Pete
04-27-2007, 08:55 AM
I love this... A little reverse urban sprawl!
This is where the housing downtown will continue to pay dividends as more employers will want to be close to the "creative class".
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http://olive.newsok.com/Repository/getimage.dll?path=DOK/2007/04/27/19/Img/Pc0191200.jpg
Steve Mason, owner of Cardinal Engineering and Earl’s Rib Palace, and architect Terry Blatt plan a redevelopment of the 1000 block of N Broadway into offices and retail.
Fri April 27, 2007
‘Suburban guy' is going downtown in a big way
by Steve Lackmeyer
Business Writer
Steve Mason is a self-admitted lifelong suburban guy who has the downtown bug — and is sinking $3.8 million into remaking a block of Automobile Alley.
"I've officed in the suburbs since I started Cardinal Engineering in 1989,” Mason said. "I have 43 employees. I love where I office, I love the suburbs, I'm in a great building. But I'm excited to come down here.”
Mason calls his decision a strategic move intended to attract and retain the best employees in the market. Younger employees, he said, prefer the urban lifestyle where they can walk to restaurants, clubs and attractions, and if they so choose, an apartment or home downtown.
"It's an investment, it's a belief,” Mason said. "I've owned Cardinal Engineering for 17 years. I've owned Earl's Rib Palace with partners for 10 years. I'm patient, I have patient money, and I don't have investors.”
That patience may be needed. Mason admits the three-story building at 1015 N Broadway in Oklahoma City, last home to Habitat for Humanity's Renovation Station, has been a heart-breaker to previous owners. He bought the property from attorneys who completed architectural renderings but then dropped plans to convert the building into their offices.
The property needs extensive repairs, including a new stairway and elevator.
He credits federal tax credits and federal loan funds created in the wake of the 1995 bombing of Alfred P. Murrah Federal Building, for helping make the deal doable.
"Fifteen years ago, the tax credits were not friendly. You could have asked any developer and they would have said the costs were more than the credit,” Mason said. "Today, that's reversed.”
Another issue, Mason said, has been the building's lack of parking. By buying all but the Habitat for Humanity office at the corner of NW 10 and Broadway, Mason is adding 40 spaces along NW 9. He refused to follow the lead of other Automobile Alley developers who converted the first floors of their buildings into enclosed parking.
"It tempts you,” Mason said. "That's what a rational person does to solve a parking problem. For Broadway to work, you have to have activity on that first level.
"At lunch you need to be able to walk along the street and see activity.”
Mason wants to see retail and restaurants fill those first floor storefronts and saw the opportunity to open a bike shop in the first floor of 1015 N Broadway as a benefit for his company.
"I like to ride a bike, and I'd like to ride my bike to the river for lunch,” Mason said.
"My engineering company has a big wellness program, and anything we can do to encourage our employees to ride or run at lunch, we want to do that.”
Mason said he is in talks with at least one restaurant and has possible tenants for the temporary space currently being leased to Bicycle Alley.
Mason considers NW 10 and Broadway to be the crossroads of the next big downtown hot spot.
"There are three things happening: Automobile Alley, Deep Deuce housing and the 10th Street corridor. There is more than just Automobile Alley here. I'm surrounded ... and this 10th Street thing, for the uninformed, is the biggest thing of them all.”
Mason believes the impact of a medical corridor between the Oklahoma Health Center at NW 10 and Lincoln, and St. Anthony Hospital at NW 10 and Walker, will transform his block for decades to come.
"Those are big hitters, big money” Mason said. "That's not been talked about much. They're still getting organized.”
Brett Hamm, president of Downtown Oklahoma City Inc., considers Mason's investment a validation of a decade of work and investment by Automobile Alley pioneers like Chris and Meg Salyer.
http://olive.newsok.com/Repository/getimage.dll?path=DOK/2007/04/27/24/Img/Pc0240600.jpg
Businessman Steve Mason is spending $3.8 million redeveloping a block Automobile Alley, including a $2.4 million renovation of the former home Habitat for Humanity’s Renovation Station at 1015 N Broadway.
This is where the housing downtown will continue to pay dividends as more employers will want to be close to the "creative class".
*******************
http://olive.newsok.com/Repository/getimage.dll?path=DOK/2007/04/27/19/Img/Pc0191200.jpg
Steve Mason, owner of Cardinal Engineering and Earl’s Rib Palace, and architect Terry Blatt plan a redevelopment of the 1000 block of N Broadway into offices and retail.
Fri April 27, 2007
‘Suburban guy' is going downtown in a big way
by Steve Lackmeyer
Business Writer
Steve Mason is a self-admitted lifelong suburban guy who has the downtown bug — and is sinking $3.8 million into remaking a block of Automobile Alley.
"I've officed in the suburbs since I started Cardinal Engineering in 1989,” Mason said. "I have 43 employees. I love where I office, I love the suburbs, I'm in a great building. But I'm excited to come down here.”
Mason calls his decision a strategic move intended to attract and retain the best employees in the market. Younger employees, he said, prefer the urban lifestyle where they can walk to restaurants, clubs and attractions, and if they so choose, an apartment or home downtown.
"It's an investment, it's a belief,” Mason said. "I've owned Cardinal Engineering for 17 years. I've owned Earl's Rib Palace with partners for 10 years. I'm patient, I have patient money, and I don't have investors.”
That patience may be needed. Mason admits the three-story building at 1015 N Broadway in Oklahoma City, last home to Habitat for Humanity's Renovation Station, has been a heart-breaker to previous owners. He bought the property from attorneys who completed architectural renderings but then dropped plans to convert the building into their offices.
The property needs extensive repairs, including a new stairway and elevator.
He credits federal tax credits and federal loan funds created in the wake of the 1995 bombing of Alfred P. Murrah Federal Building, for helping make the deal doable.
"Fifteen years ago, the tax credits were not friendly. You could have asked any developer and they would have said the costs were more than the credit,” Mason said. "Today, that's reversed.”
Another issue, Mason said, has been the building's lack of parking. By buying all but the Habitat for Humanity office at the corner of NW 10 and Broadway, Mason is adding 40 spaces along NW 9. He refused to follow the lead of other Automobile Alley developers who converted the first floors of their buildings into enclosed parking.
"It tempts you,” Mason said. "That's what a rational person does to solve a parking problem. For Broadway to work, you have to have activity on that first level.
"At lunch you need to be able to walk along the street and see activity.”
Mason wants to see retail and restaurants fill those first floor storefronts and saw the opportunity to open a bike shop in the first floor of 1015 N Broadway as a benefit for his company.
"I like to ride a bike, and I'd like to ride my bike to the river for lunch,” Mason said.
"My engineering company has a big wellness program, and anything we can do to encourage our employees to ride or run at lunch, we want to do that.”
Mason said he is in talks with at least one restaurant and has possible tenants for the temporary space currently being leased to Bicycle Alley.
Mason considers NW 10 and Broadway to be the crossroads of the next big downtown hot spot.
"There are three things happening: Automobile Alley, Deep Deuce housing and the 10th Street corridor. There is more than just Automobile Alley here. I'm surrounded ... and this 10th Street thing, for the uninformed, is the biggest thing of them all.”
Mason believes the impact of a medical corridor between the Oklahoma Health Center at NW 10 and Lincoln, and St. Anthony Hospital at NW 10 and Walker, will transform his block for decades to come.
"Those are big hitters, big money” Mason said. "That's not been talked about much. They're still getting organized.”
Brett Hamm, president of Downtown Oklahoma City Inc., considers Mason's investment a validation of a decade of work and investment by Automobile Alley pioneers like Chris and Meg Salyer.
http://olive.newsok.com/Repository/getimage.dll?path=DOK/2007/04/27/24/Img/Pc0240600.jpg
Businessman Steve Mason is spending $3.8 million redeveloping a block Automobile Alley, including a $2.4 million renovation of the former home Habitat for Humanity’s Renovation Station at 1015 N Broadway.