I still think the tower should be converted to a boutique hotel ala the Colcord with perhaps some condos on the top floors. The Great Banking Hall is perfect for a lobby with cocktail lounge.

Then, the buildings to the east could be updated for office use, as they have decent sized floorplates and don't suffer from the weird bathroom layout.


Once the complex is ultimately wrested from the current owner, I hope the city gets involved to help find the right developer(s) and grants/funding.

Just plain curiosity at work ... what sort of figure would be necessary to pull this off to completion?

That Westin looks amazing, but I think First National could blow it out of the water if it was restored! It is more iconic and the lobby has a lot more detail and character.

I would however love to stay at that Westin!

As far as cost, they spent $16 million to completely gut and renovate the Colcord, and that was about one quarter the square footage of the tower (which is about 450,000 square feet).

The Skirvin was $55 million for about half that square footage but they also had to do a lot of work to the exterior and old ballrooms.


It would be an expensive proposition, no doubt. But it also perhaps the most beautiful and unique space in the entire state and given the success of the Skirvin and Colcord, I bet a developer could make the numbers work -- especially with some redevelopment grants.


I also think the best chance of a large scale renovation of the tower would be if they separated it from the other two buildings to the east. The only thing that connects them is the ground-level arcade and they have such little appeal that it may be best just to sell them separately and let a developer concentrate on the tower.

There are a bunch of old banks that have been converted to hotels because their lobbies lend themselves to that adapted use.

Here is a Marriott in downtown San Diego:

http://www.cdeangelisphotography.com/wp-content/uploads/2011/04/Courtyard-Marriott-San-Diego-Branch.jpg

http://www.okctalk.com/images/pete/sdmarriott3.jpg

http://www.okctalk.com/images/pete/sdmarriott1.jpg

http://www.okctalk.com/images/pete/sdmarriott2.jpg

For reference, here are the floorplates:

http://www.okctalk.com/images/pete/fnc1.jpg

First, for the Tower:

http://www.oklahomacounty.org/assessor/Searches/Sketches/sketchfile/2730/R010013400001.jpg

This is what is called the "Center Building":

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2730/R010013436001uA.jpg

http://www.oklahomacounty.org/assessor/Searches/Sketches/sketchfile/2730/R010013436001.jpg

And here is the "East Building":

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2730/R010013448001uA.jpg

http://www.oklahomacounty.org/assessor/Searches/Sketches/sketchfile/2730/R010013448001.jpg

The Drury Plaza in San Antonio is another converted bank:

http://www.okctalk.com/images/pete/druryplaza1.jpg

Pete, I'm going spitball something I never imagined could be typed by my fingers, but here goes.

I've seen lots of folks writing or being quoted on how the Core to Shore Park ought to be minimized, dialed way down, not be programmed, doesn't need lots of the glitz and flash that was pitched prior to the M3 vote by the OKC voters. The sentiment is usually tied to MBG turning out so well, and perhaps it would be a waste to have another large programmed park, particularly in an area where surrounding development might still be 20+ years out.

OK, so say I'm a convert. That would mean a huge chunk of the original 130 million for the C2S park is no longer needed for the park, or shudder that I can type this, perhaps the park should be mothballed for anything at all beyond the most minimal grassy walk area, suggesting the vast majority of the funds could be freed up for some other major improvement within OKC. Hmmm, let's see now. Is there a way to marry those thoughts with discussing the funding needed to pull off making FNC the supreme icon of the prairie.

I admit I feel a wee bit of ick for even suggesting it, but yeah, play with it, rip it, modify it, or perhaps embrace it if you're a OKC voter. Me, I'm just a visitor.

Kevin - Core2Shore will be built in all its planned glory. It will be needed to drive residential development between downtown and the river. FNC would make a nice MAPS IV project but that is still 7 years away.

I could see a separate bond issue for FNC that would be repaid through revenues.

But, it will likely be a while before we get there as the current owners seemed intent on tying the place up with litigation.

I know this is probably a stupid question, but I don't know anything about it. As some say as well, "There are no stupid questions, only stupid answers".

Does anyone know how structurally sound First National is? I would just hate for it to be 20 years until serious renovation talks come up, only to discover that there are structural problems beyond saving. I'm probably just being paranoid...

Buildings from that era were usually built like vaults.

Even so, before an big renovation was undertaken they would perform extensive engineering studies.

Thanks, Pete.

Love the pics of the repurposed bank buildings...they just don't seem to build them like that any more...some of those spaces are very cathedralesque...well, except for the meeting(?) room inside the bank vault...got to love that!

Pete, I'm going spitball something I never imagined could be typed by my fingers, but here goes.

I've seen lots of folks writing or being quoted on how the Core to Shore Park ought to be minimized, dialed way down, not be programmed, doesn't need lots of the glitz and flash that was pitched prior to the M3 vote by the OKC voters. The sentiment is usually tied to MBG turning out so well, and perhaps it would be a waste to have another large programmed park, particularly in an area where surrounding development might still be 20+ years out.

OK, so say I'm a convert. That would mean a huge chunk of the original 130 million for the C2S park is no longer needed for the park, or shudder that I can type this, perhaps the park should be mothballed for anything at all beyond the most minimal grassy walk area, suggesting the vast majority of the funds could be freed up for some other major improvement within OKC. Hmmm, let's see now. Is there a way to marry those thoughts with discussing the funding needed to pull off making FNC the supreme icon of the prairie.

I admit I feel a wee bit of ick for even suggesting it, but yeah, play with it, rip it, modify it, or perhaps embrace it if you're a OKC voter. Me, I'm just a visitor.

this is off topic but i couldn't let it go ... the MBG is NOT a large park

OMG Spartan, let it go! Anyway.....

We've all got these grand ideas on how it could be converted, but we've yet to find someone willing to invest in the building to make it happen. How many owners have we seen go through the revolving door in the last 10, 20 years? Does it really have to close and sit with bird crap on it for 25 years like the Skirvin before someone does something for real with it? We'd still be sitting on a bir pooed Skirvin if they city hadn't finally moved in and done the work itself. The risk is too high for a private party to feel like it's worth it on the return....individuals just can't absorb the kind of cost it will take and usually aren't willing to wait on the returns to slowly flow in. It's a preservation project at this point and iconic buildings like this don't often get private funding for those things....especially not outside of somewhere like Boston (where you have a historic structure every 5 feet).

Maps 4 seems like a good place to start for funding. Or bond it out. If we're looking for a cheap buy, just wait till someone goes into bankruptcy and get it while it's in a receivership.

The deadline mentioned below came and went and I haven't been able to find anything about the status.

Anyone have news here???




Owners of OKC-based First National Center propose payment plan
by Brianna Bailey
7/6/11

The owners of downtown's troubled First National Center hope to emerge from Chapter 11 bankruptcy and retain control of the 33- story art deco tower with a $1 million injection of new capital.

The funds, provided by Los Angeles-based First National managers Aaron Yashouafar and Simon Barlava, would be used to pay off creditors and reduce the principal of a restructured $19 million mortgage on the property, according to court documents.

In a reorganization plan filed in U.S. Bankruptcy Court this week, First National's owners propose giving its creditor Capmark Bank two installments of $250,000 to pay down the principal on its mortgage on the property.

First National's owners would also make regular monthly payments on the restructured mortgage.

Another $500,000 would be used to pay First National's tax obligations and other creditors.

A call to Yashouafar's office in Los Angeles was not immediately returned on Wednesday. First National's creditors must vote to approve the plan and the court has until Sept. 13 to approve the reorganization.

The deadlines have been pushed back somewhat. There was supposed to be a court hearing this week on First National's disclosure statement, but it was pushed back until sometime in October. Things could drag on for some time.

Thanks for the update, Brianna.

This is really the worse-case scenario, where the present owner just continues to drag things out through litigation, which is completely his m.o.

Just a few months ago their one big trophy property in downtown Los Angeles (Figueroa Tower) went into bankruptcy as well. Also, lost a big mansion in foreclosure and it seems every other one of their properties has been seized or is bankruptcy.

I'm not making an excuse for him, but it is probably the worst possible time to be trying to keep buildings like FNC in the black. With business down and real estate lagging, why would commercial real estate be any different. And this building is going to need a dedicated financial backer willing to take the risk and not just try to flip it for the next buyer. And it's definitely not strong enough to help support his other investments. I'll still say the city is its only hope.

Just a few months ago their one big trophy property in downtown Los Angeles (Figueroa Tower) went into bankruptcy as well. Also, lost a big mansion in foreclosure and it seems every other one of their properties has been seized or is bankruptcy.

I never understand why people fight to this level of insanity. He has probably spent a small fortune on legal fees in a losing battle. Sell it all off, close the company, take whatever personal hit is coming to his credit rating, and get the 7 year clock running. If he had done this 2 years ago he would be in good shape when/if the national economy ever picks back up.

Sadly, there was an article last week in the Journal Record that one of the oldest tenants at FNC is moving out after 40+ years, citing poor management and neglect.

I sure hope the lender gets control of that property sooner rather than later.

Does anybody here think that FNC could possibly be torn down?

And I don't want it to be for those of you that misunderstand this question, I want it to stay, I'm just wondering others opinions.

No way that would even happen with the tower but I could see them tearing down the eastern sections which have no historical significance.

I also could not see it happening but there are so many negative things evolving around the tower that the question and doubt can't help but sneak up in my mind.

I know that the folks who currently own it could care less about it; atleast it certainly seems that way.

At least it's stayed open and continuously operated... It's really not in terrible shape, the tower just needs to be modernized on the upper floors.

It's such an incredible gem that it will happen eventually; I bet within the next 10 years.

Sadly, there was an article last week in the Journal Record that one of the oldest tenants at FNC is moving out after 40+ years, citing poor management and neglect.

I sure hope the lender gets control of that property sooner rather than later.

Hefner Co. to leave First National Center in Oklahoma City - http://bit.ly/v72a8n

True. Sometimes the facade on the upper 3/4 strike me as "old" but besides that I can't really say anything negative about the look.

I also could see it happening within the next 10 years, and hopefully brought back to it's former glory.

At least it's stayed open and continuously operated... It's really not in terrible shape, the tower just need to be modernized on the upper floors.

It's such an incredibly gem that it will happen eventually; I bet within the next 10 years.

I agree with 'ya, Pete. It's one of the really great structures in all of Oklahoma. Being in the Grand Banking Hall last week for an event just felt so warm and inviting. A gem of a building. I think 10 years is a good goal to shoot for. Of course, as we've all talked about, so much is out of our hands now. But it's the First National Bank Building (!) - the tallest building west of the Mississippi when it was built, it will get done.

I love the optimism Mike, it gives me even more of a warm feeling of hope that it will happen and I already firmly believed it would. Lol

Looks like Devon is getting upset with the owners and they have a great reason as to why.

http://http://newsok.com/devon-energy-files-court-motion-questioning-safety-of-elevators-at-first-national-center/article/3624206?custom_click=lead_story_title

EDIT: The link is broken when I try and post it so if someone else could try and post it I'll love you forever.

You have an extra "http//" in your link.

http://newsok.com/devon-energy-files-court-motion-questioning-safety-of-elevators-at-first-national-center/article/3624206?custom_click=lead_story_title

You have an extra "http//" in your link.

http://newsok.com/devon-energy-files-court-motion-questioning-safety-of-elevators-at-first-national-center/article/3624206?custom_click=lead_story_title

I see that now. Woops! Better luck next time I guess. Lol thanks though. =)

Glad Devon is getting aggressive and bringing light to the problems. Maybe it will help force some positive action on the ownership situation.

I still don't understand what is happening here.

Capmark was trying to take this property back and several months ago the LA owners proposed making a small equity investment. There was to be a hearing in September but that never took place.

I realize the present owner is in bankruptcy and is holding on like grim death, but where are we in this process?


The sooner the lender gets this property back the sooner it can start to go forward again. The present owner has a history of fighting legal battles for years only to ultimately lose the property anyway. This needs to get settled.

The delay is probably because Capmark also filed bankruptcy. No point in regaining ownership too soon.

http://www.gmaccm.com/CAPMARK/uploadedFiles/Global_Operations/CFGI%20Press%20Release%20April%2015,%202011.pdf

http://newsok.com/devon-energy-files-court-motion-questioning-safety-of-elevators-at-first-national-center/article/3624206?custom_click=lead_story_title

Funny, about 5 minutes before I saw this article, I was wondering if Devon will be the "white knight" and buy this building and restore it to it's original glory.

http://noodlestream.com/press/noodlestream-com-s-relocation-puts-safety-right-in-the-middle-of-downtown-oklahoma-city

Relocated from suburbia.


Milbank Real Estate Services reports the following leases at First National Center, 120 N Robinson, negotiated by Brandi Harrison:

• NoodleStream.com leased 6,522 square feet of office space.

A win is a win, both for FNC and for Downtown.

And back to the topic: more drama with First National Center: http://newsok.com/owner-of-first-national-center-indicted-on-charges-of-theft-by-false-pretense-and-embezzlement/article/3633686

(Will Metro give me brownie points for searching for this existing thread instead of creating a new one?)

Thanks Steve.

I sure wish someone would write an article about what is going on with the FNC and Capmark. There hasn't been an update in almost a year... Last we heard Milbank proposed to make a partial payment and the bankruptcy court was to have ruled on this in September. What happened with all this??

Pete, the reason Bailey and I haven't written much is that there hasn't been that much to put a hook on - a lot of continuances, a lot of back and forth where Milbank claims they have a finance plan ready to go, then not, then yes, more motions... all the stuff that makes a case go on for a long time... I wish it was as quick and colorful as shown on TV, but sadly....

If I were mayor of OKC, I'd push for an ordinance that any structure downtown that represents a significant presence on Oklahoma City's image must be operated and maintained in a stringent manner which does not compromise the properly. Failure to comply with the ordinance should result in stiff fines.

Basically, if a skyscraper with significance in architecture and history is being operated by lazy property owners that drag their feet and nothing more, said lazy property owner should be thrown to the wolves. The building has a lot of exposure in on our skyline. That should come with serious responsibilities.

Pete, the reason Bailey and I haven't written much is that there hasn't been that much to put a hook on - a lot of continuances, a lot of back and forth where Milbank claims they have a finance plan ready to go, then not, then yes, more motions... all the stuff that makes a case go on for a long time... I wish it was as quick and colorful as shown on TV, but sadly....

That's a story in itself!

What exactly has changed since Milbank proposed the payment? Is it still on the table and/or could they even come up with the money at this point? Did you know Capmark emerged from bankruptcy in September? How is that impacting the situation? If they do get the property back, what would their plans be? What are the next legal steps?

Is Milbank current with other non-mortgage bills on the property? Have they made any mortgage payments at all in the last year?

What does city leadership think about this? Is the city getting involved at all? Are there any thoughts about using eminent domain to get control of the property? Are they content to sit by and watch the property lose tenants and therefore diminish greatly in value?


The thing with Devon and the elevators is only a very small fraction of the bigger story here and no one is reporting on it.

http://newsok.com/observers-suggest-indictments-could-prompt-judge-to-appoint-receiver-for-first-national-center-in-oklahoma-city/article/3634558

If a receiver isn't appropriate in this case, I can't imagine a scenario in which a receiver would be appropriate.

Thanks to Steve for doing some follow-up on this story!

I honestly don't understand how the judge in this case can continue to let this drag on. Milbank filed their plans to make a substantial payment and the court was to have ruled on this in September. Milbank has only dragged things down much further and yet no ruling or other progress has been made. Capmark (the lender) is trying desperately to gain control so they can stop the bleeding on the building and yet nothing has been done.


I hope this guy gets thrown in jail, not only to expedite this situation but because he is clearly a dishonest crook.

For all those people clamoring for more out-of-state investors and developers, this is an extreme example of the possible downside of someone that is not in any way part of the community.

Perhaps some day, when FNC gets proper tenants and the building gets the attention is deserves, some December in the future we'll see this again in a restored building.

http://i83.photobucket.com/albums/j286/UnFrSaKn/Old%20Oklahoma%20City/First%20National/NightviewofFirstNationalBankBuilding120NorthRobins onAvenue-2.jpg

http://i83.photobucket.com/albums/j286/UnFrSaKn/Old%20Oklahoma%20City/First%20National/NightviewofFirstNationalBankBuilding120NorthRobins onAvenue.jpg

http://photos3.newsok.com/cache/r620-2393a04d848a144e07238b5697d0d1fc.jpg

How downtown Oklahoma City rediscovered its Christmas spirit (http://newsok.com/how-downtown-oklahoma-city-rediscovered-its-christmas-spirit/article/3634704)


Oklahoman archive photos serve as a reminder that downtown was once the heart of the city's Christmas celebrations. If it seems that those crosses have filled the downtown skyline for decades, well, they have. I was stunned when I first stumbled upon a photo a couple of years ago that first appeared in The Oklahoman on Dec. 14, 1938. Liberty Tower and Kerr-McGee towers didn't exist at that time. But on that day, so long ago, readers were treated to a front-page photo of a cross, patterned after the one on Christmas seal stamps, extending from the 18th to the 27th floors of First National Tower.

Referred to as a “flaming cross,” the display was flooded in red and green light and topped by a powerful beacon light. The cross was given a flaming effect by 2,646 pieces of tin, reflecting the light of 323 powerful bulbs, and kept in motion by electric fans.

The newspaper account at that time hints the display already had made quite an impression on locals and visitors.

Will! Great additional shots from OHS! Did those photos have a year on them?

I included these photos in that one email from a few weeks ago that had St. Luke's and others. It's very interesting you happened to find out more about them without seeing the photos first. No, there wasn't a date on them unfortunately.

I didn't see those photos - would have saved me quite a bit of searching in our archives. I first saw the Oklahoman photo a couple of years ago, but then, of course when it comes to finding it again....

Is this what the "beacon light" looked like back then?

http://i83.photobucket.com/albums/j286/UnFrSaKn/Old%20Oklahoma%20City/First%20National/First-National-Construction-Photos-19.jpg

http://i83.photobucket.com/albums/j286/UnFrSaKn/Old%20Oklahoma%20City/First%20National/21412B562.jpg

Are those lights that bathed the top, with a green hue, not used at all anymore? Power of observation is not one of my strengths. I had to admit to my wife recently that I didn't know what was hanging on our kitchen wall. I can picture those lights in my mind like it was yesterday, but it may have been 25 years ago.

Pete, the reason Bailey and I haven't written much is that there hasn't been that much to put a hook on - a lot of continuances, a lot of back and forth where Milbank claims they have a finance plan ready to go, then not, then yes, more motions... all the stuff that makes a case go on for a long time... I wish it was as quick and colorful as shown on TV, but sadly....

I think the future story line surrounding all of this will be how do we get this building out of Yash's hands.

Finally some good news:

Steve reports on his blog that Cafe 7 is taking the ground floor space formerly occupied by the office supply store.

This is in the northwest corner of the property, facing Robinson.


I really like the Cafe 7 on May near QS. This should be yet another nice addition to downtown (pic from their twitter feed):


https://p.twimg.com/AjnRrt4CQAAu2aU.jpg

http://photos3.newsok.com/cache/r620-2393a04d848a144e07238b5697d0d1fc.jpg

Russian Sam should see this..lol

$60K building permit today for Cafe 7.

$60K building permit today for Cafe 7.

Wonder what they are paying for rent on that corner..?

No sure about the rent but it's 3,075 square feet, which is a decent size.

Yay! Some of the restaurants get a bit crowded at lunchtime. We need more.