Century Center

[Plutonic Panda]

I think I saw PluPan's favorite patio on Twitter the other day (courtesy @okcsuburbanite):

ohhhh.... That Street looks to only be four lanes.... It needs to be six for me to enjoy an acceptable patio

[Urbanized]

Lol

It's actually just the access road (Memorial) for the Kilpatrick Turnpike. Sure, the Kilpatrick could be a few lanes wider, but we're trying. On the plus side, I see a sidewalk, so it is TOTALLY walkable!

[5alive]

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[Pete]

Found this in old marketing materials for the Century Center. Shows where CVS was to have gone:

[Plutonic Panda]

Well, it's still good to know we are being considered by CVS. Is it sure they pulled back because of lack of rooftops or did the negations just go south? I hope it's the last one, because that means they will still likely build I would think.

If not, it's just a matter of time before downtown reaches a big number of residents.

[Pete]

CVS corporate killed the deal -- not enough residences in a 1- and 3-mile radius.

[Urbanized]

They'll ultimately regret that, but it was the right spreadsheet decision for somebody sitting at a desk in Rhode Island.

[Plutonic Panda]

They'll ultimately regret that, but it was the right spreadsheet decision for somebody sitting at a desk in Rhode Island.

+1

[Teo9969]

They'll ultimately regret that, but it was the right spreadsheet decision for somebody sitting at a desk in Rhode Island.

They're way too big to regret anything…

I asked this question at some point, and I can't remember if it was answered, but when these big retail corporations are looking at a piece of real estate as a potential home for their business, do they only consider what is currently developed, or do they consider the future development as well? At this exact moment, there simply is not much in the way of downtown housing. In 2 years from now, there will be thousands more people living and working downtown…But to say no to something simply because it's not right here right now with no account for the very near future seems ridiculous at best…even for massive corporations.

[Urbanized]

Yeah, when I typed it I knew that the truth is that - at least on a corporate level - they will never look back and realize that it was a missed opportunity. I almost went back and followed up with what you said. I only mean that hindsight will prove it a regrettable decision. But based on their standardized decision-making process, it was the correct one. National retailers don't bet on the come. Frankly I'm surprised it got as far along as it did before some pencil-pusher back east killed it.

[urbanCOWBOY]

Curtain wall framing is going up. I don't have a picture yet.

[Mr. Cotter]

They also have a good portion of the interior framing done, and yesterday the exposed level of parking began receiving a coating, which looks like it might be a moisture barrier as well as a cosmetic upgrade.

[Pete]

They're way too big to regret anything…

I asked this question at some point, and I can't remember if it was answered, but when these big retail corporations are looking at a piece of real estate as a potential home for their business, do they only consider what is currently developed, or do they consider the future development as well? At this exact moment, there simply is not much in the way of downtown housing. In 2 years from now, there will be thousands more people living and working downtown…But to say no to something simply because it's not right here right now with no account for the very near future seems ridiculous at best…even for massive corporations.

Almost all national retail chains have local / regional real estate reps that scout sites based on the overall company plan. Example (completely fabricated): CVS is budgeted to open 50 new locations in the U.S. in 2014, 10 in the Texas/Oklahoma region.

The regional reps then submit their locations, general terms and demographic data to corporate, which evaluates all sites, picks which ones get the green light and then sets priorities in terms of development.

When the regional reps submit their sites, they provide as much info as possible, but the final decisions are almost always made by people who never physically see the properties.

Also, keep in mind that the people involved in making these decisions have little to gain if the stores are successful (that is expected and others will gladly take the credit) and a lot to lose if one is not (why on earth did you approve that location??). So, national chains are almost extremely conservative in their site selection. No one in CVS gives a rat's rear if OKC gets a downtown drug store; it's all very model-driven.

In fact, most large retailers wait for others to do their work for them and establish a track record of success before they do anything. When I was a commercial RE broker I helped bring Walgreens to the state in the late 80's, and only then did CVS follow. This approach is not only common with new cities, but new areas; such as far north OKC or downtown. Since those areas are evolving, they wait to get hard data from other stores before they move.

And I have to say having worked in the corporate world where I was responsible for building and pitching pro formas upstream for new locations (financial services) I can tell you that I didn't take any chances either. When a new location doesn't work out, do you think the corporate bigwigs take the blame or do they point the finger at the person who gave them numbers that didn't prove out?

Another big variable in the Century Center scenario for CVS is construction cost. When they buy a piece of dirt and build, they know exactly what it's going to cost. Going into an existing, older building with lots of moving parts represents another degree of risk.

[Mr. Cotter]

I worked for mid-tier big box retailer a few years ago, and all of their new locations were conveniently located in whatever new development Lowe's decided to build in.

[Anonymous.]

I stayed in DT Dallas and remember how cool it was to have a CVS nearby. We were VISITING and used this location probably 3 times in a few days. It is nicely positioned below residential and still in the CBD.

[Pete]

^

As a traveler, having a drug store -- especially one with extended hours -- within walking distances is a fantastic amenity.

Modern drug stores have a little bit of everything and generally feature pretty decent prices as well. Beats the heck out of being fleeced by the hotel / mini-bar.

[Rover]

Not only will finishing the apartments that are on the drawing board help, but I would think the proximity of the new CC and CC Hotel would be influential in a decision, as well. It is all about predictable traffic.

[warreng88]

I stayed in DT Dallas and remember how cool it was to have a CVS nearby. We were VISITING and used this location probably 3 times in a few days. It is nicely positioned below residential and still in the CBD.

I remember going there when we stayed at the Magnolia Hotel and my wife had a headache and no aspirin. At least, I think it was that one.

[drinner-okc]

Glass being installed on North and West sides of first floor today

[Pete]

This was just taken:

[5alive]

Very exciting news...can't wait to see some more pics


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[HangryHippo]

I thought the orange-ish exterior was going away? Are they just painting over it after the glass is installed?

[shawnw]

was about to ask the same thing

[Pete]

The glass is actually going into the openings, so they may be waiting to paint until after the windows go in (which is a big priority in order to start interior work) and then paint the concrete parts before they add the mesh that will cover the upper parking levels:

[HOT ROD]

the rendering looks much better than that orange. OMG, it looks so refreshing in this rendering.