Davenport Urban Lofts

[LandArchPoke]

If I had $1m+ to spend I think I'd rather build something as opposed to some crazy expensive "loft" that doesn't even come with dedicated parking (well - okay - it has dedicated storage for your bicycle). I agree with LandArchPoke - entry level condos need to happen downtown - this country is making a mistake only catering to the 1%ers and letting everyone else fight for the scraps. I disagree however that condos ever make sense. 

A lot of it comes down to financing - I'm not super hopefully that it ever changes. We could look at Canada as a model of how our banks and financing agencies should deal with new condos.

A condo build is deemed more risky than a subdivision by banks so developers have to be very well capitalized to do them. The insurance and potential lawsuits to a developer (contractor, architect, etc.) in many states like Oklahoma is very large - you can get sued for years down the road for anything and everything if enough owners get together. People who want to buy a condo too have a really hard time buying them as opposed to a house if they're proposed, that's why most condo buildings cater to the 1% because they have excess cash they can put down for reservations normal people can't put aside for 12-24 months while it's under construction.

Until Freddie Mac and Fannie Mae wake up and create a condo financing program that makes it easier for people to buy them too you'll likely never see large scale condo developments that are affordable anywhere in the US. The Canadian financial system is set up to allow for financing these types of things and that's one of many reasons many of the smaller cities (not that much bigger than Tulsa or OKC) like Edmonton, Calgary, etc. are significantly more dense. A lot of young people tend to buy condos in the urban core as starter homes in many Canadian cities before moving out to bigger homes. Vancouver you can still find small condos for $400-600k in a city that most homes are $2 million +

Freddie Mac and Fannie Mae don't get the deserved attention for driving so much of the suburbanization of our cities. Just minor changes to national and federal policy would do wonders for the housing crisis in the US. A starter home doesn't have to be a single-family house.

[LandArchPoke]

Interesting, this seems pretty rare for Oklahoma. Is this some weird version of design-build?

The builder of this runs a construction business. It's a prefab type thing for commercial buildings (banks, fast food, etc.). So my guess is he just didn't want to pay the additional money to a firm since he could likely do it himself. Just not as fast. He's a nice guy and planning to live in the building so it's not a developer who is taking the money and running away after either and couldn't care what problems are caused after it is occupied.

[ComeOnBenjals]

Great insight, LandArch. It does look like this will be a quality project when finished. Curious to see what kind of retail they're able to land on the street.

[shavethewhales]

Great insight, LandArch. It does look like this will be a quality project when finished. Curious to see what kind of retail they're able to land on the street.

Wonder if the people who owned the Yeti are still out there looking for a space... 

[shavethewhales]

Can you believe that the sidewalk was still closed as of a week or so ago? I can't believe the city never stepped in and more people didn't complain about this. At long last though, the building is done and ready to open: https://tulsaworld.com/business/local/downtown-developments-move-ins-begin-soon-at-lofts-next-to-cains/article_1a07f91c-92ba-11ed-b78f-538fe6620eee.html

19 sold out of 29 isn't bad for a luxury condo tower in this town. Now of course it will be interesting to see if the long feared changes will happen to the area once residents move in. I don't think Cain's will be an issue. It's really just Soundpony as the last hold-out of the old dive bars that gave the area it's charm. Inner Circle probably won't be able to host outdoor shows anymore, but they rarely did anyway.

[shavethewhales]

As of the PUP show last Sunday night, the sidewalk is STILL not open. There's still spots where the cladding is unfinished. There's lots of paper haphazardly placed over the windows. It looks like some units are being finished, but no one has moved in yet from the looks of it despite the news story I posted two months ago that said move-ins were imminent.

About a year ago I was remarking that the building looked mostly done and I assumed people would be moving in soon. It's bizarre how slow this has gone since the wrap-up of the major construction.

I noticed the stucco across from Soundpony has some dents and holes in it... possibly from Soundpony patrons throwing stuff at it. There's a big sign threatening people not to throw stuff at the building from their patio, lol.