I would 100% live in that tower if I could ever afford it.

I would 100% live in that tower if I could ever afford it.

Key word there and there are some who can afford it but will decide "having a great view" is not worth the price premium.

We are muddying up the discussion when talking about the three towers with the 'legendary tower'. I'm less pessimistic with finding demand for those three.

I would 100% live in that tower if I could ever afford it.

High floor apartments in supertalls go for eight digits, some nine digits.

High floor apartments in supertalls go for eight digits, some nine digits.

Where in this country are they going for NINE digits?

Where in this country are they going for NINE digits?

A few ugly supertalls in NYC. That's it.

A few ugly supertalls in NYC. That's it.

There are five super tall residential buildings in all of the Americas and all of them are in New York. That's it.

Here's the most expensive. $250 million.

https://www.entrepreneur.com/business-news/the-worlds-highest-apartment-is-on-sale-for-250-million/435634

Condos in the eight digits is the only way to make construction of super tall residential buildings make sense.

Yep, high rises are inherently more expensive because you have to build them out of steel or concrete. No luxury condos built from matchsticks. RIP Canton.

High floor apartments in supertalls go for eight digits, some nine digits.

Yeah seems like some delusional people hear talking about the potential demand for these condos. Best you could hope for is a lot of foreign investors looking to park their money somewhere in the US.

There are five super tall residential buildings in all of the Americas and all of them are in New York. That's it.

Here's the most expensive. $250 million.

https://www.entrepreneur.com/business-news/the-worlds-highest-apartment-is-on-sale-for-250-million/435634

Condos in the eight digits is the only way to make construction of super tall residential buildings make sense.

I do hope you realize that the cost of an equivalent building in OKC would be half the cost of an NYC building, most likely. The condos, yes, would have to be expensive, but not nearly as much as a big, more expensive city.

I do hope you realize that the cost of an equivalent building in OKC would be half the cost of an NYC building, most likely. The condos, yes, would have to be expensive, but not nearly as much as a big, more expensive city.

There are reasons why those big cities are expensive and why OKC has a lower cost of living.

Is the argument there is strong demand from people wishing to escape the big cities, move to OKC and get a great view looking out at flat landscape?

The actual materials cost of the building doesn't change. Labor is probably cheaper though.

Another cause for skepticism about not only Legends Tower but the entire first phase is that the architect -- according to their webpage -- hasn't designed anything more than a couple of projects around 10 stories. That includes dozens of office, hotels, and mixed-use projects where the typical height is 1-4 levels.

https://www.aoarchitects.com/projects

There was to be a 12-story hotel built as part of the District at Warner Center, but nothing has happened with that project (Matteson is not involved).

They were also the architects behind a bunch of surf hotels that Matteson was trying to get off the ground starting about 10 years ago and that have never gone anywhere. He and his partners pitched a big project near Palm Springs when he was trying to get Quicksilver Hotels off the ground and when that never happened he swore he was going to do it without them, but then nada. At the same time, he proposed similar projects for Houston and about a half-dozen other cities that never materialized.

I would sure like to know where he is getting his financing. As far as anyone can tell, he hasn't done anything in a long time and nobody has been able to verify his role in the projects he claims from some time ago.

Find an architect who hasn't built anything near your vision. Makes sense!

gotta start somewhere, might as well be OKC. And even if it is investors parking money, that benefits OKC.

Keep in mind, Legends tower will be mixed use and IMO mostly be Hyatt Hotel. Residences will be a smaller component - YES, hyper expensive, but I suspect they can find market for it (may take time, yes). In fact, none of the 4 total towers are completely market residential; this is set up for success.

gotta start somewhere, might as well be OKC. And even if it is investors parking money, that benefits OKC.

Keep in mind, Legends tower will be mixed use and IMO mostly be Hyatt Hotel. Residences will be a smaller component - YES, hyper expensive, but I suspect they can find market for it (may take time, yes). In fact, none of the 4 total towers are completely market residential; this is set up for success.

Matteson, is that you? Just kidding, of course. I appreciate your optimism and am glad there are people who are naturally optimistic about these things. But naive optimism is exactly why OKC is such a great place to pull off a scam. We still have a bit of an inferiority complex. As a result, people really want to believe the amazing things these developers without a history say and promise, so easy marks aren’t difficult to find. I hope I’m wrong and my skepticism turns out to be unwarranted, but I see all the signs of a scam or another Rainey Williams/OGE situation.

^^

Another cause for skepticism about not only Legends Tower but the entire first phase is that the architect -- according to their webpage -- hasn't designed anything more than a couple of projects around 10 stories. That includes dozens of office, hotels, and mixed-use projects where the typical height is 1-4 levels.

https://www.aoarchitects.com/projects

There was to be a 12-story hotel built as part of the District at Warner Center, but nothing has happened with that project (Matteson is not involved).

They were also the architects behind a bunch of surf hotels that Matteson was trying to get off the ground starting about 10 years ago and that have never gone anywhere. He and his partners pitched a big project near Palm Springs when he was trying to get Quicksilver Hotels off the ground and when that never happened he swore he was going to do it without them, but then nada. At the same time, he proposed similar projects for Houston and about a half-dozen other cities that never materialized.

I would sure like to know where he is getting his financing. As far as anyone can tell, he hasn't done anything in a long time and nobody has been able to verify his role in the projects he claims from some time ago.

Maybe a bit alarming but their design work is excellent. Would love to see them doing some of the mixed-use developments around OKC.

I really like the design/style of their work

gotta start somewhere, might as well be OKC. And even if it is investors parking money, that benefits OKC.

Keep in mind, Legends tower will be mixed use and IMO mostly be Hyatt Hotel. Residences will be a smaller component - YES, hyper expensive, but I suspect they can find market for it (may take time, yes). In fact, none of the 4 total towers are completely market residential; this is set up for success.

I can confidently say that there's not enough of a market of any kind in OKC for the tallest tower in the US. If there was, people would be tripping over themselves to build apartments and condos here. Dowell wouldn't still be empty and we wouldn't have a bunch of empty office space downtown. Optimism is fine but blind optimism and sunshine pumping just makes you sound goofy. I'm increasingly skeptical that any of this is going to be built or if it is, it will look nothing like what we've been shown. More red flags than a communist party convention in China.'

It sucks but I think some people here are hardcore setting themselves up for disappointment here.

I can confidently say that there's not enough of a market of any kind in OKC for the tallest tower in the US. If there was, people would be tripping over themselves to build apartments and condos here. Dowell wouldn't still be empty and we wouldn't have a bunch of empty office space downtown. Optimism is fine but blind optimism and sunshine pumping just makes you sound goofy. I'm increasingly skeptical that any of this is going to be built or if it is, it will look nothing like what we've been shown. More red flags than a communist party convention in China.'

It sucks but I think some people here are hardcore setting themselves up for disappointment here.

maybe so...but somebody posted data earlier showing that for a top 20 city, we were well below the average vacancy level.

Rents decline in Oklahoma, defy national trend
By: Kathryn McNutt//The Journal Record//February 23, 2024//

The national rental market trended upward, with median asking rents rising 1.1% since January 2023, according to the latest report from Rent.com.

January’s jump marks the largest rent increase since March of 2023 and the first time rents have climbed above 1 percentage point in as much time.

The report shows the current national median price for an apartment is $1,964, up from $1,942 in January 2023.

Rent.com analyzed rental property prices from its available inventory to identify the median rent prices at the national, state and metro levels. The analysis combines rent levels for all apartment types from studio apartments to multiple-bedroom units.

On a state level, 71.4% of markets saw positive yearly rent growth in January, but Oklahoma’s median rent was $993 – a decline of 1.89% year-over-year and 1.8% from December.

It was the 10th largest decline nationally. Oregon, where average rents are currently $1,684, witnessed the largest yearly rent decline at 7.97%, followed by Florida at 7.78% with a median rent of $2,086.

Missouri experienced the largest annual rent increases. In January, rents there rose by 13.18% to a median price of $1,209. The second-highest yearly increase on a state level was in New Hampshire, where rents rose by 12.41% to $2,099.

The analysis also looked at the top 50 metropolitan areas determined by U.S. Census Bureau population estimates for 2023.

Oklahoma City’s median rent in January was $1,179, down 1.32% year-over-year and 1.42% month-over-month, according to the report.

Leading yearly metro rent declines in January was Austin, Texas, where apartment rents dropped by 14.27% to a median price of $1,926. Raleigh, North Caroline, had the second sharpest decline nationally, with rents dropping by 13.17% year-over-year to $1,840.

The city with the largest gain among U.S. metros was Providence, Rhode Island, which saw 20% rent growth, with current asking rents at $2,708. Not far behind, asking rents in St. Louis climbed to 17.74% year-over-year to $1,806.

“Gazing out at the wider rental panorama, January’s modest gains suggest a market in moderation after the breakneck rent growth of the COVID 19 pandemic. Between late 2021 and 2022, rent prices saw gains of 11.5%,” author Anthony Gardner said in the report.

“Since September 2022, national rents have cooled considerably, in part due to a construction boom which has resulted in oversupply and stubbornly high vacancies,” Gardner said. “Vacancy rates stood at 6.6% in the final quarter of 2023, posing challenges for landlords and property management companies hesitant to raise rents in a saturated marketplace.”

Oklahoma City’s vacancy rate was 10.2% in the fourth quarter of 2023, according to MMG Real Estate Advisors.



This is for Q1 2023; OKC's rate went up to 10.2% in the 4th Q as mentioned above.

https://managecasa.com/articles/us-rental-occupancy-rates/
US Rental Vacancy Rate
US Major Metro Area (data courtesy of Census.gov)
Vacancy Rate Q1, 2023
Charleston-North Charleston-Summerville, SC……………………. 15.3%
Baltimore-Columbia-Towson, MD ………………. 12.8
Houston-The Woodlands-Sugar Land, TX ………………. 12.3
Birmingham-Hoover, AL……………………………………………………………….. 11.9
North Port-Bradenton-Sarasota, FL……………………………………………….. 11.8
Little Rock-North Little Rock-Conway, AR………………………………………. 11.2
Indianapolis-Carmel-Anderson, IN…………………………………………………. 10.9
Raleigh, NC24……………………………………………………………………………….. 10.9
Dallas-Ft. Worth-Arlington, TX……………………………………………………… 10.8
Minneapolis-St. Paul-Bloomington, MN-WI …………………………………… 10.1
Nashville-Davidson-Murfreesboro-Franklin, TN…………………………….. 9.9
Atlanta-Sandy Springs-Roswell, GA……………………………………………. 9.8
New Orleans-Metairie, LA……………………………………………………………. 9.6
Albany-Schenectady-Troy, NY ……………………………………………………….. 9.5
Oklahoma City, OK………………………………………………………………………. 9.4
Kansas City, MO-KS……………………………………………………………………… 8.7
Tampa-St. Petersburg-Clearwater, FL……………………………………………. 8.7
Tulsa, OK…………………………………………………………………………………….. 8.7
Richmond, VA………………………………………………………………………………. 8.6
Tucson, AZ …………………………………………………………………………………. 8.4
Detroit-Warren-Dearborn, MI……………………………………………………. 8.3
San Antonio-New Braunfels, TX………………………………………………… 8.2
Cape Coral-Fort Myers, FL…………………………………………………………….. 8
Jacksonville, FL……………………………………………………………………………. 7.5
Austin-Round Rock, TX………………………………………………………………… 7.3
Baton Rouge, LA………………………………………. 7
Miami-Fort Lauderdale-West Palm Beach, …………………………….. 7
St. Louis, MO-IL……………………………………………………………………………. 6.9
Pittsburgh, PA………………………………………………………………………………. 6.8
Virginia Beach-Norfolk-Newport News, ………………………….. 6.8
Columbus, OH……………………………………………………………………………… 6.4
Toledo, OH……………………………………………….. 6.3
Cincinnati, OH-KY-IN7…………………………………………………………………. 5.9
San Jose-Sunnyvale-Santa Clara, CA……………………………………………… 5.9
Portland-Vancouver-Hillsboro, OR-WA …………………………………….. 5.6
Salt Lake City, UT……………………………………………………………………….. 5.6
Allentown-Bethlehem-Easton, PA-NJ…………………………………………… 5.5
Dayton, OH………………………………………………………………………………… 5.5
Las Vegas-Henderson-Paradise, NV…………………………………………… 5.5
Washington-Arlington-Alexandria, DC-VA-MD-WV………………………. 5.5
Memphis, TN-AR-MS………………………………………………………………….. 5.3
Phoenix-Mesa-Scottsdale, AZ……………………………………………………….. 5.2
Hartford-West Hartford-East Hartford, CT…………………………………… 5
Albuquerque, NM………………………………………………………………………. 4.9
Riverside-San Bernardino-Ontario, CA……………………………………….. 4.9
Chicago-Naperville-Elgin, IL-IN-W………………………………………….. 4.7
San Francisco-Oakland-Hayward, CA………………………………………. 4.7
Knoxville, TN……………………………………………………………………………. 4.6
Providence-Warwick, RI-MA…………………………………………………… 4.6
Sacramento-Roseville-Arden-Arcade, CA………………………………… 4.6
Charlotte-Concord-Gastonia, NC-SC………………………………………… 4.5
Orlando-Kissimmee-Sanford, FL……………………………………………. 4.5
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD …………………. 4.5
Urban Honolulu, HI………………………………………………………………. 4.5
Greensboro-High Point, NC……………………………………………………….. 4.4
Denver-Aurora-Lakewood, CO…………………………………………………. 4.1
New York-Newark-Jersey City, NY-NJ………………………………. 4.1
Bridgeport-Stamford-Norwalk, CT……………………………………………. 4
Buffalo-Cheektowaga-Niagara Falls, NY4…………………………………. 3.8
Grand Rapids-Wyoming, MI…………………………………………………….. 3.8
Omaha-Council Bluffs, NE-IA………………………………………………….. 3.8
Milwaukee-Waukesha-West Allis, WI…………………………… 3.7
Los Angeles-Long Beach-Anaheim, ………………………………….. 3.5
New Haven-Milford, CT…………………………………………………………… 3.5
Akron, OH ……………………………………………………………………………. 3.3
San Diego-Carlsbad, ……………………………………………………… 3.3
Seattle-Tacoma-Bellevue, WA…………………………………………………… 3.3
Syracuse, NY…………………………………………. 3.1
Columbia, SC…………………………………………. 2.9
Fresno, CA……………………………………………… 2.9
Boston-Cambridge-Newton, MA-NH3……………………………………… 2.7
Cleveland-Elyria, OH8……………………………………………………………. 2.5
Rochester, NY………………………………………………………………………. 2.5
Worcester, MA………………………………………………………………………. 1.7
Louisville/Jefferson County, KY-IN…………………………………………….. 1.2

maybe so...but somebody posted data earlier showing that for a top 20 city, we were well below the average vacancy level.

For what?

I would certainly consider purchasing or renting at Legends Tower due to its impressive building's status as the tallest in the US, along with several other factors, makes it a top choice for me. However, I am not interested in other locations in or near downtown due to lack of interest in current and upcoming developments, as well as the limited amenities within walking distance from available living spaces downtown.

I would certainly consider purchasing or renting at Legends Tower due to its impressive building's status as the tallest in the US, along with several other factors, makes it a top choice for me. However, I am not interested in other locations in or near downtown due to lack of interest in current and upcoming developments, as well as the limited amenities within walking distance from available living spaces downtown.

I just don't think impressive building status would be enough to makeup for this especially when people look at the price tag. Its easy to say, "I want to live in OKC's tallest building" before bringing money to the discussion. How much are bragging rights worth?

I understand your point, but in my opinion, I wouldn't choose to live in downtown OKC unless something like whats getting purpose here gets built. If I have the financial means to acquire a residence in Legends Tower, why wouldn't I?

I would certainly consider purchasing or renting at Legends Tower due to its impressive building's status as the tallest in the US, along with several other factors, makes it a top choice for me. However, I am not interested in other locations in or near downtown due to lack of interest in current and upcoming developments, as well as the limited amenities within walking distance from available living spaces downtown.

Yeah I get that there will be a handful of people like you who have the money (I'm assuming) and want to live in a premium space like that, I just don't think there are anywhere near enough to fill 134 floors with 20-30 apartments/condos each.

so there's 3 of us now. ...

and to be clear, there wont be 134 floors of condos. There will be a signfiicant amount of floors (maybe half) dedicated to the new Hyatt Hotel, and 6 floors shown as Observation/Observation Restaurant, and of course the 5 floor podium. Therefore, I estimate there will be appx 60 floors of condo residences and hotel-condos, which IS very significant BUT I'd argue there will be market for if nothing else to just be in or invest in the tallest building in the US/Western Hemisphere (regardless of it being in OKC or not).

so there's 3 of us now. ...

and to be clear, there wont be 134 floors of condos. There will be a signfiicant amount of floors (maybe half) dedicated to the new Hyatt Hotel, and 6 floors shown as Observation/Observation Restaurant, and of course the 5 floor podium. Therefore, I estimate there will be appx 60 floors of condo residences and hotel-condos, which IS very significant BUT I'd argue there will be market for if nothing else to just be in or invest in the tallest building in the US/Western Hemisphere (regardless of it being in OKC or not).

Do you have $50 million to put into a condo? And several hundred thousand a year in condo fees?

Where did you come up with the figure of 20-30 units per floor?

Not to state the obvious, but OKC talk is not where I would go to get survey data. We all have special interest in these kind of topics so that survey would be bias.

Do you have $50 million to put into a condo? And several hundred thousand a year in condo fees?

What planet are you on thinking one will cost that much in OKC? Look at what Austin charges, with more expensive construction costs.

Where did you come up with the figure of 20-30 units per floor?

A guess based on other highrise apartment/condo developments I've been around.

What planet are you on thinking one will cost that much in OKC? Look at what Austin charges, with more expensive construction costs.


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.

6 penthouse units per floor for the top seven floors, and 12 units (8 one-bedroom units and 4 two-bedroom units) per floor for the rest of the tower, according to the concept package from December.

From 12/2022:

The Most Expensive Condo for Sale in Austin Is Now This $17 Million Aerie (https://www.mansionglobal.com/articles/the-most-expensive-condo-for-sale-in-austin-is-now-this-17-million-aerie-01671052922)

Here's NYC in 2022:

Premium Selection: The 20 Greatest New York Penthouses (https://www.jamesedition.com/stories/real-estate/the-20-most-expensive-penthouses-in-new-york/)

Interesting. So the majority of units in this building are actually planned to be one-bedroom units?

I would be curious how that ratio compares to other projects around town or even in other cities. Is there more demand for units that have one bedroom as a result of market demographics or lack of existing inventory? Anecdotally, I feel like most people, especially those buying rather than renting, would want a second bedroom for use as a guest room, an office, or even a bedroom for a child/roommate. But surely they have done the analysis.

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

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

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

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?

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

https://www.yahoo.com/news/abandoned-luxury-towers-graffiti-exposed-160435205.html?fr=sycsrp_catchall

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

https://www.yahoo.com/news/abandoned-luxury-towers-graffiti-exposed-160435205.html?fr=sycsrp_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.

From 12/2022:

The Most Expensive Condo for Sale in Austin Is Now This $17 Million Aerie (https://www.mansionglobal.com/articles/the-most-expensive-condo-for-sale-in-austin-is-now-this-17-million-aerie-01671052922)

Here's NYC in 2022:

Premium Selection: The 20 Greatest New York Penthouses (https://www.jamesedition.com/stories/real-estate/the-20-most-expensive-penthouses-in-new-york/)

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.

From 12/2022:

The Most Expensive Condo for Sale in Austin Is Now This $17 Million Aerie (https://www.mansionglobal.com/articles/the-most-expensive-condo-for-sale-in-austin-is-now-this-17-million-aerie-01671052922)

Here's NYC in 2022:

Premium Selection: The 20 Greatest New York Penthouses (https://www.jamesedition.com/stories/real-estate/the-20-most-expensive-penthouses-in-new-york/)

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.

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 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/searchResults.jsp?action=searchProposedCases&pageNum=29

this is pretty significant no? or is it normal?

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/2024/03/10/okc-tallest-skyscraper-bricktown-funding-secured-developer-says/72654875007/

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.

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

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.

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?"

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

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

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.

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.

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.

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.

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.

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.

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.

Full funding secured for US tallest skyscraper says developer

https://www.dezeen.com/2024/03/11/legends-tower-tallest-skyscraper-usa-oklahoma-funding-secured/