development
|category1=Film Row
|category2=
|category3=
|category4=Current
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|project=Paramount Building
|address=701 W. Sheridan (http://goo.gl/maps/bePSr)
|status=Complete
|owner=
|cost=
|architect=
|start=
|finish=
|contractor=
|height=
|sq. feet=
|acerage=1.21
|other=Paramount Cafe & Theater (https://www.facebook.com/TheParamountOkc?fref=ts)
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|image=http://www.okctalk.com/images/wikiphotos/paramount1.jpg
|

Information & Latest News
5/30/14: Property sold for $3.5 million to group led by the owners of Paramount Cafe.

In addition to two historic buildings, the property also includes almost an acre of parking along Sheridan in the heart of Film Row.

To put the purchase price in perspective, the Stage Center property -- at more than twice the size -- sold for $4.275 million.
Links
County Assessor Record (http://www.oklahomacounty.org/assessor/Searches/AN-R.asp?ACCOUNTNO=R013685940)
Gallery

http://www.okctalk.com/images/pete/paramount1a.jpg

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

Some photos here:

FRunch (Film Row Lunch) - April 1 2013 - a set on Flickr (http://www.flickr.com/photos/williamhider/sets/72157633145073652/)

Film Row (June 03 2013) - a set on Flickr (http://www.flickr.com/photos/williamhider/sets/72157633957339997/)

http://farm9.staticflickr.com/8522/8611580788_21841ef17d_h.jpg

If you didn't already know, by becoming a member at the Paramount, you can watch Thunder playoff games on their big screen, plus there's that cafe next door.

Some pretty big news... This property was just purchased by an LLC led by the current owners of the Paramount Cafe.

It sold for a whopping $3.5 million and also includes the large lot directly west.

Some pretty big news... This property was just purchased by an LLC led by the current owners of the Paramount Cafe.

It sold for a whopping $3.5 million and also includes the large lot directly west.

Wow! Bought in 2003 for $225,000. Sold in 2014 for $3.5 Mill!! That comes out to 1500% appreciation or ~30% annualized.

The Stage Center property just sold for $4.275 million and that was 3.1 acres.

This was $3.5 million for 1.2 acres. That does include a couple of historic buildings but both need plenty of work.

What's that deal referred to as "Insider Trading" that even Martha Stewart got busted for on account of making a phone call to her stockbroker? While sitting in an airplane, on a tarmac somewhere or other? Before the Barney Madoff Scandal?

Never mind. This is Oklahoma. Not the East or West Coast.

What's that deal referred to as "Insider Trading" that even Martha Stewart got busted for on account of making a phone call to her stockbroker? While sitting in an airplane, on a tarmac somewhere or other? Before the Barney Madoff Scandal?

Never mind. This is Oklahoma. Not the East or West Coast.

Yeah I don't think that applies to real estate deals.


Sent from my iPhone using Tapatalk

Melodie Garneau is the owner of Paramount Cafe:


Garneau is weighing how to plot out the property’s future. She wants to maintain the current mix of creative tenants. She is in talks with restaurant operators looking to open a second downtown location, and is looking at how best to turn the building’s expansive second floor into a music and event venue.

New owner of Paramount Building seeks to craft property's future | News OK (http://newsok.com/new-owner-of-paramount-building-seeks-to-craft-propertys-future/article/4894179)

Blockbuster deal: Paramount building to get sit-down restaurant, theater
By: Molly M. Fleming The Journal Record June 11, 2015

OKLAHOMA CITY – Melodie Garneau has operated The Paramount in Film Row since 2012. The cafe and viewing room have become a hot spot in the district.

About six weeks ago, George Adams was talking to her about how he wanted to open a restaurant and entertainment venue in the Paseo District. Garneau said that he could buy her 37,000-square-foot business at 701 W. Sheridan Ave. He took it as a joke, but she was serious. The two discussed the possibilities. The conversation ended with Adams leasing the cafe, the viewing room and an area on the north end for live theater productions. He will call the new operation Paramount Arts and Entertainment. Garneau will still operate the event space on the second floor.

“We want to have a reason for people to come down here and stay here,” Garneau said. “There’s been a lot going on, but there’s not as much in the retail area. If we have a restaurant and theater, people can come shop, eat and watch something.”

Adams will close the cafe in July to renovate from a grab-and-go style to a sit-down restaurant called Noir Bistro and Bar. He said he will hire a chef that will create a casual menu with local, seasonal flair. The menu will have gluten-free options as well. He plans to reopen for Film Row’s Premiere event on Aug. 21.

“We want to do what we can to make sure we’re serving non-(genetically modified organism) food,” he said.

“We’re going to do the best we can to get as much as we can from local vendors,” he said. “We want to make everything from scratch, even our ketchup, mustard and mayonnaise.”

He said the focus on local food and chef-created recipes will create a price increase, but that change also includes the table service. In addition, Noir will offer a full bar and Sunday brunch.

During construction, George will keep the screening room open. He is working on a July schedule for the renamed Paramount Movie House. He realizes that people may not be enthused to come watch a movie they could see on Netflix. But he plans to bring in guest speakers or other entertainment to create not just a viewing, but an experience.

The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well.

Between all the renovations, George said he expects to spend a significant amount, but didn’t give an exact price. The filmmaker, a transplanted Californian, said he’s excited about the possibilities with the new space.

“This is a bit of Hollywood history,” he said. “It’s just meant to be in a way.”

Blockbuster deal: Paramount building to get sit-down restaurant, theater
By: Molly M. Fleming The Journal Record June 11, 2015

OKLAHOMA CITY – Melodie Garneau has operated The Paramount in Film Row since 2012. The cafe and viewing room have become a hot spot in the district.

About six weeks ago, George Adams was talking to her about how he wanted to open a restaurant and entertainment venue in the Paseo District. Garneau said that he could buy her 37,000-square-foot business at 701 W. Sheridan Ave. He took it as a joke, but she was serious. The two discussed the possibilities. The conversation ended with Adams leasing the cafe, the viewing room and an area on the north end for live theater productions. He will call the new operation Paramount Arts and Entertainment. Garneau will still operate the event space on the second floor.

“We want to have a reason for people to come down here and stay here,” Garneau said. “There’s been a lot going on, but there’s not as much in the retail area. If we have a restaurant and theater, people can come shop, eat and watch something.”

Adams will close the cafe in July to renovate from a grab-and-go style to a sit-down restaurant called Noir Bistro and Bar. He said he will hire a chef that will create a casual menu with local, seasonal flair. The menu will have gluten-free options as well. He plans to reopen for Film Row’s Premiere event on Aug. 21.

“We want to do what we can to make sure we’re serving non-(genetically modified organism) food,” he said.

“We’re going to do the best we can to get as much as we can from local vendors,” he said. “We want to make everything from scratch, even our ketchup, mustard and mayonnaise.”

He said the focus on local food and chef-created recipes will create a price increase, but that change also includes the table service. In addition, Noir will offer a full bar and Sunday brunch.

During construction, George will keep the screening room open. He is working on a July schedule for the renamed Paramount Movie House. He realizes that people may not be enthused to come watch a movie they could see on Netflix. But he plans to bring in guest speakers or other entertainment to create not just a viewing, but an experience.

The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well.

Between all the renovations, George said he expects to spend a significant amount, but didn’t give an exact price. The filmmaker, a transplanted Californian, said he’s excited about the possibilities with the new space.

“This is a bit of Hollywood history,” he said. “It’s just meant to be in a way.”

This is a cool development. The Paramount in its current incarnation is a great addition to the neighborhood, but I think everyone, Garneau included, realize that it could be a lot more. Glad to see this.

So something like the Circle Cinema in Tulsa.

This is interesting.


The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well

I go to the theater a lot in OKC and I'm not familiar with the Asylum Theater Company. I couldn't locate a website. Does anyone know if there is one?

As for other theater companies using the space, the Reduxion Theater Company seems to be searching right now since leaving their space on Broadway. This might be a possibility for them. I think this area is a natural for live theater.

I'd like to see the Plaza get another though..

I'd like to see the Plaza get another though..

I'm not aware of any other building in the Plaza District that would be available for theater other than the Lyric Theater. The Reduxion's preference is for theater in the round.

https://twitter.com/jackfowlerart/status/747195821515411456

https://twitter.com/douglassorocco/status/747217129506672640

I'm not aware of any other building in the Plaza District that would be available for theater other than the Lyric Theater. The Reduxion's preference is for theater in the round.

Its not in the Plaza but there's a church in the old theatre just south of 16th on May. Would love to see someone buy and renovate that. Lots of good building stock on May between 10th and 23rd and lots of generic older strips that could easily be torn down and have something solid replace it.

Via NOIR Bistro & Bar

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Wow. Aside from the historic issues (which I'm not dismissing), that Mr. G guy is incredibly talented.

Yeah, that's pretty incredible and on a highly visible corner.

https://twitter.com/theparamountokc/status/748319070999588864

Via NOIR Bistro & Bar

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He is really talented. Does this not fall under DDRC?

That is absolutely wonderful, though I'm still concerned with the Paramount skirting approval.

While the art is great, it is rather frustrating that they covered the original sign on a historical building like that.

I'll echo the other sentiments in this thread; Amazing art from a talented artist on a highly visible corner, but shame on them for skirting approval and covering a historical painted sign (faded though it might be).

Also are there issue with likenesses? Does permission have to be sought when muralizing a likeness?

http://newsok.com/film-row-building-owner-asked-to-come-up-with-ideas-for-removing-part-of-mural/article/5514364

Are you kidding me? They want to start butchering the mural?

Are you kidding me? They want to start butchering the mural?

It's a tricky situation. On one hand, do you just forgive and forget for blatantly not following code, which seems to be a problem in OKC? On the other hand, can the ghost sign even be restored? If not, this makes no sense. I'd almost rather a fine or something (not sure if that's legal).

It is irreversible. This is what is now covered to the left of the hair:

http://i.imgur.com/8VfYczl.jpg

They are talking about architectural elements being covered, not the old ghost sign.

And I'm sure this is all part of drawing a line in the sand for those who keep doing this sort of thing then ask for approval after the fact.

The article mentioned the architectural elements around the window. I believe that is the only place the would remove paint.

But what if they think "it's cool?" Unfreakingbelievable.

OKC just needs to start enforcing code. Fines do work.

New mural coming to the huge black wall on the north side of the Paramount Building.

Artist is Jack Fowler.

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

https://twitter.com/TheParamountOKC/status/1034769192652890112

For sale :-(

https://twitter.com/TheParamountOKC/status/1034769192652890112

For sale :-(

Seems like an awesome development opportunity. Has character, and in the right hands, could help to further reinvigorate Film Row.

In the right hands is my concern

In the right hands is my concern

Eh, worrying about every little thing only leads to coronaries. Film Row has had a lot more hits than misses, so hopefully 1 of those previous buyers will snatch this up.

Eh, worrying about every little thing only leads to coronaries. Film Row has had a lot more hits than misses, so hopefully 1 of those previous buyers will snatch this up.

Wait, did Noir close down? Did they relocate or cease existing?

Ha! $6,800,000?!

Dont think this will end up in anyones hands soon at that price.

It's been for sale for quite some time.

And yes, NOIR is completely out and not operating elsewhere.

DeadCenter has been announced as a new tenant.

DeadCenter has been announced as a new tenant.

Toured their space yesterday; Dead Center is already moved in and working away. They have taken control of the screening room and have some adjacent space as well.

The building is also starting to fill up with various creative types and despite other reports, the building is absolutely not up for sale.

And few people know that on the 2nd floor there is a fantastic ballroom-type space with an adjoining bar, all available to rent out for events:

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


http://www.okctalk.com/images/pete/bar1.jpg


http://www.okctalk.com/images/pete/screeningroom1.jpg

love that building in general. have been upstairs for comic cons and have wondered why that space doesn't see more use.

The building is also starting to fill up with various creative types and despite other reports, the building is absolutely not up for sale. [...]

Okay, this seems to be kind of a weird statement, because it was up for sale not long ago... up until perhaps the 31st of August, based on the "last changed" date on the most recent listing on Loopnet (http://www.loopnet.com/Listing/701-W-Sheridan-Ave-Oklahoma-City-OK/6858603/)... I found the actual "for sale" listing (http://webcache.googleusercontent.com/search?q=cache:CR306xfAxqoJ:www.loopnet.com/Listing/portfolio/11628091/+&cd=1&hl=en&ct=clnk&gl=us&client=firefox-b-1) on Loopnet in Google's cache that shows it was created in February of this year... and Loopnet still has a sales flyer (http://images4.loopnet.com/d2/1Ks7trpymrx3c0lPNFwcvKcQv59QG1x1i4BgdmRWE8I/document.pdf) created by SVN Land Run for the property.

I assume that they very recently just changed their mind on selling the property? Or was it simply just entertaining the idea to see what kind of offers they could get or something? I'm a little confused. Glad that it's not actually for sale though.

I am upstairs in that building once a week as a friend has an office there. and another friend runs the bar space and have had several parties there. I love this building and it keeps getting better.

That was an old listing. The property has not been on the market for a while.

That was an old listing. The property has not been on the market for a while.

Ah, gotcha, that makes sense. Glad for the info, thanks!

With NOIR closed, is the other bar open to the public with regular hours or only events?

With NOIR closed, is the other bar open to the public with regular hours or only events?

Events only.

But, they are already working on replacing NOIR. It's a great space and it won't stay vacant long.

Personally, I never went into NOIR or its predecessor.

Events only.

But, they are already working on replacing NOIR. It's a great space and it won't stay vacant long.

Personally, I never went into NOIR or its predecessor.

My wife and I would go in after shows at the Civic. Always was thin on the crowds, but you would always find cast members make their way in and then someone would start buying rounds for the whole place. We only ever got drinks though, so we never tried the food. The staff seemed fairly nice each time, so we never had any qualms.

^

In addition to Bar Arbolada (which is great IMO) one block to the north, you now have the Jones Assembly, Mary Eddy's, FlashBack and soon to be Sanctuary, Stitch and 2-3 other bars in the works for the immediate area.

Even Joey's directly accross the street from the former Noir has a good bar and I really like their food.

Joey's always highly underrated but that's okay, I prefer it chill in there...

We have both enjoyed Flashback, Jone's, and Joeys. Loosing NOIR is not a huge deal for us considering the other options have more to offer. I really cannot wait for Sanctuary to open. Never seen or heard of Stitch though.

Stitch is formerly Okay Yeah, but with more I think

Stitch (http://www.okctalk.com/content.php?r=504-Okay-Yeah-Co-and-Plant-Shoppe-proprietors-to-move-to-expanded-spot-in-West-Village-development)

Oh right, I forgot about the name change.

Core4 Brewing coming to the Paramount Building in 2019. https://www.facebook.com/Core4Brewing/

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New elevator being added to the west side of the Paramount Building. Construction fences went up a couple weeks ago. The old scary fire escape came down this week. Estimated 2 to 3 months.

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