Well, already, 2 dozen people have expressed an interest in leasing an apartment at The Montgomery, and real renovations haven't even begun on the property. The completed complex will have 56 units.

---------
"Tanenbaum tests the waters: Downtown luxury apartments to open with two dozen tenants
by Ted Streuli
The Journal Record
9/3/2004



Dick Tanenbaum is ready to show his stuff.
Standing in the living room of a sixth-floor model apartment, the developer looked out a window that framed a view of the Oklahoma City Museum of Art and the tree-lined streets of the city beyond.

"You'd live here, wouldn't you?" Tanenbaum said. "I would."

So far, about two dozen people have agreed and signed leases. They'll become The Montgomery's first tenants on Oct. 15 and the newly finished models are likely to fill the balance of the 56-unit building. There are eight open floor plans for the 13 urban-luxury-feel apartments on each of the third through sixth floors.

But Tanenbaum said Oklahoma City was a much different market than other parts of the country.

"If you announce a project in Houston, they sign up and it's sold out before it's built," he said. "Here, they want to see it first."

The 106 people who have expressed an interest in making the former Montgomery Ward department store their new home - but haven't signed a lease - now have a chance to see samples of the finished product. They'll find high ceilings - 14 feet on the sixth floor, 12 feet on the other floors - that are open to the building's plumbing and duct work, a design decision that makes the apartments feel like lofts.

"The thinking that we all had was to bring a big-city feel to the apartments, a contemporary lifestyle that Oklahoma's not used to," said interior designer Karl Bertoch, who partnered with three other designers to create the models. "I think these apartments feel more urban than the majority of the apartments you find in Oklahoma."

Bertoch said warm colors were used to foster a relaxed, casual environment and that while each residential floor offers the same layout, the building's structural components make the units unique. Among those elements are large pillars that have provided support since the structure was built in 1929.

"The columns add a lot," Bertoch said. "They remind you that you're in an old building. You really get a sense of the building itself rather than just being in a box."

The one- and two-bedroom layouts range from 1,000 square feet to 1,500 square feet, with large closets and still-sparkling stainless steel appliances. The carpets and walls are neutral earth tones, the counters faux granite, the cabinetry mahogany with a gray glaze. In some apartments, the bedroom is separated only by a partial wall, a classier version of something one might expect to see in an Austin Powers film; other floor plans have a more traditional - and private - arrangement.

"You're either an empty-nester or a professional working downtown," Tanenbaum said. "It's no Bricktown - it's not for kids."

There isn't much chance that the building's concierge will have to spend his time helping besotted college students into the elevator. The apartments are priced at $1,000 to $2,000 per month, a range of $1 per square foot to $1.33 per square foot.

"It's about a 20 percent premium for living downtown," Tanenbaum said.

John Maisch, a partner in Egressive Commercial Realty who lives in downtown's newest major residential project, the Deep Deuce apartments, said the success of The Montgomery would bode well for developers pursuing similar projects. Maisch said apartments in the less luxurious Deep Deuce rent for 90 cents per square foot. He agreed that living on the west side of downtown would be a much different environment than the east side's Bricktown area. Maisch said that while Bricktown housing would attract a younger audience and employees from the nearby medical center, the west side would appeal to the audience Tanenbaum is after: higher-income professionals who want to be able to walk to work and arts venues.

"The whole brokerage community is excited and hopes Dick Tanenbaum is successful because it validates the demand for downtown living," Maisch said.

An April 2000 report commissioned by the Oklahoma City Urban Renewal Authority estimated demand for mid-rise apartments like those in The Montgomery at 1,550 units, but that study also concluded that only 390 of those apartments would command rents of $1,000 to $1,299 per month and that there was no market at all for mid-rise housing priced at $1,300 per month or more. Tanenbaum is gambling $5 million that 56 people will be willing to pay the premium prices.

The report didn't concern Downtown OKC Inc. president Dave Lopez. Lopez said downtown development and inflation during the past four years would be a sufficient basis to revise the numbers.

"Anytime there's a new venture such as this, it's important to have a model that works," Lopez said. "We probably have a glut of Class C property downtown. The ability to turn a property like The Montgomery into upscale housing is an additional benefit. The location in the arts district will begin to give us a better mix of the live, work and play vitality that we're looking for downtown."

Lopez said that other multifamily projects planned for the arts district - like Mike Henderson's $25 million Legacy Summit - would create a cluster of residences that could help drive demand.

"I think the modest number of units in The Montgomery makes it a manageable project," Lopez said.

For those willing to pay the price, they'll get city views, a parking garage connected to the second and fourth floors by indoor walkways, retail shops and restaurants on the ground floor and a 16,000-square-foot fitness center in the basement. They'll enter through a tiled rotunda, have on-site security and the services of a concierge.

"It's not all bad," Tanenbaum said.

And while it's Tanenbaum's first foray into residential property, Lopez said confidence in The Montgomery's success is high.

"It's a first-in-market project and Dick's in a position to capture the demand first," he said. "There are risks and rewards that go with that. But I don't think I'd want to bet against Dick Tanenbaum."

Its great to see the polychrome scheme restored on the old Monkey Wards building. Looking good.

Downtown living will change the basic nature of the area. Now, there may be someone downtown after 5:30.

Does The Montgomery have a web site?

Hey Luke,

They don't have a website at the present time, but they do have a site on the Apartment Guide site.

Here's the link:
http://www.apartmentguide.com/Property/property.asp?wsv_psPropertyID=44091&wsv_psReturnTo=2&wsv_psRownum=27&wsv_qsSessionID=243589660&wsv_qsListType=1&wsv_qsPartner=-1&wsv_qsGeoKey=1,37,104&wsv_qsKeyword=&wsv_qsRegisteredFlag=0&wsv_qsBrowseStatus=0&wsv_qsSearchStatus=1&wsv_qsReferringURL=&wsv_qsSCartStatus=0&wsv_qsLowPrice=0&wsv_qsHighPrice=99999&wsv_qsBR=0,1,2,3,4&wsv_qsTerm=3&wsv_qsAdvancedSearch=&wsv_qsNoAreas=False&wsv_qsSFlg=&lk=ovTb

It has the floorplans and everything.

Hope this helps.

There was an article on NewsOk.com talking about the Montgomery. It said something like 350 people had inquired for about 56 aparments. This is when OKC should take advantage of the situation and show to the world what can happen here. The owners of the Montgomery should jack the prices up to an unbelievable rate since there is such high demand. Nothing would be more impressive in say the USA Today for OKC than headlines about million dollar apartments in OK going like crazy!

I think developers should see that people actually want to live downtown and build more housing. What other old buildings could be renovated and turned into condos? And what is the status on The Factory in Bricktown?

With such demand, why don't we consider developing the old Mercy site again??? It was supposed to be developed into an apartment community but the developer pulled out, after tearing down the old Mercy Hospital.

The Factory is still on the drawing board. Hopefully work will start soon.
Also, Urban Renewal is seeking bids for development of the "hill" just west of Deep Deuce. Hopefully we'll see some apartments going up there in the next couple of years or so....maybe sooner.

BG asked for ideas for other buildings to turn into housing. Well, the First National Building downtown is only about 40% leased......why not turn part of it into a residential community? The old Banking Hall can be the central lobby and leasing office of the apartment complex.
Maybe not though.....I guess having housing in the middle of the CBD might not be such a good idea! It's better than letting the building sit empty though.

What is the low and high rent for The Montgomery? I can't find it anywhere.

By the way, www.themontgomeryokc.com is the web site for them.

I don't believe they've posted rates yet. You'd have to call.

Anyways, here are some new pics they have posted of the interiors. Very impressive.

http://www.apartmentguide.com/Property/photos.asp?wsv_psPropertyID=44091&wsv_psReturnTo=2&wsv_psRownum=65&wsv_qsSessionID=249318490&wsv_qsListType=1&wsv_qsPartner=-1&wsv_qsGeoKey=1,37,104&wsv_qsKeyword=&wsv_qsRegisteredFlag=0&wsv_qsBrowseStatus=0&wsv_qsSearchStatus=1&wsv_qsReferringURL=&wsv_qsSCartStatus=0&wsv_qsLowPrice=0&wsv_qsHighPrice=99999&wsv_qsBR=0,1,2,3,4&wsv_qsTerm=3&wsv_qsAdvancedSearch=&wsv_qsNoAreas=False&wsv_qsSFlg=&lk=phTb

I'll give 'em a call. Thanks.

If you find out the info. feel free to post it. I'd love to hear the rents. If you have problems reaching them let me know and I'll give it a shot.

OK, just made a call. They have one and two bedroom apartments available in a variety of square footages. The low end is $800 for a one bedroom apartment. The top of the line is $2050 for a two bedroom with 2000-something square feet. Two bedrooms start at $1100. The Montgomery will soon begin construction on an upscale restaurant as well as a café/deli. They are also installing a spa and a men's clothier. There is a gift shop on the second floor that has been there since before the building converted into living space.

They began leasing November 1st and have 21 of 56 units leased. The lady sounded very pleased with the progress and encouraged me to make an appointment to come and visit. I think I will...

If you have to ask the price it is probably not for you, however rates are starting at around $1000.

Strange to see it fill up so fast at those prices. There are some disappointments in some of the materials they chose for the property. For $2000/month, you'd expect hardwood floors or NICE carpet, not industrial berber. You'd also expect something nicer in the countertops than formica.

I'm just not as impressed as I thought I'd be. For that money, you'd expect molding, not exposed ductwork.

Maybe my expectations were too high?

That's an excellent point Midtowner, you think with Tanenbaum's expertise and for that price, they could have had classier tastes, nothing says Cheap Oklahoman's like berber carpet. The cheap countertops and molding were disappointing as well. As for the ductwork, I like it and I think its part of the intensions to keep some of the industrial original elements exposed.

As far as the "industrial original elements", the building was originally retail space. Typically, with retail space, you don't have exposed duct work. I'm not old enough to have ever really shopped there when it was a Monkey Wards, but if retail stores of its day were anything like those of our day, the duct work wasn't showing :D

My apartment at Sycamore Square for a lot less does have berber and formica, but I get what I have for b/w 2/3 to 1/2 the price of someone at the Montgumery. The two are close enough that I consider location to be a wash.

Midtowner, I agree with you. I still think the Montgomery will be a hit, especially with more professional type people who work downtown, but for the money, I'd definitely go with Sycamore. Sure, Sycamore is an older complex, but it has been kept up very well! I'm always very impressed just how well kept it is everytime I drive by it.

I can understand wanting a view and being intrigued by "living downtown," but get real. This is OKC. Not Manhattan or San Francisco. I think its hysterical that people would be willing to pay 2k/month for an apartment when half that will get you a mortgage pmnt on a NICE house. Why do people throw away money on rent like this when they could buy a home? Oh well...I too am disappointed by the photos. I can't believe OKC has people willing to pay this much on rent when our property values are so low.

I can understand wanting a view and being intrigued by "living downtown," but get real. This is OKC. Not Manhattan or San Francisco. I think its hysterical that people would be willing to pay 2k/month for an apartment when half that will get you a mortgage pmnt on a NICE house. Why do people throw away money on rent like this when they could buy a home? Oh well...I too am disappointed by the photos. I can't believe OKC has people willing to pay this much on rent when our property values are so low.

2,000 per month a "nice" house? That is an under statement. That would probably get you around 10,000 square feet in an area like Rivendel. My parents house is near there in a similar area and is not quite that big. If they had a mortgage, it would be about 1,200 a month. Yes. I think it is stupid and a bad investment to pay for an apartment when a house costs the same or less per month... And YOU own it!

I can understand wanting a view and being intrigued by "living downtown," but get real. This is OKC. Not Manhattan or San Francisco. I think its hysterical that people would be willing to pay 2k/month for an apartment when half that will get you a mortgage pmnt on a NICE house. Why do people throw away money on rent like this when they could buy a home? Oh well...I too am disappointed by the photos. I can't believe OKC has people willing to pay this much on rent when our property values are so low.

My guess is that the top-dollar ones are going to be used primarily as corporate apartments and things of that nature. Nice places for consultants and such to stay while they are visiting companies here in OKC for extended periods. That would almost make sense.

I'm just in awe that they used berber carpet. Should have just left the floors bare.

does anyone know what that building is just east of the Montgomery? It appears as it is an old hotel but no sign is out and it seems rather clinical and discrete??

East or West? I'm thinking you meant west. Just west of the Montgomery is the old downtown Holiday Inn.....it's some type of housing now...not sure for who, but I'd guess it's for some type of special needs people. East of the Montgomery is just that strip of shopping/restaurants.

yes, i stand corrected, i meant west, does anyone know what type of housing project that is? that would be a great condo or hotel site for the new revived arts district

I got a tour of the Montgomery yesterday. Read all about it at my blog.

http://theoklahoman.blogspot.com

Excellent website info Luke. As for the Berber carpet, I just don't think it's that great an idea. I've always been a bigger fan of softer carpet. I've always felt that berber was more of an advantage to the landlord than the tenant.

yes, i stand corrected, i meant west, does anyone know what type of housing project that is? that would be a great condo or hotel site for the new revived arts district

metro, we've been trying to find out for awhile now what this space is being used for now. Unfortunately, I've had no luck finding out. Anyways, you're right...it would be an excellent hotel or apartment/condo complex. As I said..it used to be the downtown Holiday Inn. That's what it originally opened as. That explains why it looks like a hotel! :)

When I went to visit the Montgomery I wondered what that building was. It doesn't look like it's even being used.

Hmmm...could it reopen as a downtown Holiday Inn? Call it Holiday Inn at Arts Central!

The old Holiday Inn was once used as a county slammer. It was a half way house. In fact, I thought it has been demolished years ago.

No...actually, I wasn't going to say this, but I think it's still being used as a halfway house......I didn't make the statement because I wasn't 100% sure if it was still being used for that. It's still there though.

Luke, if you're over there anytime soon, could you try and get a pic of it and post it here? That way people kknow what we're talking about.

i've seen people walking around in some of the rooms when the windows are opened, i thought it was some type of residential the way it seemed. i've also seen no signs and plain white buses pull in and out alot

I'm thinking it's still a halfway house.

I went by today to snap a shot (which I haven't uploaded yet) and decided to just go in and find out what it is. Much to my surprise, the entryway was very nice and the lobby was in a 70's/80's upscale kitsch style.

The young lady I spoke with seemed somewhat vague about what it was. What I understood it to be was a conference center and since it used to be a hotel, they can hold people in the hotel portion while they have conferences. It seems faith based. She referred me to a website: http://www.characterfirst.com

So, there you have it!

Hmmm...interesting. Thanks Luke for checing the place out! You have more gutts than I would, walking into the place! lol! Anyways, thanks for your efforts! I'm looking forward to seeing the pic when you get it uploaded.

Obviously, I guess the decor is the same as when it was a Holiday Inn. Hmmm....some hotel owner ought to offer the organization a good sum of money to reopen it as hotel!

Their website says the building is 10 stories. Here's a small pic of the building they had on their website:

http://www.characterfirst.com/education/aboutus/images/hotel.jpg

Here's some more info:

Training Center and CTI International Headquarters
A 10-story training center on the west side of downtown Oklahoma City, Oklahoma, houses the Character Training Institute's (CTI) business, education, and community offices and hosts character training conferences with full accommodations for participants.

Serving the Community
The training center provides a base for those assisting with the character initiative in Oklahoma schools, businesses, and government agencies. Special activities are also available throughout the year for local business, education, and community leaders.

Serving the Nation
The training center hosts Character First! trainers from all over the country for specialized seminars in character development. Once properly equipped, trainers return home to encourage positive character within their own communities.

Serving the World
The training center is a hub of activity for international development and coordination. With Character First! resources and training utilized in over 20 countries, the CTI staff is prepared to assist with character development in many cultures.

I was thinking the same thing, Patrick. Perhaps they would be willing to sell.

Unfortunately, I didn't take any pics inside. But, I did get a shot from the outside. I'll get that up tomorrow.

I'm guessing they converted some of the old hotel rooms into offices, but many of the hotel rooms are probably still in tact.

Our History
History of Character First! Education
In 1993, the Character Training Institute of Oklahoma City began to develop character training materials for businesses to implement with their employees. In late 1996, at the request of an Oklahoma City police officer, the Character Training Institute developed the Character First! Education series for elementary schools in the Oklahoma City public school system.

During the spring of 1997, the curriculum was piloted in eight Oklahoma City schools, two schools in Sulphur Springs, Texas, and schools in Warren, Arkansas, and Madera, California. The teachers, principals, and parents overwhelmingly approved the program, and requests poured in for curriculum. While the curriculum content was designed for use in public schools, it has become widely used in private education, day care centers, and other programs for children.

With the rise in school violence, nations began searching for solutions to the problems facing today's youth, and Character First! spread around the world. Character First! Education curriculum is currently used in over 2,000 schools in at least 13 different countries and is impacting hundreds of thousands of children.

In the spring of 2000, the Character Training Institute responded to the rising demand from junior high and high school educators to develop a character program for secondary education. Numerous schools have utilized the Character First! Education secondary resources and have even trained some of their outstanding high school students to teach the same character qualities to their elementary counterparts.

In Character First! schools, learning is no longer limited to academics. Instead, students are learning a new way of life—a life guided by character.

My college fraternity (nationally) is involved with Character First.

I don't see how it relates to this thread though.

Someone just asked about the building next to the Montgomery....that's how we got on this topic. Anyways, Midtowner, have any info. on Character First? What kind of organization is it?

Someone just asked about the building next to the Montgomery....that's how we got on this topic. Anyways, Midtowner, have any info. on Character First? What kind of organization is it?

Well, I said we had a national tie to it. Our chapter never took it up in Edmond. They are more focused on local projects. They keep 15th clean between Santa Fe and Kelly. I believe they also did a lot of work in helping with the restoration of the old schoolhouse.

As for the program, I'd check their website. It's been a few years since I looked into it very much. Since then, our national philanthropy has changed to supporting MS research. We still have ties with Character First, and I understand that it's going to be more strongly encouraged to get involved with it in future years.

As an alum, it makes me very happy to see my chapter doing good in the community.

Yeah Luke, thanks as it saves me the time next time I was down that way to walk in and find out myself. and Midtowner I was the one who asked what it was so if it upsets you , you can take the blunt out on me

As requested, here's a link to the pic of the 'Character First' building.

I'll try a few things to see if I can get it to show up in the thread, but I have a feeling I'm not priveledged enough.

The regular old copy/paste link:
http://www.revo360.com/lukeb/characterfirst.jpg

http://www.revo360.com/lukeb/characterfirst.jpg

<img src="http://www.revo360.com/lukeb/characterfirst.jpg">

Well, whaddya know? It worked!

Lookin' at the building, as plain as it is, it has a ton of windows which would be great for apartments or condos. Also, I can't imagine it would take terribly much money to get it to residential status (at least compared to something that would need extensive renovation). Also, a good paint job with some design (like the Montgomery) could fix it right up.

Thanks Luke for the pic......

Fortunately, CharacterFirst has kept the building up. It doesn't look too different from pics I've seen in the past when it was a Holiday Inn hotel.

I suppose, being on the west side of OKC near the homeless population, a hotel might not be a good option, but with the Montgomery nearby and the Legacy Summit and Sycamore Square down the way, this building would serve very nicely as a residential complex. Unfortunately, I'm guessing with the growth of CharacterFirst, they're probably not interested in selling their building.

At the right price, anyone is interested in selling their building...

:)

I however, can't make them an offer.

yeah, the only problem is its not for sale and probably wont happen

I just posted last nights experience and insight on the Montgomery in the AEP thread.

http://www.revo360.com/lukeb/characterfirst.jpg

This is the second pic Luke tried to post earlier. I'm going to see if it was that he didn't get the right tag, because it looks all wrong.

Yes, that is the Character First building. I talked with a aquaintance who is very active in the Character First program. It looks like they are a huge success and doing very well. I seriously doubt this building will be for sale for hotel or residential development within the foreseeable future.

Honestly, it's not that great looking. It looks like some tenement straight out of Moscow.

Honestly, it's not that great looking. It looks like some tenement straight out of Moscow.

Maybe you should donate to the non-for profit so they can add some asthetic appeal. I'm glad to see a local non-for profit doing so well and helping communities worldwide. It looks like most typical Holiday Inn's to me.

The Montgomery unveils $1 million event center
by Brandice J. O'Brien
The Journal Record
9/28/2005



The United Founders Tower might have Nikz at the Top, but The Montgomery is offering party space down under.

The $1 million Montgomery Event Center, created in the 8,000-square-foot basement of the 76-year-old building at 500 W. Main St., will house wedding guests, partiers and business conference attendees.

Designed by ADG Architects and developed by Richard Tanenbaum, the event center offers a sophisticated atmosphere with framed pictures of early 20th century Oklahoma City and a plasma screen to welcome guests when they step off the elevator.

"It's the most unique event center in the city right now," said Brenda Stevens, director of the facility. "The ambience is like no one else offers. It's old-world."

The facility also features several amenities including state-of-the-art sound system, audio visuals including built-in screens, projectors and wireless Internet.

The event center can hold up to 500 people in its main room or can be sectioned off into three smaller rooms depending on the size needed. When divided, the center room holds up to 200 people and the two side rooms will each fit up to 150 people.

Prices range from $500 to $2,000, depending on the number of guests, size of the room needed, length of function and time of day.

The facility is sure to compete with Meinders Hall of Mirrors, the Petroleum Club and Coles Gardens, said Charles Dodson, vice president of the multifamily division at Gardner Tanenbaum Group, who oversees The Montgomery, The Classen and Lincoln at Central Park.

Approximately 40 events are booked through December and as far out as August 2006.

The Montgomery was originally constructed as a Montgomery Ward department store in 1929.

The six-floor 128,000-square-foot building opened as a mixed-use property last October, after eight months of construction. The building houses approximately 50 apartment units and seven retail businesses including Celebrity Valet Corp., Express Personnel and Trattoria il Centro, a restaurant expected to open next month.


Brandice J. O'Brien reports on real estate, technology, manufacturing, entertainment, tourism and media. You may reach her by phone at 278-2846 or by e-mail at brandice.obrien@journalrecord.com.

http://www.themontgomeryokc.com/admin/meeting_space/seating.jpg

http://www.themontgomeryokc.com/admin/photos/interior.jpg

Awesome... I posted this info on Skyscraper.com - it's surprising how many people don't realize what OKC has to offer - I'm trying to get the word out and I always invite people from other forums here to OKCtalk...

looks nice.

Hey folks

I live at the Montgomery right now and we've been informed that we will have a special meeting in a few weeks on the "future of the Montgomery". Some of the people who work here have told me that this meeting will reveal the following: the Montgomery wants to sell its apartments. They didn't know what price Montgomery would be asking.

I've always said that if I could buy my apartment at the Montgomery I would do so without hesitation. So, on one hand this is pretty exciting. However, I'm really concerned the Montgomery will try to match some of the rediculous pricing that developers at places such as The Hill are proposing (~190$ a square foot). If this is the case, then it will probably price out all the current residents since the morgtage would be much higher than the current rent. I wouldn't be able to afford it.

I understand why they are doing this. With all the current housing coming up in OKC, alot of renters would certainly be tempted to buy a new condo. Since the Montgomery rents to higher-income folks, most people will probably want (and can afford) to buy something when it becomes available. So maybe they just saw the writing on the wall.

I know the owner of the Montgomery is a good man and so I hope he doesn't price his current residents out. Im sure many would love to buy.

If they do go to condos, I wouldn't be surprised.


As you mentioned, prices are very high right now because of pent-up demand. Once a bunch of these projects are complete, I would expect those numbers to start coming down.

I have a friend working on a small rehab project in Uptown. Their project is struggling to get off the ground from building commodities costs in concrete, copper, drywall, brick, petroleum based products, transportation, etc.. These costs have skyrocketed in the past year and esp. since the demands for those materials for Katrina are being considered. Copper alone is up 48% in 6 months. I don't think you will see these costs coming down. These will affect costs on the new construction and rehab's like the Montgomery equally. These are expensive projects. Plus there is only so much good space and land available downtown for residential development. I think anything under $200 downtown will be seen as a real steal over the next few years. Don't forget Tannenbaum is asking $225 at the Classen. Now that seems crazy. I would expect at a minimum GT would want more per sq. ft. for the Montgomery.