New Providence Place Apartments

[betts]

The same thing has happened in a number of cities where apartments 'clustered' in the 70's and 80's. Lyrewood & Stratford and NW 122 & Penn area, as well as 61st & Riverside/Peoria area in Tulsa, Greenville & Park Lane area in Dallas, and a number of similar areas come to mind where planning departments allowed over-building of apartment complexes that have since become government housing.

Which is precisely why I think the city needs to be VERY careful what apartments it allows to be built in downtown and Midtown. As I've said, everyone is all gaga about rentals downtown now, but rental property is a money-making proposition for the owners, and one way to make more money is to avoid property upkeep expenses. The other is to cut corners on construction costs, which also doesn't bode well for the long-term.

[onthestrip]

Which is precisely why I think the city needs to be VERY careful what apartments it allows to be built in downtown and Midtown. As I've said, everyone is all gaga about rentals downtown now, but rental property is a money-making proposition for the owners, and one way to make more money is to avoid property upkeep expenses. The other is to cut corners on construction costs, which also doesn't bode well for the long-term.

There is quite a bit of difference between these mega apartment complexes and the smaller, more likely to be locally owned, apartment buildings that will be built in Midtown.

[bombermwc]

I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

[circuitboard]

I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.

[adaniel]

Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.

If this is the same developer I'm thinking of, these guys built an apartment complex near my parents home in Plano, TX about 6 years ago and so far they've held up pretty well. I don't believe those are as decked out as these, but I do know the ones in Plano rent for way more that what is advertised for Providence Place.

IMO the apartment market in OKC is not good. This area needs and can support more high end rentals. As already stated there are way too many oil boom era megacomplexes that were designed to cram as many people as possible at the low rent rate as possible. There are plenty of people around this area that have a good bit of disposable income who, for whatever reason (single, don't want/can't qualify for a mortgage, move around a lot, etc), don't want to buy a home. But that doesn't mean that they have to live in a dump or rent a house for which they'll have to pay a fortune to heat and cool. I think they will have no problem filling these up.

[bombermwc]

No no. they don't They have HOOKUPS, not actual washers and dryers. They also have OPTIONAL granite. Go back and read the site and you'll see how the things they list, aren't exactlly "standard". It's a cookie cutter apartment complex.

[metro]

I noticed this a few months ago, didn't post anything cause it seemed less than impressive. The floorplans are about stupid too. Yeah, it's a relatively underdeveloped area as far as residential goes, but commercial..not really. But it's also a "mid-ground" between OKC and the Mustang/Yukon area...and it's not exactlly a desirable living area. What do you get to look at? a trash dump or a highway.

It's your standard cookie cutter apartment complex to me. Give it a few years and the prices will fall when they can't fill the place.

As others stated, I think it will fill in nicely. I think Oklahomans complain more than any other people I've met. It's been empty farm fields for years and it's in the heart of the city, we need the infill. Who cares if it's run down in 20 years, hopefully something higher and better use can come along at that point. There is so much sprawl and vacant lots in this city it is beyond ridiculous. Personally I think they are on the mid to high end and we need more of this in OKC. I don't get why everyone cares about the trash dump, it's not like the people are staring at a dumpster or piles of trash, it looks like a hill from a distance. It's a little more interesting than the vast flat nothing we have. I'm not saying I'd buy a house (long-term investmenet) near the dump, but come on folks, it's apartments, most of which people move frequently. Honestly I think it gives them a better view than say if it was a few miles down the road on Morgan Rd or something. And heaven forbid out of state investors finally start bringing some money and decent development to the city.

Really? I thought it was a reasonable development, especially compared to most of the new apartment complexes in OKC. I am not sure what you mean by prices falling, the apartments are actually priced right for the area, considering they have SS appliances, granite and other great amenities. The area surrounding directly around them, may not be that attractive, but down the street, is decent shopping, and not far will be the outlet mall. Quick drive to downtown, and the airport. The area will be desirable in the future, and the prices will most likely go up on these apartments, not down.

Agreed.

[Midtowner]

Nothing wrong with a decently large, decently average development. If they can fill their apartments at those prices, power to 'em.

[ljbab728]

Nothing wrong with a decently large, decently average development. If they can fill their apartments at those prices, power to 'em.

Agreed, it's better than another trailer park in that area.

[circuitboard]

Same builder did these in Dallas, says condo, but they are apartments according to the leasing information. I Like the exterior design.

http://www.alixcondos.com/

[ljbab728]

Same builder did these in Dallas, says condo, but they are apartments according to the leasing information. I Like the exterior design.

http://www.alixcondos.com/

They look very nice with one exception. The sinks in the bathroom are called floating vanity sinks. Those are a total waste of space and unfunctional. No one needs a bathroom sink big enough to take a bath in. More counter space would be much a much more effecient use of space.

[circuitboard]

They look very nice with one exception. The sinks in the bathroom are called floating vanity sinks. Those are a total waste of space and unfunctional. No one needs a bathroom sink big enough to take a bath in. More counter space would be much a much more effecient use of space.

I agree with you, don't care for an all water sink.. I need counter space also.

[kevinpate]

the floater sinks were new to me. They do seem wasteful of space and not very practical, unlkess you need a place to hose off a few kids all at once when it is cold outside

[warreng88]

Texas developer to build apartments in southwest OKC
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:59 PM Monday, November 15, 2010

OKLAHOMA CITY – Texas developer Jay Amundson is betting on an unmet demand for housing in southwest Oklahoma City to make his 304-unit Providence Place apartment development a success, and hopes to eventually expand.

Amundson belongs to the limited partnership that has owned 55 acres of former farmland around SW 12th Street and S. MacArthur Boulevard since 2004. Providence Place is under construction on 24.5-acres and slated for completion in spring 2011.

The development will feature two manmade lakes, extensive landscaping and a network of walking trails, as well as a clubhouse with a 120-inch-screen theater room that residents can use. The apartment units, as well as a row of loft-style townhome apartments, make extensive use of building materials like natural stone and brick. The interiors include polished concrete floors and modern-looking brushed nickel fixtures.

“We built this for the long term,” Amundson said. “We didn’t want to build a flimsy box we’re going to flip a year or two down the road. We’re here to stay because we believe in the area.”

The loft-style units feature granite countertops and 20-foot ceilings.

The apartment units will start at $699 a month while the lofts will start at $1,050 a month. Providence Place Community Manager Lorna Deaton believes the $50-million Outlet Shoppes at Oklahoma City in the works just a few miles away at Interstate 40 and Council Road, as well as other nearby commercial development, will draw potential renters to the site. The outlet mall is slated to open in August 2011.

“That’s 1,000 employees just two exits down the road,” Deaton said. “The area is growing and we expect to grow right along with it.”

Providence Place had to overcome several significant financing hurdles before the first bricks could be laid there, Amundson said.

High commodities prices and other construction costs stalled the development between 2006 and 2008, but the development project picked up steam again in 2009 when a lack of active construction projects brought down prices considerably.

“It made it just impossible to build,” Amundson said.

Then the Class A housing development project took five years to get financing because of the downturn in the credit markets and unstable commodities prices, Amundson said.

Amundson eventually received private financing for the project with the help of a Housing and Urban Development program that insures mortgages to rehabilitate or develop new rental housing. The program insures mortgage loans for rental housing geared toward moderate-income tenants. Amundson said Providence Place is not low-income housing and was built with private financial backing.

The area is zoned for a total of 650 apartment units, and Amundson plans to build more housing on the site as the market demands. Amundson’s land is also zoned for commercial development along MacArthur Boulevard and he hopes to eventually build a row of shops there.

[dmoor82]

Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

[ljbab728]

Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

I suspect they will survive without you dmoor. A number of years ago I actually lived in an area closer to the landfill than that. There was never an odor.

[circuitboard]

This is a great infill project, and I think it is turning out really good!

[Thunder]

Sweet! I want to pay 700$/month for a landfill view, geez..imagine The smell around there during Summer with a wind from The South!

You're much closer than you think. Take a tour of your kitchen and bathroom. Wait, you're already used to the smell...

[dmoor82]

I suspect they will survive without you dmoor. A number of years ago I actually lived in an area closer to the landfill than that. There was never an odor.

I lived in The Mobile home park a half a mile South of I-40 on the West side of Macarthur when I was younger and YES it does stink on some days!

[dmoor82]

You're much closer than you think. Take a tour of your kitchen and bathroom. Wait, you're already used to the smell...

Shhhhhhhhh...... dont tell anyone,I actually like The Dump smell!

[ljbab728]

I lived in The Mobile home park a half a mile South of I-40 on the West side of Macarthur when I was younger and YES it does stink on some days!

You must have a much better sense of smell than I do. I never smelled anything at all. I can't say that about other places that I've lived that weren't near a landfill. I still contend that the landfill won't affect occupancy at all even if you choose not to live there.

[dmoor82]

You must have a much better sense of smell than I do. I never smelled anything at all. I can't say that about other places that I've lived that weren't near a landfill. I still contend that the landfill won't affect occupancy at all even if you choose not to live there.

I think since The landfill is so tall in height it just looks bad from I-40, but when you get down in that area on ground level you dont even notice it!Dont get me wrong I support this complex and hope that it will bring other projects in time!

[SSEiYah]

Um, I think this picture says it all...This is more for entertainment purposes only, however my opinion of the area is probably shared by others.

[betts]

On the other hand, if no one tries to add better housing, it's only going to get worse. It looks like they'll be close to shopping!

[ljbab728]

Um, I think this picture says it all...This is more for entertainment purposes only, however my opinion of the area is probably shared by others.

As I've mentioned before, you could take a similar view of much of the new housing in the downtown area and find similar things in the surrounding area. Should we discourage development there?