Funk declines to bid on Bricktown parking lot

[betts]

Oklahoma RedHawks owners Bob Funk and Scott Pruitt declined Tuesday to bid on a city-owned parking lot east of the AT&T Bricktown Ballpark. The pair had pushed for a $200 million mixed-use development that would have included shops, housing and a hotel. Instead of negotiating a price with the pair, the Oklahoma City Council distributed a request for proposals that included an $8.53 million minimum bid for the land. The bid deadline was 4 p.m. Thursday and no other developers submitted proposals.

[okclee]

Just as I thought Funk and Company were all talk. They wanted to get that land in a Hogan type of trasaction and then under-develop it with promises of a Ritz Hotel , Crate & Barrell, Ruth's Cris, etc. etc., but to never live up to the promise.

[TStheThird]

Or maybe, there is no competition and they are going to try and use that as leverage to get the land for less. I really have no idea, but it is just as I thought.

[Kerry]

The City might have dodged a bullet here. I am tired of OKC developers getting free/reduced price land and building crap.

[Pete]

It's hard to believe they were really going to spend $200 million on that development if they wouldn't spend $8.5 million for the land.

[metro]

I agree with TStheThird, they may have been prepared to bid, but since no other bids came in they didn't bid. I still hope this land gets developed properly. Don't be surprised if this ends up like the old downtown library, which goes up for auction several times before getting a buyer. Speaking of which, I wonder what Judy Hatfield is up to with it, haven't heard any big announcements or updates yet. Back to the parking lot in question though, it could be since the market is softening nationwide that Funk and Co. want to wait a few years until it picks up steam again.

[okclee]

Maybe Hogan can get his hands on it, I think that piece of land is prime for a Wal-Mart Supercenter.

[Pete]

I'm sure it was a sealed bid situation, where Funk wouldn't have known if others had bid or in what amount.