Boulevard Place

[dankrutka]

I’d say both projects are deeply problematic. The city really should expect actual affordable housing here. Otherwise, it’s just more government handouts for wealthy developers who don’t need them.

[Rover]

I am disgusted with how this project turned out. Unless I missed something, the $1k-plus 300 square foot studios are not "affordable" housing in OKC.

They don't have 300 sqft apartments.
From Rose Rock:
"the eight-story steel structure has 241 residential units ranging in size from 650 to 1,400 SF, with over 30% of those being offered at affordable rates and multiple different floor plan options. The apartments at Boulevard Place will consist of studio, one bedroom, two bedroom and three bedroom units. "

I also cannot find where any rental rates have been posted or announced. Please post a link to show where they are intending to now make 300 sf apartments and the rent starts at $1,000.

I don't know the actual $ number for affordable housing designation in OKC, but the AVERAGE apartment rental rate in OKC is almost exactly $1 per foot per month.

[shawnw]

My information about the $1,000/mo came from the city council video on 8/17. Please watch.

[David]

Hot take: government subsidized housing is good regardless of the price point of the individual units. We have a housing crisis, and the only way out of that is building more housing and the denser it is the better. Anything that moves the needle on that is worth investing in. Scarcity is part of the reason for the lack of affordability.

[chssooner]

Hot take: government subsidized housing is good regardless of the price point of the individual units. We have a housing crisis, and the only way out of that is building more housing and the denser it is the better. Anything that moves the needle on that is worth investing in. Scarcity is part of the reason for the lack of affordability.

Agree. Quality developments filling a major need (downtown housing of any kind) should get some subsidy.

[Dob Hooligan]

I recall this project has several layers of government involved in the structure and financing. Federal, state, county and city all have areas of control and interest. Affordable housing is top of mind with so many of these type projects, especially when federal money is involved. Also, specific dollar amounts are rarely dictated, due to unforeseen economic circumstance. Because federally chartered financial institutions are usually involved, it seems that percentages of some federal category are the rule (household income, poverty level, etc.).

[Rover]

$1000 a month for a 1400 sf would be below market. And you are sure it’s for 300 Sq Ft apartments?

[chssooner]

$1000 a month for a 1400 sf would be below market. And you are sure it’s for 300 Sq Ft apartments?

There are no 300 Sq ft apartments in this building at all. Not sure where he got that from.

[therhett17]

https://www.news9.com/story/61252c43...N35Yt6ALHFZIUE

[Plutonic Panda]

What’s up with all the gray? The new apartment building down EK Gaylord is like that as well. Bleh

[G.Walker]

Did they change the design again, this looks like the original?

They had newer renderings, that had some color and more detail...so I don't know...

[G.Walker]

Well the article reads like the latest renderings will be shown on the news at 5P, tune in, lol.

[Pete]

These are not new renderings.

Same ones we posted some time ago.

[dankrutka]

https://www.news9.com/story/61252c43...N35Yt6ALHFZIUE

“I just have concerns when we are using public money and we are not getting the public benefit for more people in the community,” said Councilwoman JoBeth Hamon.

“Just running the numbers and working with the city, it just didn't make sense in that part of Oklahoma City to have units that were that low in rent,” Watts said.

These quotes stood out. Seems like having affordable units wasn’t even a consideration for the developer.

[chssooner]

These quotes stood out. Seems like having affordable units wasn’t even a consideration for the developer.

And yet I am still ok with TIF funds for this. OKC has a dire need for downtown housing of any kind, so I am ok with it. Just my opinion, not bashing those who believe differently.

Plus, as a CPA, I totally understand what they are saying.

[Plutonic Panda]

Is need the same thing as demand? Because if the demand exists then why is tif money needed?

[chssooner]

Is need the same thing as demand? Because if the demand exists then why is tif money needed?

In this case, yes. Downtown land is still more expensive than suburban areas, so someone has to be the first to take the leap to build downtown.

After this first wave (Boulevard Place and Alley's End), I think that developers will see that the demand is there.

Huge developments like the Uhaul lot are an exception, and those types of developments get incentives in EVERY city. Maybe not TIF funds, but incentives are given. But for mainly apartment developments, I would think TIF funds will not be as freely given, going forward. But I am also pro-development, so a couple million in TIF funds really isn't much, despite what people may say. As long as the development is successful, then the TIF funds did their job. I am fairly easy-going with regards to things like that.

[HOT ROD]

TIF is being used to clean-up the lands that OGE polluted.

[Pete]

TIF is being used to clean-up the lands that OGE polluted.

This is not correct. It's just a general grant to the developers.

[HOT ROD]

I was quoting our local mass metro media source.

[sroberts24]

There were crews onsite Tuesday morning doing some work. Looked like they were drilling for soil samples?

[shawnw]

The high price of affordable downtown housing
https://www.oklahoman.com/story/news...rs/5798774001/

[amocore]

The high price of affordable downtown housing
https://www.oklahoman.com/story/news...rs/5798774001/

At least, it creates more inventory Downtown so it will help.

[soonerguru]

The high price of affordable downtown housing
https://www.oklahoman.com/story/news...rs/5798774001/

Good article. Raises the infuriating issues I brought up about this a month or so ago. Unfortunately, the timing of the article makes it irrelevant now that the votes have all happened and the money is set to be disbursed.

That we have a taxpayer-funded pot of money to create additional affordable housing is great. That it was tapped in this specific case is not.

[Pete]

Getting $7.2 million in TIF.