Demo permit was filed to raze the old parking garage.

I think they are starting Demo today!

I think they are starting Demo today!

It was happening as of last Friday, we ate at SPARK and watched it, not sure when it started, though.

It was happening as of last Friday, we ate at SPARK and watched it, not sure when it started, though.

It is about 1/3 demolished now. Starrted coming down a couple of days ago.

http://www.okctalk.com/images/pete/canton091024b.jpg

http://www.okctalk.com/images/pete/canton091024a.jpg

http://www.okctalk.com/images/pete/canton091024c.jpg

Seems like such a waste.

What a bizarre ride this project was. I wonder if this will go full circle now and become a surface lot once again.

I'd expect movement on it again when rates come down. Who knows, maybe it will have more mixed use and be a silver lining to a lousy event.

Seems like such a waste.

Engineers apparently said it was fine, but no insurance underwriter would touch it, so down it goes. Perhaps a waste, but if anything ever happened the question would be, "How in the world did they let it remain in use?"

Engineers apparently said it was fine, but no insurance underwriter would touch it, so down it goes. Perhaps a waste, but if anything ever happened the question would be, "How in the world did they let it remain in use?"
^^^

And there's zero reason to leave it standing when there's probably not going to be any movement on this lot for several more years. The entire project has a negative perception at this point given that the only impact on the surrounding area was that the Ellison had to close down for several months, whomever eventually gives it another try will inevitably want to start from scratch.

Here's a twist...

Hines is in the process of soliciting budget bids for the exact same project.

I believe they are looking for current numbers to forward to banks and possibly other investors.


It looks like they will try and build the same project as before.

Here's a twist...

Hines is in the process of soliciting budget bids for the exact same project.

I believe they are looking for current numbers to forward to banks and possibly other investors.


It looks like they will try and build the same project as before.

Will the same project, if built the same as proposed and approved before, need to go back through commission approvals? I assume so, just wasn't sure, given the extenuating circumstances.

If so, it would save them design and other costs to do the same project. And yes, I am in favor of it. It will greatly help that area.

Here's a twist...

Hines is in the process of soliciting budget bids for the exact same project.

I believe they are looking for current numbers to forward to banks and possibly other investors.


It looks like they will try and build the same project as before.

I get that they had to demolish the garage for practical legal reasons, but that would be such a waste if they ended up building the exact same garage.

Pete, from the demand perspective do you see many changes in this area from before the fire? It's still an appealing part of town with lots of leafy neighborhoods & parks, nice restaurants, nearby high-end shopping, one mile from I-235 & I-44. If they can make the construction numbers work, wouldn't there still be a huge demand for this project?

A waste, but also darkly hilarious.

Lean into it a little, name it Canton 2 or maybe Re:Canton.

Pete, from the demand perspective do you see many changes in this area from before the fire? It's still an appealing part of town with lots of leafy neighborhoods & parks, nice restaurants, nearby high-end shopping, one mile from I-235 & I-44. If they can make the construction numbers work, wouldn't there still be a huge demand for this project?

If I lived in OKC and was in an apartment frame of mind, I can think of no other square mile where I would rather be. This location is literally perfectly positioned. I don't know how it can be anything but a great success.

Pete, from the demand perspective do you see many changes in this area from before the fire? It's still an appealing part of town with lots of leafy neighborhoods & parks, nice restaurants, nearby high-end shopping, one mile from I-235 & I-44. If they can make the construction numbers work, wouldn't there still be a huge demand for this project?

Yes, it's arguably the best location in all of OKC and there are no apartments anywhere close. It's a unique situation.

And yes, construction costs have gone up but so have rents and there is no reason to think they won't continue to escalate, especially when you have a monopoly on for rent property in such a great location.


They still own the land and they have a ton of sunk costs in plans, permitting, architecture, etc.

I sure hope they get built. There are still two commercial plots north of this property designated for restaurants, as well as the empty lot directly north of Whole Foods.

BTW, I know there has been lots of talk about some of the Chesapeake properties being converted to residential, but keep in mind there is still a ton of empty land just to the east.

This is such a prime area with so many amenities it's just a matter of time before someone breaks the ice then we get an avalanche of similar projects.

A waste, but also darkly hilarious.

Lean into it a little, name it Canton 2 or maybe Re:Canton.

Or Can…on. Take out the can’t.

Yes, it's arguably the best location in all of OKC and there are no apartments anywhere close. It's a unique situation.

And yes, construction costs have gone up but so have rents and there is no reason to think they won't continue to escalate, especially when you have a monopoly on for rent property in such a great location.


They still own the land and they have a ton of sunk costs in plans, permitting, architecture, etc.

I sure hope they get built. There are still two commercial plots north of this property designated for restaurants, as well as the empty lot directly north of Whole Foods.

This is especially the case given that rents are stagnant or declining in other second and third tier markets that have historically been more attractive than a city like OKC. The sunbelt (where Hines has some, but admittedly not a huge presence), Austin, etc.