California Developer Aims To Build America's Tallest Building In This Unusual Location

In a surprising turn of events, a California-based real estate developer has proposed constructing the tallest building in the U.S. in an unusual location – Oklahoma City.

What Happened: Matteson Capital, a California firm, has revealed plans to seek permission from local authorities to increase the height of its Boardwalk at Bricktown Tower project in Oklahoma City to a staggering 1,907 feet, reported Fox Business on Wednesday.

The proposed skyscraper would be the tallest in the U.S. and the fifth tallest globally, should the request be granted. The project, which is set to feature four towers, is estimated to span around 5 million square feet and include residential, commercial, and hospitality spaces.

CEO of Matteson Capital, Scot Matteson, expressed his confidence in Oklahoma City’s potential for significant growth and transformation, making it ideal for such a monumental project.

See Also: Stock Market’s ‘Once-In-A-Generation’ Opportunity Is Near, Says Bernstein Analyst: ‘You Are Going To See A Bear Market’

The project is a mixed-use marvel, including a 480-key Dream Hotel by Hyatt with 85 residential serviced condominiums in the Dream Tower; an additional 350-key Hyatt hotel with 100 serviced condominiums in the Legends Tower; 1,776 residential units ranging from market-rate to affordable workforce and luxury options; and a vibrant retail and restaurant scene with over 110,000 square feet of space designated for commercial use, food and beverage, and a workforce development center for the community at the street and second levels,” Matteson Capital said in a news release.

Why It Matters: The proposal to erect the tallest building in the U.S. in Oklahoma City is a bold and unexpected move, given the city’s relatively modest profile in comparison to other major U.S. cities. If successful, this project could have a significant impact on the city’s economy and real estate market, as well as its overall image.

This announcement also underscores the increasing investment interest in up-and-coming cities, as evidenced in the recent growth and transformation of Oklahoma City. It also reflects the potential for new economic and real estate opportunities in less traditional markets.

Earlier in 2023, Benzinga explored the Real Estate Investing Lessons from the Success of the Rockefeller Center, highlighting the value of diversified real estate investments in the country’s top markets. This recent proposal further underscores the potential for lucrative real estate opportunities in unexpected locations.

Read Next: Mohammed Bin Salman-Led PIF, Which Owns Lucid, Announces Partnership With Three Electric Motorsport Series

Image Via Shutterstock