Cotton Exchange plans change significantly

[sethsrott]

Cotton Exchange plans change significantly
From the Oklahoman

Gary Cotton confirmed Tuesday his plans for the Cotton Exchange Building along the Bricktown Canal are being revised and the project won't be 12 stories as originally intended.

"We're having to do a lot of changes,” Cotton said. "It doesn't look much like the project it was before. It's changing in scope, and parking is still our major hurdle.”

Cotton's development, announced in January, was met with great fanfare because he was the first to consolidate ownership of what is considered one of the best, last undeveloped spots along the Bricktown Canal.

His original plans called for a $36 million development spanning two buildings, one on either side of the canal where it turns from an east-west to a north-south direction parallel to Mickey Mantle Drive.

The 12-story building design would have been unique to Oklahoma City, featuring shops and restaurants on the canal and street level, topped by four floors of parking. The top six floors would be devoted to 66 condominiums.

The tower was to be linked by a new pedestrian bridge to a four-story building sandwiched between the canal and Mickey Mantle Drive.

Parking access would have been provided via an existing alley bridge, with spaces split 50/50 between public and private use.

Cotton said the revised plans also likely will result in saving a two-story building that was last home to Margarita Mamma's. As with the parking, Cotton, the prospects for tearing down the building and coming up with a replacement to cover the purchase cost was prohibitive.

"I'm hoping to bring this to a conclusion very, very soon,” Cotton said. "There are significant changes taking place.”

From Staff Reports

[CuatrodeMayo]

This pisses me off to no end.

[sroberts24]

DAMN! ALWAYS getting disappointed! ALWAYS!!!! Y can't people get their head out of their A**'s and do what everybody wanted and what is best for the city and the districk!!!!

I'm so sick of this, always too good to be true! The one freaking building i wanted to see more than anything!!!

That Gary Cotton Turd better come up with something really spectacular!!!

[Steve]

I've posted about this at OKC Central — All about downtown OKC. As a reporter, I can't say "They say they're going to do this, but I'm doubtful they can pull it off." But the project faced some pretty tough odds from the start, and I tried to convey that early on.

[sroberts24]

this kills me

[sroberts24]

Steve, first of all, what do you think the chances of this working out are? 5%

And if this never gets built, do you think we will see something there in the next 5 years? I def. thought we would have by now.

Personally that would have been one of the first spots i would have developed if i had been running the show when the canal got started, its a perfect spot, corner lot, center of the action, amazing potential, its perfect!

[Midtowner]

Unless the development is first-rate, it should not be approved to go forward. This is a location which on its own could potentially make or break the district as far as becoming a nationally recognized entertainment venue.

[ourulz2000]

I knew it, I knew it. Hello - stucco! Might as well stick a McDonalds there.

[Steve]

OK, where do I begin?
Chances of Gary Cotton coming up with a project for the Cotton Exchange site? High (I explain more on my blog). Hello stucco? No, no, no. Don't count on it. The current make-up of the Bricktown Urban Design Committee is one of the toughest panels I've seen since I started covering it 12 years ago. It's difficult to anticipate any stucco being allowed along the north half of the Bricktown Canal considering how tough these folks are. (Remember, this group does not have authority over Lower Bricktown)

[sroberts24]

well i'm glad he isn't content with sittin on it, i'm glad he has a good team behind the project, i just really liked what the original plan was, i hope he can do something amazing with what he has to work with, thanks Steve

[wsucougz]

The turnaround for throttling back on grandiose plans is getting quicker and quicker. In the near future, I wouldn't be surprised to see a grand announcement on a Friday, followed up by a retraction the following Monday.

The extent to which we've seen this happen has to rival any other city.

[OKCTalker]

Heaven help us. Not another beige box with 6-inch-deep "balconies" and a mansard roof?

[sroberts24]

When he says it wont be 12 stories anymore, i like to think positive and think it mite stay 10 or above, hell maybe even 15, eh?

[JLCinOKC]

Hopefully whatever is built on the site will be scalable... if you can't do it all at once at least make plans for future expansion.

[ourulz2000]

When he says it wont be 12 stories anymore, i like to think positive and think it mite stay 10 or above, hell maybe even 15, eh?

insert [sarcasm]

[Karried]

With this economy, it's not really surprising that people are putting the brakes on their projects I guess ... but still very disappointing.

[bombermwc]

Id like to slap whoever caused this.

[CuatrodeMayo]

I reckon you would have to slap nearly everyone you see. I suspect this is an economy thing.

[Drake]

Guys, chill out.

I will echo Steve comments. I was always a little skeptical when the plans were announced. I always am when somebody that hasn't been around developments on this scale proposes big plans. While he has owned several buildings in Bricktown, he did very little to develope them. Not exactly a mover and shaker.

That being said, the lending and business climate has changed (and continues to do so) for everybody. Money for projects like this is not exactly flowing like water. Raw costs are rising daily.

Just give him and his team a chance to present an economicly feasible plan before everybody throws him off a bridge. I have no knowledge of what his plans are, but lets wait and see. He is not the only developer to have forced changes lately.

It might be a worse plan or it could work out better in the long run. He is trying to make something happen down there, which more than certain other property owners can say.

[wsucougz]

The writing was on the wall for the economy when he announced this just a few months ago and financing was already scarce. It was piss poor planning and a pipe-dream from the start.

[Pete]

This is disappointing but that area needs something new.

Everything along the canal is looking rather dead and shabby -- in desperate need of some forward momentum.

[Steve]

To some extent, doesn't one have to acknowledge the difficulty of parking with this development? After all, it's the parking, and not financing, that is being cited by Cotton as the biggest obstacle. And if that's so, is that a reflection on the overall parking situation in Bricktown? What do you think is the best way to resolve these sorts of issues?

[ourulz2000]

build parking garages instead of parking lots.

[Pete]

I don't understand the nature of the parking problem.

And why four floors of parking for 66 condos?

If he's trying to provide on-site parking for the restaurants and retail, that's clearly not going to work. At the very least they could do valet service and utilize some of the other lots.

[Steve]

OK OU - are you going to build the garage? Or should we leave it up to the developers? Or should the city do it? (no, I can't pull it off myself)