Developers Propose America’s Tallest Building in Oklahoma City, But Face Challenges
In a surprising turn of events, a group of developers has set their sights on constructing what would be America’s tallest building in an unlikely location: Oklahoma City. The proposed “Legends Tower” would stand at a staggering height of 1,907 feet, more than double the height of the city’s current tallest building and the fifth-tallest building in the world. While the ten tallest buildings in the United States are typically found in New York and Chicago, the developers believe that Oklahoma City’s expansion and growth make it a suitable candidate for such an ambitious project.
Oklahoma City, the twentieth largest city in America with a population of around 700,000 people, has been steadily growing. Between 2020 and 2022, the city experienced a nearly 2% increase in population. Moreover, between 2010 and 2020, Oklahoma City was one of 14 US cities that added over 100,000 people. This growth serves as an endorsement for the proposed tower, indicating that the city can support such a monumental undertaking.
However, despite the developers’ optimism, the proposal may face significant challenges. Oklahoma City’s mayor, David Holt, remains noncommittal about the plan, stating that private developers often announce plans that may or may not come to fruition. Additionally, one city economist dismissed the skyscraper as “pie in the sky,” casting doubt on its feasibility.
The developers leading this ambitious project are real estate investment firm Matteson Capital and architecture firm AO. They recently unveiled their plans to build the Legends Tower as part of a new mixed-use development project in Oklahoma City. The project aims to include retail shops, restaurants, and other attractions alongside the tower.
One surprising aspect of this development is its departure from traditional office spaces. The work-from-home revolution brought about by the pandemic has weakened demand for office space, leaving many buildings vacant across the United States. As a result, the proposed Legends Tower would deviate from the norm by incorporating a Hyatt hotel with hundreds of rooms, approximately 1,750 apartments, and 110,000 square feet of retail stores and restaurants.
The chosen location for the tower, Bricktown, is expected to generate demand due to its proximity to new sports and entertainment options. Recently, voters approved the construction of a new arena for the NBA’s Oklahoma City Thunder in the area, and plans for a soccer stadium are also in progress. These developments indicate that Oklahoma City is committed to growing as a major metropolitan area, with the city investing in infrastructure surrounding the project.
While the developers need approval from Oklahoma City to proceed with their plans, financing the skyscraper may pose a significant hurdle. Stefan Al, an architect and author specializing in supertall buildings, questions whether the premium construction costs associated with such a tall structure are justified. The taller the building, the more expensive it becomes due to additional support structures. Al believes that convincing investors to fund the project may prove challenging.
The entire development project, including the Legends Tower, is estimated to cost $1.6 billion. Matteson Capital CEO Scot Matteson stated that funding would come from multiple sources, including $200 million in subsidies approved by the city. The firm is also pursuing additional state and federal funding to bring their vision to life.
Jason Barr, an economics professor at Rutgers University-Newark who studies skyscrapers, warns that the proposed tower would be an “unprecedented outlier” in Oklahoma City. He explains that a city’s tallest building is typically strongly correlated with its second-tallest building. Given that the Legends Tower would be more than twice the height of Oklahoma City’s current tallest building, the Devon Energy Center office building, Barr questions whether the city’s population can sustain such a massive structure. Comparing it to cities like New York and Chicago, which have significantly larger populations, Barr suggests that filling all the extra space at a reasonable price may prove challenging.
Steve Agee, an economist at Oklahoma City University, shares similar concerns. He dismisses the idea as “pie in the sky,” particularly given the current high interest rates that would complicate financing the building. Agee believes that Oklahoma City may not be ready for a structure of this magnitude.
While the proposal for America’s tallest building in Oklahoma City is undoubtedly ambitious, it faces numerous obstacles. From securing approval from city officials to overcoming financial challenges and concerns about demand, the developers have their work cut out for them. Only time will tell if this audacious vision becomes a reality or remains a distant dream.
CNN’s Andy Rose contributed to this article.
