OG&E Energy Center

[ourulz2000]

Whether people like it or not, higher oil prices are good for Oklahoma. Until other industries come in mass.

[gopokes88]

Yeah, 'oil prices' become the catch-all excuse for everything in Oklahoma.

Yet, I've heard nothing whatsoever about this project even having a pulse at this point.

This project is dead, but a good friend in OGE told me OGE is still very interested in the longer term.

They want to line all the sides with retail, put a garage and a ~600 foot tower in the middle of the lot.

What’s unknown is whether it would be purely office or a mixed use tower. IE office and condo. It’s a ways out, like mid 2020s out. But they are still kicking ideas around. He said everyone involved is keeping an eye out on oil prices, how well the condos on broadway sell, bok tower, first national, the macro okc economic picture, etc.

[G.Walker]

If OG&E is holding out until everything is alined & perfect, they will be waiting forever. Who knows what the economic landscape will be 3-5 years from now? It's not about the money, they have enough money to build a nice tower there 5 times over. But it doesn't have to be nothing too grand, a nice 400-450 ft office tower will be sufficient. Trying to pull off another Devon Energy Center is a longshot for them, that is a once in a generation type project.

[Pete]

So, OKC gets a huge empty field in the middle of the central business district and fronting hundreds of millions of public improvements.

OG&E will never get pressured to do anything by the City because of their heavy influence and involvement through the Chamber.

[Rover]

With all due respect, I don't believe the Myriad Gardens is 100s of millions of dollars of public improvement. Isn't that the only public improvement that lot faces?

[Rover]

I also wonder what the real value is right now.

Seems like no one is pressuring owners of the old Ford dealership to do something. Now, they REALLY do face 100s of Millions of dollars of public improvements.... Skydance, Myriad, streetcar, boulevard. Yet everyone here will give them a pass. Why don't we expect them to quickly do some skyscrapers there since we are making their property so valuable and they refused to cooperate with the city on land for the CC?

[hoya]

Downtown park-front land is valuable, but not in exceptionally high demand. OKC just doesn't have enough investors who have the ability to build skyscraper-level developments. It has some people with that amount of money, but right now it seems all of them are busy with other stuff. There's a very limited pool of potential buyers out there.

There's enough empty land in the downtown area that there's no pressure building to force people to either sell or develop their particular chunk. That's why I'm not longing for the day that we tear down the Cox Center. I don't think adding even more park-front land is going to push people to develop it faster.

[Pete]

With all due respect, I don't believe the Myriad Gardens is 100s of millions of dollars of public improvement. Isn't that the only public improvement that lot faces?

Project 180, streetcar, John Rex school, etc., etc.

[Pete]

I also wonder what the real value is right now.

Seems like no one is pressuring owners of the old Ford dealership to do something. Now, they REALLY do face 100s of Millions of dollars of public improvements.... Skydance, Myriad, streetcar, boulevard. Yet everyone here will give them a pass. Why don't we expect them to quickly do some skyscrapers there since we are making their property so valuable and they refused to cooperate with the city on land for the CC?

You mean no pressure like the City taking them to court in order to obtain that property and build on it themselves?

And who is giving them a pass? Been plenty of concern, especially since I've made the point repeatedly that MidtownR seems to have gone into deep freeze regarding all their undeveloped property, and they own a lot.

Also, unlike OG&E, MidtownR didn't obtain their property under a huge ruse, demolish a landmark property, submit ambitious plans, ask for a huge amount of public assistance, then promise a park and ultimately fence off the property and allow construction trailers.

[CS_Mike]

I feel the need to remind everyone that the Stage Center property sold in 2013 for the paltry sum of $4.3 million. Meanwhile, the city is paying $14 million to OG&E for an equivalent amount of land in order to build a parking garage.

[Pete]

I feel the need to remind everyone that the Stage Center property sold in 2013 for the paltry sum of $4.3 million. Meanwhile, the city is paying $14 million to OG&E for an equivalent amount of land in order to build a parking garage.

Yep, and the City is actually paying more than that because they are giving money to OG&E to relocate.

[Geographer]

I feel the need to remind everyone that the Stage Center property sold in 2013 for the paltry sum of $4.3 million. Meanwhile, the city is paying $14 million to OG&E for an equivalent amount of land in order to build a parking garage.

[HOT ROD]

^^ let me guess, as a new tenant in BOKPP. ....

[OKCRT]

I feel the need to remind everyone that the Stage Center property sold in 2013 for the paltry sum of $4.3 million. Meanwhile, the city is paying $14 million to OG&E for an equivalent amount of land in order to build a parking garage.

And the beat goes on. OG&E been ripping citizens off for years IMO. I would like to know how much Rainey Williams made off his part of this arms length deal.

[Rover]

And the beat goes on. OG&E been ripping citizens off for years IMO. I would like to know how much Rainey Williams made off his part of this arms length deal.

And yet we have the 3rd lowest average kw rate in the entire US. Way to go ripping off the public.

[ourulz2000]

Oil soars to 3-year high, settling near $69. https://www.cnbc.com/2018/04/18/us-c...ree-years.html

[AP]

nice

[Johnb911]

nice

[gopokes88]

Wrong thread but nice

[baralheia]

Wrong thread but nice

I think part of the reasoning for mentioning it here is that OG&E blamed the low price of oil for not moving forward on this project.

[Pete]

It doesn't help that right across the street is a brand new building that only has 4 of 27 floors occupied.

But it was to be pretty full when they decided to pull the plug on their project.

If it was anyone else (other than a handful of energy companies) there would be pressure for them to do something with that land. 2 years ago they promised to at least make it 'green open space' and yet it remains completely fenced off.

[gopokes88]

I think part of the reasoning for mentioning it here is that OG&E blamed the low price of oil for not moving forward on this project.

We have an entire thread dedicated to oil prices, and oil prices were low. That wasn’t blame it was an actual reason.

[G.Walker]

I would rather OG&E move into & lease out the remaining floors in BOK Park Plaza. Let someone else build on the old Stage Center lot.

[HangryHippo]

I would rather OG&E move into & lease out the remaining floors in BOK Park Plaza. Let someone else build on the old Stage Center lot.

This is my preference as well.

[ChrisHayes]

I third the motion about BOK