First National Center

[BoulderSooner]

Pete, I'm going spitball something I never imagined could be typed by my fingers, but here goes.

I've seen lots of folks writing or being quoted on how the Core to Shore Park ought to be minimized, dialed way down, not be programmed, doesn't need lots of the glitz and flash that was pitched prior to the M3 vote by the OKC voters. The sentiment is usually tied to MBG turning out so well, and perhaps it would be a waste to have another large programmed park, particularly in an area where surrounding development might still be 20+ years out.

OK, so say I'm a convert. That would mean a huge chunk of the original 130 million for the C2S park is no longer needed for the park, or shudder that I can type this, perhaps the park should be mothballed for anything at all beyond the most minimal grassy walk area, suggesting the vast majority of the funds could be freed up for some other major improvement within OKC. Hmmm, let's see now. Is there a way to marry those thoughts with discussing the funding needed to pull off making FNC the supreme icon of the prairie.

I admit I feel a wee bit of ick for even suggesting it, but yeah, play with it, rip it, modify it, or perhaps embrace it if you're a OKC voter. Me, I'm just a visitor.

this is off topic but i couldn't let it go ... the MBG is NOT a large park

[bombermwc]

OMG Spartan, let it go! Anyway.....

We've all got these grand ideas on how it could be converted, but we've yet to find someone willing to invest in the building to make it happen. How many owners have we seen go through the revolving door in the last 10, 20 years? Does it really have to close and sit with bird crap on it for 25 years like the Skirvin before someone does something for real with it? We'd still be sitting on a bir pooed Skirvin if they city hadn't finally moved in and done the work itself. The risk is too high for a private party to feel like it's worth it on the return....individuals just can't absorb the kind of cost it will take and usually aren't willing to wait on the returns to slowly flow in. It's a preservation project at this point and iconic buildings like this don't often get private funding for those things....especially not outside of somewhere like Boston (where you have a historic structure every 5 feet).

Maps 4 seems like a good place to start for funding. Or bond it out. If we're looking for a cheap buy, just wait till someone goes into bankruptcy and get it while it's in a receivership.

[Pete]

The deadline mentioned below came and went and I haven't been able to find anything about the status.

Anyone have news here???

Owners of OKC-based First National Center propose payment plan
by Brianna Bailey
7/6/11

The owners of downtown's troubled First National Center hope to emerge from Chapter 11 bankruptcy and retain control of the 33- story art deco tower with a $1 million injection of new capital.

The funds, provided by Los Angeles-based First National managers Aaron Yashouafar and Simon Barlava, would be used to pay off creditors and reduce the principal of a restructured $19 million mortgage on the property, according to court documents.

In a reorganization plan filed in U.S. Bankruptcy Court this week, First National's owners propose giving its creditor Capmark Bank two installments of $250,000 to pay down the principal on its mortgage on the property.

First National's owners would also make regular monthly payments on the restructured mortgage.

Another $500,000 would be used to pay First National's tax obligations and other creditors.

A call to Yashouafar's office in Los Angeles was not immediately returned on Wednesday. First National's creditors must vote to approve the plan and the court has until Sept. 13 to approve the reorganization.

[Bailey80]

The deadlines have been pushed back somewhat. There was supposed to be a court hearing this week on First National's disclosure statement, but it was pushed back until sometime in October. Things could drag on for some time.

[Pete]

Thanks for the update, Brianna.

This is really the worse-case scenario, where the present owner just continues to drag things out through litigation, which is completely his m.o.

Just a few months ago their one big trophy property in downtown Los Angeles (Figueroa Tower) went into bankruptcy as well. Also, lost a big mansion in foreclosure and it seems every other one of their properties has been seized or is bankruptcy.

[bombermwc]

I'm not making an excuse for him, but it is probably the worst possible time to be trying to keep buildings like FNC in the black. With business down and real estate lagging, why would commercial real estate be any different. And this building is going to need a dedicated financial backer willing to take the risk and not just try to flip it for the next buyer. And it's definitely not strong enough to help support his other investments. I'll still say the city is its only hope.

[Just the facts]

Just a few months ago their one big trophy property in downtown Los Angeles (Figueroa Tower) went into bankruptcy as well. Also, lost a big mansion in foreclosure and it seems every other one of their properties has been seized or is bankruptcy.

I never understand why people fight to this level of insanity. He has probably spent a small fortune on legal fees in a losing battle. Sell it all off, close the company, take whatever personal hit is coming to his credit rating, and get the 7 year clock running. If he had done this 2 years ago he would be in good shape when/if the national economy ever picks back up.

[Pete]

Sadly, there was an article last week in the Journal Record that one of the oldest tenants at FNC is moving out after 40+ years, citing poor management and neglect.

I sure hope the lender gets control of that property sooner rather than later.

[MDot]

Does anybody here think that FNC could possibly be torn down?

And I don't want it to be for those of you that misunderstand this question, I want it to stay, I'm just wondering others opinions.

[Pete]

No way that would even happen with the tower but I could see them tearing down the eastern sections which have no historical significance.

[MDot]

I also could not see it happening but there are so many negative things evolving around the tower that the question and doubt can't help but sneak up in my mind.

I know that the folks who currently own it could care less about it; atleast it certainly seems that way.

[Pete]

At least it's stayed open and continuously operated... It's really not in terrible shape, the tower just needs to be modernized on the upper floors.

It's such an incredible gem that it will happen eventually; I bet within the next 10 years.

[blendd]

Sadly, there was an article last week in the Journal Record that one of the oldest tenants at FNC is moving out after 40+ years, citing poor management and neglect.

I sure hope the lender gets control of that property sooner rather than later.

Hefner Co. to leave First National Center in Oklahoma City - http://bit.ly/v72a8n

[MDot]

True. Sometimes the facade on the upper 3/4 strike me as "old" but besides that I can't really say anything negative about the look.

I also could see it happening within the next 10 years, and hopefully brought back to it's former glory.

[MikeOKC]

At least it's stayed open and continuously operated... It's really not in terrible shape, the tower just need to be modernized on the upper floors.

It's such an incredibly gem that it will happen eventually; I bet within the next 10 years.

I agree with 'ya, Pete. It's one of the really great structures in all of Oklahoma. Being in the Grand Banking Hall last week for an event just felt so warm and inviting. A gem of a building. I think 10 years is a good goal to shoot for. Of course, as we've all talked about, so much is out of our hands now. But it's the First National Bank Building (!) - the tallest building west of the Mississippi when it was built, it will get done.

[MDot]

I love the optimism Mike, it gives me even more of a warm feeling of hope that it will happen and I already firmly believed it would. Lol

[MDot]

Looks like Devon is getting upset with the owners and they have a great reason as to why.

http://http://newsok.com/devon-energ...ad_story_title

EDIT: The link is broken when I try and post it so if someone else could try and post it I'll love you forever.

[bluedogok]

You have an extra "http//" in your link.

http://newsok.com/devon-energy-files...ad_story_title

[MDot]

You have an extra "http//" in your link.

http://newsok.com/devon-energy-files...ad_story_title

I see that now. Woops! Better luck next time I guess. Lol thanks though. =)

[Rover]

Glad Devon is getting aggressive and bringing light to the problems. Maybe it will help force some positive action on the ownership situation.

[Pete]

I still don't understand what is happening here.

Capmark was trying to take this property back and several months ago the LA owners proposed making a small equity investment. There was to be a hearing in September but that never took place.

I realize the present owner is in bankruptcy and is holding on like grim death, but where are we in this process?


The sooner the lender gets this property back the sooner it can start to go forward again. The present owner has a history of fighting legal battles for years only to ultimately lose the property anyway. This needs to get settled.

[Just the facts]

The delay is probably because Capmark also filed bankruptcy. No point in regaining ownership too soon.

http://www.gmaccm.com/CAPMARK/upload...15,%202011.pdf

[metro]

http://newsok.com/devon-energy-files...ad_story_title

Funny, about 5 minutes before I saw this article, I was wondering if Devon will be the "white knight" and buy this building and restore it to it's original glory.

[SkyWestOKC]

http://noodlestream.com/press/noodle...-oklahoma-city

Relocated from suburbia.

Milbank Real Estate Services reports the following leases at First National Center, 120 N Robinson, negotiated by Brandi Harrison:

• NoodleStream.com leased 6,522 square feet of office space.

A win is a win, both for FNC and for Downtown.

[Steve]

And back to the topic: more drama with First National Center: http://newsok.com/owner-of-first-nat...rticle/3633686

(Will Metro give me brownie points for searching for this existing thread instead of creating a new one?)