In Oklahoma City, a group of developers plans to build the tallest building in America. The proposed location for the 1,907-foot “Legends Tower” is certainly unconventional. It would be the fifth-tallest building in the world, more than twice as tall as Oklahoma City’s tallest building now.
A total of 10 of the tallest buildings in the United States are in New York and Chicago, the country’s two largest cities. With around 700,000 residents, Oklahoma City is America’s 20th largest city.
According to the developers, Oklahoma City is expanding and can support such a project. It grew by nearly 2% between 2020 and 2022. Oklahoma City was among 14 cities in the US that added more than 100,000 residents between 2010 and 2020.
Eventually, the plan endorses the growth of a city. There is, however, a chance that the proposal will fail from the start. Oklahoma City’s mayor, David Holt, is noncommittal about the plan and said in an emailed statement to CNN,
“In my observation, private developers often announce plans and some of those plans happen, and some don’t. I have no strong opinion and look forward to following their effort.”
Also, one city economist, Steve Agee, dismissed the skyscraper as “pie in the sky,” especially since interest rates are hovering at 23-year highs, which would make financing the building more difficult.
“I don’t see the economics working in their favor,” he said. “It’s not fathomable to me that Oklahoma City is ready for a building like that.”
The developers, led by real estate investment firm Matteson Capital and architecture firm AO, announced plans this week to build the skyscraper in Oklahoma City as part of a new mixed-use development project in the city with retail shops, restaurants, and other attractions.
Another factor contributing to the unexpected nature of this development is the work-from-home revolution spurred by the pandemic, which has significantly diminished the demand for office space.
Presently, the United States is experiencing a surplus of vacant office space, reaching levels not seen since 1979. Notably, numerous iconic structures, including the 1,776-foot One World Trade Center in New York and Chicago’s 1,729-foot Willis Tower, are office buildings that are grappling with increased vacancies.
Instead of being designated for office spaces, the envisioned tower in Oklahoma City is set to encompass a Hyatt hotel featuring hundreds of rooms, approximately 1,750 apartments, and 110,000 square feet dedicated to retail stores and restaurants.
In the Bricktown district, where the extensive development project and skyscraper are scheduled, developers assert that emerging sports and entertainment opportunities drive a demand.
Recent approval from voters for a new arena dedicated to the NBA’s Oklahoma City Thunder, along with ongoing plans for a new soccer stadium in the vicinity, contributes to the perceived demand.
Scot Matteson, CEO of Matteson Capital, emphasized the city’s dedication to evolving as a major metropolitan area. In a CNN release, he stated, “Oklahoma City is committed to growing as a major metropolitan area. The city has invested in infrastructure surrounding the project.”
Yet, Approval from Oklahoma City is required for the developers to proceed with the tower’s construction.
