Former Factory property back on track

[Pete]

Veteran developer returns to Bricktown
By Steve Lackmeyer Business Writer

Veteran Bricktown developer Chuck Ainsworth is returning to the entertainment district after a two-year absence and is partnering with property owner Jeff Moore for a proposed renovation of the former Bunte Candy Building into housing and retail.

Property records show the building at 1 E Sheridan, built in 1911, was sold by Moore’s Bricktown Square, LLC, to Candy Factory Lofts, a partnership between Moore and Ainsworth, on Jan. 17 for $2.2 million.

Ainsworth was a leading developer in Bricktown throughout the 1990s and until 2005, when he sold his share of properties along the Bricktown Canal to then-partner French Hickman. Moore, meanwhile, is a homebuilder who in November 2005 bought an entire square block of Bricktown bordered by Oklahoma Avenue, Sheridan Avenue, Main Street and the Burlington Northern Santa Fe Railroad at auction for $10.9 million.

That purchase included 1 E Sheridan, which last was occupied in the early 1990s by the Bunte Candy Co. Ainsworth said he was surprised by the sale price, which he credits to the city’s Metropolitan Area Projects program.

“I think our expectations have probably exceeded what we dreamed might happen,” Ainsworth said. “It’s been a combination of public and private working together, and Oklahoma City should be extremely proud.”

Moore said Ainsworth called him shortly after the sale, and talks ensued over a year.

“I’ve admired what he did with other buildings in Bricktown,” Moore said. “I’m excited to try to put a deal together between the two of us.”

Ainsworth and Moore said they are finalizing redevelopment plans, which they hope to announce within 45 days. They confirmed housing and retail are a likely mix for the six-story building.

“Housing seems to be a major ingredient that needs to be included in the overall redevelopment of Bricktown and downtown,” Ainsworth said. “It will add stability and continuity to everything we’re doing. If you look across the United States, this is the trend — bring people back downtown to live.”

[metro]

I knew Patrick would be excited to see this. I just hope Moore and Ainsworth do it right if it gets done. Moore is a residential developer and new to the game and Ainsworth hasn't done anything impressive even though he's been around. But it does seem like they get it that we need more residential for Bricktown to survive longterm.

[BDP]

Yeah, I don't have much faith in the names behind it, but their perspective seems appropriate. They could just buy the old plans, imo, and go from there, but they may be looking for a less ambitious solution. We'll see.

[jbrown84]

What has Ainsworth developed in the past?

[BDP]

To my knowledge, Ainsworth is more property manager than developer. He has or had some propeties on the canal. He was one that has been quoted as not wanting to lease to local start ups and tends to leave properties open rather than take a shot on some locals.

So, it looks like it will be developed by a suburban home builder and a property manager. Basically, neither really seem to have much experience with something like this. So, they're a blank slate. Hey, they could hit a home run, but I would expect them to be very tentative their first time out as others have been.

Granted, I don't know every detail of their resumes, but I am not familar with either really doing anything like this before, so there's not much to go on.

[Pete]

Sweet return: Renovation planned for old candy company building
by Kelley Chambers
The Journal Record
3/2/2007


OKLAHOMA CITY – A former candy company building in Bricktown, which has sat vacant even as the district has thrived in recent years, is set to be converted into office, residential and retail space.

In January, Jeff Moore and Chuck Ainsworth, as Candy Factory Lofts LLC, acquired the former Bunte Candy building at 1 E. Sheridan Ave. for $2.2 million.

Ainsworth said the plan is to call the building The Candy Factory, although planning and marketing is still in the early stages. The Ainsworth Co. will provide development and marketing services for the project.

Ainsworth said the seven-story building will likely be divided into a few floors for residential use, several floors for office and a retail element on the ground floor.

Ainsworth said they have not decided yet whether they will sell the residential units.

“We’re trying to complete plans and do pricing right now,” he said.

The building, which is on the National Historic Register, is a poured-in-place concrete building with about 61,000-square-feet of space with parking on the north side. Ainsworth said the ground level could house service-oriented businesses with the possibility of a small specialty grocery or convenience store.

The housing element will also be one of the first in the area in an existing building.

Frank Sims, executive director of the Bricktown Association, said the mix of residential and retail could lure other similar projects to the area.

“It’s the only project in the heart of Bricktown with living as well as retail,” Sims said. “I think everyone recognizes the need for additional retail downtown.”

Ainsworth said he does not see ultimately fighting for residential tenants with other neighboring housing projects that are popping up around downtown.

“I think you’re going to see this whole downtown housing thing really take off within a year,” he said. “I think all of the product on the drawing board right now is unique enough that we’re going to be in more of a cooperating-with-each-other mode than having some fierce competition for tenants.”

Since the project is still in the early stages, Ainsworth said he is still trying to determine how much the renovation project will cost.

The block that includes the Bunte building and six others was sold to Moore, of Jeff Moore Homes, for $10.6 million at an open outcry auction in November 2005.

After a group from Kansas City failed to close on the building for a condo project, Ainsworth said he and Moore decided they should work together on developing a use for the building.

Ainsworth said the goal is to begin construction this summer and have it ready for occupancy as soon as the first quarter of 2008.

Tulsa-based Sikes Abernathie Architects will handle the architectural designs.

[BDP]

Well, mixed use is good and that would be one fun place to live.

[Patrick]

Been waiting for something to happen with that building for years now. It's in a great location, right there on Sheridan, just east of the RR tracks.

[metro]

Sad thing is, we're still waiting for something to happen there. Just because plans have been made, doesn't mean action has been taken yet, we've seen it before. If more promising developers were behind it, I'd be optimistic but you've got a newbie residential builder and a Bricktown wash up behind it.

[Pete]

This rendering shows plans to convert the former Bunte Candy factory into lofts, offices and retail stores.

Candy Factory plans summer loft conversion
By Steve Lackmeyer Business Writer
Steve Lackmeyer: 475-3230, slackmeyer@oklahoman.com


Owners of the former Bunte Candy Building in Bricktown say construction will begin this summer on conversion into a mixed-use development featuring retail on the ground floor, with lofts and offices above.

The seven-story building at 1 E Sheridan, built in 1911, was sold by Jeff Moore’s Bricktown Square LLC to Candy Factory Lofts, a partnership between Moore and veteran Bricktown developer Chuck Ainsworth, on Jan. 17 for $2.2 million.

Between 1961 and 1991, the building was known as the Bunte Candy Building, and will be renamed the Candy Factory when the $6.4 million renovation is completed in mid-2008.

“This will be a project everybody will love,” Ainsworth said. “The retail we’re targeting would be in the service oriented area. We’re talking to financial institutions, because we would like to see a small branch bank in there. We’re asking what sort of retail could we put in that would make life easier for people downtown?”

Other potential tenants in the Candy Factory could include a dry cleaners or Pass Your Plate-style store that provides prepared meals for people on the run.

“There are several places that do that,” Ainsworth said. “I’ve always thought for the working guy or gal who work downtown, wouldn’t it be great to be able to pick up a quality meal to take home. Or have a small liquor store where they could pick up a bottle of wine.”

Ainsworth said the entire building could have been converted into housing if not for a limit on parking spaces. Previous owners attempted to convert the building to housing, but they were unsuccessful in obtaining an adjoining parking lot to the west that was owned by the Oklahoma Department of Transportation. The property was sold instead to parking lot operator Jim Brewer on the condition it might be available for overnight AMTRAK passengers.

A later effort to build a parking garage in a parking lot in the center of the block to support a mixed-used development dubbed “The Factory” which would have included conversion of the Bunte Candy Building into lofts never materialized due to lack of financing.

Ainsworth said Moore has agreed to provide 60 parking spaces in the center lot adjacent to the building.

“The current owners (a separate partnership led by Moore) did not want to give up that parking at night. It was OK for the day. But we were able to secure enough parking to allow for lofts on two stories.”

The renovation, expected to start by fall, will include the addition of an elevator tower, a northwest entrance for office tenants and a roof-top deck. Ainsworth said the deck will offer unrivaled views of the inner-city.

“You can see the state Capitol, you can see the river, the skyline, you can see everything,” Ainsworth said.

Other improvements will include a “community room” for tenants and a fitness center in the basement.

Ainsworth said he expects signed leases for the office floors within weeks, and has parties interested in the retail level.

John Allgood, chairman of the Bricktown Association, said the devel opment is a welcome addition Bricktown. “That’s an entry into Bricktown, and for visibility, the im pression made on visitors will be ex ceptional,” Allgood said.

Ainsworth is no stranger to Brick town; he developed and owned sever al properties along the Bricktown Ca nal until he sold his interests to part ner French Hickman last year.

“We’ve always had a good relation ship with Chuck,” Allgood said “We’re glad he’s back.”

[jbrown84]

Why not just build a freaking parking garage?! Grrrrrrr.

[BDP]

I don't think they have the land to build a parking garage. Brewer, however, could do that to expand his parking lot. But that would mean investment and would temporarily affect cash flow. Brewer seems more short term minded than that, imo.

I wouldn't mind seeing another garage go up as long as 1) it looked decent and 2) was not on Sheridan. IMO, some of those lots off Main would make great locations for parking garages. Personally, I hate parking garages as they are typically ugly and are inconvenient to use, but if they need them to support tennants, then I am sure it could be done right.

I do like the focus on service tennants, though. It would be nice to see some businesses that accomodate residents downtown and I am sure some CBDers could use more services as well. It would give bricktown a little more neighborhood feel to it, contrasting its touristy feel its maintained so far.

[jbrown84]

What about all the parking behind the buildings? That could be a garage just as it was intended to be with The Factory. And Moore owns the whole block.

[Patrick]

Doesn't Brewer own the parking lot behind Abuelos/Bricktown Brewery/Etc?

I agree...build a parking garage that looks decent. The Bricktown parking garage looks ugly. Would've looked better with brick. And there are parking garages that do have brick on them.....look at all of the parking garages at Baptist Medical Center.....they have bricks that match the building.

[jbrown84]

How could Brewer own that lot if Moore bought that whole block 9 months ago?

[Pete]

I like the idea this will be apartments rather than condos.

All the development in and around Bricktown recently has been too exspensive for lots of people.

[metro]

Anyone heard any updates on this project? It was supposed to have started by now.

[Taggart]

I think it died again. Nobody seems to be too certain on Bricktown's future to be starting on new developments. It's very pessimistic right now.

[Pete]

Anybody hear any more about this project?

With the big success of Hogan's Centennial condo project, you think this would be quite viable.

I wonder if they discovered their cost estimates weren't realistic, as it often the case in renovations.

[metro]

What do you expect from a suburban home builder?

[Pete]

These guys a bunch of money for that property, though. I don't think they can just sit on it indefinitely like others are doing in the area.

Hopefully they are still planning to go forward and are just tied up with the planning part.

[metro]

Oklahoma City’s Bricktown Urban Design committee approves application for former candy building
OKC Business
Pamela Grady
4/10/2008

The Bricktown Urban Design Committee approved a new application by Mike Abernathie for Charles Ainsworth, Ainsworth Co. to rehabilitate the former seven-story Bunte Candy building, 1 E. Sheridan on Wednesday at the committee's regular monthly meeting.
The committee also decided to continue discussions regarding an array of details including particulars to signage, paint color and materials used on the inset until the committee’s May monthly meeting.

The 65,000-square-foot project will contain a mixture of office and retail space with a possibility of one or two lofts on the top floor. Initially, residential plans were part of the project, but residential living is not longer part of this new plan.

Abernathie said the property is on the National Historic Register and the owners have already submitted the project to the historic preservation office as well as the national parks office and received approval. The project has met the criteria for certified rehabilitation and will receive tax credits under certain conditions of the project being met.

There will be revisions done to a two-story dock at the site. In addition, some windows will be replaced throughout the building while some historical windows will be kept in certain areas. The third floor windows on the south side of the building were found to be in the best shape as well as top floor windows on the west side of the building.

“The majority of the windows were really butchered up completely,” Abernathie said.

Abernathie said when completed, all windows will be able to open and will display a neutral color.

Also, the building’s fire-escape ladders will be taken off for security purposes and two eyebrow canopies will be added to the building.

Abernathie expressed the owners’ goals are to bring uniformity to the façade of the project while maintaining an industrial feel.

Further, Ainsworth said four floors have already been pre-leased and his goal is to bring a type of retail which will be of use to future tenants of the building.

“There’s a 50-year lease on the parking lot behind us,” he said.

[kevinpate]

> Initially, residential plans were part of the project, but residential living
> is not longer part of this new plan.

bummer

[metro]

I know right? These Bricktown developers don't think for the long haul, they can only feed off the convention business for so long without diversifying, we need more housing in Bricktown for long-term growth, the Centennial (which has many part time traveling residents), will not hold Bricktown for the long-haul. Especially if/when the new convention center is built south of the Ford Center.

[mmonroe]

This building?