Who will pay for this proposed OKC tower? Could it handle Oklahoma tornadoes? What we know
After early plans were revealed for a 134-story skyscraper in Bricktown, many Oklahoma City residents are asking questions about what would be the second-tallest building in the nation.
The 1,750-foot apartment tower would be behind only the 1,776-foot One World Trade Center in New York City.
Here's what we know so far.
More: OKC could get apartment skyscraper twice as tall as Devon tower in developer's Bricktown plan
What is the Boardwalk at Bricktown?
The Boardwalk at Bricktown is an upscale, multi-tower apartment and hotel complex. Original plans included a Hyatt Dream Hotel, 924 apartment units and 80,000 square feet of retail, restaurants and entertainment.
Now, developer Scot Matteson has announced his hopes to build a third apartment tower that is twice the size of the Devon Energy Center. Matteson said he was first inspired to go bigger with the development when it seemed likely the city would be spending nearly a billion dollars on a new NBA arena downtown.
Matteson is partnering with Lower Bricktown developer Randy Hogan on the project.
Who will pay for this OKC skyscraper?
If the building does come to fruition, taxpayers won't be footing any extra dollars.
The city council has already approved a record high $200 million in tax increment financing to be paid after the first two apartment towers are built.
Urban Renewal director Kenton Tsoodle said there will be no additional tax increment financing for the project.
“This is just them dreaming and planning," Tsoodle said. "They want to do a statement piece.”
Why are they making it so tall? Is that really the plan?
The plans for the third tower are preliminary right now. It wouldn't be built until after the other towers.
Ultimately, its height will be determined by the success of the first two towers, market demand for the luxury units and financing, Hogan said.
Would this really be the second-tallest building in the US?
If the tower is built to its projected 1,750 feet high, it would be a close second to the country’s tallest building, the 1,776-foot-high One World Trade Center in New York City.
Is there demand for that many apartments in OKC?
A 2021 housing affordability study showed Oklahoma City needs tens of thousands of housing units, but also that 42% of renter households are already spending more than 30% of their gross income on rent.
This limits their remaining income to take care of other life needs.
Matteson said the project still includes plans for 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
Will the skyscraper be safe from tornadoes, earthquakes?
Modern skyscrapers are built to withstand high winds and earthquakes using technology that allows them to sway several feet in each direction without compromising its steel structure.
However, if a high-rise building were to be in the midst of a tornado, it would likely sustain severe window damage.
When a F3 tornado hit the Bank One Tower in Fort Worth in 2000, 80% of the 35-story tower's windows were destroyed. The building was almost demolished, but was instead converted into a residential tower.
This article originally appeared on Oklahoman: Proposed OKC skyscraper: What we know about apartment plans, financing
