Boardwalk at Bricktown / Dream Hotel

[PhiAlpha]

Saddest thing, to me, is that we had a pretty cool project here and now, even if the realistic portion of this gets done (still a big IF), the porject will seem like a failure to the general public since the supertall won't get built. And that leaves aside the nationwide laughing-stock matter. I still lol at Midland's skyscraper plan from 10 years ago.

Another disproportionately tall building that was a terrible idea and they were fortunate that it didn’t materialize.

[UrbanistPoke]

Another disproportionately tall building that was a terrible idea and they were fortunate that it didn’t materialize.

The developer that proposed that is also going to be in federal prison for a very, very long time. Look up Nate Paul in Austin, World Class Capital lol. I was even recruited to work on that project out of grad school, thankfully I didn't take the job. I really wanted to be in Austin but intuition saved me - way too many red flags when I did the final in person interview.

[UrbanistPoke]

Im sure residential buildings cost less than office on a floor square foot basis. Pete, your examples were all office.

Also, he has $1.7B if you include the TIF. I'd also imagine he'd use revenue generated from the 50% sale/leasing of the Emerald and Ruby residential towers to use for the supertall - otherwise, he wouldn't have that as a performa kanban for Legends Tower to begin.

I'm not sure what the cost should be but just want to keep things as apples to apples and consistent if possible.4

Office is actually the cheapest for the developer. The builders on most commercial (office, retail, industrial) build the shell. Then tenants pay for the finish outs which in Class A office can be $50 - $200 a square feet in major markets like DC, NY, San Fran, etc. Those costs are passed to the tenant in their lease, typically amortized over the term.

On multifamily or condos, the developer has to finish out the spaces themselves up front (with the exception being condos sometimes being in shell for customization by a buyer). Office and retail once finished out cost more than multifamily but for developer costs it's not the most expensive.

[mrokc777]

Saddest thing is that some get perturbed over the fact that Legends might not get built or built �� Anywho so…….

Residential Central Park Tower in New York City is 1,550ft (472.4m) 98 floors cost 3 billion usd. Completed 2020 took 6 years to build.

Residential 111 West 57st Tower in New York City 1,428ft (435m) 84 floors cost 2 billion usd. Completed 2022 took 7 years to build.

Residential+hotel St. Regis in Chicago 1,198ft (365m) 101 floors cost nearly 1 billion usd. Completed 2020 took years 4 years to build.

Just to compare outside the US

Mixed used Merdeka 118 Tower in Malaysia 2,227ft (678.9m) 118 floors cost 1.5 billion usd. Completed in 2023 took 8 years to build.

Mixed used Burj Khalifa tallest building in the world 163 floors cost 1.5 billion usd. Completed in 2010

I’m assuming New York City cost a ton more because of how dense the area is along with traffic, safety and permits. Now I don’t know if the cost included land acquisition.

[dankrutka]

Saddest thing, to me, is that we had a pretty cool project here and now, even if the realistic portion of this gets done (still a big IF), the porject will seem like a failure to the general public since the supertall won't get built. And that leaves aside the nationwide laughing-stock matter. I still lol at Midland's skyscraper plan from 10 years ago.

If the three towers actually get built as advertised then it will be a huge win and it will make an everyday difference in people's lives that frequent the area. It would be one of the biggest developments in OKC history. People would get over the supertall.

[Pete]

^

I've said all the way along I would be happy if one of the towers gets built, preferably the Dream Hotel.

[HOT ROD]

When they got the $200 million in TIF, their proposal was two 24-floor towers with a third one to come only after the other two were complete and leased.

Then, somehow, it shot up to 3 towers of 34 stories and a 134-floor tower. All this in about a month.

Incorrect. The original submittal always included 4 towers, to be built in phases.

They applied for TIF (and was approved) for 2 residential towers and one hotel was to be built themselves as phase 1. Phase 2 was always Tower 3, which was to be built upon demand. There were changes along the way, first, all 3 phase 1 towers increased to 35 floors and the hotel tower identifed as a Dream Hotel by Hyatt. This was all announced prior to the vote on the arena.

After the arena, renderings came out and they announced that phase 2 tower 3 will be a supertall, known as Legends Tower. Originally it was announced to 1,775 feet (one short of Freedom tower's spire) recently in February they announced Legends to be 1,907 and have sense applied for variance to that height for the entire project to the FAA and city.

Yes, Legends tower has taken away from the original scope but it's clear that there was always 4 towers, phase 1 has always been 3 towers (two of which are supported by TIF agreement with the city and one a hotel) and that phase 2 would be a spec residential tbd on the success of phase 1's twin towers. That has been clarified to 50% performa on the 576 rooms to 'activate' construction on Legends Tower.

skeptics aside, this has flowed for the past 3 years. Not sure why there's skepticism on the number of towers now. ..

[HOT ROD]

Because he has $200 million in essentially free money from the city. I also don't have a bias against him like many on here seem to have. He has gone through many meetings with the city (costing money). Why piss away money if you aren't serious about the project?

It would be one thing if people on here were guarded in their views of him. But basically calling him a grifter and a slime ball. Digging to find any and everything negative they can. Yeah, that shows a bias. Disregarding any and everything that is even remotely positive about him? Yeah, that shows a bias. Even if this doesn't get built, I don't want to have a bias about him, considering I have never met or talked to him.

Exactly, Im nott sure why everyone on here is now doubting the original proposal that always said 4 towers. Even if you look back to the block renderings - it had 4 towers phased on two phases. Phase 1 was ALWAYS 3 towers, 2 residential twins approved by the city with $200 million TIF rebate and 1 hotel tower and Phase 2 a spec residential tower dependent upon success of the other 2. Now, to help back up skepticism people (including Pete) are questioning the original proposal. They didn't slip in a hotel tower, it was always there just wasn't covered by the TIF. I can go back and find these exact comments from folks on here who now are quesitoning. I don't get it - yet I'm the one with sunshine up my blank. I recall the original phase 1 was $760 million which included 3 towers and $200M in TIF (so $5XX million from the investment/developers). We all spoke about this yet now everybody forgets.

Put it this way, if it was $560 million to build 3 towers and podium or even the full $760 million with TIF, one could extrapolate a total price of $1.5 billion with the supertall costing $740 million by itself. right? I can't figure out the life of me, someone going through all of this including application to the FAA and variance from the city, with $200M in rebate that kicks in after phase 1 residential opens..

I'm only stating what has been said, and that it appears that he's following through, whether Josh from TX likes it or not. I personally don't have a bone either way, but if Legends tower is built I would like to invest. Others have come on here saying the same and I'm not drinking kool aid - city staff know something as does the alliance, this will get built.

[josh]

I have no preference about this development one way or the other. I just see reality and know the real estate game. I am so confident in my opinion I would be willing to place a monetary bet that what I said happens versus the opposite. That’s how obvious a sham this is.

[Swake]

Exactly, Im nott sure why everyone on here is now doubting the original proposal that always said 4 towers. Even if you look back to the block renderings - it had 4 towers phased on two phases. Phase 1 was ALWAYS 3 towers, 2 residential twins approved by the city with $200 million TIF rebate and 1 hotel tower and Phase 2 a spec residential tower dependent upon success of the other 2. Now, to help back up skepticism people (including Pete) are questioning the original proposal. They didn't slip in a hotel tower, it was always there just wasn't covered by the TIF. I can go back and find these exact comments from folks on here who now are quesitoning. I don't get it - yet I'm the one with sunshine up my blank. I recall the original phase 1 was $760 million which included 3 towers and $200M in TIF (so $5XX million from the investment/developers). We all spoke about this yet now everybody forgets.

Put it this way, if it was $560 million to build 3 towers and podium or even the full $760 million with TIF, one could extrapolate a total price of $1.5 billion with the supertall costing $740 million by itself. right? I can't figure out the life of me, someone going through all of this including application to the FAA and variance from the city, with $200M in rebate that kicks in after phase 1 residential opens..

I'm only stating what has been said, and that it appears that he's following through, whether Josh from TX likes it or not. I personally don't have a bone either way, but if Legends tower is built I would like to invest. Others have come on here saying the same and I'm not drinking kool aid - city staff know something as does the alliance, this will get built.

Falsus in uno, falsus in omnibus

If the developer is lying about the mega tall tower, and he most certainly is, then why would you believe anything he says? He is not someone anyone should do business with. He is not credible.

[Bowser214]

Why would Mattesion (sp) continue to ruin his own reputation? Doesn’t make sense.

[Bill Robertson]

I sadly have to be on the this isn't going to happen side. I'll be very, extremely happy if I'm wrong. But I'd be really surprised.
So they applied for an FAA variance. Both of the facilities I'm responsible for had to have FAA approval during planning and have to maintain FAA approval anytime we change anything external. We had to change the plans for one building 3 times to please the FAA. It's paperwork but it's not a huge deal. Requests for variance from the city is also just paperwork. Not like they're investing tons of money to do either. It doesn't prove that they're completely committed to the project.

[jn1780]

Why would Mattesion (sp) continue to ruin his own reputation? Doesn’t make sense.

A Hail Mary to drive up interests?

[G.Walker]

A little more insight today from the Journal Record, moreover, the reading suggests that the $1.5B is just for the Legends Tower, not the whole project:

https://journalrecord.com/2024/03/he...has-financing/

Also, interesting quotes from Matteson:

"Occupancy in the first towers will dictate when construction on Legends Tower begins and how tall it will be, Matteson said."

“We’re just getting ready for these hearings to get our tower approved,” Matteson said. “If they don’t give the green light on the tower, we just go back to the plan already approved.”

[Pete]

A little more insight today from the Journal Record, moreover, the reading suggests that the $1.5B is just for the Legends Tower, not the whole project:

This is exactly what the article says; I seriously doubt most would reach the same interpretation, especially because he's only ever mentioned $1.5 billion as the budget -- why on earth would he leave out the 3 buildings that would come first? Why would they say "project" rather than "building"?

OKLAHOMA CITY – The developer of The Boardwalk at Bricktown said this week his team is focused on winning approval to include the tallest skyscraper in the U.S. in the development.

Financing is in place for what is estimated to be a $1.5 billion project, said Scot Matteson, president and CEO of Matteson Capital in Newport Beach, California.

[Pete]

The only entities I can find under the name of Matteson Capital both expired seven and eight years ago:

[Bellaboo]

I looked up street view of that address and there is some large offices there FWIW.

[Pete]

I looked up street view of that address and there is some large offices there FWIW.

It's a multi-tenant office building where Centurian Partners leased space.

Centurian seems to no longer exist. No way to tell if Matteson is still leasing space in that building but a few years ago he was served with legal papers at an apartment he was renting.

[G.Walker]

This is exactly what the article says; I seriously doubt most would reach the same interpretation, especially because he's only ever mentioned $1.5 billion as the budget -- why on earth would he leave out the 3 buildings that would come first? Why would they say "project" rather than "building"?

I don't know, maybe I am wrong. But in reading this, the "tallest skyscraper" is used in the same context in the paragraph as the project in which $1.5B is financed. Which definitely makes more sense, than only $1.5B for the first 3 towers and Legends Tower. The article rhetoric is focused just on Legends Tower, not the whole project.

And the title of the article reads: Here’s the latest on 1,907-foot OKC tower: Developer says he has financing

[josh]

The gymnastics some of you are trying to perform just to make this seem legit is fascinating. It’s akin to flat earthers.

[king183]

The gymnastics some of you are trying to perform just to make this seem legit is fascinating. It’s akin to flat earthers.

This is what I cannot understand. Why are some of you so invested in this being real, despite the evidence and common sense telling us otherwise? It is one of those things that is so obviously fake/scammy, but there’s a subset of the population dead set on believing it. It’s very odd.

[TheTravellers]

[jn1780]

I dare say I'm getting flashbacks to Pete's crusade against Teemco. I don't think were there, yet.......

[PhiAlpha]

This is what I cannot understand. Why are some of you so invested in this being real, despite the evidence and common sense telling us otherwise? It is one of those things that is so obviously fake/scammy, but there’s a subset of the population dead set on believing it. It’s very odd.

Same here…it’s bizarre. I get really wanting it to happen and being optimistic is fine but the mental gymnastics and blind exuberance by some here has been a little strange. Especially when we’ve been give nothing to indicate that we should be anything other than extremely skeptical about the entire project. I guess if some of the people on this thread want to keep completely ignoring the evidence against this then go ahead…I suppose it’s entertaining at least.

[PhiAlpha]

I dare say I'm getting flashbacks to Pete's crusade against Teemco. I don't think we’re there, yet.......

I’m not sure it was even against teemco than it was for the truth when none of our local journalist were even asking the questions. What a dumpster fire that whole thing was.