Re: Century Center
Couldn't find the article on newsok.com either, so I'm including the whole thing from their on line "print version".
CENTURY CENTER’S SALE WILL BRING MAKEOVER, OWNER SAYS
BY STEVE LACKMEYER
Business Writer slackmeyer@opubco.com
Steve Hurst admits that the Century Center Mall is an ugly building, but after representing an investment group in buying the downtown property for $2 million he is eyeing an extensive makeover.
The mall, built in 1977 and only briefly a success in the early 1980s, was purchased May 11 by 100 Main LLC. Plans call for an extensive renovation that will be coordinated with an upgrade of the adjoining Sheraton Hotel and possible expansion of publicly owned structured parking above the former retail space.
Hurst said the investment group bought 115,000 square feet of the mall from the hotel’s owner, American Property Management.
“There’s just an imaginary line of demarcation that separates what we bought from an area the hotel kept because they want to expand their meeting space,” Hurst told The Oklahoman on Friday. “The bones of the building are good. The ugly concrete panels can be removed and a new floor to ceiling glass facade will be installed.”
Hurst said the new owners will talk with city officials about their discussion as to whether to add two more stories to the parking garage — an expansion that would result in about 350 more spaces. The hotel’s owners, meanwhile, reported they plan to launch their own multimillion dollar room renovation that will be completed by spring 2013.
The acquisition was brokered by Zach Martin and Tim Strange with Sperry Van Ness, and leasing will be overseen by Andy Burnett and Danny Ojeda, also with Sperry Van Ness.
The plaza, the only real downtown retail built during the urban renewal era of the 1960s and 1970s, opened with a mix of restaurants, gift shops, clothing stores, a fitness center and even an FAO Schwartz toy store. The second floor was filled with offices during the oil boom of the early 1980s. The mall quickly emptied out with the following oil bust, and life never returned.
“For over 20 years, we have had this huge mall sitting vacant right in the middle of downtown,” Martin said. “It’s literally in between the Devon Energy Center, the Continental Resources building, the First National Center and the Chesapeake arena — but vacant. This redevelopment will be among the most exciting projects in downtown’s recent history.”
Hurst noted the property lagged behind revival of the surrounding area due to the timing of a loan the previous owners obtained using the mall as collateral. The property could not be sold until the loan came due, which occurred this month.
“You see Devon’s investment, you see the investment in the Myriad Gardens, the (rising) occupancy in Class A and Class B office space, and we’ll have a streetcar system that potentially could touch this property on multiple sides,” Hurst said. “Just in the past few years there has been more than $1 billion spent around it.”
Burnett and Hurst recently attended the International Council of Shopping Centers convention in Las Vegas, and both say that trip leads them to believe the property is ripe for redevelopment as a mix of office and retail.
“We’re looking forward to marketing 100,000 square feet of office and retail space in one of downtown’s best locations,” Burnett said. “The level of interest from prospective tenants has been encouraging.”
Hurst said multiple conceptual renderings have been created to show how the mall’s “ugly” concrete panels can be removed and replaced with a modern new glass facade. He cautioned the new owners will not be rushing into any changes.
“We get one shot at this,” Hurst said. “So we want to get the best tenant and the best use. We’re going to take our time.”
Reply With Quote
Originally Posted by Steve
Bookmarks