http://www.okctalk.com/images/pete/gardenwiki1.jpg
Information & Latest News
328 E Sheridan (http://goo.gl/maps/I2oTI)
status=opened 1/23/14
owner=Marsh Pitman
cost=$45 million
start=June 2012
contractor=Flintco
height=11 floors
sq. feet=179,342
other=255 rooms

1/31/14: Sold for $31.5 million to Apple Hospitality of Richmond, VA
1/23/14: Grand opening
12/7/12: First level of structure is framed
10/11/12: Construction crane erected
9/5/12: Construction begins
5/21/12: $26 million building permit issued
4/11/11 Revised renderings presented to desing committee showing darker brick
1/19/11: Two hotels planned for Bricktown (http://newsok.com/two-more-hotels-eyed-for-bricktown/article/3533600?custom_click=lead_story_titlehttp://newsok.com/two-more-hotels-eyed-for-bricktown/article/3533600?custom_click=lead_story_title)
1/19/11: First renderings presented to design committee showing light-colored brick
10/12/10: Prelimary plans are posted on OKCTalk (then removed at request of developer)
Links
Hilton Garden Inn Bricktown (http://hiltongardeninn3.hilton.com/en/hotels/oklahoma/hilton-garden-inn-oklahoma-city-bricktown-OKCSAGI/index.html)
Homewood Suites Bricktown (http://homewoodsuites3.hilton.com/en/hotels/oklahoma/homewood-suites-by-hilton-oklahoma-city-bricktown-ok-OKCBKHW/index.html)
Downtown Hotel Summary
Urban Project Summary
Gallery

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That building, the Bricktown Motor Works location and the parking lot directly west are all owned by Marsh Pittman's group.

Doing a search, I found the building is being demolished because it became structurally unsound. You can see the application for demolition below.

Doesn't sound like they have any immediate plans to develop the site.

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2735/R020028160001tA.jpg

http://www.okc.gov/planning/planning_library/bricktown_ud/10-00014.pdf

Sad.

plaza?

haha, maybe they think because it's a corner lot, someone will want a higher and better use for that lot even there is plenty of vacant land in Bricktown. Maybe Bricktown Motor Works needs their own corporate plaza.

The building has been structurally unstable for several years and planning staff advised in favor of the demolition. Don't be surprised if another hotel is built on this corner.

Is this an educated guess, Steve, or is there really something in the works that just hasn't been announced?

Gosh - Built in 1906. It's a plain-vanilla building, but if walls could talk...

Steve, you are such a tease. I keep hearing about all of these hotels in the planning stages, but so far only the aLoft has been announced.

Put two and two together ... this isn't anything new. I've been saying for a while, expect more hotels as the economy improves. Now you're seeing this site cleared. If you don't like what I'm reporting, so be it. But it's inevitable, based on the performance of the Hampton Inn and Residence Inn, that we'll see more hotels built in Bricktown and if the economy hadn't crashed in 2008, we would have at least two more by now.

By the way, Steve, I liked your article this morning. Helps those of us who aren't living in town at the moment. Thanks

Steve, I think my post came across the wrong way. I'm not criticizing you or your articles and reporting. I was just wondering if this was a "don't be surprised" as in something is coming. Or a "don't be surprised" because I think it's a good location. Perhaps my words weren't chosen correctly, I have that tendency, especially when in a hurry.

Notice the lean on the east wall, that's why the building is being demolished.

Something is definitely in the works for most of that block. Nothing will be announced until financing is in place and construction documents have been signed. This is how Mr. Pitman operates.

Ah, the excitement and anticipation of waiting for more info concerning this. Part of what makes this website so much fun. Keep us up to date with more news if you can?

Based on the success of the Hampton Inn and Pitman's involvement in that, I would expect something similar, as the property size is about the same as well.

Someone please remind me how many millions in profit were made by Marsh Pitman when last year he sold off the Hampton Inn he built?

Someone please remind me how many millions in profit were made by Marsh Pitman when last year he sold off the Hampton Inn he built?

According to Steve's article here:
http://www.hotel-online.com/News/PR2010_2nd/Jun10_BricktownHampton.html

It was built for $25M and sold for $32M

Marsh did very well on that sale

Someone please remind me how many millions in profit were made by Marsh Pitman when last year he sold off the Hampton Inn he built?

Not as many as your post seems to insinuate.

Marsh has partners and the lions share was taken by Raymond management.

Which also implies that he didn't put up the lions share of the $25M cost then too?

If the difference between cost and sales price were $7M, which is unlikely, then that number would have to be reduced at least by taxes and any cost of management during the 2 years. That could easily be $2M or more. The remaining $5M or less would be less than a 10% return on the total investment.

Definitely not a very enticing return for so much risk or even by comparison to other investments with more return for less risk.

But probably was a great time to get out given the likely changes to tax code we are facing.

But probably was a great time to get out given the likely changes to tax code we are facing.

This !

If the difference between cost and sales price were $7M, which is unlikely, then that number would have to be reduced at least by taxes and any cost of management during the 2 years. That could easily be $2M or more. The remaining $5M or less would be less than a 10% return on the total investment.

Definitely not a very enticing return for so much risk or even by comparison to other investments with more return for less risk.

Although, given what has happened with many people's real estate investments over the last two years, a 10% return on the total investment sounds pretty good, especially since once sold, the risk is no longer his.

Although, given what has happened with many people's real estate investments over the last two years, a 10% return on the total investment sounds pretty good, especially since once sold, the risk is no longer his.Not good enough to entice many investors who could to do anything similar. There are investment opportunities that offer as good or better for much less risk but certainly unavailable for most of us. And the point you raise that this is an uncommon occurrence is all too true and does not bode well for real estate development.

But my main point was that what some people take to be a big gain is not really that great although it must seem so to those outside looking in.

It could be as simple as Pittman wanted to cash out so he could develop this property.

It's a great location and the area could use another mid-size hotel.

Guys, Marsh did have partners who shared in that profit. But trust me, he was smiling after that sale.

Definitely not a very enticing return for so much risk or even by comparison to other investments with more return for less risk.



You have to factor in the the parking that comes along with the Hampton Inn. Marsh still owns the parking garage.

The Hotel sits on a plaza that was owned by himself and his partners. He didn't throw the land into the deal for free.

Which also implies that he didn't put up the lions share of the $25M cost then too?

Of course he didn't put up anywhere close to $25 million. There was traditional financing in place, equity was raised. Take a look at raymond management. They owned and still operate the hotel.

My point is, just because the hotel was sold and profited doesn't mean Mr. Pitman took home all the gold. Multiple partnerships were at play here.

But my point was that he got his fair share of the gold (limited risk, limited reward). The same multiple partnerships that split the profit also split the investment. Thats all I was trying to say

Earlier today, I swear that a thread was started by a user (name forgotten) about a potential hotel project on east Sheridan in Bricktown which contained several replies, one by me. Now, I can't find the thread (or when searching for my own posts, my own reply).

What's going on? If a thread (or reply) is removed, it would be good for an administrator to say why, if, in fact, that occurred in this instance.

You aren't delusional. I bet this thread will also be deleted.

But why? I'm pretty sure that Pete made a couple of replies in the thread, as well.

And the secret is out! Google cache?

This thread will self destruct in 60 seconds.

Doug and others, I chose to delete that thread due to a request by one of the potential developers.

A partner of theirs was soliciting some preliminary construction information/bids in order to help finalize things but the project has not been through all the proper planning processes and the information wasn't meant to be public.

In fairness to the original poster, he only meant to share information that was sent to him without any sort of non-disclosure agreement. However, I believe that was supposed to be part of the communication.

I contacted the OP and he was fine about me taking down the thread.


Hopefully this will continue to evolve and we'll see something more firm in the next few months.

This site is OKC's version of Wikileaks

Pete, thanks for the totally reasonable explanation. I am shelving my preliminary self-diagnosed Alzheimer's Disease for 30 days. And, yes, Casey! Okc's version of Wikileaks is alive and well (until further notice) in Oklahoma City.

One more thing. Pete said, above,


A partner of theirs was soliciting some preliminary construction information/bids in order to help finalize things but the project has not been through all the proper planning processes and the information wasn't meant to be public.
What we Plain Jane people don't know about what goes on behind the scenes and without our knowledge is highlighted by this example.

Wouldn't it be ever so much more fun if we did ...

This project is one of several that are in exploration stages but is not close to being a done deal and may not happen at all. It's not ready for prime time.

This project is one of several that are in exploration stages but is not close to being a done deal and may not happen at all. It's not ready for prime time.

Then it has come to the right place. :smile:

http://newsok.com/two-more-hotels-eyed-for-bricktown/article/3533600?custom_click=lead_story_titlehttp://newsok.com/two-more-hotels-eyed-for-bricktown/article/3533600?custom_click=lead_story_title

Thoughts?

What does this mean? Have standards been relaxed or tightened? I am hoping they haven't been relaxed, but I see what looks like a lot of stucco in the design. It's not visually very appealing to me, personally.

"Pitman said some of the Bricktown Urban Design guidelines, including those addressing street frontage and use of stucco materials, have changed since the committee reviewed and approved the Hampton Inn a few years ago."

Wonder if this is going where there are some old warehouses next to Hampton Inn, or further east where that parking lot behind IHOP is?

If built, Sheridan will pretty much have a 10-story urban canyon effect on the south side. Never thought we'd see that day.

As for design, I really liked how the Hampton Inn ended up- at the street, it is visually interesting to walk past with some fountains, often people walking in and out of the hotel, and you can see inside to the pool area from the sidewalk.

Does anyone know how the Bricktown Urban Design Committee standards have changed? Because I'm wondering how the new standards address street frontage, as well as percent brick. I don't think we have to be so grateful for development that we approve anything anyone wants to build.

What does this mean? Have standards been relaxed or tightened? I am hoping they haven't been relaxed, but I see what looks like a lot of stucco in the design. It's not visually very appealing to me, personally.

"Pitman said some of the Bricktown Urban Design guidelines, including those addressing street frontage and use of stucco materials, have changed since the committee reviewed and approved the Hampton Inn a few years ago."

I agree, Betts. I'm all for more hotel development where needed but see nothing attractive about this proposal. Hopefully they will come up with something better in a final design. It looks like a suburban/airport type of development.

This looks terrible. They torn down a bldg for this?

^^^
But at least they are putting up another building instead of a plaza

This looks terrible. They torn down a bldg for this?

Maybe your investment group can propose a more impressive design...

These are just representative pictures. This isn't what is being proposed yet. The article even says the developers don't know what is allowed yet and didn't want to spend a lot of money on design until they did know. Personally, I wish the place had been call 'Ft Reno' instead of 'Bricktown'; it would have prevented the illusion that everything needs to be brick. San Diego has the Gaslamp Quarter but they have electric lights.

These are just representative pictures. This isn't what is being proposed yet. The article even says the developers don't know what is allowed yet and didn't want to spend a lot of money on design until they did know. Personally, I wish the place had been call 'Ft Reno' instead of 'Bricktown'; it would have prevented the illusion that everything needs to be brick. San Diego has the Gaslamp Quarter but they have electric lights.

But--it is not Fort Reno--which is elsewhere...

I love the new development and the increased recognition from national brands. But, wow. What happened to the design standards. I think OKC is messing up by not making these new developments at least give a nod to the brick heritage of the area.

But--it is not Fort Reno--which is elsewhere...

Bricktown WAS part of Ft Reno but if you don't like the name 'Oklahoma Station' works for me to.

Anyhow, we are getting off topic.

Bricktown WAS part of Ft Reno but if you don't like the name 'Oklahoma Station' works for me to.

I like Bricktown..cause of all them red bricks just everywhere down there...

I believe he says these are conceptual designs, not that they are representative. However, the fact that he very early refers to changes in standards from what existed when the Hampton Inn was built is concerning, to me. I remember the Committee required the Hampton Inn to increase the number of stories that had a brick face, relative to what was proposed by the developer. And again, why is he mentioning stucco and street frontage unless he is hoping to alter the amount of brick and something to do with street frontage? I would like to think the requirements are now more strict, but I rarely hear developers sound happy about stricter requirements.

I like Bricktown..cause of all them red bricks just everywhere down there...

Isn't that part of the problem - there are not enough red bricks in Bricktown. Change the name to something else and drop the brick requirement. Are people upset the Devon Tower isn't made of brick? Why not? The Aloft hotel isn't brick and no one is getting upset about that. Why not? The apartments right across the street are criticized for not being enough brick and they are even further from Bricktown than the Aloft is. If it was called the paper mache district would people be ticked off if paper mache wasn't used? The name seems to be causing the problem.

A summary of changes to the Bricktown ordinance since the Hampton Inn:


Adjusting the General Description so that the structures within Bricktown are now the focus of historic significance, not the area;
Updating the language for when a Certificate of Approval is required to match other design review district language;
Adding more administrative review functions for staff so that smaller items may be reviewed in a more timely matter. Staff may choose to forward any administrative item to the Committee for review;
Adding more detailed language to part I., now called Paint on Masonry Structures, so that applicants choosing to remove paint from masonry may be provided with techniques that will not harm the masonry;
Integrating the Design Guidelines that used to divide east and west Bricktown into one Design district;
Modifying sign design language to encourage signage on buildings to match the building’s construction date in style, not just 1900; and
In the BC Bricktown Core District Bulk Regulations, changing the Front Yard setback from none to a “Build-To-Line” tiered system that requires new buildings to interact with the street.


Previously, Bricktown had no requirement to place a building at or within 10' of the right of way. Now at least 60% must be, and 40% can be recessed for entryways, plazas, etc. on the primary street frontage only.

Also, the combining of the two sides allows applicants to consider alternative mateirals (glass, architectural metals, etc). The Committee's standards for brick have not changed.

Why should we drop the brick requirement? Bricktown is not a recreation of something with false fronts and false materials. It's clearly a desireable place to build, as the article states. Development in other places has stalled, but there's enough demand downtown to justify more hotels. Why should we cave just to have anything built, since that anything will stand for many, many years? Pittman made enough selling the Hampton that I think he can pay for a few bricks. It's not like it's going to add millions on to the price of construction.

pretty sure that this design is brick up to the top 2 floors .. a dark brick on the ground and a lighter brick up to top 2 floors ..

A summary of changes to the Bricktown ordinance since the Hampton Inn:


Adjusting the General Description so that the structures within Bricktown are now the focus of historic significance, not the area;
Updating the language for when a Certificate of Approval is required to match other design review district language;
Adding more administrative review functions for staff so that smaller items may be reviewed in a more timely matter. Staff may choose to forward any administrative item to the Committee for review;
Adding more detailed language to part I., now called Paint on Masonry Structures, so that applicants choosing to remove paint from masonry may be provided with techniques that will not harm the masonry;
Integrating the Design Guidelines that used to divide east and west Bricktown into one Design district;
Modifying sign design language to encourage signage on buildings to match the building’s construction date in style, not just 1900; and
In the BC Bricktown Core District Bulk Regulations, changing the Front Yard setback from none to a “Build-To-Line” tiered system that requires new buildings to interact with the street.


Previously, Bricktown had no requirement to place a building at or within 10' of the right of way. Now at least 60% must be, and 40% can be recessed for entryways, plazas, etc.

Thank you for posting those. I looked last night and didn't find them.

"Adjusting the General Description so that the structures within Bricktown are now the focus of historic significance, not the area"

That seems to be the key piece of language, and I'm not really sure what it means. I am relived about the setbacks, though. I was afraid perhaps they were going to allow a parking lot on the front of buildings in east bricktown.

pretty sure that this design is brick up to the top 2 floors .. a dark brick on the ground and a lighter brick up to top 2 floors ..

That would certainly be fine with me. I don't think everything has to be red brick, but we've got more than enough EIFS in lower Bricktown, and I think we need to hold upper bricktown to higher standards.