First National Center

[GoldFire]

Surely this development isn't at risk of falling apart, is it?

[mugofbeer]

Surely this development isn't at risk of falling apart, is it?

I can only imagine the complexity and the unforeseen expenses of such a huge redevelopment project. Its not surprising there could be cost overruns.

[Pete]

I'm sure things will be fine but it begs the question: What happens if the city doesn't give them a $25 million loan??

That is a ton of money.

[Rover]

And all the rents keep going up with cost overruns. This is the practical side of these kinds of renovations. They rarely come in under budget.

[Pete]

But keep in mind the city is dumping millions into this project, so they can't afford to let if fail, regardless of the "gee it will be cool to have it reborn" sentiments.

$45 million just in TIF.


It's not a matter of it not coming in under budget. It's a matter of already needing a $25M loan and we are only about 1/3 of the way through the construction.

Would be interesting to know how far over they expect to be and how much higher the number could go as we get deeper and deeper into this.

[Pete]

FYI, when the original redevelopment agreement was signed in October of 2017, the estimated cost of construction was $215M.

Also of important note, even though everyone calls this a Gary Brooks project, the entities that own FNC as all named "NE" for NE Development of Lewisville, Texas. That company is owned by Charlie Nichoals who is also the general manager for all the FNC LLC's (all based in Delaware and Texas) and is the only signatory on all the contracts with the city.

This despite the endless bellyaching by one local business writer about "out of state owners" ruining First National. And nevermind that local owner and developer John Kennedy is the one that split off and kept the attached parking garage from FNC before donating the buildings to a charity, thus requiring this incredibly expensive exercise to use half the property as a dedicated parking garage just to make it viable.

[Laramie]

And all the rents keep going up with cost overruns. This is the practical side of these kinds of renovations. They rarely come in under budget.

True. If anything is worth saving; especially since a developer has already invested in this project, our first tallest skyscraper (FNC), hope they bring back the glory of this once iconic skyscraper.

Wish we could have saved the old 600 room, 26 story iconic Biltmore, last branded as the Sheraton-Oklahoma Hotel.

[CloudDeckMedia]

And nevermind that local owner and developer John Kennedy is the one that split off and kept the attached parking garage from FNC before donating the buildings to a charity, thus requiring this incredibly expensive exercise to use half the property as a dedicated parking garage just to make it viable.

"Donating" 1 million square feet to a local charity probably resulted in a pretty nice federal & state tax deduction, don't you think?

[Pete]

"Donating" 1 million square feet to a local charity probably resulted in a pretty nice federal & state tax deduction, don't you think?

It was to Feed the Children who were 'shocked' by the gift. I don't think Kennedy even spoke to them before.

Anyway, the whole out-of-state-owner blamefest is tired and inaccurate.

[jn1780]

It's not a matter of it not coming in under budget. It's a matter of already needing a $25M loan and we are only about 1/3 of the way through the construction.

Maybe its wishful thinking, but hopefully they would run into the majority of the cost overruns in the demolition and infrastructure rebuilding phase.

[Anonymous.]

I have noticed the demolition of the east side of the building seems to be taking forever. It appears they are slowly cutting the structure from the top down and removing it beam by beam, but it has seemingly looked about the same for 2+ months. The drone shot Pete posted in post #2461, it looks like it has only lost that one floor worth of structure since.

[Pete]

^

Yes, I took some shots for a distance on Sunday and it has been very slow going.

Understandable given the close quarters and having to cut it down piece by piece, and that has to be incredibly expensive.

[GoldFire]

[baralheia]

According to Gary Brooks on Twitter, the crane is there because they're replacing some of the building mechanical - specifically, elevator motors and associated gear.

[Pete]

You can see they have removed about 3-4 floors of the east building:

[Pete]

[kevin lee]

Gary Brooks deserves a statue if he pulls this off. This is painful just watching. I would've detonated and rebuilt from scratch.

[HOT ROD]

Does anyone recall what brand will be going into the refurbished First National Center? I looked through the thread but can't find it.

I hope it is an upscale or luxury flag.

[citywokchinesefood]

Does anyone recall what brand will be going into the refurbished First National Center? I looked through the thread but can't find it.

I hope it is an upscale or luxury flag.

The anchor restaurant will be a Ruth Chris Steakhouse and the attached hotel will be managed by Coury Hospitality (Ambassador & Colcord.)

[jonny d]

Does anyone recall what brand will be going into the refurbished First National Center? I looked through the thread but can't find it.

I hope it is an upscale or luxury flag.

Autograph Collection, maybe?

[Pete]

Autograph Collection, maybe?

Yes, Marriott Autography (5-star).

[Pete]

You can see they have taken down more than half of the east building now. I count 8 of the 14 levels have been removed.

[jn1780]

Seems to be speeding up .

[BoulderSooner]

Yes, Marriott Autography (5-star).

i have been told that they are still tossing around the idea of getting a flagged hotel but if not they will be shooting for "The Luxury Collection" which is a tier above the autograph collection

[Pete]

Taken this morning: