Is funding secured for OKC skyscraper project? Is it actually viable? What we know

Plans to build the country's tallest skyscraper in the heart of Oklahoma City have attracted national and international attention.

But not all the publicity has been positive. Many are wondering if the project is too ambitious for Oklahoma City and if it's even necessary.

The 1,907-foot tall Legends Tower, proposed by developer Scot Matteson, would be part of the Boardwalk at Bricktown project planned for what is now a surface parking lot at Reno and Oklahoma Avenues in Lower Bricktown.

Here are the latest updates and everything we know about plans to build the country's tallest skyscraper in OKC.

Read more: Could the country's tallest skyscraper become an OKC reality? Developer talks funding, plans

What would Boardwalk at Bricktown, OKC skyscraper include?

If fully built, the Boardwalk at Bricktown could double the amount of housing downtown and significantly boost the supply of hotel rooms.

As part of the project's first phase, the two planned 34-story apartment towers are designed to consist of 576 market rate apartments and 140 workforce apartments. The 34-story Hyatt Dream hotel would be home to 480 hotel rooms and 85 condominiums.

Once the first two apartment towers are at least 50% leased, Matteson said construction of the Legends Tower would begin. The tower is set to be a Hyatt Hotel and a Residences by Hyatt, with 1,017 luxury apartments, 99 condominiums, 48 affordable housing apartments and 400 hotel rooms.

Who will pay for OKC skyscraper? Developer says skyscraper project is fully financed

While many have wondered if the project is financially feasible in Oklahoma City, Matteson told The Oklahoman the entire $1.5 billion development is fully funded.

But, Matteson admitted there are some outstanding questions about whether the tower can be built. The outcome lies in whether he can receive approval from the Federal Aviation Administration, zoning approval from the city and whether the phase one apartment towers are sufficiently leased.

The Oklahoma City Planning Commission is scheduled to review a zoning change for the skyscraper on April 11 with a final vote by the city council on June 4.

Some still asking 'why?' to OKC skyscraper

But even if the project is fully funded, some still don't believe OKC is the best option for it.

Norb Delatte, an engineering professor at Oklahoma State University, said his first question about the project is "why?"

"Very tall buildings make sense in densely populated areas where land is really expensive," Delatte said. "That’s not Oklahoma City."

Engineers say country's tallest skyscraper possible in OKC

However, Dellate, along with Jerome Hajjar, a professor at Northeastern College of Engineering in Boston, both said despite concerns about Oklahoma's location within Tornado Alley, among others, the tower is doable from a structural standpoint.

“It’s certainly an unusual and distinctive structure for a city the size of Oklahoma City,” Hajjar said. “A building system like this, along with the surrounding buildings, can be an anchor for transforming the city.”

Who is Scot Matteson?

In addition to financing and engineering concerns, others have wondered who exactly this developer is and whether he has the credentials to back up his plans.

According to The Oklahoman's independent verification, Matteson's projects include the Sapphire Tower in San Diego, multiple developments in Aspen, Colorado, and a joint hotel purchase and redevelopment in Houston with Magic Johnson’s Canyon-Johnson Urban Funds.

Matteson was also a 50% partner in building the $20 billion Worldcenter in Miami, Florida, which spans 10 blocks that were mostly parking lots surrounding the Kaseya Center, home of the NBA's Miami Heat.

Is OKC skyscraper conversation hurting OKC's reputation?

Still, skepticism lingers, including from veteran developer and real estate finance consultant Bert Belanger. Belanger, a managing director for Milwaukee-based PACE Equity, believes the publicity given to the Legends Tower is potentially harmful for the city’s market credibility.

“Normally I'd say there is hardly any bad publicity out there,” Belanger said. “But this is an exception. It's so fanciful that it makes us look bad for even acting like it’s a possibility.”

Belanger isn’t so sure about assurances the Boardwalk at Bricktown, including Legends Tower, are already fully financed. He also warns the publicity effort may hurt the project.

“This goes back to what this guy is trying to do — drum up interest to drum up investors,” Belanger said. “I think it will have an opposite effect, not just for him, but others trying to get things done in Oklahoma City. It's so preposterous it’s not worth talking about. The discussion is taking up too much space. We should focus on things we know can get done.”

This article originally appeared on Oklahoman: OKC skyscraper developer says project fully financed: What we know