First National Center

[king183]

yeah $11k+ is nuts. Power to them if they can get it but it would be hard to imagine anyone paying rent that high here especially when buying is so affordable.

These units may cater specifically to NBA players, energy executives in Tulsa, or even people who live in New York but maintain a residence/ties here, like the chairman of the Kirkpatrick Foundation.

[chssooner]

These units may cater specifically to NBA players, energy executives in Tulsa, or even people who live in New York but maintain a residence/ties here, like the chairman of the Kirkpatrick Foundation.

Nm

[Urbanized]

yeah $11k+ is nuts. Power to them if they can get it but it would be hard to imagine anyone paying rent that high here especially when buying is so affordable.

These types of posts always puzzle me. They come from the assumption that everyone sees the world like you do, desires the same lifestyle you do, has the same financial means you do. While OKC isn’t a particularly wealthy city, there ares still plenty of residents here with considerable means.

It’s not like the building is full of $11K+ units. They’ll only have to find a very few tenants for the truly extravagant units. $11K/mo is similar to a mortgage on a $2M home, and believe it or not, more than a few people in OKC can swing that amount in monthly housing cost without thinking too hard about it. In fact there are some who could swing that simply as a crash pad while retaining a primary residence elsewhere. And not everyone is married to the idea of a giant house and yard in the suburbs, anyway. Or even owning vs renting.

Throughout the rest of the building, rents are more along the lines of a mortgage on homes ranging from $400K to $700K, and there are large housing additions all over OKC with broad swaths of homes in this range. Believe it or not there are even people RENTING homes in that range, for a variety of personal reasons. Those people would be prime candidates here.

Then too there are people residing in OKC on extended business who have zero desire to own a home here, and for many of them these rents don’t seem high, based on the city from which they’ve temporarily relocated.

Additionally there are plenty of people who already rent here in OKC in other properties purporting to be “upscale” that really AREN’T upscale. Many of them would pay a bit more rent to unlock the type of amenities being offered here.

There’s also corporate housing to think about. Plenty of companies would happily pay the types of rent shown here without thinking twice about it, if they routinely host executives from other branches, visiting directors, game night executive crash pads, whatever.

None of these things is unusual or outlandish in a major city.

[chssooner]

These types of posts always puzzle me. They come from the assumption that everyone sees the world like you do, desires the same lifestyle you do, has the same financial means you do. While OKC isn’t a particularly wealthy city, there ares still plenty of residents here with considerable means.

It’s not like the building is full of $11K+ units. They’ll only have to find a very few tenants for the truly extravagant units. $11K/mo is similar to a mortgage on a $2M home, and believe it or not, more than a few people in OKC can swing that amount in monthly housing cost without thinking too hard about it. In fact there are some who could swing that simply as a crash pad while retaining a primary residence elsewhere. And not everyone is married to the idea of a giant house and yard in the suburbs, anyway. Or even owning vs renting.

Throughout the rest of the building, rents are more along the lines of a mortgage on homes ranging from $400K to $700K, and there are large housing additions all over OKC with broad swaths of homes in this range. Believe it or not there are even people RENTING homes in that range, for a variety of personal reasons. Those people would be prime candidates here.

Then too there are people residing in OKC on extended business who have zero desire to own a home here, and for many of them these rents don’t seem high, based on the city from which they’ve temporarily relocated.

Additionally there are plenty of people who already rent here in OKC in other properties purporting to be “upscale” that really AREN’T upscale. Many of them would pay a bit more rent to unlock the type of amenities being offered here.

There’s also corporate housing to think about. Plenty of companies would happily pay the types of rent shown here without thinking twice about it, if they routinely host executives from other branches, visiting directors, game night executive crash pads, whatever.

None of these things is unusual or outlandish in a major city.

And you mentioned some nice retail coming to downtown, as well. I think those go hand in hand. People will want to be downtown if the amenities are there.

[BoulderSooner]

yeah $11k+ is nuts. Power to them if they can get it but it would be hard to imagine anyone paying rent that high here especially when buying is so affordable.

i mean it is a 3,500 SQFT place on the 28th floor in a historic downtown building ..

[Midtowner]

If they can swing those prices, I'd hope to see some urban residential towers going up shortly thereafter. That'd be pretty cool to see in OKC. Not my cup of tea, but if you can get $2MM or $3.5/sq.ft. for residential space, how are we not hearing about multiple new projects?

[chssooner]

If they can swing those prices, I'd hope to see some urban residential towers going up shortly thereafter. That'd be pretty cool to see in OKC. Not my cup of tea, but if you can get $2MM or $3.5/sq.ft. for residential space, how are we not hearing about multiple new projects?

I think it will take people actually buying or renting these consistently before 100s more are built.

[Pete]

The first move-ins for the apartments are now tentatively set for 2/25.

The hotel site still says opening in March but their reservation system only allows you to book a room beginning on April 28th. Rates shown are $215 to $719.

[soonerguru]

If people are willing to pay that much in rent I’m surprised there aren’t more for-sale options.

[HOT ROD]

guys, have to start somewhere. Lets give this time.

[PhiAlpha]

These types of posts always puzzle me. They come from the assumption that everyone sees the world like you do, desires the same lifestyle you do, has the same financial means you do. While OKC isn’t a particularly wealthy city, there ares still plenty of residents here with considerable means.

It’s not like the building is full of $11K+ units. They’ll only have to find a very few tenants for the truly extravagant units. $11K/mo is similar to a mortgage on a $2M home, and believe it or not, more than a few people in OKC can swing that amount in monthly housing cost without thinking too hard about it. In fact there are some who could swing that simply as a crash pad while retaining a primary residence elsewhere. And not everyone is married to the idea of a giant house and yard in the suburbs, anyway. Or even owning vs renting.

Throughout the rest of the building, rents are more along the lines of a mortgage on homes ranging from $400K to $700K, and there are large housing additions all over OKC with broad swaths of homes in this range. Believe it or not there are even people RENTING homes in that range, for a variety of personal reasons. Those people would be prime candidates here.

Then too there are people residing in OKC on extended business who have zero desire to own a home here, and for many of them these rents don’t seem high, based on the city from which they’ve temporarily relocated.

Additionally there are plenty of people who already rent here in OKC in other properties purporting to be “upscale” that really AREN’T upscale. Many of them would pay a bit more rent to unlock the type of amenities being offered here.

There’s also corporate housing to think about. Plenty of companies would happily pay the types of rent shown here without thinking twice about it, if they routinely host executives from other branches, visiting directors, game night executive crash pads, whatever.

None of these things is unusual or outlandish in a major city.

I don’t necessarily disagree with any of this, just figure it would make more financial sense to buy a $2 million dollar condo than pay $11k+ per month in rent if you can afford that. Obviously not everyone feels that way about it, but to me…in OKC with all the available options for ownership in and around downtown, it seems crazy to pay $11k to rent. But again, power to anyone who can afford that and chooses to do so. It isn’t crazy for a major city, but I don’t consider OKC on the same level as somewhere like DFW, Denver, Houston, Austin, Nashville, KC, etc where real estate, economic development and population growth are going absolutely crazy and people would generally be more willing to pay $11k+/month in rent. Maybe I’m completely off on that but I’ve followed all aspects of development in OK pretty closely over the last decade and just don’t see it right now.

That said, I know you’re much more tied in with economic dev downtown than I am so I’ll have to take your word for it.

[PhiAlpha]

If people are willing to pay that much in rent I’m surprised there aren’t more for-sale options.

I guess that was kinda my point. You’d think there would be people jumping at lower cost buying opportunities downtown (and building more for sale housing) if the market is really out there for rents over $11k/month.

[stlokc]

If you only need it for 1-2 years, maybe you’re better off renting because then you won’t have to worry about trying to find a buyer when you’re ready to leave. If it’s true that the market is limited, you’re probably better off renting.

[tvkokc]

I'll say I have some higher end rental properties and my tenants don't want to hassle themselves with purchasing a home and being on the hook for ownership. They want to just call and have things fixed for "free" by myself. Its not unreasonable for someone that wants this location and has the money to want to spend on rent. As others have said, purchasing and trying to sell when you're leaving is a PITA.

[Anonymous.]

The tower looks almost fully lit tonight. A nice blue.

[KayneMo]

[Bill Robertson]

I'm glad to see this building open again. I have good memories, even if terrifying, of the First National Building. I worked for a couple years around 1990 for a company that maintained/repaired a lot of the antennas near the top. The lead guy just went out and walked around the ledge. He made a great deal of fun of me because I crawled or even slithered is too close to the edge.

[KayneMo]

Pete, could you credit me for the photo? My handle for both Twitter and Instagram is @kerwin_moore

[gopokes88]

I guess that was kinda my point. You’d think there would be people jumping at lower cost buying opportunities downtown (and building more for sale housing) if the market is really out there for rents over $11k/month.

I would bet it gets rented by NBA players over the years, especially ones that know OKC might be just a one year stop. (CP3 and Melo come to mind)

[PhiAlpha]

I would bet it gets rented by NBA players over the years, especially ones that know OKC might be just a one year stop. (CP3 and Melo come to mind)

That would probably be the most likely scenario or high-level corporate execs who live out of town and don’t want to buy.

I definitely get renting when you don’t want to buy. I owned a house in Mesta Park for nearly 10 years but sold when I moved to Tulsa. I’m not sure how long I’ll be up here and was tired of dealing with everything that comes with owning so I’m renting an apt downtown for now. Other than lighting over $1k on fire every month, I really prefer renting at this point. I’m single, don’t have kids, live by myself and work from home with clients downtown so it’s perfect for me. Though if I were choosing between something big enough to drop $11k/month on it in rent, I’d probably purchase a condo or townhouse down here given how hot the for sale market is.

[progressiveboy]

This project looks incredible and stunning! I love the intricate Art Deco touches! OKC should be proud that this beautiful landmark was saved and someone cared enough to keep it from being a pile of rubble. Kudos to the developers! Fantastic job!!!

[Teo9969]

That would probably be the most likely scenario or high-level corporate execs who live out of town and don’t want to buy.

I definitely get renting when you don’t want to buy. I owned a house in Mesta Park for nearly 10 years but sold when I moved to Tulsa. I’m not sure how long I’ll be up here and was tired of dealing with everything that comes with owning so I’m renting an apt downtown for now. Other than lighting over $1k on fire every month, I really prefer renting at this point. I’m single, don’t have kids, live by myself and work from home with clients downtown so it’s perfect for me. Though if I were choosing between something big enough to drop $11k/month on it in rent, I’d probably purchase a condo or townhouse down here given how hot the for sale market is.

Would you rather drop $135k in rent for 2 years or drop $2M to purchase, still pay monthly HOA, and then have to hope you can sell it quick when you no longer have a use for it in 2 years? It would seem to me like the risk/reward makes renting a lot easier. And honestly, getting just 3% on the extra $1.7M+ in savings nets you $50k + HOA fees that would almost surely be another $5k-$10k/year you're probably only renting for ~$6,500/month anyway.

[catch22]

I can’t wait to see the completed project in person, at least the public areas. What a treasure. I would take 1 of these renovations over any new construction skyscraper.

She’s a beaut, Clark.

[Anonymous.]

The actual roof is lit up tonight. Really coming together.

[tvkokc]

The actual roof is lit up tonight. Really coming together.

I can see it from my patio and I probably watched it for about 20 minutes last night. It's very cool it's finally lit up again.