Civic

[Pete]

Ordinarily, a developer would have to buy the property from OCURA up front.

They must have worked out a deal to take a share of the profit in return for them not paying for the land until after the units are sold.

Considering there was no other response to the RFP and both parties seem agreeable to the terms, it just sounds like a creative way of moving this project forward.


However, it's strange they didn't include the details of the arrangement in the agenda packet.

[catch22]

Ordinarily, a developer would have to buy the property from OCURA up front.

They must have worked out a deal to take a share of the profit in return for them not paying for the land until after the units are sold.

Considering there was no other response to the RFP and both parties seem agreeable to the terms, it just sounds like a creative way of moving this project forward.


However, it's strange they didn't include the details of the arrangement in the agenda packet.

Thanks for the clarification. I must've misread, I thought they were buying the land up front, and the upon sale they would split the profit some way. So really the land will be sold pretty much directly from OCURA to the buyer of the unit once a unit is built and sold.

[adaniel]

Thought I saw last week on Steve's chat that a third of these have pre-sold and there was a lot of interest. Is that true? Also, weren't these supposed to break ground this month?

Sorry for all the questions. I'm definitely rooting for this project, we need more for sale properties in the core.

[Spartan]

I know they have flooded Zillow. I've been idly browsing urban homes for sale and it's striking what a severe lack there is in OKC. These units, the Hill at Bricktown, and one in City Place are pretty much it right now.

[Pete]

This project is moving forward and is now known simply as The Civic.

In their meeting next week, OCURA will vote to approve their design plans so they can move to the next step of seeking approval from the Downtown Design Review Committee.

[Teo9969]

This project is moving forward and is now known simply as The Civic.

In their meeting next week, OCURA will vote to approve their design plans so they can move to the next step of seeking approval from the Downtown Design Review Committee.

Awesome news, although not excited about the name…They can always rebrand though.

Would love to know if others living in more urban cities have found it to be the case that every residential development has a name? I mean, we even name private residences in OKC (like The Firehouse Townhome). I've never seen a residential development with a name in any of my travels.

[CuatrodeMayo]

All the new residential developments in Seattle are named, and much of the old buildings are as well.

[bchris02]

Would love to know if others living in more urban cities have found it to be the case that every residential development has a name? I mean, we even name private residences in OKC (like The Firehouse Townhome). I've never seen a residential development with a name in any of my travels.

Most of the newer residential developments in Charlotte have names as well. The difference is major cities usually have so many urban residential developments its easier to lose track.

[kevin lee]

If you stopped random locals in the vicinity of one of these developments more than likely they know the name, or at least a nickname.

[BDP]

Would love to know if others living in more urban cities have found it to be the case that every residential development has a name?

You'll find that a lot of apartment buildings have names, but far from every one does. In LA, it seems a lot multi-unit places have names, but you often don't really notice. In SF, it seemed that only high rise places had names, but that city is (or at least was) mostly renovated flats and subdivided older residences. A lot of older Apt. buildings carry the name of the original development, like you see here with the midtown renovations. I think the difference is that the newer ones seem like they're named by a PR firm that did some market research on coolness.

[ljbab728]

You'll find that a lot of apartment buildings have names, but far from every one does. In LA, it seems a lot multi-unit places have names, but you often don't really notice. In SF, it seemed that only high rise places had names, but that city is (or at least was) mostly renovated flats and subdivided older residences. A lot of older Apt. buildings carry the name of the original development, like you see here with the midtown renovations. I think the difference is that the newer ones seem like they're named by a PR firm that did some market research on coolness.

Very true. My brother has a condo in area of LA which is heavily developed with condos and apartments. They all have names. OKC is starting to have so many now that I sometimes lose track of which is which.

[Pete]

Their proposed signage:

[Pete]

And a new rendering and floor plans:

[okatty]

I am curious about thoughts on this project as compared to others. The Hill. Block 42. Lisbon. ETC. Also wondering about thoughts on these compared to the projects outside of downtown area - i.e the new homes near Classen Curve on 57th. The difference of location is obvious but just in terms of pros and cons, value, resale and so on. Would be curious to hear thoughts and views. This concept may have been covered another location so sorry if already out there or if there is better place to discuss. Thanks.

[Pete]

According to Realtor.com, only 20 of the 34 units are still available.

[Spartan]

According to Realtor.com, only 20 of the 34 units are still available.

What target do they need to hit before they break ground? In my experience it's hard to get over 50% pre-sold before you actually have a building.

[Anonymous.]

Crazy to me that these are pre-selling for $230+ per sqft, and we somehow don't have developers stampeding to get a high-rise residential tower(s) here.

[Spartan]

I hate to say it, but I didn't even think that these were that nice. That price point is in line with the Brownstones.

[AP]

^Agreed

[Pete]

Crazy to me that these are pre-selling for $230+ per sqft, and we somehow don't have developers stampeding to get a high-rise residential tower(s) here.

With virtually zero amenities.

[Canoe]

What is the price per square foot for high rise residential in peer cities?

[onthestrip]

$230/ft is cheaper than anything else for sale downtown. Most things are going for $250 and up. I think that, and the fact there is such a small amount of for sale housing in downtown and midtown is the reason these are selling for that. But to pay that and not even have covered parking? Ehhh, no thanks.

[Rover]

What is the price per square foot for high rise residential in peer cities?

In most reasonably large urban centers, high rise construction cost averages run from about $160 per foot in a city like OKC to $225 or more in cities like Chicago, NYC. That is basic cost and may not include fit-out. Doesn't include marketing costs, commissions, profits, etc. Of course, high rise condo's in NYC sell from $1,250 per foot to $4,000 ft, or more, location and amenities dependent. Condo's in the Austonian, in Austin, are for sale from $850,000 to $2.5 Million. That's why developer's money goes to those projects before they invest in OKC.

[warreng88]

From the Journal Record:

Tuned in to downtown housing demand: Committee approves condos near Civic Center Music Hall

By: Molly M. Fleming The Journal Record February 20, 2015

OKLAHOMA CITY – A project offering homes for sale rather than rent was approved by a city committee, but one real estate analyst said it will barely make a dent in the demand.

The Downtown Design Review Committee pushed forward plans for The Civic, a 46,474-square-foot condominium development at 627 Couch Dr., facing the Oklahoma City Civic Center Music Hall.

The three-story building will have 34 units, ranging from lofts to two bedrooms. It will have an adjoining 12,938-square-foot parking lot. It is being built on land owned by the Oklahoma City Urban Renewal Authority. Ron and Jason Bradshaw were the only developers to respond to OCURA’s request for proposals on the property, which were accepted in mid-January.

Butzer Gardner Architects Project Manager Aaron Pilat presented the condos during Thursday’s DDRC meeting.

“We’re excited about this project,” he said. “We think it will be a block-defining building.”

He emphasized how the project was created to enhance walkability in the area. The committee did not have any major questions about the project. The city’s planning staff did ask the committee to approve it and recommend a variance because the parking lot will be covered in decomposed granite, rather than hard-surfaced pavement as required by city ordinance.

“Provided that the proposed decomposed granite material is properly engineered and installed to create a stable and flat surface to accommodate a parked motor vehicle and is continuously maintained in that condition, staff can support the inclusion of this element in the project design,” planning staff said in their report.

Bradshaw said during the meeting he plans to start construction once half the units have been purchased. To date, he’s sold 13. The prices range from $177,000 to $366,000. Given the purchase rate, he said construction will likely start in June.

It’s been nearly nine years since a condominium project was developed on the Central Business District’s west side. In 2006, Gardner Tanenbaum Group CEO Richard Tanenbaum converted The Montgomery into condos, which are now leasing as apartments. The former Montgomery Ward department store building is three blocks southeast of The Civic site.

Price Edwards and Co. Multifamily Specialist David Dirkschneider said he expects The Civic to help meet the growing for-sale housing demand.

“If there were ever a time it would work, it would be now,” he said. “There’s such a demand for housing downtown. In the past, it was before there were as many amenities as there are now. There’s so much more going on downtown. I don’t think there’s any question it will survive.”

He said the price point is realistic for the area because a mortgage payment would be similar to downtown rents.

But The Civic is only 34 units, and downtown needs more, he said.

“I’ve done a lot of research on the housing and there is a demand,” he said. “As long as jobs keep coming down there, there’s going to be continued demand. Even if there were no new jobs added downtown, we are still two to three years behind the demand.”

[Spartan]

So 4 more to go, and then we've got more dirt moving. Good deal.