Midtown

[Spartan]

After repeated rejections, I know a man (widely respected) who took ALL of his business (loans, checking, savings, everything) from Bank of America and said he marched it over to Valliance Bank and is back to doing business. I think this is a perfect example of an interstate bank versus a progressive locally owned and operated bank. When you have a President/CEO who was born and raised in Oklahoma City, along with most of the staff, its got to make a difference.

I think Stillwater National Bank has sort of become the lending institution of choice for local developers lately because they have large assets, they're local, and they're willing to loan to some local projects.

[MikeOKC]

I think Stillwater National Bank has sort of become the lending institution of choice for local developers lately because they have large assets, they're local, and they're willing to loan to some local projects.

Local. Local. Local. You're right, SNB is also good local bank.

[bluedogok]

Maybe, maybe not. I've also talked to bankers who say they're terrified of making any loans that might be frowned upon by regulators. Essentially, what's going on is the president, etc., are urging bankers to loosen up by federal regulators are sending an opposite message (if we're to believe what's being said). Typical case of the right hand not knowing what the left hand is doing.

..or maybe they are telling the public what they want to hear and privately telling regulators what they really want.

Food for thought. Should we settle for smaller developments? What if we settled for one 50' wide brick structure with light commercial/residential (DTD-1) purpose at a time.

I am all for setting our sights high, but perhaps it may be easier to convince a developer or a bank, to just start small.

One of the problems is that few understand OKC and that conditions here aren't as bad as they are in the rest of the country and that some projects really may be worthwhile.

What I have been told is that projects large or small, most aren't loaning. The national/multi-nationals are having to cover for losses where the bottom really dropped out and they have regulators hammering them on everything. For state/local banks the regulators are treating them the same way and looking at their books just like they are a national with exposure in California, Nevada, Arizona, Georgia or Florida. They seem to be making no distinction between areas and assuming the same "worst case scenario" no matter where banks are located or how much exposure they have in bad markets.

I see that it is only going to get worse in the next year as the bulk of balloon payments on commercial real estate loans will start come due and the creditors will not be willing to renegotiate/refinance and therefore driving the failure rate even higher. It is just typical of our financial world, when things are flying high, practically anyone with a scheme can get a ridiculous loan and when things are going bad even solid deals are turned down. The financial world (and politics) are just way to reactionary and precipitate the extremes at both ends in effect compounding their problems.

[CCOKC]

There is residential (assisted living??) under construction now at 11th and Hudson called Palo Duro II.

I noticed that last week and wondered if anybody else here knew anythink about it.

[BoulderSooner]

I noticed that last week and wondered if anybody else here knew anythink about it.

HUD section 8 i think

[CCOKC]

I thought I read that on the sign in front of the construction. Just surprised nobody here brought this up before now. How does everyone feel about a new Section 8 going in Midtown? Does that make it harder for the higher priced projects to be leased or sold?

[jbrown84]

I thought I read that on the sign in front of the construction. Just surprised nobody here brought this up before now. How does everyone feel about a new Section 8 going in Midtown? Does that make it harder for the higher priced projects to be leased or sold?

Would think so. There's already a mental services institution across the street.

[okclee]

New section 8 housing in Mid-Town, that is what I call progress.

[Spartan]

LOL @ okclee. I don't think it's a problem because anyone who moves downtown to get away from lovely Section 8 housing.. well go back to Edmond. Or maybe not. Apparently you can't get away from it no matter where you go:

http://www.okctalk.com/okc-metro-are...ommission.html

[okclee]

well many have been calling for more affordable downtown housing, looks like we got it now.

[Spartan]

Oh come on, you're forgetting about the homeless shelters..

[jbrown84]

What exactly are they building there? I know there's already a historic 4-plex building called Palo Duro on that corner.

[CuatrodeMayo]

It's not Section 8.

[Platemaker]

I heard senior assisted living.

[CuatrodeMayo]

I believe you heard correctly.

[okclee]

The sign read Palo Duro II.

[Spartan]

1212 N Walker is moving along.. it looked like they were gutting the interior of the Heritage Building when I saw it last night (skepticism quashed). On a side night, I'm proud of MidTown..I actually had trouble finding parking in a 1-block radius of McNellie's around lunch yesterday.

[circuitboard]

1212 N Walker is moving along.. it looked like they were gutting the interior of the Heritage Building when I saw it last night (skepticism quashed). On a side night, I'm proud of MidTown..I actually had trouble finding parking in a 1-block radius of McNellie's around lunch yesterday.

Awesome! Good to hear.

[Spartan]

I'll swing back around today and take a picture of the progress. Since I just got back in town though I have no idea how it's progressing..

[warreng88]

I work for a local bank and we are definitely lending, although we are hearing that a lot of larger banks are not. You have to understand that banks are also worried about making money for them so they might ask for the whole banking relationship (deposits, credit card transactions, check scanning, etc.) The main reason behind this is so they can yield more capital and continue loaning money.

[Spartan]

Oh yeah, 1212 is definitely underway. All of the bigger Banta projects are looking good, have new windows at least, still working on interior renovations. i.e., 1101 N Broadway, Packard, Traveler, Osler, Cline, etc etc..pardon me if I messed up a name or two.

Also something at 1236 Shartel I believe is underway..looked like a former Banta project. 12th and Hudson has a frame going up.

Pictures coming soon..

[wsucougz]

Oh yeah, 1212 is definitely underway.

I haven't seen anything being done on 1212 in over a year. Did you see workers doing something?

[Spartan]

I saw actual work currently being done pretty much everywhere but 1212 despite that it looked much further along than the last time I see it, which was more recently than a year.

[wsucougz]

I saw actual work currently being done pretty much everywhere but 1212 despite that it looked much further along than the last time I see it, which was more recently than a year.

I don't think anything has happened with 1212 for awhile, but it sounds like it's going to pick back up soon.

[benman]

he is talking about mode homes and their soon proposal

Im curious about these mode homes I have been hearing about. Do they have a website that shows what type of homes these are? All sorts of stuff comes up when I do a search. Im looking for some pictures of what they might look like. Im hoping they are not cheap tossed up homes that will quickly be run down and not very appealing to the midtown area (as im sure everyone else is too). Thanks