Crossroads Mall

[mugofbeer]

There are many companies out there exploiting regulations to increase their profits and lobby to burden competitors with even more regulation because they already know the loopholes or places where regulations can be exploited for profit. Most of the regulations are written by politicians or more accurately the lobbyists lawyers with the interests of those doing the exploiting...so just how good is "regulation" when it is written by those who are supposed to be regulated? This has also occurred no matter which party is in power so it is not a "party" issue, both parties have their masters who have bought and paid for their services.

I put little faith into "regulation" by the current (and not so current) people in power.

Such as?

[Larry OKC]

In Saturday's Oklahoman 10/17/09

"Fed Chairman Bernanke: Crossroads Mall landlord"

NewsOK

[onthestrip]

Saw this on Drudge this morning. Though it looks like its headed that way, I still think the article title calling the mall deserted is a bit misleading.
Deserted shopping mall bleak symbol of Fed bailout | Reuters

[kevinpate]

Saw this on Drudge this morning. Though it looks like its headed that way, I still think the article title calling the mall deserted is a bit misleading.
Deserted shopping mall bleak symbol of Fed bailout | Reuters

Nah. It's a fair statement to note, as they did, "[a] $29 billion trail from the Federal Reserve's bailout of Wall Street investment bank Bear Stearns ends in a partially deserted shopping center on a bleak spot on the south side of Oklahoma City."
(emphasis added)

The mall ain't dead, but considering all the main anchors are gone, to say it is only partially deserted is more than a tad charitable. And let's face it, the area of SE 66th and I-35 immediately around the mall is a tad bleak due to some long standing building vacancies and some general neglect of the grounds.

[scootinger]

Oklahoma City man purchases Macy’s property

Oklahoma City developer Richard Tanenbaum has bought the former Macy’s Department Store at Crossroads Mall.

Tanenbaum’s Crossroads 150/LLC paid the chain $1.5 million for the 151,000-square-foot parcel on 14 acres in a transaction not related to the disposition of the main mall property, which remains for sale for $24 million by Maiden Lane LLC, an entity of the Federal Reserve Bank of New York.

Commercial property broker Gerald L. Gamble of Gerald L. Gamble Co. handled the deal, which Tanenbaum described as being hard to resist.

"At $10 a foot, I couldn’t pass it up,” Tanenbaum said of the property, which abuts the main mall building. "It’s a gorgeous, gorgeous deal. Immaculate. In A-1 shape.

He said he bought it to hold for an investment but that it eventually could be converted to office space, a call center or other nonretail use.

The central bank wound up with Crossroads Mall after Arkansas-based Midwest Mall Properties LLC lost it to foreclosure late last year. The Macy’s store, however, is one of several parcels at the 941,745-square-foot mall that were not part of the foreclosure.

Price Edwards & Co. is managing Crossroads Mall but will not talk about it, citing a confidentiality agreement.

[JacobDylan]

where is the outlet mall going to be?

[rcjunkie]

where is the outlet mall going to be?

There's one planned for I-40/Reno and Council, but the last I've heard it's on hold.

[OKC@heart]

I think that since it is a vestige of a by gone era, that the best thing for it is to be demolished. The property itself would be very attractive for a large lufestyle center with residential and office intermingled. It has great access to the Major freeways and would do wonders for the areas. The geography being on part of a hill makes it even more appealing, a chance to create a node of density and a neighborhood all at once that could become an economic mini-engine alternatively would be a site for an Outlet malls center crafted as some of the recent ones I have seen elsewhere that have the feel of a nice walkable village wit structured parking conceiled carefully on the edge of the site or central with residential living on top of it. There are endless possibilities, but for most we will simply have to wait for the economy to begin to turn a corner.

[theparkman81]

There's one planned for I-40/Reno and Council, but the last I've heard it's on hold.

I think it is not on hold anymore, I think they are going ahead and start build it.

[LordGerald]

I think it is not on hold anymore, I think they are going ahead and start build it.

Yes. It has been greenlighted. There was some site prep that needed to be done, but it's a go as of last week.

[kevinpate]

... He said he bought it to hold for an investment but that it eventually could be converted to office space, a call center or other nonretail use.

I can think of at least one state agency that is in need of space. Wouldn't fill up the old Foley's/Macy's by any means, but could take a decent size chunk patch of it. Would rather see them remain in Norman, but I'm uncertain if that's possible given what's available.

[Larry OKC]

Yes. It has been greenlighted. There was some site prep that needed to be done, but it's a go as of last week.

Do you have a link on that? The last thing I saw was this article by Steve

September 19, 2009
Oklahoma City outlet mall plans on track despite slumping economy
BY STEVE LACKMEYER
Developers of a $65 million factory outlet mall planned for west Oklahoma City say the project is alive and well, even as city officials have put promised improvements in the area on hold.

Assistant City Manager Cathy O’Connor said designs for infrastructure improvements at Council Road and Interstate 40 are complete, but won’t be put out for bid until the city is assured the development is moving forward...

That is all of the teaser but it mentioned they didn't quite have the % requirement of letters of intent/signed leases.

Until then, the City wisely was putting a delay on spending the money for the improvements to the area it had agreed to.

[Larry OKC]

You might be on to something. One possible use for Crossroads would be for a tribe with lots of money to buy the place and turn it into a massive casino and mixed use complex, complete with hotel space, entertainment options, some retail, and a casino taking up the majority of space, all under one roof. ...

Interesting idea but a tribe can't just buy property and build a casino just anywhere. The land has to be put into trust and there are a lot of federal regulations. As I understand it, one of the stipulations is a tribe has to have a historic claim to the property in question. The tribe that is wanting to put the casino complex (which Mayor Mick opposes) in the Frontier City/Remington Park area is a good example. Originally they wanted to build in Bricktown. While they own the land it hasn't been put in trust yet because I believe there is some dispute to the historical criteria for that tribe.

Interestingly it doesn't stop a tribe from owning Remington Park (an existing Casino) so maybe those rules only apply to building new ones instead of taking over existing ones.

[scootinger]

NPR's "All Things Considered" mentioned Crossroads Mall yesterday when discussing the assets of the Fed's "Maiden Lane" entities: Why The Fed Owns A Mall In Oklahoma City : NPR

[oneforone]

I am going to have to make a trip out there just to see how many stores are left. I keep seeing former Crossroads stores in new locations around South OKC and Moore.

[megax11]

Again, money is being put into rennovating areas outside of southside OKC. Now I can confirm why I think the way I thought in the OKC vs Northside topic.

Despite living in southside OKC, I can't see this place getting any attention, even from the city, to help revive the area.

Pathetic.

[bluedogok]

Yeah, it isn't like this is something happening to malls all over the country or even that it happened to Shepherd Mall long before Crossroads or Heritage Park went into decline.

It's an old mall that the (out of town) owners never put any money into in the way of improvements over the years like what was done to Penn Square or Quail Springs. All of those malls were owned by out of state entities, Penn and Quail had owners who were willing to reinvest, Crossroads and Heritage had owners who only wanted to pick the bones for profits. If Crossroads would have had owners willing to keep it up to date it might still be a viable mall, poor ownership/management is usually at the root of most retail failures. None of them had any public funds put into them beyond original incentives that I know of, now that the feds own Crossroads nothing is going to happen other than a fire sale.

Just like in the OKC/Tulsa store thread, on the retail level blame those southsiders who went to retail elsewhere whether it be Moore/Norman or North OKC, it isn't the fault of any one other than that and the previously mentioned poor owners.

[megax11]

Yeah, that's why I barely shop outside of Southside, because the more money I give to other sides of town, the more my side declines and goes down the ****ter.

Only time I shop outside of Southside, is if I go clothes shopping.

[bluedogok]

I guess you could say most of us are guilty of it. I grew up not that far from Shepherd Mall and we would go to Crossroads quite often when it first opened.

[jbrown84]

I guess you could say most of us are guilty of it. I grew up not that far from Shepherd Mall and we would go to Crossroads quite often when it first opened.

Ironically, that's quite the opposite of the current situation.

[bluedogok]

Not really, it was "new and big" at the time and was the place to go, as things age everyone moves onto the newest place open. So it is pretty much just the normal cycle of things. Basically Penn Square is still the "newest" since it is pretty much a completely different mall than it was in the 80's before the renovation. I typically went to Quail or Penn when I moved out because I always lived pretty far north. I rarely went to Crossroads, about the only time was when a store elsewhere didn't have something. My sister worked at Crossroads for awhile in the mid-90's when she was going to OU, even then it was still a pretty decent mall. She worked at Quail after transferring to UCO.

[jbrown84]

I'm hearing some rumblings about a large southside church having interest in buying the building for a large multi-purpose ministry center.

[metro]

Pretty sad this city can't even support 3 malls.

[bwana_bob]

People don't need malls with big box and lifestyle centers. OKC has plenty of the former and will develop more of the latter. A mobile society likes to drive up to the door and walk out with instant gratification. Long ago, people bemoaned the loss of the catalog stores - now they have them again x 100 with the internet. Most malls will die - the ones that survive are better run, more creative and extending their purpose beyond convenience shopping.

[jn1780]

Pretty sad this city can't even support 3 malls.

How many cities can support three "malls" in the traditional sense. Malls are closing all over the country.