$8 million project planned for Automobile Alley

[Pete]

$8 million mixed-use development planned for Automobile Alley
by Brandice J. O'Brien
The Journal Record
12/23/2005

OKLAHOMA CITY - Another mixed-use development is planned for downtown Oklahoma City. Investors David Box, Roddy Bates, Mike Dillard and Chris Bolding intend to renovate 1101 N. Broadway, formally the Buick Motor Co. building, into high-end lofts above retail or office space.

The Urban Design Committee approved the estimated $8 million project Wednesday and construction documents are 85 percent complete.

Inspired by Greenwich Village in New York, 35 units are planned ranging in size from 500 to 2,400 square feet, the largest being a penthouse, and will cost between $1,000 and $5,000 per month.

"It's going to be all first class with stainless-steel appliances, moldings and a garden on the second floor on the north side just like you see in Greenwich Village," said Box, an investor and one of the developers on the project. "It's New York City meets Oklahoma."

"I'm a little stunned at those high residential rental rates; it's by far the highest I have heard in Oklahoma City," said Marva Ellard, co-developer of The Hill at Bricktown. "I heard the finishes (will be) very, very nice and it would set a new high for residential rent rates in the Oklahoma City market.

"The more quality housing in downtown, the better for everyone," Ellard said. "We'll almost have instant neighborhoods in downtown. I think that's healthy."

Although rents will be high, project officials said there is a market for upscale apartments downtown.

"They're that much better than anything offered in downtown right now," said Bruce Bockus, president of Bockus Payne Associates Architects and an architect on the project. "The attention to detail is very much scrutinized. The level of finish and its quality sets them apart from what's available."

Project investors are applying for historic tax credits. There are also plans for a restaurant-bar known as The Chandy.

The investors, doing business as BBD Investments, bought the 59,500-square-foot building in 2004 for $950,000. An additional 4,500 square feet will be added for the project.

Box credits his high-rise dreams for the four-story building in Automobile Alley to the developers with prospective projects that came before him. Without projects including The Hill at Bricktown, The Triangle and Block 42, downtown Oklahoma City wouldn't be a developing market, he said.

The building at 1101 N. Broadway was built about 14 years after the original Buick Building at 508 N. Broadway to increase space for the dealership.

[Pete]

Here's an aerial showing the proposed project and the location for the recently-approved new headquarters for the Urban Design Committee that was discussed here: http://www.okctalk.com/t4776-2-milli...ile-alley.html

[metro]

Nice, I knew there was an unannounced project coming but I'm glad they made it official now!! This is the first step to creating nightlife in AA.

[dcsooner]

Has any of the previously announced new downtown housing, started construction? I hear about a lot of planned construction, but I never hear of any starting. Any pictures?

[metro]

The Hill has broken ground, the Harvey Lofts have somewhat started, Banta's projects are underway, there are several already started (some unannounced) with some of the planned projects to start in January.

[Pete]

You can just feel the momentum building, especially in regards to housing.

Developers are now anxious to jump in before they miss the boat, and it's exactly that type of psychology that fuels all-out building booms.


Just about every week there is a new project announced and it's going to be great when some of these units start to open.

[soonerguru]

The Hill has broken ground? I live a block away from it and nothing has happened yet. It's still just a ravaged, weedy lot where a nice grove of walnut trees once stood.

The Buick Bldg. is a fabulous building for this kind of housing. I'm very excited.

One question: The "Chandy?" Yikes, what a terrible name!

[Pete]

Chandy is a common east Indian surname.

I wonder if the food will be Indian?

[streuli]

As I understand it, the building will be known as The Chandelier. The name of the proposed restaurant is a variant of that, with no known connection to Indian food.

[metro]

I could of swore I saw some dirt being moved on the Hill and surveying being done. I could of been wrong but I know I saw surveyors out there a week or two back. Have you driven back on those dead end streets that dead end there between 2nd and 5th? I know from streetside you can't really tell whats going on but like I said, I could be wrong.

[soonerguru]

The "Chandy" is more hilariously bad the more I hear it. Also, as a former New Yorker, I don't associate Greenwich Village with chandalier buildings. Sure, there are some on the Gold Coast on Lower Fifth, but the chandalier deal seems very Upper East Side -- or even Upper West Side -- to me.

Also, the way these guys talk about granite counter tops and stainless appliances they act like this is somehow a novel concept. Doesn't the Montgomery have this? Don't most new "upscale" properties have these?

You gotta laugh a little when you read the article. Hopefully they will come to their senses before naming their restaurant The Chandy.

[BG918]

Does anyone have the rendering from the Oklahoman?

[Pete]

Here you go:

[BG918]

I like it! This will be a good addition to Automobile Alley. I like the Urban Design HQ building too. I don't know this part of downtown well, what are the buildings like around it and are there many existing businesses?

[John]

I like it! This will be a good addition to Automobile Alley. I like the Urban Design HQ building too. I don't know this part of downtown well, what are the buildings like around it and are there many existing businesses?

There are 2-3 story buildings around that area that look similar in style to the one pictured above. Most were auto dealerships. Directly to the north is a fairly new and nice Shell and convenience store. Just north of that are the local floral wholesalers and the Jag/Vovlo/Benz dealers. To the south are a hodgepodge of business from business service type establishments to embroidery shops to CD Warehouse. East across the tracks is Java Daves and a salon and a car detail shop. West is City Church, some law offices and the like.

[metro]

Looks like the project is on hold folks............

Renovation project is placed on hold

By Steve Lackmeyer
The Oklahoman

A planned $8 million renovation of an 81-year-old former Buick dealership at 1101 N Broadway was put on hold this week as owners decided to put the property up for sale.
Owner David Box said he is asking $2.8 million for the four-story warehouse, bought in June 2004 for $950,000. The building is one of at least four former dealerships along Automobile Alley that remain empty or without major, long-term tenants.

"What people are paying these days is crazy," Box said. "I thought we could put it up for sale for 120 days and see what happens."

In December, Box had renovation plans presented to the Urban Design Commission as part of a proposal to renovate the warehouse and add a wing to convert it into a 35-unit upscale loft complex.

At the time, partner Roddy Bates promised the project was "definitely" going to happen.

Box said he still may proceed with the project if no offers pop up within 120 days. But he also said the sale, which only involves a sign on the building, already has solicited some bids.

"It's bittersweet," Box said. "But I bought it for $17 a square foot, and we're seeing sales for $20 to $45 a square foot. I want to see what happens."

[Jack]

This is ridiculous. If David Box really care about the OKC market, he'd go ahead and redevelop the building himself. But, seems like all he cares about is making the good investment decision.

[BDP]

Good one, Jack.

I don't think I'm going to complain that our property values are going up. I'd love to see it developed, too, but you can't blame the guy for wanting to more than double his money. Ahh, real city problems strikes our real estate market. Go figure.

As for Box, he'd have to do something with his profit if he gets a sale. Being a local guy, I would expect the area to get some of it back either way.

[Jack]

Good one, Jack.

I don't think I'm going to complain that our property values are going up. I'd love to see it developed, too, but you can't blame the guy for wanting to more than double his money. Ahh, real city problems strikes our real estate market. Go figure.

As for Box, he'd have to do something with his profit if he gets a sale. Being a local guy, I would expect the area to get some of it back either way.

One thing I've learned about Box over the years: he could careless about historical preservation, improvement of our city, etc. His main goal is profiting off something, and making wise business decision. While that's not a bad idea and will make him a billionaire, you need a charitable side too. There needs to come a time when it's not just about money, but instead it's about helping improve the city in which you live.

[BDP]

Is there anything specific that led you to this impression? I'm aware of his reputation as a booking agent, some good some bad, but I wasn't aware that he has been part of any real estate developments or transactions that undermine preservation concerns.

It is interesting, though, that values can be so high, when I feel it is still very underdeveloped. If that's true, I'm sure some other properties will turn over before being developed, as well.

[Pete]

He just wants to see if he can make a tidy profit by flipping the property rather than going through all the time and effort of renovation.

If it does sell for a good price, I'm sure any new owners would take possession with full intention of generating revenue through redevelopment.

My fear is that Box won't get the money he's looking for and just sits on it until he does.

[John]

My fear is that Box won't get the money he's looking for and just sits on it until he does.

Most likely scenario, unfortunately.

[metro]

It's sad to hear but can you blame the guy for flipping real estate in a hot market? after all everyone else does. I'd love to see it developed as planned just as much as the next guy but he isn't obligated to us, its private property

[metro]

Don't know if any of you caught this but Banta is buying this building. He closes Friday. The purchase price was $2.4 million, not a bad turn around considering Box's group paid $950,000 just a few months ago and have done nothing to it.

[Pete]

Banta buys old Buick dealership for $2.4M by Kevan Goff-Parker
The Journal Record
6/30/2006

OKLAHOMA CITY – If the closing goes as scheduled today, the former Bolen Motor Co. building in the heart of Oklahoma City’s Automobile Alley at 1101 N. Broadway Ave. will be purchased by The Banta Companies for $2.4 million.

The seller, BBD Investments LLC, which includes investment partners David Box, Roddy Bates, Mike Dillard and Chris Bolding, purchased the building in June 2004 for $950,000 with plans to transform the property into a 35-unit upscale loft complex above retail or office space. The name of the building was to be changed to The Chandelier.

“We spent a 1 1/2 years on the project,” Box said. “We did everything up to the construction documents. We then looked at how much everything has accelerated downtown – we’ve seen such resurgence in downtown Oklahoma City – we decided to throw out a line. We found out the market was hot and got tons of phone calls.”

He said the partners sat down as a group and decided to sell the property rather than proceed with what promised to be a very expensive renovation.

“It is just one of those deals where everyone is excited about downtown Oklahoma City,” he said. “We think it is a great deal for Greg and not a bad day for us. I wish they were all like that.”

Box said he is excited to see what Greg Banta will do with the 64,000-square-foot building, which he believes makes sense for The Banta Companies’ portfolio.

“Greg is good at what he does,” he said. “Things are so good in all of Oklahoma City, it is tough to lose.”

Banta, chairman and chief executive officer of The Banta Companies, said the four-story vacant building, which was built in 1924, is in a great location and has outstanding architectural features.

“It’s a neat old building,” Banta said. “We have no immediate plans for the building, but we’ll work the city and urban design and will figure out what we can get approved. We’ll run economic models for mixed use and will probably market space sometime by the end of the year.”

Banta said he wants to take his time in deciding on which direction to take the former Bolen Motor Co. building.

“The building has a lot of unique aspects to it and we just want to take our time,” he said.

The Banta Companies has acquired a significant portfolio of properties, primarily in Midtown, including the 1920s Plaza Court building.

“We have to see how all the properties tie in together,” Banta said. “It is time to sit down and do a development plan. The Midtown renaissance is alive and well. We have acquired what we set out to acquire or have the properties under contract. While we’re always looking for opportunities, our plate is pretty full.”

He said a new sewer line and gas line have been installed and the renovation of Plaza Court’s parking lot is complete.

“The new Subway is open for business,” Banta said. “Leasing activity has been tremendous.”

He said his company is making progress on its properties on NW 12th Street and North Francis Avenue, including two older apartment buildings, one at 1217 N. Francis Ave. and one at 1221 N. Francis Ave., which are being converted into office space.

“We’re happy with how that is progressing,” Banta said. “We have signed a lease with a medical group that will be moving into the surgery center at 815 NW 12th St. within the next 60 days. We’re just waiting on permits.”

The Banta Companies has several small condominium units at 909 NW 12th St. Banta said he believes there is a demand for condos in Midtown and downtown Oklahoma City.

“There’s a demand for all types of residential in downtown Oklahoma City,” he said. “A lot of people like the idea of moving downtown. It is fun and exciting. We’re sitting here trying to decide whether to sell our condos or lease them. We just have to decide how we’re going to capitalize our dollars.”