Lackmeyer reporting new $50M mixed-used development SW of downtown called Industry OKC, right off the OKC Boulevard (has nothing to do with Strawberry Fields):

https://www.oklahoman.com/story/news/2023/06/20/okc-warehouse-redevelopment-to-include-offices-retail-and-housing/70321744007/

I’m familiar with Q Factor and InDUSTRY in Denver. Pairing up with Pivot this should be a successful project.

http://www.okctalk.com/images/pete/vinyard14.jpg


http://www.okctalk.com/images/pete/vinyard11.jpg


http://www.okctalk.com/images/pete/vinyard12.jpg

https://www.industryoffice.com/

http://www.okctalk.com/images/pete/industry15.jpeg

Neat!

This block is directly south of the Lively Brewery (purple building):

http://www.okctalk.com/images/pete/industry062023b.jpg

If. This doesn’t kick-start Strawberry Fields nothing will

The 0.75 mile walk down SW 3rd st from Scissortail park to the farmers market has a bright future as a pedestrian corridor. With most EW car traffic taking the boulevard, I hope to see 3rd st get class A bike/ped treatment.

If. This doesn’t kick-start Strawberry Fields nothing will

The red arrow shows those few small buildings that SF has applied to renovate and has been marketing for pre-lease.

They've had plans drawn for years and to date absolutely nothing has happened there.

HTTP://www.okctalk.com/images/pete/industry062023c.jpg

The 0.75 mile walk down SW 3rd st from Scissortail park to the farmers market has a bright future as a pedestrian corridor. With most EW car traffic taking the boulevard, I hope to see 3rd st get class A bike/ped treatment.

Not to mention that Classen south of reno is unnecessarily wide. It could be narrowed down to form a cool public street scape or more than likely for angle parking

I hate to ask this, I really do.... I hate it... the article in the oklahoman states it will be a mix of community-style offices, restaurants and apartments. If it is was like the Sunshine building, I wouldn't ask this, but here we go:

Where are people going to park if there are apartments, offices, etc? I know, I know, they can walk, but I assume there is a plan for parking and it hasn't been released yet...

I hate to ask this, I really do.... I hate it... the article in the oklahoman states it will be a mix of community-style offices, restaurants and apartments. If it is was like the Sunshine building, I wouldn't ask this, but here we go:

Where are people going to park if there are apartments, offices, etc? I know, I know, they can walk, but I assume there is a plan for parking and it hasn't been released yet...


I know we all like to joke about parking meltdowns, but this is a very valid question, haha

I know we all like to joke about parking meltdowns, but this is a very valid question, haha

Yeah, I went into it as a person I hate b!tching about parking at a place like the Truckyard or the Dream hotel development...

The plan is to convert the southern half of the block into office and related space; parking is planned to be off-site.

The north half will be developed separately, and they hope to include retail, restaurants, and apartments but that is all conceptual at this point.

The property owner will be a major shareholder in the project. The Oklahoman article mentions a $8.5 million TIF ask, and I believe that is only for the first phase (southern half of the block).
http://www.okctalk.com/images/pete/industry31.jpg


http://www.okctalk.com/images/pete/industry21.jpg


http://www.okctalk.com/images/pete/industry22.jpg


http://www.okctalk.com/images/pete/industry23.jpg


http://www.okctalk.com/images/pete/industry24.jpg


http://www.okctalk.com/images/pete/industry25.jpg


http://www.okctalk.com/images/pete/industry26.jpg


http://www.okctalk.com/images/pete/industry27.jpg


http://www.okctalk.com/images/pete/industry28.jpg


http://www.okctalk.com/images/pete/industry29.jpg


http://www.okctalk.com/images/pete/industry30.jpg


http://www.okctalk.com/images/pete/industry32.jpg

Is it just me or does $50M seem a bit much for this?

I am happy to see this development and this developer.

Thanks for posting the development plans, Pete. This looks like a home run to me. From the pictures and renderings they've included, thankfully it looks like they intend to reuse the existing structures on the southern half of the property. Looks like they're adding a second story to the west building, modifying the center building, then building a new addition with an entryway and lobby to the east of that on the open land. It'll be quite the overhaul for the area, and bring two long-vacant buildings back into active use. I'm excited to see this get built!

Aren’t some of those buildings, picture #1, maintenance buildings for the old OKC trolleys?

Beautiful renderings

The plan is to convert the southern half of the block into office and related space; parking is planned to be off-site.

The north half will be developed separately, and they hope to include retail, restaurants, and apartments but that is all conceptual at this point.

The property owner will be a major shareholder in the project. The Oklahoman article mentions a $8.5 million TIF ask, and I believe that is only for the first phase (southern half of the block).

http://www.okctalk.com/images/pete/industry32.jpg

I am really confused on this so maybe I am reading it wrong or I am an idiot (feel free to tell me if I am, I hear it all the time :)

It looks like the OKC Founders is 10% owner and Pivot is about 1/3 of that (all things being equal) with the Investors being 69% owner of OKC Block QOZB. I feel like it is usually the other way around where the developers are the majority and the investors are the minority.

Is the Pivot Project essentially a developer for fee in this one?

Is the Pivot Project essentially a developer for fee in this one?

Plus a small equity stake.

I am really confused on this so maybe I am reading it wrong or I am an idiot (feel free to tell me if I am, I hear it all the time :)

It looks like the OKC Founders is 10% owner and Pivot is about 1/3 of that (all things being equal) with the Investors being 69% owner of OKC Block QOZB. I feel like it is usually the other way around where the developers are the majority and the investors are the minority.

Is the Pivot Project essentially a developer for fee in this one?

i found this article about "co-GP" deals

https://www.wealthmanagement.com/investment/co-gp-structures-help-real-estate-sponsors-navigate-choppy-investment-market

FYI this is modeled off the Post District, a developing mixed-use district in Salt Lake City

FYI this is modeled off the Post District, a developing mixed-use district in Salt Lake City

all of the Industry locations look similar ..

i found this article about "co-GP" deals

https://www.wealthmanagement.com/investment/co-gp-structures-help-real-estate-sponsors-navigate-choppy-investment-market

Interesting. Thanks.

No one really brought it up when this was posted but I felt like I needed to get clarification.

Today they submitted their plans for design review; they've changed slightly from the original plan (only cosmetically):

HTTP://www.okctalk.com/images/pete/industry092023a.jpg


HTTP://www.okctalk.com/images/pete/industry092023b.jpg


HTTP://www.okctalk.com/images/pete/industry092023c.jpg


HTTP://www.okctalk.com/images/pete/industry092023d.jpg


HTTP://www.okctalk.com/images/pete/industry092023e.jpg

I spent a few minutes looking at this thinking it was SW 2nd street and the renderings didn't line up with the current buildings and then realized it was SW 3rd and it's the shell on the west, two story building in the middle and empty lot to the east. Makes more sense now...

I think that looks much better than the original design! And I loved the first one. It looks less like your typical modern upgrade of a brick building.

Is the architect local?

Is the architect local?

No, it's Drumbeat out of Salt Lake City:

https://www.drumbeat.us/

Per the Oklahoman, this project is on indefinite hold.

I had been checking on it and no work -- not even demolition -- had ever been performed.

That sucks. This is one I was looking forward to.

The co-developer Q Factor has had some financial issues

https://buildingsaltlake.com/quick-to-bill-late-to-pay-and-the-team-of-teams-inside-the-rise-and-stunning-fall-of-makers-line/