It seems to me that the result of this process and the comments by those who have supported Sandridge's plan has provided a very good picture about where Oklahoma City and downtown stands in terms of development and its viability for the immediate future. It has served as a wake up call to me and I no longer really have hopes for Oklahoma City to achieve a real viable and functioning downtown with a true and complete urban atmosphere as a way to diversify itself and attract businesses that would create an economic portfolio which provides consistent gains. This is mainly due to Sandridge's reasoning for why they want to do this and how that reasoning was found to be sound, as it ultimately convinced to board to approve destruction of the block.
Contrary to most typical urban areas across the nation, we do not have an area of densely configured functioning buildings of varying design and use, both historical and modern. According to Sandridge it seems that our economy is not viable for such a district to exist and won't be for a very long time:
Although this has happened and does happen all over the country, it seems it will be generations or more before it will be viable in Oklahoma City. This is not good a sign.
$9 million? How much are they spending to tear it all down? The fact that Sandridge and the city feels that prime downtown real estate in our core is worth more as empty space than $9 million dollar renovations screams that we have a serious problem and that core to shore should be placed on immediate and indefinite hold.
We can't afford to blindly develop more downtown real estate that competes with our current portfolio that is already worth more as empty space than the $9 million it would take to renovate and restore buildings that create density and character.
Again, this is another tip that our economy can not support a true urban downtown. Tom Ward is talking campus here, not urban core. Chesapeake is his blueprint and it is anything but urban. Clearly, at $9 million, renovation of these buildings would be cheaper than building new towers, but Ford Price, who knows our real estate market as well as anyone I've met, has stated that this will not be viable for generations. So, Sandridge is saying they think they will have to build new towers in place of the $100 million plazas they're going to build now, while the same properties are not worth a $9 million investment that would take generations before its justified? That's either a lie or they are more misguided than I thought.
I was as bullish on OKC and downtown as anyone, but this is a real sell indicator. Not so much because they are doing it, but because of the justification for doing it that has been placed on the record and accepted as justification for demolition. Basically, OKC's downtown is not viable enough for $9 million restorations, when in many markets these types of renovations are actually necessitated by the market itself. According to these qualified experts, it seems Oklahoma City is only viable for disposable short term development rather than a long term focus of diversification and reallocation. I beginning to think this is true, especially now that the city will only consider action that reinforces this state of our city, rather than taking action to solidify and strengthen the value of our urban assets, and in turn, our city's competitive advantage.
Bottom line is that this has shown that if our downtown is not viable enough for $9 million renovations of some of our historic structures, then it sure as hell isn't viable enough for anything that has been proposed for core to shore until at least 2 generations from now.
Quotes taken from:
http://www.newsok.com/sandridge-comm...ad_story_title
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