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New Oklahoma City Skyscraper

Started by The Ghostbuster, April 17, 2024, 03:47:47 PM

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Rothman

Pfft.  Have you been to Manhattan lately?  Building boom, despite the obstacles.
Please note: All comments here represent my own personal opinion and do not reflect the official position(s) of NYSDOT.


Scott5114

Quote from: Bobby5280 on July 23, 2024, 01:14:45 PMThe OKC administration already gave its approval.

Let's be honest, it would be kind of hard to come up with a project the City of Oklahoma City wouldn't give its approval to, especially if you're not asking for TIF money with it.

It would have to be something like a three hundred foot tall Satanic temple, topped by a one hundred foot tall statue of Baphomet, sporting an erection, wearing a Texas Longhorns hat and a T-shirt that says "I ♥ Proper Capitalization" and holding a sign that says "Gary England sucks", built in R1 zoning. And even that might get approved if you donate to the city council's re-election campaigns.
uncontrollable freak sardine salad chef

Bobby5280

#52
Quote from: RothmanPfft.  Have you been to Manhattan lately?  Building boom, despite the obstacles.

It can take several years or more for a skyscraper project to go from the drafting table to completion. The market downturn in office real estate is very real. The downturn just hasn't caught up to the backlog of construction projects yet.

The situation is bad enough that some of these developers could get wiped out and leave some skyscraper projects stuck, unable to finish construction. They all planned these buildings with the intention of collecting high lease/rent amounts to help pay off all the money they borrowed to fund their projects. That borrowed money comes with variable interest rates that re-adjust every few years, unlike the 30 year fixed rate mortgages individuals get when buying a home. With office vacancy rates in Manhattan hitting the 20% mark it doesn't exactly put a stable floor under those high lease/rent prices. The insane living costs in the Greater New York Area is forcing a lot of workers out of the region. A growing number of employers are following them.

Quote from: Scott5114Let's be honest, it would be kind of hard to come up with a project the City of Oklahoma City wouldn't give its approval to, especially if you're not asking for TIF money with it.

I still think the OKC city council gave its approval as a means of calling the developer's bluff. They're giving the guy enough rope to hang himself with.



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