bath units run between $1200-1600 in the core. So in my opinion, being in a brand new building, literally in the middle of it all, and the affordable units are $1,000/month? I think that's a pretty good deal.
Of course you do. You are a realtor. 1000 plus for a studio, not a one bedroom, in a building we are subsidizing for 7.2 million? It is why Hamon and Cooper and Nice voted against this project in the end. Cooper had been a huge proponent of it. All of the Council expressed shock at the increase in what the project originally indicated the few affordable units would cost.
The developer blamed it on construction costs rising, although lumber is already coming down.
I don't think be being a realtor has anything to do with it. just looking at numbers.
If you feel like this over this project, how do you feel about Wheeler where they got $120 million+ in subsidies where 95%+ of the general public can't afford? Those were supposed to have affordable units too. I think that is the bigger tragedy.
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