Former Factory property back on track

[jbrown84]

That's it.

[mmonroe]

I took this picture yesterday, on the back side there is a "hard hat only door" and what looks like a permit paper from the city.

[bigjkt405]

During the carriage tour last sunday, the operator said that building was not structurally sound for residential living....... Just what I heard last Sunday....

[betts]

On the other hand, you've got the Triangle right behind Bricktown to satisfy housing needs of people wanting to live near Bricktown, so it's not a huge problem. Sounds like there are new Triangle project/s in the works, so the population of near Bricktown is going to continue to grow.

[amylynn5656]

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.

Agreed. Many of the developments are too expensive for the clientele they are trying to attract.

[OKCMallen]

On the other side of the coin, you gotta extend yourself to grow. Higher costs are a necessary evil. I thought I was going to have a heart attack when I bought my first $6 beer at a Hornets game. Guess how many I will buy when our team gets here,....


(the answer- LOTS!)

[metro]

Work set to begin on Bricktown building next week
Daily Oklahoman

Interior demolition is just about complete at the former Stanford Furniture building in Bricktown, and developer Chuck Ainsworth reports construction is set to begin next week.

The building, 1 E Sheridan, was last home to the Bunte Candy Factory. After initially considering a mix of housing, offices and retail for the renamed "Candy Factory,” all but two floors are leased to office tenants, Ainsworth said.

Ainsworth said a loft may still be built on the top floor.

Ainsworth said he hopes the $9 million project will be complete by December.

From Staff Reports

[Pete]

Glad to see this go forward and that they have a lot of space pre-leased (to who I wonder?) but disappointing about the housing.

So many of those multi-story buildings in Bricktown -- most with some sort of restaurant in the bottom -- would make great loft developments. Why is no on pursuing this give the demand for places like the Centennial?

[metro]

vision, in Bricktown? that's heresy

[jbrown84]

I'm surprised that they have so much pre-leased.

[metro]

I'm not, I imagine with a new remodel, it will be Class A office space. There is a pent up demand for blocks of Class A space downtown. I imagine some smaller to mid sized company's like the feel of Bricktown and it's convenience to food and recreation for their employees.

[metro]

New update in today's Journal Record. Can someone with full access please post article, here is the teaser.

Banking on Bricktown Square: Marketing firm touts assets of properties
By Tom Lindley
The Journal Record
Posted: 09:23 PM Thursday, January 21, 2010
OKLAHOMA CITY – The building blocks are falling in place in Bricktown Square, which is a whole block all its own. Bricktown LLC purchased the entire square block, which was once home to the Bunte Candy Factory, in 2005 for $10.6 million. The investment group’s principal owners are Steve Hudiburg, Kent Ledbetter and Jeff Moore. With the ...

[warreng88]

New update in today's Journal Record. Can someone with full access please post article, here is the teaser.

Here you go:

Banking on Bricktown Square: Marketing firm touts assets of properties
By Tom Lindley
The Journal Record
Posted: 09:23 PM Thursday, January 21, 2010

OKLAHOMA CITY – The building blocks are falling in place in Bricktown Square, which is a whole block all its own.

Bricktown LLC purchased the entire square block, which was once home to the Bunte Candy Factory, in 2005 for $10.6 million. The investment group’s principal owners are Steve Hudiburg, Kent Ledbetter and Jeff Moore.

With the two popular tenants Abuelo’s restaurant and the Bricktown Brewery already in place, the owners leased space to Brix Restaurant and Sports Lounge and spun off two buildings. The Candy Factory building on the west end of the block is being developed by Chuck Ainsworth, while a separate structure now houses the American Banjo Museum.

Although much of the space is taken up by much coveted surface parking, a whole block is a big pie to cut up, which is where the marketing arm of Grubb & Ellis/Levy Beffort of Oklahoma City comes in.

It’s their job is to complete the picture by marketing two properties containing about 15,000 square feet on Main Street and repositioning them as either office or retail space. Another 14,000 square feet of space is for sale or lease on two floors above Brix.

“This is a tremendous value in terms of having parking for restaurants and other facilities we are trying to market,” said Mark Beffort, Grubb & Ellis/Levy Beffort managing director.

Bricktown Association Executive Director Jim Cowan said Bricktown Square is a unique piece of property that has several things going for it, including its proximity to the Central Business District and good timing.

”Since MAPS 3 has passed, interest in space in Bricktown has increased dramatically,” Cowan said. “People aren’t thinking this (recession) is going to last forever.”

Even if MAPS 3 won’t directly impact Bricktown, Cowan said that $900 million in downtown improvements, a number that includes construction costs of the new Devon tower, also will benefit Bricktown.

As a former owner of the Bricktown Brewery, Cowan admits to having a soft spot for the block and the stories it has to tell.

“A rail spur once ran where the parking lot is now,” Cowan said. “I remember when the Brewery first opened, the McClains, who owned the candy factory, still had their sugar come in by rail car.”

Aside from its sweet history and prime location, Beffort said Bricktown Square has other unique aspects that will make its transformation easier to complete: The two buildings at 14 and 26 E. Main offer a certain walk-in wow factor, parking is plentiful and the neighbors have a proven record of success.

“That’s testimony to this city block … Abuelo’s and Bricktown Brewery have been there quite some time,” Beffort said. “And now we have two other facilities off Main Street to reposition with office or retail.”

He said both buildings possess the kind of historical character that makes Bricktown unique and that both could be turned into office space or destination retail, whether it’s a restaurant or entertainment venue.

Both buildings are empty, as are two floors above Brix, which could be converted into residential or office lofts.

The one-story building at 14 E. Main has 5,000 square feet, a high ceiling and brickwork. The two-story at 26 E. Main contains 10,000 square feet and similar features.

Beffort said his goal is to find the right users for the vacant space, whether it’s through a lease or purchase.

Rental rates will depend on the credit of the tenant and how much the owners have to spend on the space, Beffort said.

The property will be marketed by retail advisers Louis Almaraz, Michael Almaraz and office adviser Tre Dupuy.

Banking on Bricktown Square: Marketing firm touts assets of properties

[jbrown84]

The Sherman Iron Works Building is a gem.