Posted today on Level's Facebook page:

http://www.okctalk.com/images/pete/level92811.jpg

That's actually an old photo. The foundation forms you see on the left of the photo are now complete foundations with one floor of apartments framed. They're doing the plumbing for the final set of foundations in the SW corner of the lot right now.

Brick is being delivered today, and I suspect they'll start working on the east facade soon. It's a really nice charcoal grey color. I was a bit worried, because they had a board up with about eight different brick samples and some were a dark, muddy brown that I thought was really unattractive. I'm pleased with the one they picked.

Thank goodness they are going with muddy brown. I don't who created that brick color but it is the worst.

The original renderings showed a grey brick and white stucco.

http://photos.newsok.com/2/showimage/1329314/gallery_photo

I know but they had about ten colors up on their sample wall, only 70% of which were grey. We've all seen colors change between the renderings and actual construction, and I was worried they might pick one of the brown brick colors.

True. I imagine these guys have better taste than say Bill Canfield of the Hill, which the general public saw through that crap before he pitched it to OCURA.

I think DD has more opportunity for color schemes like the grey and white vs. Btown that tries to stay true to its red brick warehouse styling. And, with urban styling and by not having the red dirt next to the wall, it is less likely the grey will get stained with red. Sometimes it is hard to use other than brown or red in OKC.

LEVEL just released the price points and floorplans to those who were on their email list. They have begun pre-leasing.

For 1BR $850 – $1,160; for 2BR $1,270 – $1,520.

Pre-leasing? So these prices are for rental or purchase?

Pre-leasing? So these prices are for rental or purchase?

Rental. These prices aren't that different from Deep Deuce Apartments with a far superior product. I looked at Deep Deuece Apartments and $875 was their cheapest price for just me. It was only reasonable with roommates.

This place will be sold out quick at those prices! Deep deuce needed this reality check. DD is a joke for interiors.

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

they will be fine .. there is huge demand for downtown rental .. level will fill up and Deep deuce will stay full

they will be fine .. there is huge demand for downtown rental .. level will fill up and Deep deuce will stay full

Are you saying DD will stay full regardless of how poorly they are run? Must be a heck of a demand then.

Are you saying DD will stay full regardless of how poorly they are run? Must be a heck of a demand then.

Sadly, I think he's right. They've let those apartments go downhill. Nothing works, the security gates, etc. It's a shame. But they'll still be full in all likelihood.

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

What interesting, is that Level will actually increase the value for Deep Deuce apartments. This project, along with some of the services going in at the Aloft hotel, will actually bring in a lot more urban elements to the neighborhood that people in Deep Deuce have been paying for and not getting up until this point. Hopefully, it will motivate them to improve the properties going forward.

What interesting, is that Level will actually increase the value for Deep Deuce apartments. This project, along with some of the services going in at the Aloft hotel, will actually bring in a lot more urban elements to the neighborhood that people in Deep Deuce have been paying for and not getting up until this point. Hopefully, it will motivate them to improve the properties going forward.

I guess there is some element of truth in this, but overall, allowable prices are a function of supply and demand. With a large % increase in supply coming on line, it would typically keep prices down assuming all demand is met. Level may not in itself satisfy all that demand, but at some point when demand is met, places that don't meet expectations will fall to the bottom of the food chain. The danger is that if the owners have already made their expectations then they let the area fall into disrepair instead of elevating their investment. Typically they keep rents the same while others command better rates, or actually start lowering rates and doing promotions without increasing the level of their service. This is the danger.

And that's precisely the problem with many large rental developments and why I hate to see tooany of them downtown.

Downtown apartments are running 98% full with market rates 50% higher than the city average. That indicates there is no shortage of demand.

Exactly Betts. And that is what may get lost in the euphoria of announcements of a lot of big for-rent developments. If they are real quality and with quality developers who may have an eye for long term investment, and possibly towards eventually turning them condo, then it can work. Otherwise, in 10-15 years we will have a mess on our hands. I hope it all stays balanced and I hope we can truly control the quality level of the construction going on. Developers don't usually pour money into poorly constructed projects once they start to age as it costs more than they can get out.

Downtown apartments are running 98% full with market rates 50% higher than the city average. That indicates there is no shortage of demand.

There is always a cap on demand. We haven't met it, but we also don't know exactly where it is. 10 years ago we thought the demand for high price condos was there too. We see how that changed. Hope we don't over build and I hope we only allow quality construction.

Don't be surprised if you see Deep Duece go condo at some point in the next 5 years. By then they will have made back most of the construction cost and by selling them they can escape the long-term maintenance costs. The buyers then pick up a unit with a great location at a reasonable price. This is how it works in an urban environment. The reason it doesn't work out on Penn and 150th is because the location sucks. That is why apartments and subdivision built on the outter fringe look like bombs went off after 15 to 20 years. The whole concept of sprawl is nothing more than operation Rolling Ghetto. When you build towards the center you run out of expansion room so properties don't fall into disrepair.

It doesn't matter what the location. Condo conversion doesn't work unless the structure is perceived to be a fairly quality building. Potential owners don't want to get stuck in buildings with chronic infrastructure problems and to pay increasingly high condo fees for correcting issues the original developer/owner should have fixed. If they want to condo them out they better make sure they get the reputation of low problems and quick/good fixes. It is not just as simple as putting a for sale sign on an apartment and taking orders.

And how it works in urbanized areas is that when cost of new construction is prohibitive, demand is increasing, and rents are also increasing fairly sharply, and mortgage interest rates are low, then renters become buyers. I think we are a ways from that just yet. Maybe in 10-20 years.

So a broken gate at Deep Deuce means the entire complex, and probably all of downtown, is shoddy construction?

I guess there is some element of truth in this, but overall, allowable prices are a function of supply and demand.

Which is my point, exactly. I can't speak to the quality of construction at Deep Deuce, but I'm willing to guess it is not the first consideration when someone chooses to live there. It's mainly an attempt to get some semblance of urban living. The is the essential element of the market for that neighborhood. Level and Aloft are increasing the quantity of the things that market considers a priority, so it should only make the demand stronger.

Hopefully, again, this does create motivation for reinvestment by Deep Deuce.



And how it works in urbanized areas is that when cost of new construction is prohibitive, demand is increasing, and rents are also increasing fairly sharply, and mortgage interest rates are low, then renters become buyers.

I think the real factor in that equation is appreciation. Renters should look at buying when there is a disparity between interest rates and appreciation. It has always been kind of interesting how so many people buy here, mainly because it is so cheap, but from a cash flow perspective when considering our modest to crappy appreciation , it may not always be the best thing, especially depending on their opportunities. But, it seems to work mainly because there's nothing good to rent and houses are dirt cheap, as long as you don't mind paying effectively rent to the bank and fixing it yourself when it breaks...

So a broken gate at Deep Deuce means the entire complex, and probably all of downtown, is shoddy construction?

Rover has a point. Overbuilding based on the NOW in real estate trends is a huge risk that I see right now. I for one would still love to buy a place down there but my choices in my price range are all regulated to renting. It can be a bit depressing to play around on Zillow and see all of the available inventory in my price range in places like Kansas City or Austin.

For what its worth I know several people who lived at Deep Deuce and while most liked it they all said the construction quality wasn't the best. Fortunately the area is viewed favorably and command a high rent, which tends to price out the riff raff. But if for whatever reason views shift it could go downhill in a hurry. Just like any other suburban apartment complex.

So a broken gate at Deep Deuce means the entire complex, and probably all of downtown, is shoddy construction?

Good thoughtful intelligent response. Kudos

I can't figure you guys out. You want quality, exclusivity, affordable price, without the market being over built. You might as well wish for world peace. If Deep Duece goes condo the people current renting probably won't be the buyers. Most people are renting for a reason.

I can't figure you guys out.

Shoot.... we can't figure ourselves out. LOL

Don't be surprised if you see Deep Duece go condo at some point in the next 5 years. By then they will have made back most of the construction cost and by selling them they can escape the long-term maintenance costs. The buyers then pick up a unit with a great location at a reasonable price. This is how it works in an urban environment. The reason it doesn't work out on Penn and 150th is because the location sucks. That is why apartments and subdivision built on the outter fringe look like bombs went off after 15 to 20 years. The whole concept of sprawl is nothing more than operation Rolling Ghetto. When you build towards the center you run out of expansion room so properties don't fall into disrepair.

If there was a like button...

Windows and doors are going in on the east and south sides of the complex. They've got at least the first floor of framing done on every side. I'm looking forward to less earth moving equipment as they get the exterior done. I've got red dust everywhere!

Nothing going on with this anymore, either?

Still moving at a good clip.

They've sent out pre-leasing applications to people on their e-mail list. Everybody else can get in on the applications on the 4th.

Sweet!

Nothing going on with this anymore, either?

I understand what you're saying even though this project has moved along really nicely. It seems like there's been no new announcements/developments on this board for months...

On their Facebook page they said they will officially start pre-leasing apartments tomorrow and they've already had a ton of people on their interest list.

They are moving things right along.

I understand what you're saying even though this project has moved along really nicely. It seems like there's been no new announcements/developments on this board for months...

Tell me about it homeboy.

Are you related to Thunder?

Me? If me, then no. Lol

I wasn't talking about LEVEL. New developments /announcements for OKC in general.

I'm slowly beginning to understand Mdot's sense of humor. We need a sarcasm emoticon here.

By the way, is Mdot short for microdot? Because you seem like you may be on acid.

I'm slowly beginning to understand Mdot's sense of humor. We need a sarcasm emoticon here.

By the way, is Mdot short for microdot? Because you seem like you may be on acid.

Yeah, we really do need one.

And no, my name isn't short for microdot and I'm not on acid, I'm sober. =)

Did you see that LEVEL posted some REALLY cool pics to their facebook page?
They are starting to do some brick work in the dark grey bricks.
Looks cool!

http://www.facebook.com/media/set/?set=a.212105882195605.53154.114527048620156&type=1

http://www.okctalk.com/images/pete/level11311.jpg

http://www.okctalk.com/images/pete/level11311b.jpg

http://www.okctalk.com/images/pete/level11311c.jpg

http://www.okctalk.com/images/pete/level11311d.jpg

Thanks for posting them Pete!

OKC is starting to look like a real city.

OKC is starting to look like a real city.

Did you just wake up from hibernation? Haha!

Did you just wake up from hibernation? Haha!

Since he's been in Philadelphia the past few days he forgot how small we really are. Lol

Since he's been in Philadelphia the past few days he forgot how small we really are. Lol

This.

What I really meant is that the urban fabric is starting to come together very nicely. It is starting to become an continuous urban area around downtown instead of islands of developments in a sea of empty lots. The empty lots are being defined by the buildings around them instead of buildings standing space.

I looked at their web site and they don't have any floor plans showing. Or maybe I just didn't see the ilnk. I'm curious what these will look like inside.

I looked at their web site and they don't have any floor plans showing. Or maybe I just didn't see the ilnk. I'm curious what these will look like inside.

Floorplans should be public tomorrow.

Floorplans should be public tomorrow.

Yay! :)

That was like perfect timing for you to ask that OSUMom. Lol

That was like perfect timing for you to ask that OSUMom. Lol

Yep. I love looking at floor plans.

I've never really looked at them but I'm definately going to check these out.

Well, I'm not going to feel bad about posting this; I was on the VIP list but it's not like you have to put in a password to see this. The VIP thing was more about getting your name at the top of a pre-leasing list anyway. AND... this link didn't work for a while after the initial VIP launch a month ago ANYWAY (until the last couple of days). LOL

http://www.levelokc.com/floorplans

That's what I call VIP service right dur. Thanks mcca7596.

LOL for sure, thank level's url though.