Park Harvey Center sold: $2 million deal may transform 17-story tower into apartments

by David Page
The Journal Record
9/23/2005


Gardner/Tanenbaum Group has purchased the 17-story Park Harvey Center in downtown Oklahoma City for $2 million and may renovate the building for apartments.

Park Harvey tenants have been notified in letters that the building at 200 N. Harvey Ave. was bought by Park Harvey Apartments and leases transferred to the new owner. The letter was signed by Richard Tanenbaum, manager, Park Harvey Apartments. He also is CEO of Gardner/Tanenbaum.

At least some Park Harvey Center tenants were notified that leases were being terminated.

"You are hereby notified that the new owner hereby terminates your tenancy effective Nov. 30, 2005," read a letter with a Park Avenue Apartments letterhead and signed by Tanenbaum. The letter was dated Sept. 13.

Tanenbaum did not return calls on Thursday. His office said he was out of town.

The Park Harvey Center would be the second downtown building Gardner/Tanenbaum has renovated for residential use.

The Montgomery opened late last year at 500 W. Main with 56 high-end apartments. Built as a Montgomery Ward department store in 1919, the remodeled, six-story structure has apartments on the third through sixth floors, offices on the second floor and retail at street level.

The Park Harvey Center is about three blocks from The Montgomery.

Park Harvey Associates had been attempting to sell the 170,000-square-foot building for several years. Park Harvey Center was offered in an auction in November 2002 with a minimum bid of $1.85 million. No bids were received and the building was made available to potential buyers in a negotiated sale.

Built in 1957, the office building consists of poured concrete with an exterior of metal panel and glass. Four high-speed elevators service the building. The building sits on two 99-year ground leases, both of which expire in 2054.

Gardner/Tanenbaum has plans for at least two other residential projects.

Earlier this year, Gardner/Tanenbaum began renovations on a 20-story building formerly known as Citizens Tower at 2200 N. Classen Blvd. Plans call for the building to be revamped into about 80 luxury condominiums.

Gardner/Tanenbaum announced plans in July for a $51 million upscale apartment complex at 400 Central Park Dr. The Lincoln at Central Park will have nearly 800 units on 47 acres. The complex will be built in three phases.