I believe the $24 million came from the press release.

Remember, building permits don't include land, A&E, landscaping, fixtures, equipment and lots of other things.

Fixtures in apartments are a huge expense with all the appliances, cabinets, lighting, etc. for each unit.

I guess they think this is the market rate. Does the board agree?

I guess they think this is the market rate. Does the board agree?

In terms of pricing, what is crazy to me is to see a 46.5% margin for the pricing on two units that are identical. I'm guessing the $2125 2D unit is a SW corner unit with a great view of downtown and the one for $1450 is an inner unit?

I know that this is not far off of what we've seen at Level, Edge, and Maywood I in terms of PPSF. Looks like rent pricing is $1.25/sf to $2.00/sf, with the most common price being in the $1.45 - $1.65/sf

Those kinds of rents is why high-rises may finally be feasible.

In the Clayco proforma, they had average rates at about $2.25 / SF which seems completely doable given that they would be the only new high rise units in all of OKC, be in a fantastic location, and have great amenities including attached parking and rooftop pool.

If Mosaic and others are getting $2 / SF at the upper end, you'd think that in 2 to 4 year's time when the Clayco units open for business (hopefully) that $2.25 is probably conservative.

If anyone is interested in rental prices.

http://www.okctalk.com/attachments/development-buildings/10303d1425574579-mosaic-mosaicrentalprices.jpg

Maybe they could use those pet fees to build an area where their pets could go to the bathroom.

That represents a range of $1.40 to $2.05 per SF per month.

If you put in a modest 7% annual appreciation, that means in three years (about the time the Clayco high-rise apartments would open) the high end at this property would be $2.51 / SF.

Clacyo had only budgeted $2.25 / SF in their pro forma and we already know the finishes, views, amenities and location will be better at their property.


It's time someone steps up and builds a residential high-rise because the rents can make it work.

Yes, and those 1.50+ per sqft per month rents have been downtown for much longer than just Mosaic coming online. DD apartments has been charging around $1.60+ before garage and carport fees, and they are the oldest units in DD.


A high rise in OKC is way overdue. Sell penthouses and condos at the top, and rent out the rest. Easy money for someone with pockets.

Maybe they could use those pet fees to build an area where their pets could go to the bathroom.
They are. It's called OKSea.

They are. It's called OKSea.

That's what I thought at first, but I'm pretty sure they've said that will not be allowed. It may have changed and I don't know how they'd enforce that (worst job ever?), but that's what I read at one point. I think the plan is still to have pets go in the landscaping and on other people's property.

Yeah, we heard about the dog park element of what turned out to be Anchor Down early on, but I haven't seen it mentioned recently.

I'm not sure that is still part of this project, but I hope it is.

It seems to me that there's an easy market for a residential high rise. Make it a retirement community and target older people who don't want to drive anymore. If you put it on the streetcar route, they've got incredibly easy access to all of downtown. You can have a shuttle service that runs three times a week or something like that to the Whole Foods / Classen Curve area, or wherever they may want to go. You wouldn't have to build as much parking with that demographic. It seems like it could be very successful.

With the rates The Hill is selling at -- with no view and to date no amenities -- you would think there would be a condo market as well.

Also, the condos at Block 42 with any type of view are selling in the aftermarket at pretty big numbers.

And The Centennial is the fastest selling condo project ever in OKC and only because it's on the canal.


There is a market, someone is just going to have to make the investment.

I agree that it's time for a residential high-rise. The first one that does go up will be a game changer if it's successful. In other cities once the ice is broken more usually follows. Bringing that kind of density in will also help bring in services the urban core is currently lacking (grocery store, drug store) and thus create more of a demand for downtown living.

Wow! Those are some impressive rent amounts.

The unfortunate irony in this, is the people who would most benefit from living downtown (better transit, better walkability, and a large number of businesses across a wide spectrum of industries) are completely priced out of the market.

My girlfriend doesn't own a car, and she is forced by income to live in an apartment waaaayy out north where transit is pretty much non-existent, there are literally no sidewalks or bike lanes, and there is no density so the number of businesses within a comfortable bike ride are limited. She doesn't get past her 2 sq. mile world except on days where I can be up there to drive her around town. Biking beyond this area is a non-starter with NW expressway acting as a barrier to the south, and Lake Hefner and the interstate a barrier to the north and east. If she could afford to live downtown, she could walk to literally hundreds of business and restaurants for a job, could take advantage of well-groomed parks and public space to enjoy her time off, and could access many amenities that without me driving her, she could go to.

I certainly don't blame developers for this. They are pricing their units to what the market will pay at a maximum. I would do the same. Just wanting to point out the incredibly irony of it. The people who need the density can't afford to be near it.

Portland has quite a few luxury apartment towers, which are income limited (not Section 8). The city gives them incentives ($) to provide lower rent to students, and people making under a certain amount of dollars. I would much rather TIF funds be used for developments that get a wider and more diverse range of incomes and people downtown, than for OG&E to get a new shiny office tower with the latest and greatest gold plumbing and fixtures.

I looked at them for my move to Portland, just as a curiosity (I make quite a bit more than the maximum income requirement). They are very nice units. The rents averaged around $650-800 for a 1 bed 1 bath. fact, in 2013 I AirBNB'd with a couple who lived in one. It was a great apartment. I would like to see OKC pursue something like this.

The one I stayed at on AirBNB was 17 floors I believe, and had a rooftop garden and patio.

http://www.pacifictowerapartments.com/wp-content/gallery/Community%20Photos/roof-garden.jpg
http://www.brianmccarlco.com/wp-content/uploads/2014/01/PacificHouse-mediium1.jpg

Isn't Steelyard going to have a variety of income levels? Maybe your girlfriend could look there. I lived in a studio at 12th and Walker for $500 a month 4 years ago. I'm sure prices have gone up, but there are more affordable options around 23rd street and that would provide a far more walkable environment than north OKC.

Isn't Steelyard going to have a variety of income levels? Maybe your girlfriend could look there. I lived in a studio at 12th and Walker for $500 a month 4 years ago. I'm sure prices have gone up, but there are more affordable options around 23rd street and that would provide a far more walkable environment than north OKC.

Well, it won't matter after May. She decided to move to Portland with me. She was raised in Europe (military family) and she really doesn't like it here too much. I guess if you are raised in Europe, Oklahoma can be quite a bit of a culture and sensory shock :D As much as I rag on OKC I do like it here for the most part, but I am looking forward to moving, also.

I just wanted to point that out, because there are a ton of people in her situation that are not aware of some of the cheaper options downtown (that are becoming more expensive by the day).

I believe you are correct on the Steelyard, but I believe it is only 10% of total units (so around 25 or 30). Which is good. But hopefully the city sees an opportunity to invest in a development which can bring 200-300 units on the market limited to a max income (not Section 8). I think it would be good for downtown and afford people some new opportunities to take advantage of downtown amenities.

The unfortunate irony in this, is the people who would most benefit from living downtown (better transit, better walkability, and a large number of businesses across a wide spectrum of industries) are completely priced out of the market.

Yeah, this has become a problem in a lot of cities.

I think your apartment example would be great in midtown and above DD to the east of AA. I think it's just a factor of the amount of under developed land we have. Once it gets filled in more and there is more scarcity, developers will have to buy smaller pieces of ground either for space or land prices, and then they have to build vertically to get enough units to achieve the target return. Contrary to what some in the CBD seem to think, we still have a lot of land to play with downtown.

I was told today they are now looking at June for first move-ins. Last I heard it was supposed to be mid-April, so it is sad that I had to call to get this information. This is starting to get frustrating. Trying to be patient... :)

Surprising... It seems mostly done from what I can tell. However, I only see a handful of workers there every day now that the structure is finished.

Sudewalk a and everything are pretty much done, but the coffee shop build out has quite a ways to go.

10690

10691

It'll be at least July now.

Dang... That is crappy.

any updates on this?

any updates on this?

Some people are apparently moving in, the units are nearly finished and are being finished as they lease and are needed.

Move-ins started last week I believe. I see things on some of the porches. When they called me at the end of July, they said all the rooms were done, but they still had some work to do in some of the common areas.

That being said, I've never actually seen anyone there.

I was able to walk up close to it the other day. Leaf+Bean is beginning to drywall soon and move-ins have begun. Not sure what the holdup has been overall, but this project is a very fine example of quality infill within Deep Deuce. One thing to note that I always notice. The exterior stucco on this building is something that I have never seen and it looks fantastic. It has been about 6 months but it appears to be aging very well. Is anyone familiar with this system?

There were still several workers doing various things on the site on Sunday and I couldn't see any sign of residents, which is not to say they aren't there....

I thought I heard that they were working on a pool for this development and that during May with all the rain the pool burst and did major damage to the development. I don't know that this is true, and would love someone to corroborate, but it would certainly explain such an unprecedented and unreasonable setback.

I thought I heard that they were working on a pool for this development and that during May with all the rain the pool burst and did major damage to the development. I don't know that this is true, and would love someone to corroborate, but it would certainly explain such an unprecedented and unreasonable setback.

They call this a "laze pool" but it is in fact a small and shallow spa/fountain.

Hard to imagine how this little bit of concrete could do any damage to anything.

http://timothysoararchive.co.uk/wp-content/uploads/150525-AHMM-Oklahoma-hh-273.jpg

They do have a "laze pool" there. Every time they called to update me, they blamed the rain but never said anything more that than. That makes sense though since the outside was done before it started raining. I was having a hard time believing how it could possibly keep getting delayed because of the weather.

Good progress at Leaf + Bean; should be opening soon:

http://www.okctalk.com/images/pete/beanleaf092715.jpg

Some tenants have moved in here but not sure how fully open the whole complex is:



http://www.okctalk.com/images/pete/mosaic092715a.jpg


http://www.okctalk.com/images/pete/mosaic092715b.jpg

This project has taken FOREVER. Also, because it so desolate, it almost resembles a dreary Eastern Bloc domicile you might see in East Germany -- or a even a housing project. It really is a depressing looking building.

Hopefully the common areas will be nice -- if they ever complete them.

Those are outrageous rents.

Those are outrageous rents.

Maybe to you, but not to most downtown residents.

This project has taken FOREVER. Also, because it so desolate, it almost resembles a dreary Eastern Bloc domicile you might see in East Germany -- or a even a housing project. It really is a depressing looking building.

Hopefully the common areas will be nice -- if they ever complete them.

Those are outrageous rents.

I disagree. I don't think its that desolate and I think it fits in well with the neighborhood. Is it my favorite style of architecture? Definitely not, but its not that bad.

Also, to live in Deep Deuce you have to pay for it. It's a good sign for OKC that they are able to get those rents because that means there is demand.

Leaf + Bean is now open in Mosaic and they're putting up the dog park fence next to Anchor Down.

Stopped by Leaf + Bean today. It's a cool little place. They're only open until 5pm now, but they plan to expand their hours and serve beer.

11665

11666

5, ugh. You'd think until after the main dinner rush at Johnnie's at least.

5, ugh. You'd think until after the main dinner rush at Johnnie's at least.

Again, I think these are temporary hours as they get started.

Stopped in myself first thing this AM. Great windows and surprisingly cozy considering the sleek white design.

I got an americano this morning here, it was excellent. Looking forward to them finishing it out and running at 100%.

Can't remember if this has been mentioned before, but the owner (Mark) was one of the founders of COOP Aleworks and an all-around good dude. While I was there, BTW, I had the pleasure of introducing him to another good guy, Brian, the GM of Holiday Inn Express (has posted here as Pryor Tiger). Brian walked over to check it out and we both agreed it's super-convenient to Bricktown. Glad to have it close by.

Heard today from a good source that even though Mosaic is not even completely finished, they are almost completely leased.

And Level still has a waiting list.


And I know pre-leasing at the Metropolitan and LIFT has been very strong as well.

I was really looking forward to my apartment in Mosaic, but I'm really glad I didn't wait it out. The delays were brutal. I'm still not sure I would be moved in yet, even though they called to schedule my move-in day at the end of July.

I don't see how they haven't finished yet.

It was good to see you over there Urbanized, but I have to say I wasn't surprised. Great minds think alike ;)

From our hotel, it is a 3 minute walk to Leaf and Bean in Deep Deuce. This is compared to about a 5 minute walk to Starbucks in Bricktown, although I have to say walking through the Karchmer lot and up the new metal stairs is the only way to do that in 3 minutes. That is a cheat code that many don't know about. Also, having All About Cha in a few months across the street in Mideke will mean plenty of coffee options for this caffeine-aholic.

Pryor Tiger it would be great if you, with Karchmer's participation of course, could promote an official pedestrian corridor through that lot, with the appropriate markings and improvements, as a continuation of Oklahoma Avenue so that when a garage is eventually built there, the pedestrian corridor is maintained. Also, if the rail spur ever reactivates maybe we could at that time, based on the usage of that pedestrian corridor, get a concession from the railroad to allow an official Oklahoma Avenue pedestrian connection to be built over or under what would probably have to be new rail anyway. I guess the Bricktown Association would have to be involved in this as well? I don't know, but it's on my Bricktown/Deep Deuce wishlist...

Some great images of Leaf + Bean:

http://www.okctalk.com/images/pete/leaf102715.jpg

wow, very nice!

Do they plan on adding any decor? It looks very plain and sterile for a coffee shop.

I think they are going for the sleek modern look.

I think they are going for the sleek modern look.

I suppose. I also realized the shades are all down, I had thought those were the interior walls. Probably looks better with a few of the shades open.

The feel inside is great; lots of big windows looking out an a pretty active street.

They were busy when I was in there on Saturday.

It could use some artwork, which works in sleek and modern, a bigger bar to add your milk, sugar, etc. and a few more pastries (hope the owner is reading this). We didn't see any plugs for computers either. But it's very convenient and with all the people living in the immediate area, should be very popular.

It could use some artwork, which works in sleek and modern, a bigger bar to add your milk, sugar, etc. and a few more pastries (hope the owner is reading this). We didn't see any plugs for computers either. But it's very convenient and with all the people living in the immediate area, should be very popular.

What they need to do is just sell Pastries from Belle Kitchen!!!!

Yea no charging outlets looks like a big "DOH!"

I worked there last weekend and plugged my computer in. :) A lot of coffee shops (see Coffee Slingers) purposely don't have outlets to maintain turnover in a small space.

I worked there last weekend and plugged my computer in. :) A lot of coffee shops (see Coffee Slingers) purposely don't have outlets to maintain turnover in a small space.

It's something which I can certainly understand both sides. There's plenty of times I'll use a public place (coffee shop, Panera, McDonald's, etc) to do computer work. A lot of times I can't do such at home because of how easy it is to be distracted by the TV, chores and tasks, others, etc.

But, I know when I do such, I'm occupying space, using power, and using data while only spending a very small amount of money to pay "rent" for what I'm using. I can certainly understand why business owners choose not to encourage this behavior.