When you walk through the main floor arcade you can see some of the tenants who stayed through the ordeal in September have since moved out or are preparing to move. A couple have notices up of their moving date and where their new location will be. All were by the end of either October or November (sorry, I can't remember which). I think the only ones without a notice were the Chinese restaurant and Nancy Farha's. Maybe the Pharmacy too. Virtually all the ones with notices said they were moving to the 2nd floor of Robinson Renaissance.

I wonder if the upper floors are being cleared like the arcade appears like it is being cleared?

I'm not laying blame or anything, or saying this is a negative thing. This is bound to happen and should happen for this property to be redeveloped right. I can't imagine redeveloping a property with tenants on the ground floor. How would the landlord keep it open? How would the proprietor stay in business?

Almost certainly the entire building will needed to be cleared before a renovation is commenced.

Excuse me? Exactly which part of my post is incorrect? This part is pretty clear:


Price Edwards & Co. will select one qualified potential buyer for the property and the sale contract would have to be approved by the court.

And the if other brokers within the firm WHERE JIM IS VICE PRESIDENT are handling the actual transaction how does that equal Jim having no involvement? If that's what you mean that is some SERIOUS hair-splitting, Pete.

Just saying there is nothing in that article that says the current owners wouldn't have to approve the sale. That is just a conclusion you are drawing unless you have more information you'd like to share.

I quite clearly said "apparently" in my post.

As I said, I hope your conclusion is correct but I'm still not sure that it is.

This is not a typical receivership where there is a loan that has gone into default and thus I believe things are not as straight-forward as in that type of situation.

At the very least, the court would have to go through measures to fairly determine the market value of the property beyond just what a selected buyer is willing to pay.


Like it or not, the owners of this property still have rights and they can't merely sell it out from under them without due process.

Well of course the court would have to determine that the sale was for fair market value in this instance. I figure that goes without saying. But it doesn't sound at all like the owners themselves (whoever they may be at this point) are going to have any direct say in the matter, at least as far as you can tell from that quote and from the tone of the article.

Does anybody know where Let's Do Greek is going?

Well of course the court would have to determine that the sale was for fair market value in this instance. I figure that goes without saying. But it doesn't sound at all like the owners themselves (whoever they may be at this point) are going to have any direct say in the matter, at least as far as you can tell from that quote and from the tone of the article.

I had previously quoted the court filings upthread that showed the owners would have to approve a sale so unless something has changed I believe that is still the situation.

Also, the article says nothing about determining fair market value so it's far from comprehensive on the entire sales process.

I think the only ones without a notice were the Chinese restaurant and Nancy Farha's. Maybe the Pharmacy too. Virtually all the ones with notices said they were moving to the 2nd floor of Robinson Renaissance.


The people at the pharmacy reported to me that they will be moving to Leadership Square in the storefront along Park currently occupied by the Thunder Store. I think this will be a huge value-add to Park Avenue.

If I ever hear the words "demolition" and "First National Center" in the same sentence, I'm gonna drive down there and chain myself to the building...

LIKE! I'll join you. Its our Penn Station.

The people at the pharmacy reported to me that they will be moving to Leadership Square in the storefront along Park currently occupied by the Thunder Store. I think this will be a huge value-add to Park Avenue.

This is great news. Thanks for sharing.

I had previously quoted the court filings upthread that showed the owners would have to approve a sale so unless something has changed I believe that is still the situation...

But that is not what the court order that you quoted says. From your own quote:


Any time “Approval” is required with respect to any action of the Receiver, such action will be authorized only if and when the Receiver receives the written consent of Plaintiff and the other parties to this action or when the Receiver obtains entry of an order of this Court, which may be sought and approved on an expedited basis.

Essentially this says that the Court MAY seek the approval of the owners, but has left itself a very big "out", and could choose on its own to order the property sold, "on an expedited basis," at the request of the Receiver. At this point, the owners have only as much power in this transaction as the Court chooses to allow. If they agree, great. That will obviously make things easier. If they don't, or if ownership is still unresolved, the Court will act in what it deems to be the best interest of all parties. There is certainly a very simple path for the Court to circumvent the desires of the owners - whoever they may be - as the Court clearly seems to believe that they are prone to not always act in good faith.

^

As I've said many times, I hope you are right but I'm also not certain this will be a simple matter.


In any event, here's hoping a sale to a responsible redevelopment group happens sooner rather than later.

Could they not sell absent of owners approval and put the money is escrow overseen by the courts until it's battled out legally, then the project can proceed without being held hostage.

^^^^^^^
That seems like a very likely and reasonable approach.

It's my understanding purchase offers are due this Friday by noon and there will likely be multiple bidders.

However, this is not a public process and I seriously doubt we'll learn anything more for a while.


It is also my understanding that Parrack and the marketing team at Price Edwards believe they can get the purchase through the courts without a huge fight from the current owners. Hope that turns out to be the case.

Steve's update.

http://www.oklahoman.com/article/5458847&headline=First%20National%20Center%20buyer%20to%20 be%20selected%20within%2060%20days


A buyer is set to be selected for First National Center within 60 days “or sooner” following the submission of offers Friday to court-ordered receiver Jim Parrack.

Parrack on Friday declined to disclose how many offers were submitted or the names of aspiring buyers.

“We got about what we thought we would,” Parrack said. “We had good interest and that is reflected in the offers we received. It looks like we have some good choices.”



Parrack emphasized that the people who were battling for control would have no say in who is approved as the buyer.

Another update by Steve.

Finance district plan includes $40M in aid for First National Center | NewsOK.com (http://m.newsok.com/finance-district-plan-includes-40m-in-aid-for-first-national-center/article/5459425/?page=2)


Redevelopment of First National Center could include $40 million in public assistance provided through a new tax increment finance district proposal unveiled on Monday.

The district, which would continue for 25 years, is proposed to be carved out from the existing downtown increment district that is set to expire in 2027. Cathy O'Connor, president of The Alliance for Economic Development of Oklahoma City, said the district is being sought as redevelopment prospects brighten for the long troubled Art Deco landmark.

That's a huge amount of subsidy. It's rather remarkable. If that's what is required, then good job done by the public sector. Impressive public offer.

TIF will only be part of the subsidy.

Sealing the deal: First National Center close, but details kept secret | The Journal Record (http://journalrecord.com/2016/01/06/sealing-the-deal-first-national-center-close-but-details-kept-secret-real-estate/)

Sealing the deal: First National Center close, but details kept secret | The Journal Record (http://journalrecord.com/2016/01/06/sealing-the-deal-first-national-center-close-but-details-kept-secret-real-estate/)

Sealing the deal: First National Center close, but details kept secret

By: Molly M. Fleming The Journal Record January 6, 2016

OKLAHOMA CITY – A historic downtown building sale could close soon, though it’s later than previously expected.

In early November 2015, the First National Center sale was expected to finish in 60 days. But the sale’s final details are still in the works, said Jim Parrack, the property’s receiver.

“We still have some T’s to cross and some I’s to dot,” said Parrack. “We’re close. I’m not sure how close, but it’s sooner than later.”

Parrack has not yet submitted a sales contract to the federal court in Oklahoma’s Western District, and said he could not comment on the potential buyer.

When the contract is filed, no details will be made public. On Monday, U.S. District Judge Stephen Friot granted Parrack’s attorney, Joseph Bocock’s, motion to seal the application authorizing the sale of First National Center.

“Public access to this information is potentially detrimental to negotiating terms and achieving a fair price in the event the application for order authorizing sale is not approved,” Bocock stated in his motion.

Real estate attorney Chris Griswold said having the sale’s information sealed helps keep the financing together without someone else intruding on the buyer’s purchase. He said he’s known of sales that have fallen apart because the information wasn’t sealed.

“All good lawyers will ask that it’s filed under seal,” he said.

He said granting the sealing motion doesn’t mean there is a definitive timeline on the sale.

“It’s anybody’s guess on when the sale will go forward,” he said. “There are a range of possibilities. It could be 30 days, or it could be six months.”

The new owner could receive $40 million in tax increment financing from Oklahoma City. First National is in the downtown core, which has its own TIF. But there are only 12 more years allotted for those funds; FNC needs its own TIF that will last 25 years.

Texas developer Mike Sarimsakci was allegedly under contract to buy the building in late August, but the deal required Howard Abselet to drop his lawsuit against supposed owner Leon Neman within 60 days of sale. He ended his contract after a September hearing.

California developer Stephen Goodman previously said he would buy the center for $23 million.

Amid the legal chaos, several tenants have moved out of the building, with many moving to the Robinson-Renaissance building. The 13-story building’s occupancy increased from 65 percent to 74 percent because of its new tenants.

Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com (http://m.newsok.com/tenants-at-oklahoma-citys-first-national-center-prepare-to-take-flight/article/5442932?utm_campaign=LOOKatOKC&utm_source=Social&utm_medium=LOOKFB)

They are turning the heat off, as early as this Thursday.

I hope this thing takes off. So bad. Knock on wood.

Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com (http://m.newsok.com/tenants-at-oklahoma-citys-first-national-center-prepare-to-take-flight/article/5442932?utm_campaign=LOOKatOKC&utm_source=Social&utm_medium=LOOKFB)

They are turning the heat off, as early as this Thursday.

Did you see the date of that article? It's from August 2015.

Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com (http://m.newsok.com/tenants-at-oklahoma-citys-first-national-center-prepare-to-take-flight/article/5442932?utm_campaign=LOOKatOKC&utm_source=Social&utm_medium=LOOKFB)

They are turning the heat off, as early as this Thursday.


This article is from August.

I believe they are going to announce they have a contract for sale today or very, very soon.

Sold. Oklahoman has a write up.

Oklahoma City's First National Center has new owners | News OK (http://newsok.com/first-national-center-has-new-owners/article/5471965)

Gary Brooks!

One of the good guys and he'll do an awesome job.

Apartments, hotel and annex demoed for parking and retail.


Great news!

Yes! This is going to be awesome!

Love the renderings!

I love the palm trees! lol

Great news! This helps soften the blow from the OG&E debacle. Like the Tower Theater, this is one of OKC's treasures that has seemed hopeless for so long and now it finally seems like it has a better future ahead. Hopefully this is the beginning of a revival in the CBD itself, and is a catalyst for it to become active more than jsut 8-5 M-F.

It probably won't happen, but I would love to see the retail become a downtown department store.

Those renderings look awesome. How cool will it be to have residences up to 33 floors in the heart of downtown?

Nice.

I wanna say that I recognize the name Gary Brooks, but I don't remember the details of his work. What is his experience in terms of specific local developments?

Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.

Oooooo, yeah, this sounds like an exceptional turn of events then.

I know I've heard the name, but can someone refresh me on what else Brooks has worked on?

Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.

Nice. The Edge and the Steelyard are two of the highest quality developments in town, developments that exemplify that he really cares about the city. That makes me feel like this is in good hands.

Read the sidebar in that article. Covers all of the team members in detail. Dream. Team.

Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.

And of course his experience goes way, WAY beyond that.

Article says NE Development did Maywood Apartments but they are in fact doing Maywood II.

I am excited to see Brooks involved, but right now I'm also a little uneasy about the demolition of some quirky mid century office space. It could be a valuable asset that we are losing, for an uncertain development proposition.

We've lost a lot, including a landmark theater that was replaced by a mosquito hatchery.

I am excited to see Brooks involved, but right now I'm also a little uneasy about the demolition of some quirky mid century office space. It could be a valuable asset that we are losing, for an uncertain development proposition.

We've lost a lot, including a landmark theater that was replaced by a mosquito hatchery.

This would be a perfect time to request that the demolition be tied to a building permit. I don't mind losing those buildings but it would be a huge blow to lose that urban canyon for a parking lot. I don't doubt Gary Brooks and what he is able to do...he has far, far more notoriety than Rainey Williams ever did, but still, the city has to start somewhere and this is a good place to start. I'm going to write City Hall tomorrow.

You clearly don't know Rainey Williams.

You clearly don't know Rainey Williams.No one knows Rainy Williams, except for the people that know him, and even then, they just might not know Rainy Williams.

A new update by Steve.

A Closer Look at Plans for First National | NewsOK.com (http://m.newsok.com/a-closer-look-at-plans-for-first-national/article/5472042)

Awesome. I just hope the parking does not open into Park Avenue but somehow uses the laneway one the other side of the building and/or the Broadway facade.

To be viable as a retail district, Park Avenue needs to be as continuous as possible and this is only achievable on the FNC side of the street at the moment.

I also wish they wouldn't just restrict retail to the first floor, but would have at least some of it build up into the 2nd floor space; particularly restaurant and/or retail amenity that could be open to the hotel as well. And PLEASE, PLEASE let there be doors open to the outside for the street frontage. If we can rebuild the archade, even bonus but we need to have all streetfronts in downtown OKC have their own doors to the outside (so they can set their own hours, maintain their own identity).

Residential here is going to be huge. This is a dream development.

By far and away the most exciting part of this will be the restoration of the Great Banking Hall and turning it into a spot where you can likely go have a drink and hangout.

It is probably the most beautiful space in OKC and I'd love to be able to take out of town visitors there.


I was a customer at that bank to the bitter end specifically so I could make use of that facility. ATM's were still not ubiquitous and I'd walk over there from my office in Leadership Square once or twice a week and always loved being in there.

I also had several interviews at First National when I graduated from OU and remember how cool that entire facility was and it was fun seeing behind the scenes.

By far and away the most exciting part of this will be the restoration of the Great Banking Hall and turning it into a spot where you can likely go have a drink and hangout...

Agree 100%. I think the lobby will translate very well as a grand hotel lobby, with the teller windows being the only complicating factor. Hopefully they find a creative way to retain them and integrate them with the design. But regarding the space overall, every time I am in there and trying to consider how it could be repurposed, use as a hotel lobby always comes to mind. It reminds me quite a bit of the lobby of the Peabody in Memphis:

http://photos.burnsland.com/Travel/Around-Memphis-Tennessee/i-sbBvGX9/0/L/Peabody-Lobby-042712-new-L.jpg

I'll have to find it...

I had previously posted a picture of a similar bank lobby that had been turned into a restaurant and it was amazing.

Yeah but imagine how loud it would be with all those hard surfaces... :-P

I know you are joking but there are easy fixes to loud spaces due to too many hard surfaces, it's just that no one considers this in the design then aren't sufficiently motivated after the fact.

This is awesome. How cool would it be to live in one of those apartments?

How is this thread not at the top of the list? I surely expected more enthusiasm!

Just read the good news just now. Oh what tidings of great joy Gary Brooks is delivering.

Can't wait to see more details

I went to a restaurant in Calgary called Bank and Baron a couple months ago that's a converted bank. It made me wish they'd so something similar with FNC:
Bank & Baron P.U.B. (http://www.bankandbaronpub.com/)

^^^^^^^
Did a GIS for photos of the interior and it's fantastic. Of course FNC would also require a hotel lobby function in the great banking hall (unless you were to sacrifice current street-level retail space - such as the current Cafe 7 space - which is probably unacceptable), but the sq ft is considerably larger so that could easily be accomplished.

I'll have to find it...

I had previously posted a picture of a similar bank lobby that had been turned into a restaurant and it was amazing.

That was my thought. The train station in Washington D.C. has a typical food court in the basement, but there's a nice "open air" restaurant in the great hall. One of the benefits of having the place is that it makes the entire train station smell AMAZING!!!!

This is the Courtyard Marriott San Diego Downtown, the banking hall at First National is much, much nicer so there is a lot of potential to be had. Also note what they did with the safety deposit boxes/vault.
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