Boardwalk at Bricktown / Dream Hotel

[CatholicSooner]

They will not cost that much in OKC because they won't be built. But that IS how much such a building will have to charge for a good portion of the condos to make the building financially viable, regardless of location. The one supertall building planned for Austin, which I cannot find unit pricing for, is planned to be just over half as tall as this thing.

Hold up. You honestly think a condo would cost 50 mil? Bwahaha

[Swake]

Hold up. You honestly think a condo would cost 50 mil? Bwahaha

Then you agree this stupid building is never going to happen.

[bison34]

Then you agree this stupid building is never going to happen.

What do the 2 have in common? Either they cost $50 million or the building is getting built?

[CCOKC]

I read this story in the NYT yesterday and immediately thought of the Boardwalk project. What a nightmare.

https://www.yahoo.com/news/abandoned...ycsrp_catchall

[HFAA Alum]

I read this story in the NYT yesterday and immediately thought of the Boardwalk project. What a nightmare.

https://www.yahoo.com/news/abandoned...ycsrp_catchall

Ah yes, the LA grafitti towers, the street equivalent of nature reclaiming itself over the abandoned institutions of man. The thing about it is that this was done with the issue of affordable housing well present and accounted for, but blatantly disregarded by developers. The community wanted more of those developments, and were given this "Let them eat cake" response. If anything, the community around this area struck back as these buildings sat idle for over half a decade. They built a luxury complex with no affordability in mind for the ones who live in the area, a blatant show of gentrification. Now this is the result, which I personally think this is a pretty cool way to protest and bring attention to the issue. Paint can always be removed, but developers are going to have to finish up in order for it to make it happen. Until then, tough ships, paint sticks.

With OKC, this isn't as prominent of an issue, especially dealing with the overpopulation and contrasting hyper-inflation of the housing market. This is why you shouldn't go with the moniker of "affordable housing" that's not very affordable, nor should you develop exclusively for your rich friends to buy a few floors and sit in silence and isolation from everyone (LOOKING AT YOU, HUDSON YARD NYC), with no means of catering to the general public and local residents like many skyscrapers used to (Bank of America in Atlanta is one such example, and I was only given the opportunity to look at it from the elevator as the CEO of my mother's company graciously let me ride up that far, I was 10 at the time and my mother moved there for work). So you have to find a good balance between catering for the elite wealth, accommodating for the local populace, and the cost of living. If that balance is struck with locals in mind, you'd be surprised how favorable people would vote on this, and that's IF it gets sent to a referendum.

[jn1780]

From 12/2022:

The Most Expensive Condo for Sale in Austin Is Now This $17 Million Aerie

Here's NYC in 2022:

Premium Selection: The 20 Greatest New York Penthouses

While I don't think an OKC condo would go for 50 million, A condo in the 'worlds tallest residential tower' would cost significantly more in construction costs than a midrise building. Ultimately what matters is how people in Oklahoma are willing to spend lets say 10 million? You may get few who may move from out of state her, doubt it would be a whole lot.

[Ryan]

From 12/2022:

The Most Expensive Condo for Sale in Austin Is Now This $17 Million Aerie

Here's NYC in 2022:

Premium Selection: The 20 Greatest New York Penthouses

OKC is neither of those places. And it’s been a hot minute since we’ve had good press let alone been an “IT” city like either of those places and probably won’t be in those conversations until we get away from the “Aggie reputation” and become a more inclusive place with better educated workforce.

[mrokc777]

I found FAA filings submitted for this tower at 1,907 FT and construction for the complex being between 09/01/2024 to 09/01/2030.

Cranes were also submitted.
Reply With Quote

Saw this at SSP and did some research and it’s in the FAA website
Overview
Study (ASN): 2024-ASW-3283-OE
Prior Study:
Status: Work In Progress


Received Date: 03/05/2024
Entered Date: 03/05/2024
Map: View Map
Construction Info Structure Summary
Notice Of: CONSTR
Duration: PERM (Months: 0 Days: 0)
Work Schedule: 09/01/2024 to 09/01/2030


Structure Type: High Rise/Sky Scraper
Structure Name: Legends Tower
FCC Number:

Structure Details Height and Elevation
Latitude (NAD 83): 35° 27' 46.07" N
Longitude (NAD 83): 97° 30' 42.74" W
Datum: NAD 83
City: oklahoma city
State: OK
Nearest County: Oklahoma


Proposed
Site Elevation:
1194
Structure Height:
1907
Total Height (AMSL):
3101

[btmec]

I found FAA filings submitted for this tower at 1,907 FT and construction for the complex being between 09/01/2024 to 09/01/2030.

Cranes were also submitted.
Reply With Quote

Saw this at SSP and did some research and it’s in the FAA website
Overview
Study (ASN): 2024-ASW-3283-OE
Prior Study:
Status: Work In Progress


Received Date: 03/05/2024
Entered Date: 03/05/2024
Map: View Map
Construction Info Structure Summary
Notice Of: CONSTR
Duration: PERM (Months: 0 Days: 0)
Work Schedule: 09/01/2024 to 09/01/2030


Structure Type: High Rise/Sky Scraper
Structure Name: Legends Tower
FCC Number:

Structure Details Height and Elevation
Latitude (NAD 83): 35° 27' 46.07" N
Longitude (NAD 83): 97° 30' 42.74" W
Datum: NAD 83
City: oklahoma city
State: OK
Nearest County: Oklahoma


Proposed
Site Elevation:
1194
Structure Height:
1907
Total Height (AMSL):
3101

I saw that too. The fact they have already filed this with the FAA is a sign they are pressing forward with their plans. Those interested can view the filings here https://oeaaa.faa.gov/oeaaa/external...ses&pageNum=29

[taha]

this is pretty significant no? or is it normal?

[G.Walker]

Huge story in the Oklahoma today giving an update on this project. Some information we already know, but also new information was provided as well. Noting the Planning Commission to hear the zoning change on April 11, with final approval by City Council on June 4. This is just more indication this is moving forward, good deal.

https://www.oklahoman.com/story/news...s/72654875007/

[bison34]

I just wish he had waited until he had 50% leasing on those 2 residential towers in the first phases. I think those will happen, and will fill up quickly (within a year or 2 of being open). Just putting unnecessary pressure on yourself by announcing it so early.

But nice to see it has set dates for the Planning Commission and City Council approval. Once approved, then I think the hype may slow down a bit, and shift over to the phase 1 towers. The hotel will absolutely CRUSH it, by the way.

[ChrisHayes]

I'm glad to see more moves on this. I've been kinda reserved about this project moving forward, and trying to not get my hopes up. That being said, they've had to spend thousands of dollars on this process so far. I would think it has some legs

[jn1780]

Guess we are about to find out real fast what happens. As long if we don't end up with a half completed tower that sits for several years I will be happy.

[Mountaingoat]

Guess we are about to find out real fast what happens. As long if we don't end up with a half completed tower that sits for several years I will be happy.

I agree with the OSU Professor who asked, "why?" I will add, "Who is going to fill it?"

[Jake]

This whole super tall thing is so bizarre and fascinating. Makes for great discussion forum fodder so I’m all for it.

Cuttino Mobley was listed as an “investor” in the NewsOK article. Just so strange lol

[soonerguru]

A lot of the investors cited are former athletes and people from the entertainment industry.

[Pete]

Lots to unpack from that article but this may be the most important:

The Oklahoman independently confirmed his projects include Sapphire Tower in San Diego, multiple developments in Aspen, Colorado, and a joint hotel purchase and redevelopment in Houston with Magic Johnson’s Canyon-Johnson Urban Funds.

The Oklahoman also confirmed Matteson’s involvement in building the $20 billion Worldcenter in Miami, Florida.

They don't mention anywhere how they confirmed any of this. They also don't say anything about exactly what his involvement entailed. I suspect they got as far as I did -- Googling his name and Centurian Partners -- and finding articles where Matteson claims to be involved. That is in no way solid confirmation and certainly doesn't tell you if he had a tiny part or a big part. What we do know is that there were multiple parties involved in all those deals, and they were not "his".

This OKC project would be the only one done by himself or under the Matteson Capital umbrella, very important points not mentioned. Whatever entities Matteson was involved with in whatever capacity for the previous projects, they no longer seem to exist.

[Pete]

I don't think that is formally a part of the project. It has always been just an idea. Never formally a part of anything. So no, it isn't financed, but I also didn't think that had to be spelled out here.

Several people noted that in that OETA segment, Matteson said he had the "entire project" financed which had to include Legends Tower.

From the Oklahoman:

The entire project is financed, including the tower — if the tower gets approved. We have financing already committed for all 5 million square feet.

So, according to Matteson, he has raised all $1.5 billion in advance. For the tallest building in the U.S. to be built in a Bricktown Parking lot next to a Uhaul storage building.

BTW, no way $1.5 billion is going to be anywhere close to enough given the scale of this project. In today's dollars, Devon Energy Center - one 50-story building with some low-lying structures -- cost almost $900 million. So, THREE 34-story luxury buildings PLUS another 134-story tower would only cost 50% more? That's 236 total floors vs. 50.

134 stories??? That would be substantially more occupied floors than the current U.S. leader: Willis Tower at 108. 134 floors would place it second in the WORLD only to the Burj Khalifa.

All of this completely defies the smallest bit of common sense.

[LocoAko]

The part about the expected rents being on par with First National was interesting to me. I know those are by no means cheap, but I still would've assumed they'd have to be more expensive to make the numbers on a building like this work. Maybe not...

I also thought the inclusion of the perspective that proposals like Legends Tower harm the reputation/credibility of development in OKC was interesting.

[Pete]

I also thought the inclusion of the perspective that proposals like Legends Tower harm the reputation/credibility of development in OKC was interesting.

This was the quote from Bert Belanger, and I've heard the same thing from various other developers; that we are acting like a bunch of rubes by giving any credence to Legends Tower:

“This goes back to what this guy is trying to do — drum up interest to drum up investors,” Belanger said. “I think it will have an opposite effect, not just for him, but others trying to get things done in Oklahoma City. It's so preposterous it’s not worth talking about.

[Pete]

As I had previously pointed out, Matteson had been the lead on a proposed Quicksilver Surf Hotel in Palm Springs, which completely collapsed. He had also proposed the same type of development in about a half dozen other cities that never materialized.

So I would label this statement as categorically false, and yet another hit to Matteson's credibility:

Matteson said his track record, free of failed projects and a history of making money for investors and lenders, gives him an advantage developing in Oklahoma City.

[king183]

Let’s be direct : Bert is correct. Anyone who believes the tower is happening is, in fact, a rube. It’s a prime example of our collective inferiority complex leading us to believe the most obviously preposterous stuff because it makes us feel good.

OKC is doing great without this junk tower proposal and the junk PR that comes with it.We are making steady progress in a number of areas and the city is on a great trajectory. Let’s be happy about that rather than diving in on the junk.

[mrokc777]

We each have our own opinions, every developer is unique. Matteson is definitely different, and I support him in his endeavors regardless of whether he succeeds in all he sets out to do or even just half of it. If he fails, then so be it; neither Okc or I will be impacted. All I can say is that I'm enjoying myself immensely and that I love everything that this wonderful city has to offer since the Bricktown canal to the opening of the Ford Center. Being Mexican-born, growing up in Oklahoma City, and witnessing the changes to the city since maps one has been quite fulfilling. Btw Thanks Pete for all your amazing work and everyone who makes Okctalk possible.

[Oski]

Full funding secured for US tallest skyscraper says developer

https://www.dezeen.com/2024/03/11/le...nding-secured/