OKC luxury apartments opening amid affordable housing crisis
As Oklahoma housing advocates stress the importance of options for affordable dwelling for more Oklahomans, another luxury apartment complex is preparing to open its doors to Oklahoma City residents.
OKLAHOMA CITY (KFOR) – As Oklahoma housing advocates stress the importance of options for affordable dwelling for more Oklahomans, another luxury apartment complex is preparing to open its doors to Oklahoma City residents.
The Residences at Oak opened pre-leasing applications last week, giving potential residents a chance to see what the mixed-use district will cost them if they'd like to be some of the first Oklahomans to live inside.
Prices quoted from an apartments listing website range from $1,500 per month for 570 square foot studio apartment to upwards of $3,900 for a three bedroom and two-and-a-half bathroom apartment that's a little over 1,500 square feet.
"We've got 320 units of luxury residences and it is really a sprint to the finish from the very beginning," said Ryan McNeill, the head of Veritas Development. "There is access to a feel of being part of a neighborhood and not just out in a kind of a, you know, a green field on the perimeter of or edges of the development."
McNeill touted the residences as being the first phase of a multi-phase development plan for the area, of which covers 20 acres. The space is set to include restaurants, retail options, offices, a boutique hotel, a music/arts venue and more to be more neighborhood centric. When pressed about the cost to residents who want to live there, McNeill was unapologetic of the potential exclusivity.
"We're not for everybody in terms of what the product is," said McNeill. "It is a more luxury-for-rent product."
Oklahoma City housing advocates say the luxury housing model is a reality Oklahomans will likely need to get used to.
"You're not going to get away from the luxury housing because that's where some of your developers want to be and make their money," said Charles Parks, Assistant Director of Housing Choice Vouchers at the Oklahoma City Housing Authority (OCHA).
Parks argued though that affordable housing must be prioritized by future developers as the need continues to grow, pricing some struggling Oklahomans out of places to stay.
Parks said OHCA is currently facing a short fall, which would pause it's ability to accept new Oklahomans who need help to find an affordable place to stay. He attributed that problem to federal funding challenges and rent increases in Oklahoma.
"We're just seeing a decrease in the construction of affordable housing," said Parks. "We're fighting that, and I perceive that our state, along with the nation, realizes that is a problem that we've got to correct as we move forward."
News 4 asked Parks what his appeal to luxury developers or developers in general might be to get them to consider affordable housing development in the metro.
"Without an increasing in our incomes they're drawing on a very select few that can afford luxury homes," said Parks. "In Oklahoma, for minimum wage folks to be able to afford a one bedroom unit, they would have to work 88 hours a week just to pay 30% of their income for rent every month."
McNeill said he's confident that Oak will have a big and positive economic impact on the metro.
"It was estimated that that will generate over $8 million of retail sales tax and lodging tax for the city," said McNeill.
For Oklahoma City residents that are interested in continuing talks about affordable housing, the city's Human Rights Commission is holding a panel July 24 at ReMerge. The address is 823 N. Villa Avenue.
The event starts at 6 p.m. and is open to all ages.