Private Investment Ready to Go as a Result of MAPs 3?

[Thundercitizen]

Now that the city has made it's statement, are there other entities waiting in the wings to dovetail their projects with MAPs development?
Any companies waiting for something like this to tip the scale as they weigh decisions to relocate here, etc?

[mugofbeer]

Look for that to come once the projects become closer to actual construction. The other major worry from the developers is the economy in general. Lets say a company wanted to build a condo tower along the park, they might have a very hard time securing financing for a significantly speculative project like that right now. Hopefully, as time goes on, credit will become reasonably available and private investment will add another billion or 2 to the downtown area. I hope the C of C and the City will be concentrating on publicizing the city, what has been accomplished, whawt is to come and pitch it for corporate relocations. MAPS3 and the previous MAPS projects are exactly the kind of thing businesses look for when searching for a can-do city to move to.

[hoya]

This should solidify OCU's desire to move their law school downtown. They were waiting to see what MAPS 3 did. So they should begin moving forward on that plan now, which will result in renovations to the Fred Jones building.

[Thundercitizen]

Look for that to come once the projects become closer to actual construction. The other major worry from the developers is the economy in general. Lets say a company wanted to build a condo tower along the park, they might have a very hard time securing financing for a significantly speculative project like that right now. Hopefully, as time goes on, credit will become reasonably available and private investment will add another billion or 2 to the downtown area. I hope the C of C and the City will be concentrating on publicizing the city, what has been accomplished, whawt is to come and pitch it for corporate relocations. MAPS3 and the previous MAPS projects are exactly the kind of thing businesses look for when searching for a can-do city to move to.

The down economy is also a two-edged sword. Credit; not so good. Project costs (at least in the shorter term); good. Lot's of hungry contractors (i.e. Thunder practice facility).

[Midtowner]

This should solidify OCU's desire to move their law school downtown. They were waiting to see what MAPS 3 did. So they should begin moving forward on that plan now, which will result in renovations to the Fred Jones building.

This will undoubtedly result in either law firms building office buildings nearby or private developers building office towers next to the law school to accommodate law firms which would want to be located nearby. OCU Law will be a game changer for downtown for sure.

[mugofbeer]

The down economy is also a two-edged sword. Credit; not so good. Project costs (at least in the shorter term); good. Lot's of hungry contractors (i.e. Thunder practice facility).

That should be true so the oversight committees better be doing their jobs getting the most bang for the buck. Inflation is inevitable so this could offset some of those future inflation-driven added costs.

[jbrown84]

I think we will see this. Not tomorrow, but in the coming months and years.

[Larry OKC]

This will undoubtedly result in either law firms building office buildings nearby or private developers building office towers next to the law school to accommodate law firms which would want to be located nearby. OCU Law will be a game changer for downtown for sure.

Mid,

What impact do you think there will be on all of that if they decide to move the County Jail? Especially if it is on the edge of the 10 miles that one article mentioned?

[Midtowner]

Mid,

What impact do you think there will be on all of that if they decide to move the County Jail? Especially if it is on the edge of the 10 miles that one article mentioned?

It's hard to say. I don't really know what's being planned or if they're going to move the criminal courts out to Choctaw. It'll make it more expensive and more time consuming to do criminal law, so ultimately, I think either way, fewer folks will be willing to do criminal law. Especially folks who only do just a little bit of it.

[kevinpate]

Mid,

What impact do you think there will be on all of that if they decide to move the County Jail? Especially if it is on the edge of the 10 miles that one article mentioned?

I'm not mid, but I would anticipate an increase in appearances via closed circuit video proceedings between the jail and the courthouse. these are already in use in OK Co. courts and elsewhere to limit some risks and manpower issues re transport back and forth of the the jumpsuit brigade.

[OKCMallen]

This will undoubtedly result in either law firms building office buildings nearby or private developers building office towers next to the law school to accommodate law firms which would want to be located nearby. OCU Law will be a game changer for downtown for sure.

Plenty of office space existing downtown...I don't know how much new construction will take place...?

[mugofbeer]

Plenty of office space existing downtown...I don't know how much new construction will take place...?

And more to come when Devon vacates their current locations to move to the new building. Hopefully, new businesses will find downtown the "place to be" rather than the convenience of the suburbs and fill that empty space.

I think more of the new investment downtown will be more of the apartment and condo type in the short run.

[purplemonkeythief]

I think more of the new investment downtown will be more of the apartment and condo type in the short run.

Do you mean in building them or selling/renting the ones already available?

While job hunting and looking for a place to relocate my grandmother, I've found that there's a glut of empty apartments and condos in the downtown area.

I can't imagine anyone wanting to build more while so many existing ones remain empty.

[mugofbeer]

Once the park and convention center are underway, I am talking about new developments around those or between the park and the river. Things are slow now, but in 2 years they will hopefully be picking up. That glut is why I don't really see much going on immediately. Creditors who would lend money for such projects would know about it too.

[soonerliberal]

Once the park and convention center are underway, I am talking about new developments around those or between the park and the river. Things are slow now, but in 2 years they will hopefully be picking up. That glut is why I don't really see much going on immediately. Creditors who would lend money for such projects would know about it too.

Put that on top of the likely economic recovery picking up over the next two years. Things should be starting to really pick up at the perfect time. Timing isn't everything, but it sure is helpful. It appears that if they are on target, this was probably the perfect time to pass MAPS.

[Thundercitizen]

Now if they can lock in some contracts before inflation or demand for construction labor picks up...great.

Momentum is also a huge draw for bringing in businesses from the outside. New jobs, a better impression of OKC for prospective businesses and families that may have OKC on their radar, now.

[FritterGirl]

Saw Mike Carrier (CVB Director) at the Chamber watch party last night. He commented that even before MAPS passed, he already had architects and developers contact him about the Convention Center. Said he expected a lot more calls today and in the ensuing weeks. People across the country were watching us yesterday, as much as it pains some people to believe that. MAPS is a BIG deal.

[Thundercitizen]

I'd venture to say that most sizeable A-E firms are scouring verbiage, concept plans, community area plans, and any other source of information leading to work regarding MAPs 3...probably have been for a while. To just get a feel for the scope, both fiscally and conceptually will help them begin to put together a pitch.

[jbrown84]

I've found that there's a glut of empty apartments and condos in the downtown area.

For sale condos, yes, but I don't think there's a glut of apartments for rent. That supply is fairly limited.

Park Harvey
Legacy
Deep Deuce
and a few small buildings with a few lofts

[betts]

Things will pick up downtown when the economy improves. The more that's built and the more things that are being planned downtown, the more attractive it will be for people looking for a different residential experience. I'm not worried. I think we'll see a boom in downtown housing over the next 10 years. It's a fun place to live, but it takes a little bit of a spirit of adventure right now. Someday we'll have a grocery store, a pharmacy, etc, and people will wonder why they didn't move down earlier.

[Sin Wagon]

Yes I heard a rumor that XXXX is moving here due to the fab seniors aquatic center and muddy kayak eddys!

[Thundercitizen]

Yes I heard a rumor that XXXX is moving here due to the fab seniors aquatic center and muddy kayak eddys!

Outstanding! Heard the same rumor that the AARP is moving it's headquarters to our fair city. Guess that makes it official.

[kevinpate]

...

Ah hears Dixie Chicks muzak.

[bluedogok]

The down economy is also a two-edged sword. Credit; not so good. Project costs (at least in the shorter term); good. Lot's of hungry contractors (i.e. Thunder practice facility).

"Things" are not "on sale" in the building industry as much as the general public would like to think, when prices were high everyone was building on the credit bubble, supplies were tight because of demand. By now most manufacturers have closed plants and laid off people and severely cut production to bring the market more in line with demand, so supply wise, there really aren't any great bargains out there at this time, the market already adjusted after a year. In the labor market, many have headed back to where they came from (either other states or countries) so the abundance of labor is not there like it once was but still a little more elastic than the supply market.

I am fighting the perception of everything being on sale on a couple of projects. The ones who are willing to go "lowball" on everything have already pretty much gone out of business. There were many "contractors" who got into the business when things were going nuts, mostly they were nothing but money people who started firms with the people who knew how to build, most of those people have lost their jobs and/or gone on to stable firms by now. Mainly because the money people sucked what they could out of those companies even faster than the credit could keep up and then filed bankruptcy, leaving the building people and lawyers to clean up the mess. I know of several that have gone through this in the Central Texas area.

I have one project that for the past year bids have come in consistently between 4-6 million, once in March and just a month ago, the owner still wants it for two million and is determined to shop it to anyone who will look at it in hopes of finding his price. Pretty much, if he finds someone to build it for the price he wants, that is when he really needs to start worrying, it won't be finished for that price, I can guarantee you of that.

[Thundercitizen]

Hence the "shorter term". I agree with most of what you said, but labor can fill back in like water when there are jobs to be had...many are still here.