California developer Scot Matteson is dreaming big – very big – and is revising long-range plans for towers he wants to build in Lower Bricktown.
His full vision, if realized, would include a 134-story apartment tower that would be twice the size of the 50-story Devon Energy Center. Matteson said he is serious about his vision but knows the new plans might leave some people incredulous.
"I'm used to being told you can't do things," Matteson told The Oklahoman. "But I'm used to getting it done."
At 1,750 feet high, the tower, if fully built, would be a close second to the country’s tallest building, the 1,776-foot-high One World Trade Center in New York City. The timing of the expansion decision, less than a week after Tuesday’s vote to build a new arena, is no coincidence.
Matteson also is expanding his plans for the remainder of the development, including a Hyatt Dream Hotel that is going up from 350 rooms to 480 rooms.
New arena cited in decision to expand development plans
For the first time since planning started two years ago, Matteson is preparing to file full renderings and floor plans in a zoning application later this month.
Matteson’s development experience dates back 40 years with projects including The Residences at Little Nell in Aspen, Colorado, the Icon Hotel in Houston, the Saphire Tower condominiums in San Diego and Miami, and a 5,000-acre master plan in Tuscany, Italy, that included a hotel, villas, a winery and culinary school.
Those experiences play into Matteson's bet on Oklahoma City; the Sapphire Tower in San Diego was started with the market indicating sales at $600 per square foot. Matteson said the price for his condos hit $1,200 a square foot.
"In Aspen the prices were $2,200 a foot; we reached $7,000 a foot," Matteson said. "It's all about the experience and the lifestyle you give your guests and owners and renters. Live. Work. Play."
A timeline isn’t set yet for the final tower, which would be a second phase to the development. The first phase, consisting of two parking garages, the hotel and two condo towers is scheduled to begin in 2024 and includes a record-high $200 million in tax increment financing to be paid after the first two apartment towers are built.
Matteson said his company and investors started looking at expanding the project earlier this year as they saw an increased likelihood in the city voting to build a new arena. The most likely spot for the $900 million arena, the former Cox Convention Center, is one block west of the development.
The new arena is conditioned on the Thunder signing a 25-year lease that would keep the team in Oklahoma City past 2050. The agreement requires the arena to be open for the 2028-2029 season.
“We started thinking about the OKC Thunder and spending a billion dollars, and we are going to have a billion dollars going into our design. We are going to have two big projects going on within two blocks of each other. Option A is we build what we’re already approved for. But Option B is with all these things going on with a downtown entertainment district, let’s see what we can do.”
More:Now that OKC voted to build a new arena, what's the plan? Questions remain in budget, timeline
Expanded plans do not include additional tax increment financing from the city
The Boardwalk at Bricktown is a partnership between Matteson and Randy Hogan, who developed Lower Bricktown and has control of the surface parking lots owned by the Oklahoma City Urban Renewal Authority. Hogan called the plan for the third tower, which will be built last and its height ultimately determined by market demand and financing, “aspirational.”
“A wise man once said you don’t know what you don’t know,” Hogan said. “I believe the ultimate height of the second phase luxury tower will be determined by market demand of those units and the success of the first phase which is an absolutely beautiful design and program.”
Despite the project’s expanding scope, no further tax increment financing is anticipated by Matteson or Urban Renewal director Kenton Tsoodle.
“There is no additional money, the deal is done,” Tsoodle said. “It's capped at $200 million, and it’s pay-as-you-go. There will not be TIF changes. This is just them dreaming and planning. They want to do a statement piece.”
More:Oklahoma City film studio given 2-year notice to find new home as site eyed for new arena
Boardwalk at Bricktown brings a hint of Las Vegas to downtown OKC skyline
The new renderings reveal a glitzy design that includes extensive lighting and large LED signage that gives a Las Vegas feel to the development. At the entryway from Reno Avenue is a water pool and fountain.
The hotel tower will consist of a 22-story building atop a parking garage and retail podium. The hotel will include 22 top floor condominiums and a rooftop restaurant and pool. The two twin apartment towers, each 23 stories high, also will be built atop a parking and retail podium. Altogether, each of the three towers, including the podiums, will span between 32 and 35 stories high.
The residential tower garages will include 1,089 private parking spaces and 601 public parking spaces. The garage under the hotel will hold 255 cars.
More:After 40 years, Bricktown has become more than just a tourist destination
Matteson said the project, as presented to the city council in August, will still include 140 workforce rent apartments and a workforce development center in the two towers. Up to another 48 workforce apartments are contemplated for the third residential tower.
The application being prepared for the city includes the site layout and floor plans. The project is being designed by AO Architects and Hensel Phelps is signed up as the contractor. Documents show the finance team consists of BCREM Capital and Global Economic Strategies.
Matteson said he has letters of intent for most the commercial space. He said he has reservations for 25% of the branded hotel condominiums simply through word of mouth without any marketing.
Matteson said he is sold on Oklahoma City’s future, noting its rising population, low unemployment, rising wages and the emergence of construction cranes throughout the city.
“Oklahoma City is growing fast,” Matteson said. “People want to be there. Business wants to be there. It’s affordable. It has growth going on in different sectors of business – aerospace, medical, banking, oil and gas. We like to be visionaries and take the risk.”
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