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.

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.

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

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:

http://www.okctalk.com/images/pete/dthousingcomps101618.jpg

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.

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

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!

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!

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.

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.

Love this project!

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

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

Ahh, Rand.

Any idea as to when construction is slated to begin?

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.

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.

Easier to see image of the pricing.

https://photos.zillowstatic.com/p_f/ISu8e5qjqmyf3z0000000000.jpg

https://photos.zillowstatic.com/p_f/ISew9hp6i6il3z0000000000.jpg

Any idea how this will effect Villa Teresa? Think VT is on board with this development?

Any idea how this will effect Villa Teresa? Think VT is on board with this development?

I'm sure they are competing in the same market for pre-sales.

Oil taking a dive at the wrong time for this project. Hopefully that remedies itself before Q2 so that this thing can have a chance...seems like a lot of these projects have about 9-12 months of interest and if they don't gather sufficient support by then they fizzle.

I understand they have 6 pre-solds at this point. A big demographic is empty nesters who don’t want to maintain a large home and yard in areas like HH, MP, CH, etc. That’s also a Villa T target market albeit some people don’t want to be in a large multi-story building as opposed to a more single family/townhouse type structure and parts of VT would be more for them. I agree it will be interesting to see how these move beyond this initial push.

Oil taking a dive at the wrong time for this project. Hopefully that remedies itself before Q2 so that this thing can have a chance...seems like a lot of these projects have about 9-12 months of interest and if they don't gather sufficient support by then they fizzle.

Oil companies don’t move quite that quickly. Keeps diving, gets into the 40s, and stays there for 6 months you might see a slow down but a month crash isn’t going to hurt much.

Oil companies don’t move quite that quickly. Keeps diving, gets into the 40s, and stays there for 6 months you might see a slow down but a month crash isn’t going to hurt much.

I wouldn't say the fear would be for the the job/income itself, but a certain psychological sense of security in jumping into an investment of this size, or even a windfall from a bonus or profit sharing that could be used to make the type of down payment that is needed to justify this kind of purchase.

15154
Saw that Rand posted this on his Instagram

I saw this came before the Downtown Review Comm - the Villa Teresa folks spoke against it. Appears it was continued to a later date.

Did you catch what their issues were with it? I am interested to know.

I saw this came before the Downtown Review Comm - the Villa Teresa folks spoke against it. Appears it was continued to a later date.
Guess this isn't surprising given they will be competing for buyers.

Guess this isn't surprising given they will be competing for buyers.
This is my thought as well. I'll bet a beer their reasoning is "it's out place and scale."

Well crap. I am supposed to meet with both of these places within the next week or two.

You would think it would be best to work together than to stall each other.

Well crap. I am supposed to meet with both of these places within the next week or two.

You would think it would be best to work together than to stall each other.

The Elliott group is in full support of Villa Teresa.

This is only a one-way thing.

do the Villa Teresa people have issues with it being 8 stories?

do the Villa Teresa people have issues with it being 8 stories?

Yes, that's their primary concern.

Yes, that's their primary concern.
In sales, that’s what we call a false objection.

What kind of issues would the height cause at Villa Teresa? The Physicians and Surgeons building 1/2 block to the west is 11 stories. I don’t understand how DDRC struggled to approve this? DDRC decisions always seem conflicting or political.

In the DDRC guidelines for this area, is 8 stories not permitted without a variance?

This is my thought as well. I'll bet a beer their reasoning is "it's out place and scale."

Yes, that was essentially their position. Counsel for the Elliott said to not expect any big changes in design between now and the March meeting.

The Elliott group is in full support of Villa Teresa.

This is only a one-way thing.

Does anyone else remember how hard Marva fought against the Classen Commons senior housing next door to Villa Theresa? And that was before her group even owned VT.

Does anyone else remember how hard Marva fought against the Classen Commons senior housing next door to Villa Theresa? And that was before her group even owned VT.
She seems to fight a number of things and not get any of her own **** done.

I respect what she did with the Seiber, but the "Marva takes her time" narrative is getting old. I had brunch today at the Pump and it is obscene that she is just sitting on those nearby parcels, not only the boarded up multiplex but the empty lots as well. This is prime for housing development, and possibly mixed-use development. I know there's no way to force her hand but it is disappointing to see her drag this out. The neighborhood is on the verge of explosive growth and she is just moving at a snail's pace.

I don't always agree with Rand's aesthetic, and he too has been guilty of criticizing worthy developments, but we need the Elliott. It is a stud development in the perfect location. The design is top notch, extending the urbanity of the area while preserving historical architecture, and adding modernity. To oppose this project almost seems personal or even vindictive. I have no idea what their relationship is and I don't care but I would expect Rand's project to be completed before Marva even begins work on the Villa Theresa site.

Does anyone else remember how hard Marva fought against the Classen Commons senior housing next door to Villa Theresa? And that was before her group even owned VT.

And that development is easily one of the best housing developments we've seen in the last few years -- and something that offers affordability. Impressively, it turned out nicer looking than other projects with much higher rents.

And that development is easily one of the best housing developments we've seen in the last few years -- and something that offers affordability. Impressively, it turned out nicer looking than other projects with much higher rents.

Marva and HH worked with the developers of the Commons to improve the the design because it was such a prominent property for Midtown, HH and Sosa. HH hired Randy Floyd to help the developers architects tweak the design.

The developers were very pleased with the outcome and the accolades they received for the project.
When Marva consequently acquired VT with her partner, one of the first investors were the developers of The Common. Their comments were their confidence that she cared so much about something she didn't own that they knew Villa T would be a great project.

the empty lots as well. This is prime for housing development, and possibly mixed-use development. I know there's no way to force her hand but it is disappointing to see her drag this out. The neighborhood is on the verge of explosive growth and she is just moving at a snail's pace..

I do not know the particulars except that these lots are in redevelopment meetings and discussion now.

This seems very lame to argue about, especially from a group trying to do their own condos across the street. Arguing about height? Theres an 11 story tower 300ft from this. I suspect this gets passed without any changes. This is midtown, there is and should be diverse sizes, heights and uses.

I think the bigger battle for the developer will be securing the deposits and commitments for financing this thing.

I clipped the letter from Villa Teresa in regards to their issues with project. The Elliot responded to each complaint very thoroughly and even made some minor adjustments based on the feedback. I won't post the responses as it would take up a ton of room on the board. But here are the original complaints:

https://i.imgur.com/g7eKdqp.png

https://i.imgur.com/9iJxbKN.png

https://i.imgur.com/ZbOgn4z.png

Keep in mind the Villa Teresa group let by Marva Ellard are the only people raising any issues.

There were several letters in support of the project.

Maybe this document is why Marva took 5-6 days to respond to each of my emails

Maybe this document is why Marva took 5-6 days to respond to each of my emails

meeting going on right now ..

marva still against and her attorney is presenting

Approved.

project approved at DDRC vote 4-2

I assume it's now a waiting game to see if they can get sufficient pre-sales to be able to start construction?

I assume it's now a waiting game to see if they can get sufficient pre-sales to be able to start construction?

Correct.

They told me they have several units pre-sold.

I'm glad to see this got approved. It will certainly be a placeholder of sorts in midtown. I just hope they get enough presold to go ahead with construction.

Noticed the listings for these units are up. Penthouse listed @ $2.4MM. Still deciding if I want to get it or not.

Noticed the listings for these units are up. Penthouse listed @ $2.4MM. Still deciding if I want to get it or not.

Gonna file my taxes tonight. Will see how big the return is, might pick it up if things work out right. Here's hoping!

Let's see if this works... Hopefully this is a link to all the units on Zillow:

https://www.zillow.com/homes/for_sale/Oklahoma-County-OK/35.480955,-97.524446_ll/2463_rid/globalrelevanceex_sort/35.483575,-97.519123,35.476708,-97.52821_rect/16_zm/0_mmm/

Are these turned so you at least get a skyline view?

Gonna file my taxes tonight. Will see how big the return is, might pick it up if things work out right. Here's hoping!

Refund was not quite enough to cover it. Maybe next year.

Haven't heard much about this project lately, any updates Pete?

Believe they are still busy trying to sell enough units to start work.

Has there been any notable updates on this particular project, or has it gone the way of the OG&E Complex?

I've been wondering about this one as well. I was looking forward to seeing this addition to Midtown.

The property owners have made a shift and are now planning apartments; I don't believe they were able to get the interest/deposits needed for the condos:

HTTP://www.okctalk.com/images/pete/elliott082021a.jpg


HTTP://www.okctalk.com/images/pete/elliott082021b.jpg


HTTP://www.okctalk.com/images/pete/elliott082021d.jpg

What is that in the roof line on the bottom left corner of the picture? Seems like a good place to collect water and trash. Why wouldn't you just have the pitched roof line go all the way up. Plenty of other flat roof area for mechanicals.