The Presley (formerly Lincoln Plaza)

[warreng88]

address=4345 N. Lincoln Bvld.
owner=Dick Tanenbaum
architect=Gardner



Information & Latest News

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County Assessor Record
Abandoned Oklahoma
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[sroberts24]

Gardner Tanenbaum Group pays $2.6M for Lincoln Plaza Hotel
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:38 PM Wednesday, August 24, 2011

OKLAHOMA CITY – Gardner Tanenbaum Group has purchased the once-grand Lincoln Plaza Hotel for $2.6 million and has plans to redevelop the long-shuttered property into housing.

Led by developer Dick Tanenbaum, Gardner Tanenbaum acquired the 316-room hotel and 69,402-square-foot convention center near the Oklahoma Capitol from Durant-based First United Bank.

Plans for the Lincoln, which sits on a 24-acre lot overgrown with weeds at 4345 N. Lincoln Blvd., are still in development, said Tanenbaum, who would only elaborate to say that the finished concept would be unbelievable.

“We’re not rushing this one – it’s too important,” Tanenbaum said. “There’s nothing like it. It’s pretty ugly, but I’ve turned a lot of uglies into beauties.”

Although structurally sound, the interior of the poured-in-place concrete and masonry complex has been gutted.

Built in 1967, the complex includes a three-story hotel, seven-story convention center and a single-story restaurant.

Once a glamorous meeting place for politicos and executives, the complex has changed hands several times over the past 20 years and has been closed for more than a decade.

Oklahoma City developers Tom Parrish and David Aduddell purchased the property for $2.025 million in 2006, with plans to bring the closed hotel back to its former glory, but the project never moved forward. The developers handed the property back to the bank in June 2010, according to property records.

Tanenbaum has a long history of successfully revitalizing older buildings in the city, said Tim Strange, managing director of Sperry Van Ness/William T. Strange & Associates. Strange negotiated the sale, along with adviser Brett Price.

Tanenbaum has also developed about 1 million square feet of residential and warehouse space in the area around N. Lincoln.

“We know the area well,” Tanenbaum said.

Tanenbaum’s past redevelopment projects include the Montgomery and Park Harvey apartment buildings in downtown Oklahoma City, as well as the Classen, formerly Citizens Tower, at 2200 N. Classen Blvd.

“It really made him the perfect buyer, because he had the track record, the experience and the credibility, if you will, that the bank was looking for in a buyer,” Strange said.

[Reggie Jet]

From the Journal Record website

Gardner Tanenbaum Group pays $2.6M for Lincoln Plaza Hotel

By Brianna Bailey
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:38 PM Wednesday, August 24, 2011

OKLAHOMA CITY – Gardner Tanenbaum Group has purchased the once-grand Lincoln Plaza Hotel for $2.6 million and has plans to redevelop the long-shuttered property into housing.

Led by developer Dick Tanenbaum, Gardner Tanenbaum acquired the 316-room hotel and 69,402-square-foot convention center near the Oklahoma Capitol from Durant-based First United Bank.

Plans for the Lincoln, which sits on a 24-acre lot overgrown with weeds at 4345 N. Lincoln Blvd., are still in development, said Tanenbaum, who would only elaborate to say that the finished concept would be unbelievable.

“We’re not rushing this one – it’s too important,” Tanenbaum said. “There’s nothing like it. It’s pretty ugly, but I’ve turned a lot of uglies into beauties.”

Although structurally sound, the interior of the poured-in-place concrete and masonry complex has been gutted.

Built in 1967, the complex includes a three-story hotel, seven-story convention center and a single-story restaurant.

Once a glamorous meeting place for politicos and executives, the complex has changed hands several times over the past 20 years and has been closed for more than a decade.

Oklahoma City developers Tom Parrish and David Aduddell purchased the property for $2.025 million in 2006, with plans to bring the closed hotel back to its former glory, but the project never moved forward. The developers handed the property back to the bank in June 2010, according to property records.

Tanenbaum has a long history of successfully revitalizing older buildings in the city, said Tim Strange, managing director of Sperry Van Ness/William T. Strange & Associates. Strange negotiated the sale, along with adviser Brett Price.

Tanenbaum has also developed about 1 million square feet of residential and warehouse space in the area around N. Lincoln.

“We know the area well,” Tanenbaum said.

Tanenbaum’s past redevelopment projects include the Montgomery and Park Harvey apartment buildings in downtown Oklahoma City, as well as the Classen, formerly Citizens Tower, at 2200 N. Classen Blvd.

“It really made him the perfect buyer, because he had the track record, the experience and the credibility, if you will, that the bank was looking for in a buyer,” Strange said.

[Martin]

merged the two threads... -M

[Rover]

This is an interesting development for the Plaza. Is more housing on Lincoln a good thing or bad thing (or no thing) for the urban core development? While it places more potential workers NEAR downtown, it isn't the same as being downtown. Does it draw from the same potential market of renters?

[kevinpate]

It was quite the place back in the day. Hope they do something spectacular with it.

[Pete]

There is quite a bit of new and newly announced development along the Lincoln corridor. I need to create a map and plot it all out because most don't get over there and it's hard to keep track. That area still has a long way to go, but this will certainly help.

Even excluding the office section (separate ownership) this is a big chunk of property at over 18 acres:

[Pete]

Also, it might make sense to keep the curved building and renovate that, but the rectangular structure to the south is nothing special and scraping that would allow that whole area to be redeveloped and tied into the nice wooded property to the west:

[Steve]

Pete, that poolside photo shows the true potential of this property as apartments. Tanenbaum will do well with this.

[MustangGT]

Bringing back a hotel type business would be foolishness IMHO. The concrete construction makes enlarging the rooms to modern business hotel standards very difficult/expensive. I was in the structure a couple of years ago and it was VERY dilapidated and will require time and MONEY. Residents to the east of Lincoln Blvd want this property cleaned up/fixed up or torn down. A lot of business in the area feel slighted since the development that started at the capitol complex and moved northward stopped before it go to them.

From a cost standpoint it would be interesting to know the cost of renovating the hotel (curved) vs the convention center (rectangular). Who knows they may all come down and something totally new built in their place.

[Steve]

Mustang, never underestimate the capability of an edgy and often abrupt bald guy who doesn't even comprehend the words "you can't do that."
I've seen Tanenbaum do quite nicely tackling projects others said couldn't be done.

[MustangGT]

I hope so. Even more than that I hope it will be a going concern for decades to come as this area seems to have a pox upon it.

[onthestrip]

Speaking if Lincoln. What's going to be at the nw corner of 50th and Lincoln? A 3-4 story, nice looking building is under construction there.

[Pete]

On the NW corner of Lincoln and NE 50th Old Surety Life Insurance is building a $6,000,000, 4-story, 41,554 square foot office building.

The are presently in the little building due north of this property. I guess they are growing but also may have some space for lease.

[G.Walker]

On the NW corner of Lincoln and NE 50th Old Surety Life Insurance is building a $6,000,000, 4-story, 41,554 square foot office building.

The are presently in the little building due north of this property. I guess they are growing but also may have some space for lease.

I used to work at the Lincoln Plaza office complex before it was flooded back in 05/2010, I have been back there to eat at the little cafe inside the office building (yes, a cafe exists in that building, called Abby's Grill). Anyways, I go there from time to time to eat, and they have completely renovated the inside of the building and it looks great, so this is exciting news re hotel and convention center.

I drive down the Lincoln corridor every morning on my way to work, and they have some nice construction projects going on. The Old Surety Life Insurance building is actually pretty modern, with nice big glass windows. The State Office Finance building on 3115 N. Lincoln looks great, and some company is construction a huge building just south of that. Also, the new $40M Veteran Affairs office building is supposed to go in this area.

Nice restaurants within walking distance from Lincoln Plaza, you have: Jamil's, Italiano's, Hunan's, Pizza Hut, Bedlam BBQ, Elmer's Bar & Grill.

So its good to see housing coming this area, too bad they didn't do this about 4 years ago, I could have walked to work. Wouldn't even had to leave the building because the office building, convention center and hotel are all connected.

[OKCisOK4me]

On the NW corner of Lincoln and NE 50th Old Surety Life Insurance is building a $6,000,000, 4-story, 41,554 square foot office building.

The are presently in the little building due north of this property. I guess they are growing but also may have some space for lease.

I found out this past weekend that thus business is my friend's dad's business. He told me about the roof and how it will have penthouse amenities once the building is finished. I even met his dad this weekend and asked him once the building is completed, if I could get a shot of downtown from there. It sits pretty high up so it would make a great view, like the view from the saints parking garage is.

[Skyline]

This is very good news for the east side of Okc and Lincoln Blvd. I predict another successful development by Mr. Tanenbaum, something he is accustomed to.

Any idea how many units that Mr. Tanenbaum has in mind? I'm sure he has some kind of number that he thinks could work on this site. Also how many units does his other developent have at "The Lincoln"?

This also goes to show that Mr. Tanenbaum was ready to pull the trigger on a large housing development and has the financing to do so. Remember this if there are any future problems along 13th and Walker with the Mercy Development project.

[Just the facts]

Remember the dorm room remodel from Back to School?

[Spartan]

This is an interesting development for the Plaza. Is more housing on Lincoln a good thing or bad thing (or no thing) for the urban core development? While it places more potential workers NEAR downtown, it isn't the same as being downtown. Does it draw from the same potential market of renters?

Good question, and I think it does, but I think that market is big enough--if we were talking about condo units, then we would have a problem most likely. We know that then it would be competing not just with downtown condos, which sell albeit slowly, but also with other north-side upscale condo projects such as the Founders Tower, which sold very slowly.

I think this is ultimately an excellent project in terms of value to the community for many reasons. First, for sustainability reasons, I like it whenever existing buildings are simply re-purposed, and whenever density goes up in an area with existing infrastructure. Lincoln is a good piece of infrastructure that nobody ever uses, really. Also, this is inner city (sorta), and it brings more income diversity to NE OKC, definitely a good thing. Plus Tanenbaum recognizes that he has the potential to restore a landmark here, so that's special.

I am intrigued that he is taking on such a project that so many other proven developers have actually failed to accomplish. I know Parrish and especially Aduddel have expansive financial resources. Tanenbaum has never failed in a project that he was actually able to get his hands on (unlike the bus station and Kerr McGee bldgs), so I will be expecting him to be able to pull this off.

[rondvu]

I knew many couples that spent their honeymoon at Lincoln Plaza. If I remember correctly from an old post card the Honeymoon Suite had a round bed. Correct me if I am wrong. There was the Governors Club and the Prime Rib Room as well as the Dinner Theater called The Forum.

[OKCRT]

This property screams Casino!!!!! Turn it into a 1st class Casino/Hotel/Restaurant/Spa and make some money.

[Spartan]

I wish we could do that...

[MustangGT]

This property screams Casino!!!!! Turn it into a 1st class Casino/Hotel/Restaurant/Spa and make some money.

Nice thought but that is all it will ever be. It can be buried in the same grave as the proposed casino near Brittom/I-35. Tanenbaum is just about the only one with the financial muscle and foresight to successfully pull this off. There are others who might give it a good go but he will get it done and done right.

[Skyline]

Which project is completed first......Midtown Mercy or Linclon Plaza??

[Steve]

It will be a horse race... and interesting to watch.