Alley's End (4th & EK Gaylord)

[baralheia]

How disappointing. Is the above proposed plan still in the works, just in a holding pattern for now, or is this project officially dead?

[KingOfTheNorth]

How disappointing. Is the above proposed plan still in the works, just in a holding pattern for now, or is this project officially dead?

I think you're mistaking the proposed plan with the referenced work done by this developer in Dallas.

[baralheia]

I think you're mistaking the proposed plan with the referenced work done by this developer in Dallas.

No, Pete put the proposal for this development up here in Post #177 and #180:

Will be posting the info and plans in chunks, then will ultimately consolidate:


Project Summary

In response to the redevelopment vision and other stated goals outlined in the RFP dated May 9th, 2016 for approximately 1 acre located at Gaylord and NW 4th, Precor Ruffin and Landrun Commercial (LRPR) propose to construct a mixed use project consisting of a residential tower, adjacent retail/commercial building and complementary parking garage. This development is part of an overall plan that consists of about 3 acres of which LRPC owns 2 acres.

The proposed plan contained herein is subject to modification depending on market conditions as they may evolve but initially consist of the following:

• 327 residential units
• 36,500 SF of commercial space: 10,500 sq.ft. within the tower and a 26,000 sq.ft. pad site (pad site able to accommodate a 2‐story retail/commercial building for 52,000 square feet if market conditions warrant).
• 712 space parking garage (plus an additional 45 surface parks); total parking spaces provided is 757.

The total cost of the Project is anticipated to be approximately $100 million. Based on the financial projections included with this proposal, the developer anticipates the need for approximately $10 million of assistance via tax increment financing (“TIF”) provided by the City of Oklahoma City.

The development team includes LRPR as developer, WDG architects of Dallas, and GE Johnson (“GEJ”) as the general contractor.


Site Summary
Total site area consists of 2.97 acres. LRPR acquired the easternmost 1.93 acres in September of 2014 with the intent of unifying this parcel with the westernmost 1.04 acres; the subject of this RFP (Parcel A).

In addition, there are 2 additional parcels that the developer seeks to secure for the purpose of completing the project contemplated herein (see site map that follows):
Parcel B: .16‐acre former street right‐of‐way for NW 3rd for the purpose of creating a plaza complementing the commercial area occupying the south 1/2 of the site.
Parcel C: .34‐acre parcel situated on the south side of NW 3rd and east of Gaylord; this site’s intended use is an off premise project marquee sign.

[Pete]

This 1.83 acre plot is now for sale for $5.46 million.

Listing also says they will do a ground lease or build-to-suit.

[hoya]

Guess this thing is dead then.

[HangryHippo]

Guess we don't know Rainey Williams or Jonathan Russell. lol

[Rover]

If you “don’t know” every developer / investor who tried to make a deal happen that ended up not happening,then you wouldnt know any of them.

[kevin lee]

Exactly, every developer has "definitely gonna happen" deals fall apart. Too bad it was this one though.

[HangryHippo]

If you “don’t know” every developer / investor who tried to make a deal happen that ended up not happening,then you wouldnt know any of them.

It was a joke. Lighten up, Francis.

[AP]

Rover lighten up? lmao

[Rover]

I took it as a joke. Now Lmao too at the sensitivity on this board. Guess I’m too old to worry about being a member of the club.

[hoya]

Exactly, every developer has "definitely gonna happen" deals fall apart. Too bad it was this one though.

I never really cared for much about this design. Looked kinda ugly to me. I don't think the high rise market in OKC is quite ready to take off yet. Everybody is going to wait and see how First National does. If it's a big success, then you'll start getting serious interest in building another skyscraper for housing. It will prove the demand is there.

Another thing holding these back is that there's still a lot of available land in the core, and 4-5 story apartment buildings are still very profitable. It's cheaper and easier to build those, gives a great return on investment, and they want to get it while the getting is good.

[kevin lee]

The rendering doesn't seem to fit OKC, but I was looking more at the Fort Worth model. First National will be spectacular when finished, although it's too grand for my taste. When I lived in the ATL I paid $3200 a month for something that resembled the Metropolitan. Only difference is that it was a modern mid-rise with a balcony and a view. I think OKC is missing out big time

[Pete]

This land is now up for sale by Land Run:

[shawnw]

They must have realized just how much the land value would increase due to proximity to the cock ring.

[warreng88]

They must have realized just how much the land value would increase due to proximity to the cock ring.

And the proximity to the streetcar line... I am sure there is a ring and string joke there somewhere...

[JRod1980]

This land is now up for sale by Land Run:

How much was this land originally purchased for?

[warreng88]

OPUBCO sold it to a Sandridge affiliate (4th street properties llc) in 2012 for $1.97MM. 4th street properties sold it for $2.9MM in 2014 to "Times Square OKC LLC".

[OKCRT]

Couple twin highrises would look nice there.

[JRod1980]

OPUBCO sold it to a Sandridge affiliate (4th street properties llc) in 2012 for $1.97MM. 4th street properties sold it for $2.9MM in 2014 to "Times Square OKC LLC".

And now they wanna double their money, simply because they put up a piece of wood with a drawing to pretend like they were actually doing something with the property. Oh and because the city laid a street car rail on their front door. Lol, some developers in this town seriously are delusional and rarely have their feet held to the fire for their "Snake Oil" salesman tactics. Especially this particular one. But hey, that's my personal opinion from my personal experience, lol.

[Colbafone]

And now they wanna double their money, simply because they put up a piece of wood with a drawing to pretend like they were actually doing something with the property. Oh and because the city laid a street car rail on their front door. Lol, some developers in this town seriously are delusional and rarely have their feet held to the fire for their "Snake Oil" salesman tactics. Especially this particular one. But hey, that's my personal opinion from my personal experience, lol.

Same people. As The Rise, correct?

[Rover]

All those wanting more tall buildings should welcome the escalation. If they get the asking price it means demand is significantly escalating. It also means that it needs more floors on top of it to repay the high land cost. And, most developers, speculators don’t let millions in capital and/or credit laying around not producing income, so they are incentivized to build or move it to someone.

[Anonymous.]

Just yards away on the other side of the traintracks in Deep Deuce, the Brownstone lots (.042 acres) go for 150-175K for a residence to be built. Here you are talking about 1.83 acres of desirable commercial/residential land that has insanely valuable proximity to the streetcar and street accessibility. Using the Brownstone land value applied to EKG/4th, the lot should be listed over $6.5 million.

Obviously commercial/residential comparison isn't apples and apples, but if anything it proves the land in this localized area is up there with the most valuable in the city.

[onthestrip]

Same people. As The Rise, correct?

Correct, which was a great project they completed. Otherwise, it seems they are playing the speculating game downtown. They have the building on 6th next to the railroad that has been for sale for maybe 3 years now, hasnt sold and the price only goes up. Same for this 4th St. property and the one they just picked up on the corner of 6th and Broadway. Dont expect much to happen except for sale signs going up with big asking prices.

[Johnb911]

And now they wanna double their money, simply because they put up a piece of wood with a drawing to pretend like they were actually doing something with the property. Oh and because the city laid a street car rail on their front door. Lol, some developers in this town seriously are delusional and rarely have their feet held to the fire for their "Snake Oil" salesman tactics. Especially this particular one. But hey, that's my personal opinion from my personal experience, lol.

Out of curiosity (seriously, cause I don't know anything about the development world other than what I read on here) who would hold their feet to the fire and how?