8-story condo project planned for Midtown (http://www.okctalk.com/content.php?r=550-8-story-condo-project-planned-for-Midtown)


After seeing thousands of rental apartments built over the last several years in the urban core, for-sale housing is now surging.


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Plans have been submitted for The Elliott, an eight-story condominium project on a vacant lot in Midtown.

Developers Grant Willoughby and John Ridley have completed several stylish homes and commercial projects in Oklahoma City and have teamed with architect Rand Elliott on the design, which would feature commanding views of the downtown skyline and surrounding Midtown area.

In an in-person interview, Willoughby told OKCTalk that the project would be similar to a boutique hotel, complete with 24-hour concierge and catering to those who have become accustomed to high-end living but who now want a 'lock-and-leave' home with zero maintenance.


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A two-level parking garage would be on the west side of the building with a covered breezeway leading through the heavily landscaped grounds and into the lobby.

While units would start at 1,300 square feet in size and number as many as 41 separate homes, they could be as large as a buyer desires with the ability to combine multiple units into single apartments.


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On the 8th floor, an expansive penthouse would have access to a private 2,300 square foot covered deck. All units on the southeast corner would have a 325 square foot balcony and one unit on the 7th level would have a stairway to a loft space above.

All homes would have 12-foot ceilings and high finishes, including pop-out dormers from the interior space, which would give the appearance of floating in the air. Even with high-end finishes, Willoughby emphasized that price per-square foot should closely follow other new luxury construction in the area.


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Other amenities would include a 30-foot by 20-foot pool with a walk-behind waterfall, a two-way fireplace that would serve both the common patio space and the lobby and two high-speed elevators.


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Willoughby said the project is named after his late grandparents who helped him get started in business.

The development would be located directly across Classen Drive from Villa Teresa, where new owners of the historic school have recently announced plans for condominiums and other uses.


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Total height would be 125 feet, making it the tallest of any of the recently built or announced condo projects.

A model home and sales office made out of a converted shipping container should be placed on the property in the coming weeks.


George Massey is the exclusive marketing representative and can be reached at 405-640-4794.


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Those are fantastic

I like this. Love the combination of brick and all glass. That area needs some good mid rise development, and that lot across from Villa Teresa is a great spot for it.

Ooooo very nice! Vacant lot too! Don't even have to tear anything down. Very exciting! That entire area will look amazing once this and Villa Teresa are finished.

Really, really excited to see how this turns out.

I hope this is very successful and spurs new, similar projects.

Home run. If I hit the lottery will buy a unit.

No complaints about this project. Beautiful design, great location, tall enough for those obsessed with height. This ain’t a home run, it’s a grand slam.

Pete:

1. Do you know what the price point will be per sf?
2. Can you show us some ideas of what else they have done?
3. Do you know what their financial backing is like and do they have to get units presold prior to construction? The reason I ask is financing for a project like this is usually the most difficult thing to figure out.

Like every other condo project, there will have to be some pre-sales before they start.

As stated in the article, the goal is to price per SF similar to the newer luxury condo projects in the core.

Here is a link to their website. Just shows residential but they've done some commercial as well. All very high-style.

https://willoughbyridley.com/

What a great looking development. Here's hoping it happens.

Sweet! Nice to see - I've thought the core was long overdue for some more for-sale housing options. The Lofts just doesn't cut it anymore.

I'd live there!

So roughly $450-500K for an entry-level unit. That ain't too bad, honestly.

This is a fantastic development.

Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?

Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?

That is the genereal area for which they are aiming.

I'm going to be surprised if they are not closer to $400 (give or take) with the 1300 sq foot low to mid-500s and the 2500 units are $1M range.

Any help on what the going rate is for "high end, luxury" new condo construction in the urban core? It appears the construction of the Elliot is most comparable to 711 Hudson. These units are selling in the $480 per SF range (ground floor unit). So is the expected comparable price $625,000-$650,000 for a 1300 SF luxury condo at The Elliot?

I assume this ground floor unit is priced at $480/sf because it has a commercial space along with a living unit. The other units for sale here are $350/sf.

And good luck at a $400/sf price point. There are several homes for sale in midtown, more specifically sosa, that are much less than $400. Looks like a sweet project but I'll believe it when I see it.

Several homes in the SoSA area have sold for close to $400/SF and none are mid-rise luxury condos with a concierge and tons of amenities a block from the streetcar.

We'll see what the market bears, but high $300s to $400 for new construction with those amenities is what I think you'll see. In line with Villa T. as well.

Several homes in the SoSA area have sold for close to $400/SF and none are mid-rise luxury condos with a concierge and tons of amenities a block from the streetcar.

I dont keep that close of an eye on it but I havent seen any sosa home sold for $400 in quite a while.

As another comparable, Cirrus pricing is about $350.

This is the 1st MId-Rise Residential we're seeing and given that OKC is still very much overtaken by a buy and hold mentality, I'd bet Floors 8 and 7 bring some gaudy prices, floors 4 - 6 prices will sell on the high end of the market after sitting a bit and floors 1 to 3 will sell relatively quickly but will fetch prices more in line with other places around town.

Overall, I think they'll do pretty well on this in pre-sales, especially with oil turning around at the right time.

I just don't know where all of these high paying jobs are?!?! Whenever I go out and look for a new job it's hard finding something that pays more than my current position. Is there really that much money in O+G??

I just don't know where all of these high paying jobs are?!?! Whenever I go out and look for a new job it's hard finding something that pays more than my current position. Is there really that much money in O+G??

It's not just oil and gas, there's plenty of money being made in the medical field, legal, real estate, banking, etc.

It's not just oil and gas, there's plenty of money being made in the medical field, legal, real estate, banking, etc.

But also yes, there's that much money in oil and gas

I just don't know where all of these high paying jobs are?!?! Whenever I go out and look for a new job it's hard finding something that pays more than my current position. Is there really that much money in O+G??

I think you’d be really surprised at the large number of Young Money, Cash Money Engineers working for outfits like Devon and CLR, making well over $200K per year JUST in base compensation. Most of them also end up receiving a decent amount of equity in their respective companies.

There’s Money in the Ground, as they say.

AND, don't forget about OKC's blossoming IT industry and the Corporate diversified jobs coming online.

Lots of money and these types usually prefer to live in the city, close to work, and since they are super-busy will need/utilize the concierge and full-service amenities. OKC actually needs more of this.

I believe to an extent these are also targeting empty nesters in the Heritage/Mesta/Crown Heights/Edgmere areas who want lock and leave, no maint. living and they are coming out of large houses and moving that money into this. So it's not all based on how big a mortgage can they afford.

I think you’d be really surprised at the large number of Young Money, Cash Money Engineers working for outfits like Devon and CLR, making well over $200K per year JUST in base compensation. Most of them also end up receiving a decent amount of equity in their respective companies.

There’s Money in the Ground, as they say.

Don't know of any young engineers making that kind of money, but they are definitely able to afford this type of housing living as a DINK.

don't know of any young engineers making that kind of money, but they are definitely able to afford this type of housing living as a dink.
dink?

dink?

Dual Income, No Kids

I guess that makes me a SINK. :(

Don't know of any young engineers making that kind of money, but they are definitely able to afford this type of housing living as a DINK.

$200k is pushing it, but there a plenty of engineers under 35 making easily over $150k.

There are scores of very expensive homes selling in SoSA, Heritage Hills and in and around Nichols Hills, not to mention the outlying areas.

There are plenty of buyers who can afford these homes, it's all about offering something that the market wants. And on that subject, we will see.

$200k is pushing it, but there a plenty of engineers under 35 making easily over $150k.

I'm not doubting that at all. I was just commenting $200k was high.

I don't have any doubt that we have enough people with money to fill up this particular building. I'm more curious about how many more buildings of this type can we support.

The article says "up to 41 homes", apparently with that number representing if it were divided into units as small as possible. 41 buyers isn't really that many at all. If this isn't just a speculative, vapor development (like that moon building Rand proposed), it will probably fill up pretty fast. But could we fill up half a dozen buildings of this type? Ten? Twenty? And will the success of developments like this make it more likely that we get a high rise residential tower? Or if we do get a host of these mid-rise developments, do they cannibalize the same sales that would fill up a 30 story tower?

It's very likely that units would be combined. The building is configured for space between 1,300 and 1,600 SF with 4 on each floor. But they can easily be combined in the pre-sales process.

I suspect if this goes forward the total # of units will be less than 30.

Financing will be the biggest issue on this.

Financing will be the biggest issue on this.

True, but rich people usually don't need to finance 80% of a home purchase.

True, but rich people usually don't need to finance 80% of a home purchase.

Speaking more about the construction financing.

Speaking more about the construction financing.

It's more or less the same thing with residential. They won't approve construction loans until they have x amount of pre-sales, and you can't have pre-sales unless the buyers qualify.

http://www.okctalk.com/images/pete/elliott101118b.jpg


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Well dang...it's smaller than I imagined :rolleyes:

Lol. What are we looking at here?

Okc presented with something really cool in renderings, but as usual we get a watered down, half ass version. :rolleyes: haha

It's more or less the same thing with residential. They won't approve construction loans until they have x amount of pre-sales, and you can't have pre-sales unless the buyers qualify.

Right, but it also depends on the strength of the developers / guarantors. We're working on a few deals like this right now and while pre-sales are a factor, there's a few other factors that come in... especially when it's a group, albeit qualified, that's doing their first large project.

I think there is some strength behind this project.

Lol. What are we looking at here?

Info/presale office in a shipping container.

Well dang...it's smaller than I imagined :rolleyes:

What is this?!?!? A condo for ants?!?!? It needs to be at least 3 times that size!

What is this?!?!? A condo for ants?!?!? It needs to be at least 3 times that size!

well they made it for the people in the Matt Damon movie "Downsizing"

Honey I Shrunk the Condo

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 assume this ground floor unit is priced at $480/sf because it has a commercial space along with a living unit. The other units for sale here are $350/sf.

And good luck at a $400/sf price point. There are several homes for sale in midtown, more specifically sosa, that are much less than $400. Looks like a sweet project but I'll believe it when I see it.

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.

It got scrapped as a condo project. It's being reworked with a similar design but as an office building

It got scrapped as a condo project. It's being reworked with a similar design but as an office building

According to the thread for that project that isn't even happening anymore as the lot has now been sold.

Cool. Maybe another mid rise is on the way.

More appropriate ate than the low rise condos imo.

Cool. Maybe another mid rise is on the way.

More appropriate ate than the low rise condos imo.

No no no. What's actually going to happen is that that land will just sit there for an extended period of time. Maybe they'll repave it for parking. And in 15 years, there will be a battle over 2 or 3 things to be developed there, with a mediocre 2 or 3 story office complex being built. It will have a decently pitched, shingled suburban roof, and maybe vinyl siding. Upon standing at the front door, you'll be made to feel as if you are at a Choctaw dentists office. But no, you're in the heart of Automobile Ally to file for divorce. Man, what happened to your life to be in this position? Anyway, "this building sucks", you'll think in 16 years when it complete. Your last thoughts as you walk away from filing for divorce, "Wasn't this plot supposed to be some nicer high end for sale housing? What the heck happened?"

What a tragedy, the story of Downtown Oklahoma City.

No no no. What's actually going to happen is that that land will just sit there for an extended period of time. Maybe they'll repave it for parking. And in 15 years, there will be a battle over 2 or 3 things to be developed there, with a mediocre 2 or 3 story office complex being built. It will have a decently pitched, shingled suburban roof, and maybe vinyl siding. Upon standing at the front door, you'll be made to feel as if you are at a Choctaw dentists office. But no, you're in the heart of Automobile Ally to file for divorce. Man, what happened to your life to be in this position? Anyway, "this building sucks", you'll think in 16 years when it complete. Your last thoughts as you walk away from filing for divorce, "Wasn't this plot supposed to be some nicer high end for sale housing? What the heck happened?"

What a tragedy, the story of Downtown Oklahoma City.

What in the world are you talking about?!

What in the world are you talking about?!

The unfortunate events that have made up the Broadway Condominiums development.