Level Apartments

[CurtisJ]

I stand corrected.

[hewi]

Something like this maybe?

http://www.frontrangeliving.com/arch...urchcondos.htm

There are a lot of old churches in Oklahoma city that I imagine could be awesome condo projects. Every time I drive by the city curch building on 10th and robinson it makes me wish I had $5M to buy and renovate.

http://www.precorruffin.com/City_Church_3pgaug.pdf

I'm thinking the old building would make a great House of Blues or Hard Rock Cafe.

[Rover]

I was in Columbus, Ohio this week and saw an old church that was skillfully turned into a great book store. I think the reverence of the old church and its history could be retained. Don't know if there will be a market for it there, but you would have to think think that it might have a chance with all the residences in the immediate area.

[Pete]

From today... They continue to kick some serious tail!

[betts]

The slab at the southwest center is all that remains to be poured, and they're working on the footings. They start work really early every morning, and they work late in the day as well. They're not working at night anymore, however.

[Pete]

Posted today on Level's Facebook page:

[betts]

That's actually an old photo. The foundation forms you see on the left of the photo are now complete foundations with one floor of apartments framed. They're doing the plumbing for the final set of foundations in the SW corner of the lot right now.

[betts]

Brick is being delivered today, and I suspect they'll start working on the east facade soon. It's a really nice charcoal grey color. I was a bit worried, because they had a board up with about eight different brick samples and some were a dark, muddy brown that I thought was really unattractive. I'm pleased with the one they picked.

[Just the facts]

Thank goodness they are going with muddy brown. I don't who created that brick color but it is the worst.

[metro]

The original renderings showed a grey brick and white stucco.

[betts]

I know but they had about ten colors up on their sample wall, only 70% of which were grey. We've all seen colors change between the renderings and actual construction, and I was worried they might pick one of the brown brick colors.

[metro]

True. I imagine these guys have better taste than say Bill Canfield of the Hill, which the general public saw through that crap before he pitched it to OCURA.

[Rover]

I think DD has more opportunity for color schemes like the grey and white vs. Btown that tries to stay true to its red brick warehouse styling. And, with urban styling and by not having the red dirt next to the wall, it is less likely the grey will get stained with red. Sometimes it is hard to use other than brown or red in OKC.

[king183]

LEVEL just released the price points and floorplans to those who were on their email list. They have begun pre-leasing.

For 1BR $850 – $1,160; for 2BR $1,270 – $1,520.

[OKCisOK4me]

Pre-leasing? So these prices are for rental or purchase?

[dankrutka]

Pre-leasing? So these prices are for rental or purchase?

Rental. These prices aren't that different from Deep Deuce Apartments with a far superior product. I looked at Deep Deuece Apartments and $875 was their cheapest price for just me. It was only reasonable with roommates.

[circuitboard]

This place will be sold out quick at those prices! Deep deuce needed this reality check. DD is a joke for interiors.

[dankrutka]

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

[BoulderSooner]

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

they will be fine .. there is huge demand for downtown rental .. level will fill up and Deep deuce will stay full

[Rover]

they will be fine .. there is huge demand for downtown rental .. level will fill up and Deep deuce will stay full

Are you saying DD will stay full regardless of how poorly they are run? Must be a heck of a demand then.

[soonerguru]

Are you saying DD will stay full regardless of how poorly they are run? Must be a heck of a demand then.

Sadly, I think he's right. They've let those apartments go downhill. Nothing works, the security gates, etc. It's a shame. But they'll still be full in all likelihood.

[BDP]

It will be very interesting to see how Deep Deuce reacts to competition. They've slacked in a lot of ways (interiors, exteriors, maintenance, responsive landlords) for years because they had no competition. Hopefully they'll get their act together now. Everyone that's ever lived there that I know has said they are run terribly...

What interesting, is that Level will actually increase the value for Deep Deuce apartments. This project, along with some of the services going in at the Aloft hotel, will actually bring in a lot more urban elements to the neighborhood that people in Deep Deuce have been paying for and not getting up until this point. Hopefully, it will motivate them to improve the properties going forward.

[Rover]

What interesting, is that Level will actually increase the value for Deep Deuce apartments. This project, along with some of the services going in at the Aloft hotel, will actually bring in a lot more urban elements to the neighborhood that people in Deep Deuce have been paying for and not getting up until this point. Hopefully, it will motivate them to improve the properties going forward.

I guess there is some element of truth in this, but overall, allowable prices are a function of supply and demand. With a large % increase in supply coming on line, it would typically keep prices down assuming all demand is met. Level may not in itself satisfy all that demand, but at some point when demand is met, places that don't meet expectations will fall to the bottom of the food chain. The danger is that if the owners have already made their expectations then they let the area fall into disrepair instead of elevating their investment. Typically they keep rents the same while others command better rates, or actually start lowering rates and doing promotions without increasing the level of their service. This is the danger.

[betts]

And that's precisely the problem with many large rental developments and why I hate to see tooany of them downtown.

[Just the facts]

Downtown apartments are running 98% full with market rates 50% higher than the city average. That indicates there is no shortage of demand.