Preftakes Block

[Skyline]

The potential skyscraper that we thought was planned for this location must didn't come to fruition or it moved to different location, so now Preftakes is leasing the spaces.

This is the first thing that came to my mind too. Sometimes you win and sometimes you lose in real estate, much like the stock market.

[hoya]

I do wonder what type of space is below the skylights? Every time I'm down there, I'm intrigued by the contrast.

If I remember correctly it's a law office.

[Spartan]

I'm really not sure how much this means. These buildings are going to require some kind of repairs in order to be safe bets to be profitable. I think it's safe to say none of us saw this coming, so a very interesting move nonetheless.

[Just the facts]

Nm

[Rover]

May mean that the project just moved across the street to the Stage Center Site. Less opposition and the sites in question will just become more valuable.....in an odd way, making them even more economically difficult to re-use.

[Just the facts]

If you wanted to go conspiracy theorist you could just say this is a half hearted attempt to lease them so in 6 months he can say he tried to rent them but no one was interested.

[G.Walker]

Maybe we were wrong all along, what if there never was a tower planned for that location? Maybe most people, including me automatically assumed this would be great location for a new tower, and speculated it into a plausible possibility. Maybe there is really only one tower planned and not two, with it being located at the EK Gaylord triangle.

[Pete]

I'm not sure that them listing these properties for lease is in fact new news.

I know they've had 416 w. Main up for rent since 2008 and they haven't leased it yet. Is adding the three properties to the east of this such a big shift?

Also, how committed are they to leasing any of this space since 416 is in the best condition by far and nothing has happened there in four years?

http://www.precorruffin.com/416_W_Main_AVAILABLE.pdf

http://www.loopnet.com/Attachments/6...5E4026A5D9.pdf

[G.Walker]

I wonder if the Stage Center site is now the front runner for the location of a potential new skyscraper. So I guess the question now is do we save the Stage Center or Preftakes block?

[jedicurt]

I wonder if the Stage Center site is now the front runner for the location of a potential new skyscraper. So I guess the question now is do we save the Stage Center or Preftakes block?

i was defiantly more upset about losing the preftakes block... there are some building here that with a little TLC can be absolutely beautiful and help downtown keep some of it's older culture and feel. I would choose to lose the stage center 999 times out of 1000 when choosing between these two blocks

[Just the facts]

Just for calrrification, the taller buildings on the Preftakes block were never in-line for destruction. The AutoHotel, Black Building, the City Office Building, Coney Island, and Union Bus Station are not going anywhere - even if a new tower was built.

[Pete]

I wouldn't say that about the bus station.

Even the present owner (not Pretakes) said he would consider demolition.

[Spartan]

Maybe we were wrong all along, what if there never was a tower planned for that location? Maybe most people, including me automatically assumed this would be great location for a new tower, and speculated it into a plausible possibility. Maybe there is really only one tower planned and not two, with it being located at the EK Gaylord triangle.

No, while I wouldn't undercut our ability to speculate things into possibility (we do that all the time, basketball court for example), I will on this. There was a tower planned here, no doubt about it. Nicholas Preftakes was hanging on a thread handling the press on this the best he could: a self-imposed gag order. It was more of a question of not if the tower would be announced, but how much longer Preftakes was capable of playing charades.

I think this site may still be in play, but I think the spotlight has shifted from this site to the Stage Center site. I think momentum just crested for demolishing the Stage Center.

And I think if this scenario comes true, most of us who wanted to save both Stage Center and Main Street blocks will regard this as a small win, all things considered. It will be a huge shame to see such an architectural treasure go, but it could be balanced by knowing having our last remnant of a grandiose Main Street preserved.

[Pete]

Keep in mind he paid a ton of money for those Main Street properties and would have to put a ton more in them to much them leasable.

I still don't see them being viable in the longer term, as there is not enough space in current form to generate revenue that would justify the investment.

[Spartan]

Don't tell that to Steve Mason, who has never renovated a building as large as anything on the Main Street block.

[MDot]

No, while I wouldn't undercut our ability to speculate things into possibility (we do that all the time, basketball court for example), I will on this. There was a tower planned here, no doubt about it. Nicholas Preftakes was hanging on a thread handling the press on this the best he could: a self-imposed gag order. It was more of a question of not if the tower would be announced, but how much longer Preftakes was capable of playing charades.

I think this site may still be in play, but I think the spotlight has shifted from this site to the Stage Center site. I think momentum just crested for demolishing the Stage Center.

And I think if this scenario comes true, most of us who wanted to save both Stage Center and Main Street blocks will regard this as a small win, all things considered. It will be a huge shame to see such an architectural treasure go, but it could be balanced by knowing having our last remnant of a grandiose Main Street preserved.

So they are looking at demolishing Stage Center and building the tower there instead of building it on Main Street? Or am I jumping the gun?

[BoulderSooner]

Don't tell that to Steve Mason, who has never renovated a building as large as anything on the Main Street block.

he never paid the prices the preftakes did either

[Rover]

If you wanted to go conspiracy theorist you could just say this is a half hearted attempt to lease them so in 6 months he can say he tried to rent them but no one was interested.

Or no buyers and no renters are lining up. As property values and rents increase downtown it makes marginal businesses more scarce.

[Pete]

Getting closer to wrapping up the street project on Main Street...

The series of building fronts really is interesting but apart from the City-owned building, they are all in horrible shape. I'll believe Preftakes is serious about renting them when he actually does some renovation work.

[Spartan]

he never paid the prices the preftakes did either

Well that's Preftakes' problem. Even if that means somebody needs more revenue streams to break even, that's one of the biggest deal breakers downtown, and ordinances or design review should not bend over backwards to accommodate that problem. Look at the disaster at the First National Center, largely caused by Yashouafar spending too much on property acquisition.

[Pete]

I just can't believe he has deep enough pockets to spend $13+ million five years ago and then generate very little income all this time.

I still think someone else is behind this and he's serving as a middle-man.

[Spartan]

I don't know, he's proposed large-scale developments before, but never executed (Legacy site, for example). He's also completed a number of small-scale developments, like the Garage Lofts...

[BoulderSooner]

I just can't believe he has deep enough pockets to spend $13+ million five years ago and then generate very little income all this time.

I still think someone else is behind this and he's serving as a middle-man.

here is a thought pete ... if Devon is going to fill up most of their building (they are) ... and they are still growing (they are) .. how long will it be before they need more space?? ..

and if they do ... then 2 things

1. they have plenty of money to do it (4.7 B profit last Q) and 2 why not build across the street??

[G.Walker]

makes sense...

[catch22]

I believe Pete said that Devon's plan included the Oklahoma Tower being their overflow space?