It’s obvious some here are quite young and have very little experience in commercial real estate development outside of reading and posting on a message board,
It’s obvious some here are quite young and have very little experience in commercial real estate development outside of reading and posting on a message board,
I appreciate the implication one naturally gains experience in commercial real estate development with age.
Dude, you are nuts if this is all you’ve gotten from the last 10-20 pages of this thread. But I love how you think those of us who actually live here have some big ax to grind against the city we live in and that’s why we think this project is a joke.
At this point, you just sound like a kid who is desperately trying to prove to his friends that Santa is real.
An article in the Bloomberg Newsletter today in Apple News about this project. Really no new news, that has not been discussed on this thread. Unfortunately, the link to the article will not work. If you want to see it, go to bloomberg.com and do a search for Bricktown and it will pop up. The reason I am posting is that all the “Matteson” projects discussed on this board were used as references in the article for past work. The Bloomberg journalist did no more project background checking than our local journalists.
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That was written by the architecture/design writer, not one of their business reporters.
But it does go to show the dangers of the locals writing things as facts and then having them picked up by other publications.
The link seems to work for me.
https://www.bloomberg.com/news/newsl...all-skyscraper
This has nothing to do with OKC being “deserving”. It has to do with making real business sense and the odds of it ultimately being successful if built. Talking about OKC being deserving and so blindly being sure of it happening is a sign of insecurity and the need for validation. This is a business opportunity and not a judgement on the people of OKC.
"'The city has already approved the Boardwalk project, Matteson says, and in addition to securing $200 million in tax increment financing from the city, he’s found a major investor to finalize the total $1.5 billion in financing. Matteson won’t name this investor or reveal their location, but he says he may identify them after the public hearings are finished."
Yea nothing presented is getting built here. lol
So ignoring the "Legends Tower" What are the realistic possibilities that any of the 3 towers are built?
Much better in my worth-very-little opinion. I could certainly see 1-2 residential towers being financially viable.
I think a residential tower and a hotel or two would be financially viable…I just don’t think there’s anyway they get built, especially not as currently proposed, unless reputable developer with an actual track record of completed and successful high rise projects comes into the picture.
Even without the Legends Tower, we’re still talking about the most ambitious large scale high rise project in OKC since the completion of the Devon tower and possibly the most ambitious hotel/residential development in OKC’s recent history. Unless it is massively scaled down, I don’t see anyway Matteson pulls it off on his own.
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There has been nothing remotely comparable to this project in OKC, even if they just do the three 34-story towers.
Devon is somewhat in the ballpark but it was built by a big energy company for their own private use; they just wrote a check. Nothing like 3 towers of hotel and apartments and condos with investors and bank loans. And Devon was 50 floors while this will be a total of 102.
First National would probably be closest but that was a renovation, not a new-build and only 1/3rd the size of the Boardwalk's first phase.
So, yes, it would be by far the largest commercial development in the history of our City, and that's not counting the super tall tower.
Even if you choose to dismiss all the valid questions about Matteson, the proposed budget is completely unrealistic. As I pointed out, Devon Energy Center was almost a billion $ in today's money, long before crazy materials costs and high interest rates. But Matteson is saying he is going to build the 3 towers PLUS the super tall for only 50% more, which is probably the biggest red flag of all.
The budget doesn't come close to making sense, so it's very hard to see how he is going to get anything done.
I don't know why people keeping ignoring that Matteson stated on record that the height of Legends Tower, or it being constructed at all will depend solely on the success of the first phase of towers.
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