Maywood Apartments

[Just the facts]

I thought that originally it was just announced as abutting Oklahoma, so I was excited to hear about the possible extension to Walnut. There is a building there (that I suppose Bradshaw already owns) that would have to be demolished.

Yep, my mistake. I read Walnut and thought Oklahoma. So this second phase represent new development to me. If it is the same size a phase one then that will be an additional 139 units, bringing the whole thing to 278. Ok, now I am excited again.

[mcca7596]

LOL, glad you are excited too. It really would be a large development visually, in that it would span two blocks.

[Just the facts]

It has the potential to make a very nice streetwall along that side of 4th. The other side of 4th, not so much.

[king183]

Which building would have to be demolished in phase 2? I guess it depends on the direction of the build. If it runs along Walnut, then that old, tiny house that serves as a home for a car wash. If it runs along NE 4th and run up to Walnut, then that large brick and sheet metal building will have to go.

EDIT: Actually, if it goes along 4th and abuts Walnut, both buildings would have to go.

[mcca7596]

It has the potential to make a very nice streetwall along that side of 4th. The other side of 4th, not so much.

But, there's not a street going east-west between 3rd and 4th (other than the back driveway to the Brownstones), at least not yet...

[Just the facts]

But, there's not a street going east-west between 3rd and 4th (other than the back driveway to the Brownstones), at least not yet...

South side of 4th = nice streetwall. North side of 4th - vacant lot and trucking dock =/= nice streetwall.

[G.Walker]

The tax increment financing got approved. I think the new rendering looks pretty good, even with the two-tone look:
http://newsok.com/tax-increment-fina...ad_story_title

The design is OK, they can lose the purple colored over hangs though. However the design will compliment Level & Aloft, but I'm starting to get tired of all this stucco...

[Rover]

The design is OK, they can lose the purple colored over hangs though. However the design will compliment Level & Aloft, but I'm starting to get tired of all this stucco...

At that price point I think you will have average construction quality and finish detail. Adds density though and the lower cost housing many want. The design is underwhelming but it is about what we would expect...pretty much a box with balconies and awnings. Not comparable to Level.

[sroberts24]

I will take a simple design with stucco exterior everytime over an empty lot, comes down to it bring on the stucco just get rid of these empty lots please! This creates more density and if the sales are what everybody is kinda expecting them to be it will spure more devopment w/ more housing more retail more hotel. All around good deal for all.

[lasomeday]

The apartments will fill a void in the market. I hope it is successful. The design is good. Level 3 is top notch mixed use, that we are lucky to have. This will add to the density and attract more retail and restaurants to Deep Deuce.

[Just the facts]

I will take a simple design with stucco exterior everytime over an empty lot, comes down to it bring on the stucco just get rid of these empty lots please! This creates more density and if the sales are what everybody is kinda expecting them to be it will spure more devopment w/ more housing more retail more hotel. All around good deal for all.

+1

Step 1 is getting rid of the vacant lots and this project seems to have good urban design. It is pushed out to the street and has structured parking. Once we get all the vacant land used we can start building up.

[Pete]

Here's an updated graphic showing the location of Phase II and a better quality rendering:

[Architect2010]

I like the purple. Just because it's a pop of color in an otherwise neutral environment. The human eye automatically notices these bright flashes of color, and it draws attention and interest. Not that they're spectacular over-hangs, but we've got to get over this love affair with brown and grey. Color is GOOD!

[king183]

Three questions:

1) Is there any indication that Phase 2 will be mixed use? It appears there are no spots for retail in Phase 1, but if that Flatiron project ever occurs, it would be nice to have more retail along 4th street.

2) Based on Pete's map, are there still plans to fill out the remaining spots of the Brownstone development with Brownstones?

3) Also based on Pete's map, how long before that Opportunities Industry building between Walnut and Central is taken down for development more appropriate to the neighborhood?

Lastly, I think it will be interesting to see what becomes of the city-owned big parking lot between Main and 2nd that was considered for the Convention Center.

[Pete]

Answers:

1) I don't think so. Both buildings would have 2 stories of parking with 4 levels of housing. But remember, there is the Maywood Flatiron proposed for across the street, and that retail project would get a big boost when all these new living units come on line.

2) Yes but it will obviously be a while, as only a few of the 20 constructed brownstones have been sold.

3) I would expect the remaining un- and under-developed properties in DD to be gobbled up in the near future.

[Steve]

Ditto on Pete. My job insecurity is only heightened at the prospect he might go for my job.

[Rover]

People need to understand that EVERY project doesn't need to be "mixed use". That has become the cool term to use, I guess. A mix of uses in the neighborhood is good. A mix of uses in every building isn't necessarily. People don't mind walking a block or two, or a few, to shop, recreate, etc. Let's not get too myopic on what we think is a good project.

[king183]

People need to understand that EVERY project doesn't need to be "mixed use". That has become the cool term to use, I guess. A mix of uses in the neighborhood is good. A mix of uses in every building isn't necessarily. People don't mind walking a block or two, or a few, to shop, recreate, etc. Let's not get too myopic on what we think is a good project.

Who said every project needed to be? I wasn't thinking mixed use necessarily meant it was a good project, or the absence of mixed use meant it wasn't. I was simply asking the question out of curiousity about Phase 2 because I thought it might mesh well with the planned Flatiron development along 4th.

Anyway, the amount of mixed use development interspersed throughout that neighborhood, in Maywood Lofts, Level Urban, some in Deep Deuce, and the Flatiron, will probably be just the right amount.

[Pete]

I would imagine that they could add some retail to Phase II if there seemed to be the demand.

It will be interesting to see how well the Level restaurant/retail spaces lease up.


I'm really excited by what's happening in Deep Deuce, especially the fact that so much will be done in just 1.5 years. And with it's expected success, I'm hoping it will be a springboard for Midtown, AA and other urban districts to reach critical mass.

[circuitboard]

Very exciting to see more selection of apartments with underground parking in the core of the city.

[OSUMom]

So the car wash place is going to go? I know it isn't very fancy looking, but it was kinda neat to see those guys open that place up and make a go of it, back when there was almost NOTHING in the area. I hope they got some good money for their place.

[Larry OKC]

Here's an updated graphic showing the location of Phase II and a better quality rendering:

PETE: thanks for the larger pic!

Works for me, can't say I have any objections with the design as rendered. Does this developer have a good track record on delivering "as rendered"? I like contrasting elements and "character' details. Splashes of color etc. Purple may not be my first choice but depends on the shade chosen etc.

[okcRE]

someone with commercial real estate background can help me understand how this deal is profitable for the developers.

Total Investments: $18,000,000
Total Units: 143
TIF: $1,000,000

Construction Cost per Unit: $118,881
Rent Per Unit: $700-1,200

The numbers look really bad from an investment point of view. what did i miss here?

[G.Walker]

someone with commercial real estate background can help me understand how this deal is profitable for the developers.

Total Investments: $18,000,000
Total Units: 143
TIF: $1,000,000

Construction Cost per Unit: $118,881
Rent Per Unit: $700-1,200

The numbers look really bad from an investment point of view. what did i miss here?

If you take the average of rent per unit of $950/mo x 143 units= $135,850/mo x 12 months = $1,630,200/yr and with an $18,000,000 investment would take them roughly 11 years to see a return on investment, and thats only if they stay 100% leased.

[Just the facts]

If you take the average of rent per unit of $950/mo x 143 units= $135,850/mo x 12 months = $1,630,200/yr and with an $18,000,000 investment would take them roughly 11 years to see a return on investment, and thats only if they stay 100% leased.

Well sort of. Of course, using that type of math it take a homeowner 30 years to see a return on the investment. You are thinking of "break-even". If they can rent the apartments for more than they pay on the construction loan then they will see a return on the investment in the first month.