Flip's

[Easy180]

Stupid question but I'm guessing someone is jonesing to build something there ?

[Urbanized]

Could be any number of factors. Why did owners only ask for one year extension? Maybe it was a hardball move to force a longer term. Or maybe a different operator wants the space. Who knows? Upsetting though; I have a soft spot in my heart for Flip's.

[Libbymin]

Hard to tell what the circumstances are based on the article. Did Flip's think they had a one year renewal option left on their lease but they didn't? The way they wrote their letter seems to indicate that they thought they did.

Did they miss their deadline to renew? Most leases will specify a certain number of days before the term expiration in which the landlord must receive the notice to exercise. If the tenant is late on that deadline, they're screwed.

Based on the landlord's letter though, the landlord may have put some kind of right to terminate the lease if certain conditions were true (sales below a certain threshold for example). Either way, it sounds to me like the landlord already has a different tenant in mind.

[OKCretro]

I guess the new Ruth's Chris is going in the space

[Pete]

Chesapeake sold the small building directly north to a group headed by Frank Keating's son; same group bought the small office buiding from CHK on the NE corner of 63rd & Grand.

CHK also owns the office building at the north end of this triangle.


Can't imagine they could find a better tenant/use than Flip's, so I suspect this may be part of a bigger project.


Ruth's Chris is going into Classen Curve in the large vacant lot just west of Balliet's -- or at least that has been the word on the street for quite some time.

[OKCretro]

Same son who used to work at chk and for Aubrey?

[Libbymin]

Chesapeake sold the small building directly north to a group headed by Frank Keating's son; same group bought the small office buiding from CHK on the NE corner of 63rd & Grand.

CHK also owns the office building at the north end of this triangle.


Can't imagine they could find a better tenant/use than Flip's, so I suspect this may be part of a bigger project.


Ruth's Chris is going into Classen Curve in the large vacant lot just west of Balliet's -- or at least that has been the word on the street for quite some time.

This is probably accurate. They're probably looking to redevelop the whole block or sell it to someone who will.

[Urbanized]

Someone definitely needs to make a move to poach Flip's. Great long-term following and name recognition. Would be a good opportunity for them to refresh the brand, and a good fit for somewhere else on Western or for one of the hot districts/developments closer into downtown. Short time-frame for relocation though. There would surely be some downtime. I have just always loved the vibe of Flip's in that space, moreso than I liked the menu. Lots of great memories there. It's a charmer like not too many places in this town.

[Spartan]

This is probably accurate. They're probably looking to redevelop the whole block or sell it to someone who will.

Key words here..

[Pete]

Same son who used to work at chk and for Aubrey?

Yes.

And of course, Frank Keating was a long-time CHK board member before the new sheriff came to town.

Funny that his son landed a high-paying job there when he had previously been in law enforcement.

[OKCretro]

Yes.

And of course, Frank Keating was a long-time CHK board member before the new sheriff came to town.

Funny that his son landed a high-paying job there when he had previously been in law enforcement.

Pretty sure hise wife went from preschool teacher to sr landman making 175k a year .... But that's for another thread on another day....


Sad about flips

[bluedogok]

You mean someone with family connections got ahead faster than some other people?
Wow, I bet that never happens......

[RadicalModerate]

I guess the new Ruth's Chris is going in the space

Hopefully, along with that Sashimi Place that lets you eat still moving fish and seafood.
Sort of an Upscale Surf and Turf for The New Millennium . . . (and organic!).

Along the lines, perhaps, of The Merger of Long John Silver's and Taco Bell . . .
or what PepsiCo once accomplished in the past . . . except even better!

(sorry if that sounded bitter or less than enthusiastic . . . i only visited Flip's a time or two.
both experiences were sublime. even under less than ideal circumstances.
maybe the new place can have a signature offering named "Aubrey's Revenge"?)

[boscorama]

Same ones who went into puppy selling as a means for the kid to attend school in Texas.

[Rover]

I guess the new Ruth's Chris is going in the space

Too small for a Ruth's Chris. Believe they are going into the Curve.

[shawnw]

I wish Flips could move into one of the triangle buildings in the flatiron district, but the last one is where that insurance company is going, right? Always thought one of those would make a good restaurant with rooftop bar and awesome downtown view...

[Urbanized]

I'm certain Flip's will be actively courted. Hopefully they have the will to move on in different space. Running a business can take a lot out of a person, and a curve ball like this can be even more rough. It could be a fantastic disguised opportunity for them to grow, however.

Of course, we might be reading too much into things and it might be a simple hardball lease negotiation that ends up working itself out. Who knows?

[Pete]

Man, the list of restaurants that are still around from the 80's is getting really short.

Hope they can work something out because that setting is incredibly unique and charming.

[Pete]

You mean someone with family connections got ahead faster than some other people?
Wow, I bet that never happens......

In this case it involved the former Governor who was serving as a board member and his son was a former highway patrolman who CHK paid more than $250K a year, plus his wife (Keating's daughter-in-law) was making almost $150K.

Both of these issues -- with dozens of others -- were specifically listed in the lawsuit brought by shareholders claiming breach of fiduciary responsibility by Aubrey and the board which led to the entire shakeup of the company.

This wasn't just a case some someone leveraging contacts.


And now Chip Keating is heading a group that bought two properties directly from Chesapeake which were never listed publicly after he served as "negotiator" in the CHK real estate department.

As I said, his LLC bought the little office building directly north of Flip's.

[Urbanized]

Man, the list of restaurants that are still around from the 80's is getting really short.

Hope they can work something out because that setting is incredibly unique and charming.

Exactly my thoughts. Even if Flip's were to find a new home it would be difficult if not impossible to replicate or approximate the ambiance, much in the way the beautifully-appointed fancy-pants Pearl's Graveside can't hold a candle to the O.G. Pearl's on 63rd. Money doesn't always buy character, and character often cannot be simply purchased.

[PennyQuilts]

Maybe they can find something in the Plaza district.

[bluedogok]

In this case it involved the former Governor who was serving as a board member and his son was a former highway patrolman who CHK paid more than $250K a year, plus his wife (Keating's daughter-in-law) was making almost $150K.

Both of these issues -- with dozens of others -- were specifically listed in the lawsuit brought by shareholders claiming breach of fiduciary responsibility by Aubrey and the board which led to the entire shakeup of the company.

This wasn't just a case some someone leveraging contacts.


And now Chip Keating is heading a group that bought two properties directly from Chesapeake which were never listed publicly after he served as "negotiator" in the CHK real estate department.

As I said, his LLC bought the little office building directly north of Flip's.

Many real estate transactions are never publicly listed and transferred between known parties. It happens all the time in Austin and San Antonio when I was working for architecture firms that were mainly tied to developers. We had one building in San Antonio change hands three times during design and construction and not once was it listed publicly.

Maybe the new owners of CHK wanted to dump the properties because they want out of the real estate business. When Benham was bought out by WS Atkins (around 2001) they basically dumped all the property that Benham Real Estate and Development owned in the Britton & Broadway area (One Benham Place was sold in the 80's) because they didn't care about owning vacant land.

There were many more issues than just the dealings with the Keating's that got McClendon in trouble with the activist investors.

[MustangGT]

There were many more issues than just the dealings with the Keating's that got McClendon in trouble with the activist investors.

VERY TRUE. Many were borderline illegal if not over the line.

[OKCretro]

Oklahoma Gazette News: Flip's Wine Bar & Trattoria faces uncertain future

[Libbymin]

This is a bit of a third-hand story, but I spoke to someone close to the situation who said the lease is in fact ending on June 30. It's not as though Flip's had an option left and they were denied because they missed a deadline or they were in default. The question still remains as to what the long-term plan is though.