The math here doesn't come close to adding up.

Here is a project in Nashville with a 34-story hotel and 21-story office tower. The construction cost in 2019 was $540 million; adjusted for today's dollars that would be $654 million. Divide that amount by 55 floors and you get $11.8 million/floor.

https://www.bdcnetwork.com/237-room-...opment?page=31

Closer to home, Devon spent almost a billion in adjusted dollars just for a single 50-story building with some ancillary buildings. That's $19 million per floor. Even 27-story BOK Park Plaza cost $333 million in today's dollars, or $12.3 million per floor. The Omni was over $15 million per floor.


For the Boardwalk, Matteson has stated the budget is $1.5 billion and that's for a total of (3) 34-story buildings plus 134 for Legends Tower. Divide 1.5 billion by 236 total floors and you get $6.4 million per floor. And that's in today's dollars, not including inflation by the time all this is complete in 4-5 years, at best.

So, Matteson is saying he can build for half the price of recent comparable projects and do it while constructing the tallest building in the U.S., which is significantly more expensive than any 30-story building.

Another reference point: OKC just budgeted $1 billion just for a new arena. But Matteson is going to build the tallest building in the country plus three more 34-story towers and everything else a block away for merely 50% more.


Also, every previous project he is claiming was through Centurian Partners, not him personally. We have no idea what stake he held in Centurian or what stake Centurian had in any of these completed projects. What we do know is he tried to do something on his own with Quicksilver Hotels and made a bunch of bold promises that completely collapsed. He has done absolutely nothing in his own name or in that of the newly-formed Matteson Capital; Centurian Capital seems to have dissolved.

I did find that a few years ago he was served with legal papers and was living in an apartment in Orange County. There was also the GoFundMe thing for his medical bills and that was in 2019.


Maybe he's raised a ton of money and maybe he'll be able to pull off some or all of this project. But thus far, there has been no hard evidence (i.e. not just his own claims) that would suggest he has anywhere near the wherewithal to get this done. And his budget for the Boardwalk is nowhere close to reality; rather than $1.5 billion he's going to need somewhere between $3-5 billion.