Well, we know that McClendon is behind Pops and also behind trying to pull this grocery/lunch counter thing together. Pops is basically a highly stylized counter/diner theme.

We also know that Pops recently expanded by opening locations in the airport.


But the grocery part is the hardest to understand. That's a tough industry dominated by major players -- very different than the restaurant game.

The airport locations are not restaurants, they are your average travel "mart" in an airport with a modern and fresh look with Pops branding, and they serve some soda from the "collection".

I just meant that they are expanding the Pops name beyond the original location, which would lend support to the idea they may bring part of the concept to NH Plaza.

I just meant that they are expanding the Pops name beyond the original location, which would lend support to the idea they may bring part of the concept to NH Plaza.

Ah, gotcha!

I had heard a rumor through the grapevine that the lunch counter will feature food from Pops. If so that's a shame because Pops' food is very mediocre, at best.

Agree

Well, we know that McClendon is behind Pops and also behind trying to pull this grocery/lunch counter thing together. Pops is basically a highly stylized counter/diner theme.

We also know that Pops recently expanded by opening locations in the airport.

But the grocery part is the hardest to understand. That's a tough industry dominated by major players -- very different than the restaurant game.

Wih very little profit margin on top of all that...

The airport locations are not restaurants, they are your average travel "mart" in an airport with a modern and fresh look with Pops branding, and they serve some soda from the "collection".

The Pops at the airport are a joke. I went in there to see what kind of sodas they had. Only Coke and Pepsi type products. No different then any other store at a airport. Not sure why they paid for the POPs name unless they are really going to try and push that brand elsewhere.

The Pops at the airport are a joke. I went in there to see what kind of sodas they had. Only Coke and Pepsi type products. No different then any other store at a airport. Not sure why they paid for the POPs name unless they are really going to try and push that brand elsewhere.

They do have a few sodas from the original store, but not even close to the scale of the original store. Not even worth the name tbh.

I had heard a rumor through the grapevine that the lunch counter will feature food from Pops. If so that's a shame because Pops' food is very mediocre, at best.

Gag. Aubrey's painting a self portrait of his achievements and tearing down landmarks for the canvas. Pop's is a cool novelty, but the food pretty much blows.

Well, we know that McClendon is behind Pops and also behind trying to pull this grocery/lunch counter thing together. Pops is basically a highly stylized counter/diner theme.

We also know that Pops recently expanded by opening locations in the airport.


But the grocery part is the hardest to understand. That's a tough industry dominated by major players -- very different than the restaurant game.

Pete, looking at this from afar where I live now, could the Nichols Hills Market be more a food counter and a prepared food store (like Eatzi's in Dallas)? Could they be shooting for a variation of this with a top quality butcher shop (like Tony's markets here in Denver if anyone is familiar with those) rather than a grocery store?

Pete, looking at this from afar where I live now, could the Nichols Hills Market be more a food counter and a prepared food store (like Eatzi's in Dallas)? Could they be shooting for a variation of this with a top quality butcher shop (like Tony's markets here in Denver if anyone is familiar with those) rather than a grocery store?

I'd go broke if they'd bring in Eatzi's.

I'd go broke if they'd bring in Eatzi's. Eatzi's is great! Love their concept of good take out and their sides! This would be a great fit for NH Plaza.

Yes, Eatzi's or comparable would be an outstanding addition to NHP. Make my day!

I don't know if this is true or if it's a temporary move, but I heard they're moving the farmer's market that has been just south of 63rd into the old Crescent Market space.

I drove through NHP over the weekend and discovered two recent developments: 1) Construction appears imminent on the former Crescent Market location which was gutted months ago; and 2) The corner building west of the porte cochere and temporary location of NH Drug has been entirely gutted (except the drug store, of course).

The gutted corner is in a critical location - it is near the geographic center of the property perimeters on 63rd, Avondale, Grand and Western. One would suspect that because the building was guttest and not bulldozed it will be kept, and tenants sought for long-term leases. This mean that plans for an ambitious mixed use redevelopment south of Avondale have been cancelled. CHK Land owns essentially everything within those property perimeters and could initiate a development at any time - it is choosing not to do so. WYSIWYG.

There are smart retail guys who frequest this site - what are your thoughts?

Is Eatzi's in Dallas connected to the long-lost Eatzi's in Houston that used to be at Post Oak and San Felipe (Galleria area)? I'm curious how that evolved. Eatzi's on Post Oak ended up getting bulldozed for this development:

http://www.aecom.com/deployedfiles/Internet/Capabilities/Architecture/images/arch_BlvdPlaceMP1_mainimg.jpg

I really don't think the NH Plaza grocery will be related to any sort of national or regional chain.

My understanding is that AKM is trying to partner with local operators for both the store and the lunch counter.

Of course, they could very well be looking to mimic something like Eatzi's but I haven't heard anything about the specific concept they are hoping to implement.

Is Eatzi's in Dallas connected to the long-lost Eatzi's in Houston that used to be at Post Oak and San Felipe (Galleria area)? I'm curious how that evolved. Eatzi's on Post Oak ended up getting bulldozed for this development:

http://www.aecom.com/deployedfiles/Internet/Capabilities/Architecture/images/arch_BlvdPlaceMP1_mainimg.jpg

Yes, all Eatzi's were under the same ownership group at one time...Brinker International. Phil Romano was also involved in the past and then sold his shares. However, I think he has gotten back in on two Dallas stores.

They also had a stores in NYC and Buckhead...both are closed.

Phil Romano and Norman Brinker both have books on their careers if interested.

Construction photos of NH Plaza from yesterday courtesy OKCTalker.

There are of the southwest corner of the south section, as they've been moving tenants from near the old Crescent Market.

http://www.okctalk.com/images/pete/nhplaza51712a.jpg

http://www.okctalk.com/images/pete/nhplaza51712b.jpg

http://www.okctalk.com/images/pete/nhplaza51712c.jpg

http://www.okctalk.com/images/pete/nhplaza51712d.jpg

They're adding gables? Decorative ones? I've noticed that the space on the southeast side has vaulted ceilings, so perhaps they're supposed to add more light. I still think it's a shame they weren't allowed to go up in the Plaza.

The are adding similar dormers to the old Crescent space as well.

Don't know if they will function as skylights or be purely decorative.

Dormers going up on the southwest section of the plaza:


http://www.okctalk.com/images/pete/nhplaza52412.jpg

May be like the decorative ones that were added to the Mayfair facelift a few years back

They appear to be functioning like skylights, as that part of the Plaza is currently vaulted.

Will they be going in on the other side as well? Judging from the photo..

I find this interesting because I always assumed (wrongly, I suppose) that CHK's long-term plans for NHP were to tear it down and replace it with some new construction. Maybe mixed use with housing, maybe some radically different design. If they're spending money to refurbish parts of the plaza with a similar design to the older look, then they're probably not looking to alter the layout or look in any significant way. I admit I haven't seen the plaza in some time, so not entirely sure what they're doing, just thought that was interesting.

CHK wanted to pull down the entire south section of NHP and expand it, as they own almost all the property immediately adjacent.

But the City of NH wouldn't go for that, so it looks like they will just redevelop what's there. Of course, what they are doing now does not represent a big investment or preclude them for doing something much bigger if they can ever persuade NH leaders.


They've cleared just about everyone out of the east end of that south section, so it will be interesting to see what they do with the proposed Nichols Hills Market and lunch counter. Still hearing that McClendon is backing that venture and is looking for the right operator.

I heard a rumor that NHP is for sale

I heard the exact same rumor today. I didn't hear anything beyond just this property, but I would speculate we are witnessing the unraveling of CHK's masterplan. No more non-essential development. I hope I'm wrong.

I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.

I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.

Selling something becuase they can't do what they want with it doesn't sound like their MO. Instead they would keep trying to ram whatever plan they had through different means.

I would take this to mean we can see more of their properties going up for sale.

They are still working with the City of NH to swap their admin buildings for the church CHK owns just west of the plaza and they have almost a $100 million invested in that property and the others immediately surrounding it; the combined assessed value is about $26 million.

The southern section has a huge amount of vacancy, as they've chased out Crescent foods and the drug store and relocated a bunch of other tenants.

It doesn't make sense to me that they would suddenly be looking to sell, as they would take a huge loss and wouldn't even cover a week's interest on the $4 billion loan they just took out

Reports say they need to raise $11 BILLION by the end of the year. They are not going to get there by raising $30 million or so and taking a huge loss in the process.

BTW, Chesapeake has not slowed down their real estate spending one bit.

They're still buying all types of parcels north of 63rd and east of Western, acquiring property around 50th & Penn, bought a slew of expensive office buildings last year then issued a ton of building permits to completely renovate them over the last several months, getting underway on their expensive convenience store project at 50th & Western, etc.

And don't forget they have several of their biggest construction projects yet underway on their main campus.

Thinking about this more...

Even though this wouldn't be a good time to sell NH Plaza for the reasons I mentioned and even though CHK would take a big loss, I could see a scenario where they might want to unload these completely superfluous properties before a new sheriff comes to town in the form of a new board chair, four new board members, and activist shareholders led by Carl Icahn.

As I've mentioned, it's just a matter of time before someone takes a hard look at the details behind their real estate holdings and when they do, McClendon himself is going to face even further scrutiny. He may want to try and put some of this in the past ASAP.


But of course, they own literally hundreds and hundreds of properties and none are worth nearly what they paid for them. It's possible they may be looking to get out from under the biggest ones, though.

Thinking about this more...

Even though this wouldn't be a good time to sell NH Plaza for the reasons I mentioned and even though CHK would take a big loss, I could see a scenario where they might want to unload these completely superfluous properties before a new sheriff comes to town in the form of a new board chair, four new board members, and activist shareholders led by Carl Icahn.

As I've mentioned, it's just a matter of time before someone takes a hard look at the details behind their real estate holdings and when they do, McClendon himself is going to face even further scrutiny. He may want to try and put some of this in the past ASAP.


But of course, they own literally hundreds and hundreds of properties and none are worth nearly what they paid for them. It's possible they may be looking to get out from under the biggest ones, though.

Just selling the properties does not erase the past. If there is scrutiny to be faced by McClendon because of the real estate, the scrutiny will still come if the properties are sold. In fact, the scrutiny would be more intense and the case even easier to make if, as you have told us, they would have to sell the properties at huge losses. If CHK still owns the properties and they are still under development, McClendon and CHK can make a case that the investments are good long-term investments. If they sell the properties for huge losses, well... what argument is left ?

Just selling the properties does not erase the past. If there is scrutiny to be faced by McClendon because of the real estate, the scrutiny will still come if the properties are sold. In fact, the scrutiny would be more intense and the case even easier to make if, as you have told us, they would have to sell the properties at huge losses. If CHK still owns the properties and they are still under development, McClendon and CHK can make a case that the investments are good long-term investments. If they sell the properties for huge losses, well... what argument is left ?

Pete,
Have you ever looked at who is selling these properties. Are they all random people or is there some kind of outside chance that they are filtering money to friends in some weird way?

I agree that just dumping that property doesn't make sense, I was just trying to think through any possible motivation.

At the very least they could use such a sale to try and demonstrate a renewed focus on their core business.


BTW, there are at least two and maybe as many as four articles coming out about their real estate holdings. I've been in contact with several reporters but all this is so complex I wouldn't expect any deep investigative piece quite yet. More of a general summary of what they have been doing and what they hold.

I've been tracking this for years and am still having trouble coming up with exact numbers. We are talking about over a thousand individual transactions plus many aspects that are not part of public record, such: Rent being paid by any tenants; incentives given to tenants, such as reduced rent, relocation bonuses, contributions towards finishes, lease buy-outs etc.; swaps and other side deals; ownership interest of various tenants (McClendon is rumored to have taken an interest in Balliet's, for example).


I believe what will eventually happen is that the lid will be pried slightly open and that will lead the newly-shaped board to take a hard look at everything they've poured into real estate, especially the completely superfluous holdings.

Pete,
Have you ever looked at who is selling these properties. Are they all random people or is there some kind of outside chance that they are filtering money to friends in some weird way?

They have spread their money around to hundreds and hundreds of sellers.

I'm sure they are motivated by wanting to amass as much property as they can in that area of town and I don't think it has anything to do with who happens to own it.


There are some possible conflicts of interest, though. I mentioned McClendon possibly owning a piece of Balliet's but also one of CHK's LLC's bought the Deep Fork Grill building and land and McClendon owns a big chunk of that restaurant. Also, he is rumored to be backing the new grocery / lunch counter proposed for the old Crescent space in NH Plaza.

I don't think any of these dealings are necessarily nefarious, just a matter of being indiscriminate and not considering how this might all look under independent scrutiny. If you think about it, it's very similar to the general business dealings which has caused so much controversy. It's just how they operate.

I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.

They had a deal with the City of Nichols Hills. NH realized one man could easily bring them to their knees on sales tax revenue.

I think CHK paying in some cases 2-4 times the value of the properties is going to be the next massive cow pie to hit the fan. :Smiley127

Chesapeake says Nichols Hills Plaza isn't for sale
Published: June 15, 2012

NICHOLS HILLS — Rumors that Nichols Hills Plaza is for sale are false, according to Chesapeake Energy Corp. spokesman Jim Gipson.

Chesapeake Land Development Co. continues to list the property's retail and office space for lease online at www.chesapeakelanddevelopmentcompany.com. In the past week or so, at least one local blogger and a widely followed discussion board passed along the rumor that the property was for sale.


Read more: http://newsok.com/chesapeake-says-nichols-hills-plaza-isnt-for-sale/article/3684695#ixzz1y8lE8oCB

Lots of work now underway at the south section of NH Plaza.


This is the old Crescent Market space that will be home to the new Chesapeake-backed NH Market:
http://www.okctalk.com/images/pete/nh1.jpg


Inside the market space; they have started work; those dormers being added function as skylights:
http://www.okctalk.com/images/pete/nh2.jpg


Looking west, you can see the entire southwest section is under renovation:
http://www.okctalk.com/images/pete/nh3.jpg


Close up of that southwest section:
http://www.okctalk.com/images/pete/nh4.jpg


You can see they are adding floor-to-ceiling glass here:
http://www.okctalk.com/images/pete/nh5.jpg


They are completely re-doing the parking lot at the far west end; I'm sure the plan is to work their way east all the way to the new market:
http://www.okctalk.com/images/pete/nh6.jpg

The west end renovation is for an expansion of CK & Co. CK&Co has advertised the new space (with artist rendering) on its facebook page.

Is the renovation to this complete yet? It looked like they were being close to done last post.

I'm sure it's not complete... They have just started building out the space for the new grocery store, had the whole SW corner torn up, and had just commenced what appears to be a complete re-do of the south parking lot, with new landscaped islands and lots more.

I'm not aware of any new tenants.

The west end renovation is for an expansion of CK & Co. CK&Co has advertised the new space (with artist rendering) on its facebook page.

Thanks for that information.

Here's the rendering from Facebook:

http://sphotos-a.xx.fbcdn.net/hphotos-ash4/485773_10150785342286330_351907920_n.jpg

This is the space under construction from a few weeks ago:

http://www.okctalk.com/images/pete/nh5.jpg

CHK wanted to pull down the entire south section of NHP and expand it, as they own almost all the property immediately adjacent.

But the City of NH wouldn't go for that, so it looks like they will just redevelop what's there. Of course, what they are doing now does not represent a big investment or preclude them for doing something much bigger if they can ever persuade NH leaders.

This actually is not so. NH leaders waited for over a year to be presented with plans. No plans were ever presented to tear down any portion of the plaza. The city leaders very quickly approved the plans which were presented by CHK, as the city is extremely interested in the redevelopment of the plaza.

originally posted by Pete over in the CHK empire thread…


Chesapeake Fall Threatens Oklahoma Real Estate Fire Sale: Energy
2012-07-11 23:00:01.5 GMT

By John Helyar and David Wethe

After spending $66.5 million to purchase a variety of properties there, Chesapeake’s plans have been blocked by town officials concerned that a makeover of the retail center will cause shops to close for an extended period. The community of Nichols Hills counts on sales tax receipts from merchants for the majority of municipal revenue.

Is the NH Plaza Market dead? No activity, and the banners are both gone that originally announced a fall 2012 opening - before being changed to read spring 2013. Work continues at CK & Co, even on a hot Saturday afternoon.

Is the NH Plaza Market dead? No activity, and the banners are both gone that originally announced a fall 2012 opening - before being changed to read spring 2013. Work continues at CK & Co, even on a hot Saturday afternoon.

Have no idea but to counteract all the acrimony over chasing out Crescent Market and forcing the pharmacy to move and give up the lunch counter, Chesapeake swore another market would open there by the end of year.

when i drove by this morning the CK & Co. store had racks of clothing hanging up for display. I had no idea this was going to be a clothing store and apparently it is close to opening.

It's open:

http://myemail.constantcontact.com/The-NEW-CK---Co-is-OPEN-in-NH-Plaza---.html?soid=1102832163098&aid=U3jhfiLBQf4


http://sphotos-a.xx.fbcdn.net/hphotos-snc7/319367_10150962801166330_1251508269_n.jpg

http://sphotos-a.xx.fbcdn.net/hphotos-ash4/189421_10150962811641330_1257666514_n.jpg

http://sphotos-b.xx.fbcdn.net/hphotos-ash3/523326_10150962815251330_801530821_n.jpg

http://sphotos-a.xx.fbcdn.net/hphotos-ash3/553919_10150976502596330_754020294_n.jpg

Any word on the grocery store?

As far as I can tell, the grocery store is completely dead.

As far as I can tell, the grocery store is completely dead.

Is CK & CO what was the old grocery store? I don't get the appeal of the new store.

What the hell is ck & co and what all do they sell.

So chk is not only in the real estate biz bu now in retail?

Pete's pictures clearly show a women's clothing and accessories store. CK & Co moved from one location at NHP to another, NOT the former Crescent Market space.

CK & Co's name is similar to Chesapeake Energy, a/k/a CHK, but no known connection exists.

Pete's pictures clearly show a women's clothing and accessories store. CK & Co moved from one location at NHP to another, NOT the former Crescent Market space.

CK & Co's name is similar to Chesapeake Energy, a/k/a CHK, but no known connection exists.

Gotcha.

I do like the new storefront.

Did CK & Co used to be in 50 Penn Place or where they elsewhere in NHP?

They relocated from another spot in NH Plaza.

The Webb in NH Plaza and CK and Co. are owned by the same people. I'm not sure why they have two different names, as at least in the old space they shared a space. There's a Webb in Norman too, and it's at least owned by the same family, although I'm not sure whether there are different family members who own the different stores. The old store was on the southeast part of NH Plaza right next to the drugstore, not in the Crescent Market space, obviously.

Nichols Hills Market may still be a go.

Even though the 'coming soon' signs are down, there is plenty of construction activity in the old Crescent Market space.