First National Center

[HOT ROD]

there seems to be plenty of UNUSED streetfront space in the CBD (like Sandridge garage for example); perhaps a deal could be made where FNC tenants like the chinese buffet could land there for a reasonable cost. Maybe this is something the city could assist with, perhaps offsetting some of the rent/costs?

This scenario actually would be a huge win for everyone in that the city gets more retail options on the street (and more tax revenue while retaining existing retail base), FNC gets to be dark and completely renovated - quickly, and the archade businesses like the buffet perhaps gets more business due to being on the street. Also SandRidge or the new owner(s) can get a revenue stream that currently doesn't exist. OKC as a whole would benefit if nothing else that with the increased perception of activity which tends to create critical massing that builds upon itself.

WIN-WIN-WIN!

[shawnw]

Wouldn't want to lose Cafe 7 in the CBD but it could be nice if they were the new tenants at the Aloft restaurant space.... they might then also be encouraged to stay open later.

[Urbanized]

Steve has quite a bit of detail on this, including lots of detail from the new owner. Very exciting. Check his social media accounts and NewsOK.com at 9 PM Also, it sounds like timelines favor existing tenants more than the manager told Pete, which is good news.

[Urbanized]

Developer announces plans for Oklahoma City's historic First National Center | NewsOK.com

[Urbanized]

Here is the good news re tenant relocations: First National tenants may have more time to relocate | NewsOK.com

[OSUMom]

The main thing I don't want to lose is the tag agency. I use that place a lot.

[Just the facts]

All I pray for is the removal of the skywalk over Robinson, which would be the smartest thing for them to do, since it will drive foot traffic to their new Park Ave retail tenants. Unless, of course, the City spent $250,000 for nothing. I do like the Broadway façade so I hope they can keep that (or something very similar to it)

[Urbanized]

Tag agency can/will probably relocate very easily. Not too worried about them. I use them a lot, too. Also my doctor is in the arcade, but good news that he has already found a home in Century Center.

[wsucougz]

Here we go again...

Le Meridien hotel lawsuit raises questions about status of downtown Cleveland project (photos) | cleveland.com

And the Oklahoman cites the Le Meridien Hotel in Cleveland as Goodman's top credential for doing this project.

[Pete]

Excellent!

Still researching this developer which is shown as Goodman & Associates from California in the story but the correct name is actually SGoodman & Associates. Looks like a bunch of interconnected LLC's and investment groups rather than a true development company.


Looks like all of the east and center sections will be demolished and make way for a lot of structured parking. That's that's 550,000 square feet or 55% of the entire complex

1st floor retail commercial, 2-3 office, 4-13 Le Meriden 340-room (or similar) hotel, and then 125 upscale apartments on 12 floors.

That still leaves several floors at the top; perhaps that will be for some sort of restaurant or shared space for the hotel and apartments?

Also says the hotel rooms will overlook the banking hall's multi-story atrium. I assume that means the existing atrium will stay open air? But you could certainly see them creating glass all the way between the three sides and shining down on the banking hall.

[Kemotblue]

I like this news about the new developer and sounds like they have very very very deep pockets.

[PhiAlpha]

Excellent!

Still researching this developer which is shown as Goodman & Associates from California in the story but the correct name is actually SGoodman & Associates. Looks like a bunch of interconnected LLC's and investment groups rather than a true development company.


Looks like all of the east and center sections will be demolished and make way for a lot of structured parking. That's that's 550,000 square feet or 55% of the entire complex

1st floor retail commercial, 2-3 office, 4-13 Le Meriden 340-room (or similar) hotel, and then 125 upscale apartments on 12 floors.

That still leaves several floors at the top; perhaps that will be for some sort of restaurant or shared space for the hotel and apartments?

Also says the hotel rooms will overlook the banking hall's multi-story atrium. I assume that means the existing atrium will stay open air? But you could certainly see them creating glass all the way between the three sides and shining down on the banking hall.

Hopefully the parking garage conversion includes retail space on park ave, that's a lot of parking garage frontage if not. Otherwise this looks pretty cool.

[Pete]

Stephen Goodman and his partners are being sued over a proposed Le Meridien in downtown Cleveland:

Le Meridien hotel lawsuit raises questions about status of downtown Cleveland project (photos) | cleveland.com

Paging Spartan. Looks like this matter is still pending.

[Pete]

It seems the way Goodman operates is to bring in development and investment partners for each of his deals. I strongly suspect there is local money behind this.

[Pete]

I can't find anything that Goodman has done except the Le Meridien in Cleveland (which is way behind schedule and in litigation) and a 11-story hotel in Fort Meyers which has yet to start construction.

Both involve very complex financing deals (tons of different investors from all over) and a lot of public subsidy.


Keep in mind that while the Alliance has definitely talked to this group about how they can help them with the redevelopment, the City had nothing to do with them being chosen as the purchaser. I'm sure that was just a simple matter of bidding the most money ($23 million in this case) and being able to close on the sale.

But they'll need another $100 million for redevelopment costs, and given the plans as described, that seems quite low.

[PhiAlpha]

I can't find anything that Goodman has done except the Le Meridien in Cleveland (which is way behind schedule and in litigation) and a 11-story hotel in Fort Meyers which has yet to start construction.

Both involve very complex financing deals (tons of different investors from all over) and a lot of public subsidy.


Keep in mind that while the Alliance has definitely talked to this group about how they can help them with the redevelopment, the City had nothing to do with them being chosen as the purchaser. I'm sure that was just a simple matter of bidding the most money ($23 million in this case) and being able to close on the sale.

But they'll need another $100 million for redevelopment costs, and given the plans as described, that seems quite low.

All of that is more than a little concerning... I wonder why we couldn't attract someone more reputable for this.

[Pete]

All of that is more than a little concerning... I wonder why we couldn't attract someone more reputable for this.

It wasn't a matter of what the City could attract... There were lots of interested parties and bidders.

The issue is the current owner had/has total control of who they sell to and you can be sure all they cared about was getting the most money possible.

And $23 million is a pretty good price; I know local investors were very interested but not at that cost.

[catch22]

Sounded good.

Now sounds pretty concerning.

[bchris02]

I definitely agree this is concerning. I'm remaining cautiously optimistic and hopefully they do what they say they are going to do rather than just sit on it like the past several owners did.

[Teo9969]

Steve said in his video that he had done something in Nashville as well, but haven't been able to find that.

Hope we see some follow-up press about the buyer soon.

[jccouger]

I'm glad I never got my hopes up.

Also, Steve's article makes it seem like the buildings to the east will be converted, not demolished, in to parking. I'd be extremely pleased with that, but I've never been inside those buildings & I'm not even sure that would be possible.

[gurantula35]

Just spoke with the Golden Dragon operator. They have 60 days from July 22nd. He has been actively looking for a new space but hasn't found anything yet. He seemed pretty bummed, i felt bad for the guy. He contemplated retiring but says he will find somewhere else to operate.

He has a question about his lease, his lease runs for another year. Does the sale basically eliminate the lease obligation from the owners? He made it seem as if he already paid up for the next year and wanted to make sure he got his money back if they cut the lease short.

He also mentioned that Cafe 7 had already picked a new place to go. I asked him a couple times but couldn't understand what he was saying so i just left it alone. Anyone know anything about that?

[Jeepnokc]

Just spoke with the Golden Dragon operator. They have 60 days from July 22nd. He has been actively looking for a new space but hasn't found anything yet. He seemed pretty bummed, i felt bad for the guy. He contemplated retiring but says he will find somewhere else to operate.

He has a question about his lease, his lease runs for another year. Does the sale basically eliminate the lease obligation from the owners? He made it seem as if he already paid up for the next year and wanted to make sure he got his money back if they cut the lease short.

He also mentioned that Cafe 7 had already picked a new place to go. I asked him a couple times but couldn't understand what he was saying so i just left it alone. Anyone know anything about that?

He needs to at least speak with a lawyer and let them look at the lease. The actual lease will dictate the terms . Probably not liable but if they are breaking lease, he may be entitled to some damages or be able to negotiate relocation assistance

[David]

About that Cleveland lawsuit: More About the Pending First National Developer

[Bob Loblaw]

Props to Pete and OKCTalk for doing some actual reporting on the FNC - Steve is great and all but talking with downtown OKC players/pals who give nothing but "coachspeak" and tweeting to Cafe7 or Downtown OKC Inc for updates and info isn't the basis for quality in-depth reporting IMO - lately, the NewOK reporting on the FNC has been disappointing, lots of words but little substance and almost always in reaction mode, responding or repeating news that has been broken elsewhere - but maybe that's just the nature of the newspaper beast these days?

Despite all this talk on NewsOK of how tenants have time, not just 60 days, we'll work with them, yada yada yada, make no mistake, the place is being cleared out - I feel for places like the Tinder Box, Golden Dragon, the tag agency, sub stop, the greek place, all the easy to see places on the first floor arcade - but I also feel for those in the upper floors that you can't see easily, Leigh and Tommy up on 7 with the nail girls, The Excellence Foundation on 14, and the different types of professional firms and state agencies in the FNC that must now quickly look for a new place to set up shop

Y'know, if someone really wanted to know what the FNC tenants were being told by building management, lay an FOIA request on the Pardon & Parole Board, the Tourism Dept or the Securities Commission - or take one of the few working elevators to the upper floors and actually talk to some of the folks up on 6, 7, 8, 9, 14, 17 or higher (is Beck still up on 28?)

Whoever said you gotta crack eggs to make an omelet was dead on - nevertheless, still painful to see some downtown mainstays and friends being uprooted on short notice

Keep up the great work, Pete!

p.s. I saw the NewsOK video proudly proclaiming "I know the identity of the FNC's Cali buyer and I just talked to him" - while all good and well, I was left wondering why if this guy has been working very quietly behind the scenes with the Historical Preservation Society and others since 2013 is it just now getting out? Again, perhaps it's more about the landscape in which papers now exist, more comfortable with re-writing press releases as opposed to working sources and documents to get real facts and substance? Sorry to keep bagging on the local paper's coverage, just think we as readers/consumers and the FNC as topic deserve much better than what we've gotten so far.......