Oklahoma City's future skyline

[ljbab728]

It wouldn't take much of a building to be the largest speculative office building currenty in development across the country. The title now goes to 2 - 10 story buildings in Charlotte.

http://www.wcnc.com/news/neighborhoo...137204808.html

Work beginning this year.

http://www.wilshiregrandredevelopment.com/

http://www.youtube.com/watch?v=oEJkbwHNdKI

[Just the facts]

Work beginning this year.

http://www.wilshiregrandredevelopment.com/

http://www.youtube.com/watch?v=oEJkbwHNdKI

They are tearing down a couple of substantional buildings to build these. Too bad they couldn't find a less developed piece of property to build on. However, they cite the locations proximity to rail transit as the reason for picking the location. It makes me wonder if OKC will need to have it's streetcar alignment nailed down before we see construction on a spec office tower.

[G.Walker]

I highly doubt it will be spec. The chamber has mentioned too many times of new jobs and companies relocating to OKC for the past few years, and it's prob just now coming to fruition. I give it a 99% chance that it will be owner occupant. I just hope it's an out of state company doing this, and not local, it will make our renaissance look that more attractive.

[Oil Capital]

I believe the new mid-rise in Tulsa (which I think is taller than 10 floors) is spec? There's an oil company involved, but I believe they just signed a lease with Eggleston?

I could be way off on that though..

Yep. You are way off on that. The new building in Tulsa is not spec. Cimarex is taking most of the building. And the building would not be happening without that lease.

[Spartan]

Ah, so it is a lease.

[Oil Capital]

It wouldn't take much of a building to be the largest speculative office building currenty in development across the country. The title now goes to 2 - 10 story buildings in Charlotte.

http://www.wcnc.com/news/neighborhoo...137204808.html

True that it would probably not take much to be the largest speculative office building. But the 10-story buildings in Charlotte do not take the title of the largest currently in development. As your quoted portion states, they are the largest speculative project slated for completion in 2012.

It is highly unlikely that any substantial new building would be built as a spec. Not many developers build with their own money and financing is not available without substantial pre-leasing.

[Spartan]

They are tearing down a couple of substantional buildings to build these. Too bad they couldn't find a less developed piece of property to build on. However, they cite the locations proximity to rail transit as the reason for picking the location. It makes me wonder if OKC will need to have it's streetcar alignment nailed down before we see construction on a spec office tower.

Well, the gist is that right now our city leaders and especially the planning department, do not understand the importance of the streetcar. The streetcar wasn't planning's idea, so it's definitely not very high up Klaus' list, for a number of reasons. As it stands, they see a lot of development happening without it.

What they don't understand, because most of them strive to be a caretaker planning department, is the game-changing aspect of the streetcar. So it's hard to say in that retrospect, of whether it will take that to do towers on spec. What I can say is that right now we're just seeing "boom OKC," whereas streetcar will completely reinvent development patterns in OKC. Whole new city.

I am personally aware of a considerable amount of development that is just in limbo right now, mostly because of the streetcar, but also somewhat because of the convention center. I hate to think about how much Lackmeyer is personally aware of that's in limbo...

[Steve]

Not sure I follow on this Spartan....

[Oil Capital]

Work beginning this year.

http://www.wilshiregrandredevelopment.com/

http://www.youtube.com/watch?v=oEJkbwHNdKI

The office tower in the Wilshire Grand redev is (a) not likely to start this year and (b) is not being built as a spec.

[Spartan]

Not sure I follow on this Spartan....

Well in terms of large developments in limbo right now, just think of hotels for example... under normal circumstances obviously we'd see a lot more happening on that front right now (esp given the tightness of the downtown hotel market) than just the Aloft and Pitman projects.

[SharkSandwich]

I don't think it will be spec based upon the square footage being vacated in Chase, Corporate and Oklahoma Tower by July. My money is on Continental building a new tower. I posted this on another thread, but here is my reasoning:

My memory is that CLR is moving about 250 employees into the current Devon building (MidAmerica Tower). CLR also has plans to triple their size over the next five years (750 employees). MAT has 19 floors. I believe the top 4 floors are under a long term lease to the law firm of Crowe and Dunleavy. That would leave 15 available floors. Each floor has around 35 offices, with room for 15 cublicles in the interior. 50 employees x 15 floors = 750 employees.

So by my calculations, CLR would completely fill the entire space available in MAT in 5 years. To me, it makes sense that CLR's MAT move is more of a temporary transition than a long term move. CLR could choose to fill available space in neighboring towers as they outgrow MAT (like Devon), but that is not a good long term plan. 5 years seems like a good amount of time to pick plans and complete construction on a new tower. Just my thoughts.

I would look for CLR to build a new building in the new future if their Bakken assets are what people are projecting. I would think that a new headquarters/tower would be a perfect anchor for the new Core to Shore development, especially given the timing of the new development.

[Popsy]

And those developments, in your mind, are just waiting on the street cars? Amusing to say the least.

[Rover]

Streetcars will change the pattern of development. What we don't know is if it really will bring more net investment and jobs into the METRO. But it will change where those investments will be made and therefore specific areas will prosper. No reason to believe that won't happen.

[Steve]

Well in terms of large developments in limbo right now, just think of hotels for example... under normal circumstances obviously we'd see a lot more happening on that front right now (esp given the tightness of the downtown hotel market) than just the Aloft and Pitman projects.

Can't really agree with this. Truth is, financing for hotels is excruciatingly difficult - still - due to the 2008 economic crash. That's why a slam dunk like the Bricktown Hilton Garden Inn is going slow, and it's why other sure things that were proposed - Holiday Inn Express and Candlewood Inn (both also proposed for Bricktown) stayed dead. It's just a brutal lending environment. There's nothing I know of being delayed due to the streetcar system, MAPS 3 or Project 180.

[catch22]

I bet there are people and investors on the sidelines though.... That don't have any firm plans to the public or in any of the downtown gossip circles right now because they are waiting for some more firm details to emerge regarding a ton of variables downtown right now.

Convention Center Layout.
Boulevard.
Streetcar.
Downtown Central Park.
New parking garage.

etc...

I bet some more proposals will come off the sidelines and work their way into the outlets and circles of people Steve communicates with, once some of these civic projects start to move forward and plans become more apparent.

Maybe I'm wrong, but that's how I am looking at it.

[Rover]

There have been any number of hints dropped by civic leaders lately, including the mayor. Not hints of WHO, but rather that a significant announcement likely would be made this year. It sounds like another move-in, but who knows.

[UnFrSaKn]

So I just got back from Starbucks with Steve and Cooper Ross who did the wildly popular aerial photos of downtown... Don't worry Steve I won't spill the beans but....it's GOOD. This will be amazing... looks like I'll have a new project lined up in the near future.

[dmoor82]

^^I would have loved to be a fly on the wall for that conversation!

[Dustin]

so i just got back from starbucks with steve and cooper ross who did the wildly popular aerial photo of downtown... Don't worry steve i won't spill the beans but....it's good. This will be amazing... Looks like i'll have a new project lined up in the near future.

damn you!!!!!!!!!!!!!!!!!!

[Thundercitizen]

Okay...that's just not fair!
More detail, more details...F5, F5, F5...

Fun stuff.

Go OKC, beat Boston!

[Thundercitizen]

damn you!!!!!!!!!!!!!!!!!!

I think this said it better.

[SharkSandwich]

Can you at least give us a ballpark time when we can expect an announcement?

[UnFrSaKn]

I'm kind of stirring the pot a little. I'm not sure Steve knows all that much but trust me, no one is more excite than Steve to get enough solid info and confirmation to bring the story to everyone.

[Jesseda]

Gives us something lol, so is it going to be taller then chase, smaller then devon. BIGGER THEN DEVON... more then one building??? wonder if boeing is involved????

[dmoor82]

My prediction is that it will be taller than Chase but shorter than Devon,atleast I hope so!