Wheeler District

[chssooner]

Seems like there are many, many emotionally charged assumptions being made over my posting a wheeler house for sale under 300k. So I will step away.

Because you made an emotional charge comment. "Modicum of research"

I don't care either way. I'm not going to live there. I'm glad they have some houses less than $300k. I hope they have more going forward.

[LakeEffect]

If you push affordable to the back end then it will probably be unaffordable by the time they get built.

But "affordable" on the front end doesn't help the developer cover initial costs, so it's a tough setup regardless.

[Urbanized]

Affordable means different things to different people. Even the smallest units they are showing available now, if they cheapened up finishes, etc. you still can't build something like those for under $200/sq ft anymore given material costs, etc. So you're talking long-term maybe you might see small houses around $200,000 to $250,000. Profit margins are super thin for that type of build too - I doubt they do that to much scale when you can make twice the profit on a $300k-400k buildout that they are doing now. I wouldn't be surprised if no real "affordable" housing is built. If you think affordable in the sense of income restricted - then the only way to justify that is to do apartments and size in excess of 100 units to make the syndication costs feasible. That's the down side to affordable programs federally, it makes it impossible to do small scale truly affordable/income restricted projects.

I was being intentional when I said “more affordable,” which was in no way saying that I expect to see “affordable housing” in the below market or subsidized sense.

I would expect that all Wheeler properties will be at or above market rate across the board on a price per square foot basis. And let’s be real, most likely they’ll all be above market. What I meant was that there will be different product available in the form of smaller footprints, likely even some tiny homes, plus condo and other multi-family.

There have been a number of people on here bemoaning the fact that purchase prices started at $400K+ and probably averaged more like $500-600K. Wheeler has been transparent from the outset that the first homes would lean heavily on the upscale market as the development established itself, and then they would begin bringing on additional types of product that was more accessible to other income levels. This is clearly happening beginning with this phase.

Many more people will now find Wheeler accessible from an income standpoint, although they certainly won’t be buying sprawling ranch homes or McMansions, but rather a pretty compact urban dwelling.

Do I think that you’re likely to see below market or federally subsidized housing there? Doubtful, other than the possibility that you might see some workforce housing in the multi family sector, which would also enable some FHA grants.

[Mississippi Blues]

Seems like there are many, many emotionally charged assumptions being made over my posting a wheeler house for sale under 300k. So I will step away.

Nothing you said seemed unusual. You provided current evidence to the contrary, however minor and technical it was, basically said “it’s not hard to find.” Simple enough. No idea how anyone could read that as “emotional” or “blabbering” or “bashing” without already having a fervent investment.

[Pete]

[EtanEiko]

WOW! That last picture is incredible. I don't think anyone outside of OKC and maybe most in OKC would have any idea this is Oklahoma City! Absolutely loving watching our City mature and grow and establish different areas of the city as options for style of living.

[TheTravellers]

Ditto!

Pete - wondering if you have any drone shots from directly overhead the houses just so we can see what the (non-)backyard space is like and what the density is on the ground?

[Pete]

Ditto!

Pete - wondering if you have any drone shots from directly overhead the houses just so we can see what the (non-)backyard space is like and what the density is on the ground?

The mid-sized homes typically have a side yard between them and the neighboring properties. Some have yards between the house and the garage. A few have installed small pools.

There are some larger homes on the western boundary with larger lots. And there are also smaller homes without garages and even some condos. The live/work units have decks above their covered parking.

[TheTravellers]

Thx (and for all your pics!), good to see from this perspective...

[king183]

As they move north, it's going to get even denser. The apartments should start rising out of the ground in the next couple months.

[BigMoves]

Pete, do you know if they plan to build anything around the oil rig or if there is any new development in the works?

[Pete]

Pete, do you know if they plan to build anything around the oil rig or if there is any new development in the works?

On all the master plans, that area around the rig will remain the same.

I believe the plan is to keep building homes south and those would back up to the rig.

[Tyson]

Has there been a proposed timeline for the different "phases" of Wheeler? Assuming those apartments are going up soon. Being in the area is so exciting every time and it still blows my mind how much is still to come!

[Pete]

Has there been a proposed timeline for the different "phases" of Wheeler? Assuming those apartments are going up soon. Being in the area is so exciting every time and it still blows my mind how much is still to come!

There are 10 separate phases and no set timing for any, but the developers have repeated the "multi-decade" timeframe to complete all.

It's hard to believe, but their first home sold only about 5 years ago.

[Tyson]

There are 10 separate phases and no set timing for any, but the developers have repeated the "multi-decade" timeframe to complete all.

It's hard to believe, but their first home sold only about 5 years ago.

Thanks! And WOW… 5 years is weird to think about! So much has happened!

[Pete]

Other than demolishing the hanger, it doesn't look like there has been much progress on the apartment complex planned for the southeast corner of this development.

All those homes along the creek at the south end have gone up very quickly.

[Pete]

These are the next plats:

[warreng88]

Drove Wheeler today and what I thought was two row homes turned out to a nine unit apartment complex on the south end of the district. Found the above pic on Sam Day’s IG page.

[king183]

Wheeler residents were told those larger apartments would begin construction in October 2023, so it’s a bit concerning no progress appears to have been made. Perhaps they are waiting until the single family homes in that area are completed?

[BG918]

Wheeler residents were told those larger apartments would begin construction in October 2023, so it’s a bit concerning no progress appears to have been made. Perhaps they are waiting until the single family homes in that area are completed?

How many apartment projects have you seen start in the past year? The interest rate environment has made it extremely difficult to get MF financed

[Pete]

Wheeler residents were told those larger apartments would begin construction in October 2023, so it’s a bit concerning no progress appears to have been made. Perhaps they are waiting until the single family homes in that area are completed?

There has been activity behind the scenes.

Just a week or two ago they sought variances to some setbacks for that project.

Hopefully, that is a good sign.

[Pete]

This is an aerial from about a month ago and it shows the southern half of Wheeler is almost completely built out.

The apartments have yet to start in the southeast corner but there has been movement with permits.

[CCOKC]

Dirt work began a few weeks ago on the section between 16th and 15th. There is also some progress on the apavrtment sites.

[Pete]

I just took these this morning. There is a bridal shop in the condo building (first photo), which looks full.

Looks like work has started on the apartments (3rd photo).

Last three are the sushi place in the barrel building, which is getting close.

[Plutonic Panda]

Good photos, Pete. It’s amazing how quick it’s all coming together from what it was. Now just imagine how it will look like within the next 10 years or so when this entire block is filled up and they start construction on the other side of western. I believe they’re planning some sort of a bike path or something on an abandoned rail bridge.