Plans announced for last pad in Lower Bricktown!

[metro]

Once again Hogan disappoints. 2 stories is not enough for this pad site. He could have easily made it more stories and filled it up.

Lower Bricktown marketing efforts underway for planned Building 7
By Heidi Rambo Centrella - 2/7/2007

Construction is on pace and further development is on its way in Lower Bricktown as developer Randy Hogan, principal partner of Stonegate-Hogan, has plans in place to develop the last remaining pad available north of Interstate-40.


Situated between Toby Keith’s I Love This Bar and Grill and Harkins Theatres, what’s currently dubbed Building 7 will provide approximately 11,000 square feet for retail on the first floor and another 11,000 square feet for office and entertainment space on the second floor.


This, Hogan says, is a combined effort with that of The Centennial mixed-use project, which -- on the retail side -- will provide for a little more than 12,000 square feet.


“A lot of this is about the synergy of the tenant mix, so that space becomes very important as we build a critical mass of entertainment, dining and retail,” Hogan said, adding that developing Building 7 would be predicated to pre-leasing at least 50-percent.


Efforts to recruit retail began just last week, he said, and so far “it looks very encouraging.”


“But we are going to be patient, because we want to get the right mix (of tenants) before we start on this,” Hogan said. “A few groups already are looking at it - a mix of local and regional groups.”


Two businesses scheduled to move in to The Centennial's retail space include Starbucks and King Pin Lanes bowling center. And the residential occupancy has just reached 65 percent.


“Our goal is to bump 70 percent by the end of the month,” Hogan said of the one- and two-bedroom units ranging in price from $300,000 to $600,000 at a blended average of $288 per square foot and includes two underground parking spaces.


Editor's note: An in-depth report on the progress of Lower Bricktown will be included in the Feb. 19 print edition of OKCBusiness.

[fsusurfer]

300 grand for a 1 bedroom condo is just nuts. I can get a one bedroom condo ON THE BEACH in the Destin area for about that much.

[Easy180]

I think the upcoming Starbucks bumped the condo price up another 50 K

[metro]

I agree, for OKC that is nuts. Forget about Destin, FL, 300k can get you a decent one bedroom condo in NYC or South Beach, FL.

[writerranger]

To put the asking price of the condos in perspective, with just a cursory look on the web, I found that several one-bedroom condos in Del Mar, CA (San Diego!) can be had for less than $300,000.00. Not a bad location.....(see below).


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[ksearls]

I've heard 23 of 30 units are spoken for. Somebody out there thinks it's worth it to be in the middle of the Bricktown action.

Kim

[floater]

I think a lot of those are becoming corporate housing. If you have the capital, why rent you can buy? I also think we're underestimating the wealth in the area. There are some people who may have Hollywood-level incomes but with real estate so cheap here, they can afford second homes. All those people with ranches in the outskirts (doctors, lawyers, entrepreneurs, NBA players) probably are looking for an urban address with all that's happening downtown now.

[writerranger]

I think a lot of those are becoming corporate housing. If you have the capital, why rent you can buy? I also think we're underestimating the wealth in the area. There are some people who may have Hollywood-level incomes but with real estate so cheap here, they can afford second homes. All those people with ranches in the outskirts (doctors, lawyers, entrepreneurs, NBA players) probably are looking for an urban address with all that's happening downtown now.

Good points, floater. About corporate housing, some condos have association rules that prohibit that. Are you just speculating or do you know something? Your thoughts on suburbanites with huge incomes wanting an urban outpost is also quite possible.

Kim, Obviously, you are right. I don't understand it at those prices, but you are quite correct.

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[metro]

Yeah, I know a lot of the Centennial and a few other developments have sold condo's for corporate housing. I also know that is the main focus of the 360 on NW Expressway. I know the new Legacy Summit at Arts Central claims to have preleased a bunch of corporate units as well. Good points that are often forgotten about. I'm sure floater is also right about NBA players, CEO's, and other's wanting a second residence. I know a few that are doing it, probably many more that I don't know about.

[floater]

Good points, floater. About corporate housing, some condos have association rules that prohibit that. Are you just speculating or do you know something? Your thoughts on suburbanites with huge incomes wanting an urban outpost is also quite possible.

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Just speculating. For insider knowledge, look to metro

[fsusurfer]

I've lived downtown for almost 5 years. I pay about 1000 bucks a month rent (which Im sick of paying, but I like living downtown so much) The prices of the condos they are building around here I cant afford, nor can most of my young-professional neighbors, to whom I think Bricktown appeals most to. It sucks that I've lived down here, invested a TON of money in the area, and I cant afford to buy a place in the area I've invested so much into.

[johnnyboyokc]

this is cheapest town for a young prof to live in................if you want to live in a subarb get on it.......be happy our dt is coming to life...........and shut your face..................i know you will......tell me the cost of living on greenville in dallas, there is no comparison...........

[fsusurfer]

this is cheapest town for a young prof to live in................if you want to live in a subarb get on it.......be happy our dt is coming to life...........and shut your face..................i know you will......tell me the cost of living on greenville in dallas, there is no comparison...........

Shut my face? I really wish you’d say that to my face, easy to act like a bad-ass hiding behind a screen name isn’t it .Maybe you should read the whole thread, instead of butting in with what little input you have. But anyway, Im about to prove how ignorant on this subject (and probably others) you are ...Downtown Dallas Condo, Turtle Creek(one of the nicest parts of downtown Dallas), 1br/1bath, $205,000. Link(Unit #312 | $205,000 | 1122 Jackson - Dallas, TX 75202 | 10618557 - CondoCompany.com) That took me about 10 seconds to find, and I am sure there are other deals out there, not to mention the fact, I don’t know if you’ve noticed, but the real estate market isn’t exactly in a boom, anywhere. I’m not saying that downtown Oklahoma City isn’t a good place to live, but the price of a 1 bedroom condo should NOT exceed the price of a 1 bedroom condo on the beach in SoCal or in South Beach....the cost of condos downtown are currently overblown.

[Martin]

johnnyboy... i agree that this is an inexpensive city to live in, but i think the point being made is that some of these new condos are not priced consistently with our market. feel free to argue otherwise... but i think you can do so without telling people to 'shut their face' when their opinions don't match yours. -M

[jbrown84]

and shut your face..................i know you will......tell me the cost of living on greenville in dallas, there is no comparison...........

Holy crap that was rude and unneccesary.

[ksearls]

Yikes, that was not nice! Oh my, such a good reason to not drink and post!

Hey, I'm hearing about a project that should make fsusurfer and those in the same demographic very happy! Think you'll see something about it next week.

Kim

[jbrown84]

Aw, spill the beans Kim!

[metro]

Kim might be referring to McDermids newest proposal somewhere around 2nd street in Deep Deuce. He's talked about it publically before but hasn't made an official announcement yet. It would be close to the Maywood Park development in the Triangle. He plans to target them for around 100K or so to the first time homebuyer with a smaller income.

Don't pay any attention to johnnyboy, his posts never make sense and never has any truth to back his claims up.

FSU I feel sorry for you wasting your money in a place I'm guessing is the Deep Deuce apartments. Not sure where you've been but the Harvey Lofts have been open for awhile now and start at around $120K. If you're paying $1000 in rent, a mortgage on that would easily be about what your paying now, and possibly cheaper if you're credit is good. Not to mention the fact you would be building equity.

[fsusurfer]

Kim might be referring to McDermids newest proposal somewhere around 2nd street in Deep Deuce. He's talked about it publically before but hasn't made an official announcement yet. It would be close to the Maywood Park development in the Triangle. He plans to target them for around 100K or so to the first time homebuyer with a smaller income.

Don't pay any attention to johnnyboy, his posts never make sense and never has any truth to back his claims up.

FSU I feel sorry for you wasting your money in a place I'm guessing is the Deep Deuce apartments. Not sure where you've been but the Harvey Lofts have been open for awhile now and start at around $120K. If you're paying $1000 in rent, a mortgage on that would easily be about what your paying now, and possibly cheaper if you're credit is good. Not to mention the fact you would be building equity.

I know your probably right. I moved here 5 years ago thinking I would only be here a couple years. Well, 5 years later I'm still here! Thanks for the info...

[BDP]

300k can get you a decent one bedroom condo in NYC

Really? Where? Do you have a listing? I'm being serious. If you can do that, I might have to consider it.

[metro]

Perhaps not an uber luxury condo in Manhattan but in the NYC area you could get a one bedroom for that easy. Notice how the post said decent, not uber luxury with this ridiculous new developments going up in NYC, Vegas and Miami.

Perhaps you haven't done your homework BDP, the first google search I did for "NYC condo's under 300k" the first link google listed has 43 properties under 300k and the information is within 2 weeks of being new. Surely someone savvy and willing enough to invest in an NYC condo would do a little more research than a 5 second search I did on google.

Manhattan Real Estate: New York City Real Estate Tips

[BDP]

I did 3 searches on real estate sites for 1 bedroom condos in NYC between 250k and 350k and couldn't find one. I thought you meant NYC, not "NYC area" and I thought we were talking about 1 bedroom condos, not one room apts like the ones you linked to. Big difference. Those are 300, 425, and 400 sq ft. all with the simple criteria of "below 96th street". Someone savvy and willing enough to invest in an NYC condo would understand the important differences in these criteria.

These condos are also not just anywhere in OKC, are 1 bedrooms, and will be bigger than 500 sq ft. The article said that there is a $288/sq ft average. At 300k, that's 1041 sq feet, close to or more than 3 times the size of those you linked us to. There is still not much on the market for downtown OKC. It stands to reason that they would at the top end of the OKC condo market and these prices simply reflect that.

So, again, if you find me a comparable 1 bedroom condo in NYC for anywhere near the same price... well, if you find that, you should buy it.

[fsusurfer]

I did 3 searches on real estate sites for 1 bedroom condos in NYC between 250k and 350k and couldn't find one. I thought you meant NYC, not "NYC area" and I thought we were talking about 1 bedroom condos, not one room apts like the ones you linked to. Big difference. Those are 300, 425, and 400 sq ft. all with the simple criteria of "below 96th street". Someone savvy and willing enough to invest in an NYC condo would understand the important differences in these criteria.

These condos are also not just anywhere in OKC, are 1 bedrooms, and will be bigger than 500 sq ft. The article said that there is a $288/sq ft average. At 300k, that's 1041 sq feet, close to or more than 3 times the size of those you linked us to. There is still not much on the market for downtown OKC. It stands to reason that they would at the top end of the OKC condo market and these prices simply reflect that.

So, again, if you find me a comparable 1 bedroom condo in NYC for anywhere near the same price... well, if you find that, you should buy it.

I agree, it would probably be hard if not impossible to find a 1 bedroom condo for 300,000 in NYC, however in many other downtowns it is not. The problem is, is that on average, these other cities with comparable prices on condos have higher average incomes. Yes, OKC is a cheap city to live in, however that is due to fact that the average income for workers is lower than in other major cities.

[AFCM]

Geesh......................chill.................. .out...................johnnyboyokc............... .............

[BDP]

I agree, it would probably be hard if not impossible to find a 1 bedroom condo for 300,000 in NYC, however in many other downtowns it is not. The problem is, is that on average, these other cities with comparable prices on condos have higher average incomes. Yes, OKC is a cheap city to live in, however that is due to fact that the average income for workers is lower than in other major cities.

Those are definitely good points. I do agree that they seem a bit high, but they also seem to be getting interest at those prices. We won't know until these places start closing how much they are really worth. Oklahoma City is a bid down market and it wouldn't surprise me to see these come down as well. These prices are high for Oklahoma City and higher than some other cities' downtowns, but are they higher than most cities high demand low inventory areas? Not really.

Downtown is still a very small and an immature market and what we're seeing now are the first new apartments with new amenities in a very long time. The area is really becoming an attraction and there is a lot of upside speculation going on. Again, I don't think we know the true worth of these properties, but I would be very surprised if any of them were introduced as affordable housing initially. I'm not saying that the prices aren't high, I'm just saying that it seems completely normal to me that they would be.