Henderson cashing out

[wsucougz]

Sperry Van Ness announced Wednesday that veteran developer Mike Henderson is selling all four of his Legacy apartment properties for $143 million.


Built between 1999 and 2007, the complexes are in Edmond, Midwest City, southwest Oklahoma City and downtown Oklahoma City. The complexes are Legacy Woods, Legacy Crossing, Legacy Corner and Legacy at Arts Quarter.

Broker Andy Burnett reported the complexes can be purchased as one package or separately.

The newest of the complexes, Legacy at Arts Quarter, opened downtown earlier this year. Henderson declined to discuss the listing with The Oklahoman.

From Staff Reports

[metro]

I saw that, on one hand, glad to get rid of him downtown, he's a suburban guy with suburban projects. On the other hand, OCURA really gave him the gold coin, gave him 3 extra years after awarding him prime land at a dirt cheap price and then not even a year after he gets the project done (3+ years late) he wants to sell it for a premium profit. OCURA should have some guidelines when construction should have to start and how long the developer should have to own it for.

[Pete]

His projects are marginal in the suburbs but the one downtown looks terrible IMO.

And this does seem like profiteering on the backs of OCURA and the community in general.

Glad we stuck with this guy after multiple 'final' deadlines.

[Midtowner]

OCURA has solidified my position that public trusts should be scrutinized a great deal. I'm VERY unhappy with the way Legacy/Arts turned out. The fact that it's doing so well tells me that had the initial investment been greater, the sky would have been the limit. That's 2 blocks of downtown we'll never get back. Way to go OCURA.

[wsucougz]

OCURA seems to make quite a few poor decisions. The latest debacle is going to be Overholser Green, in my opinion. I can't see how it could possibly get built as proposed in the near future given economic trends.

[Midtowner]

I concur. I've read the proposal. I think it's completely absurd as proposed.

I imagine what'll happen will be what usually happens -- we'll get a half-assed development where the builders will still expect the same sort of return on their investment. It wouldn't really bother me to see that area turned into a park or something to that effect.

[dismayed]

What's Overholser Green?

[metro]

What's Overholser Green?

A quick OKC Talk search found me this and several other threads.

http://www.okctalk.com/okc-metro-are...erholser+green

[jbrown84]

Is Legacy at Arts Quarter even finished??

[mecarr]

Is Legacy at Arts Quarter even finished??

Yes, for the most part. It first opened up for residents back in April. Not all of the buildings are done. It should be completely finished in about a month. I know many of you criticize Legacy Arts, but it is actually a very nice place to live. The property staff offers up many downtown activities and hosts many events where artists come to show off their work. I am a recent resident of OKC so I do not know the whole history of the Legacy at Arts Quarter project, but all of the residents I talk to here seem to really like it.

[Midtowner]

Yes, for the most part. It first opened up for residents back in April. Not all of the buildings are done. It should be completely finished in about a month. I know many of you criticize Legacy Arts, but it is actually a very nice place to live. The property staff offers up many downtown activities and hosts many events where artists come to show off their work. I am a recent resident of OKC so I do not know the whole history of the Legacy at Arts Quarter project, but all of the residents I talk to here seem to really like it.

Oh, I know it's a fantastic place to live. That is not in doubt.

It's the fact that the building materials were cheap (stucco); it doesn't really fit with anything in the area unless you want to count the crappy looking office buildings across the street which I believe are occupied by the Oklahoma County Public Defender's office.

Also, the success of the project tells us that basically anything in that location would have been successful. Residence towers would have been far more welcome in my opinion.

This project ate up 2 blocks of downtown in the name of sub par development. If OKC wants to ever have a successful, vibrant urban core, it's going to have to stop settling for mediocrity.

[jbrown84]

Not all of the buildings are done.

That's what I thought. Can't the man finish the project before he freaking cashes in?