First National Center

[Kemotblue]

Thanks Pete they might do some photoshop editing on the missing windows to dress up the flyer. Glad the receivership company is taking care of this property. Hopefully they get this downtown treasure a rightful owner that will turn this building around and become another success story for OKC.

[bchris02]

Thanks Pete they might do some photoshop editing on the missing windows to dress up the flyer. Glad the receivership company is taking care of this property. Hopefully they get this downtown treasure a rightful owner that will turn this building around and become another success story for OKC.

I agree. A properly restored First National Center, in my opinion, is key to the CBD reaching its potential. It could be the centerpiece of a vibrant, happening area in the middle of what is currently a dead zone after 5PM. If the CBD is to join the OKC urban renaissance, First National is the key puzzle piece.

[David]

Went googling and found the Price Edwards & Co. staff pages for the listed contacts: Craig Tucker, Cordell Brown. Also Jim Parrack for completeness. The listed experience and credentials gives me a lot of confidence.

[Urbanized]

Sale of downtown Oklahoma City's First National Center may come soon | NewsOK.com

Jim is obviously doing much more than just managing the building. And he apparently doesn't have to get a sale approved by anyone other than "the court."

[Pete]

^

That's not what the article says but I hope your conclusion is correct.

Also, Parrack's colleagues at Price Edwards are handling the marketing of the property.

[brianinok]

When you walk through the main floor arcade you can see some of the tenants who stayed through the ordeal in September have since moved out or are preparing to move. A couple have notices up of their moving date and where their new location will be. All were by the end of either October or November (sorry, I can't remember which). I think the only ones without a notice were the Chinese restaurant and Nancy Farha's. Maybe the Pharmacy too. Virtually all the ones with notices said they were moving to the 2nd floor of Robinson Renaissance.

I wonder if the upper floors are being cleared like the arcade appears like it is being cleared?

I'm not laying blame or anything, or saying this is a negative thing. This is bound to happen and should happen for this property to be redeveloped right. I can't imagine redeveloping a property with tenants on the ground floor. How would the landlord keep it open? How would the proprietor stay in business?

[Pete]

Almost certainly the entire building will needed to be cleared before a renovation is commenced.

[Urbanized]

Excuse me? Exactly which part of my post is incorrect? This part is pretty clear:

Price Edwards & Co. will select one qualified potential buyer for the property and the sale contract would have to be approved by the court.

And the if other brokers within the firm WHERE JIM IS VICE PRESIDENT are handling the actual transaction how does that equal Jim having no involvement? If that's what you mean that is some SERIOUS hair-splitting, Pete.

[Pete]

Just saying there is nothing in that article that says the current owners wouldn't have to approve the sale. That is just a conclusion you are drawing unless you have more information you'd like to share.

[Urbanized]

I quite clearly said "apparently" in my post.

[Pete]

As I said, I hope your conclusion is correct but I'm still not sure that it is.

This is not a typical receivership where there is a loan that has gone into default and thus I believe things are not as straight-forward as in that type of situation.

At the very least, the court would have to go through measures to fairly determine the market value of the property beyond just what a selected buyer is willing to pay.


Like it or not, the owners of this property still have rights and they can't merely sell it out from under them without due process.

[Urbanized]

Well of course the court would have to determine that the sale was for fair market value in this instance. I figure that goes without saying. But it doesn't sound at all like the owners themselves (whoever they may be at this point) are going to have any direct say in the matter, at least as far as you can tell from that quote and from the tone of the article.

[ShadowStrings]

Does anybody know where Let's Do Greek is going?

[Pete]

Well of course the court would have to determine that the sale was for fair market value in this instance. I figure that goes without saying. But it doesn't sound at all like the owners themselves (whoever they may be at this point) are going to have any direct say in the matter, at least as far as you can tell from that quote and from the tone of the article.

I had previously quoted the court filings upthread that showed the owners would have to approve a sale so unless something has changed I believe that is still the situation.

Also, the article says nothing about determining fair market value so it's far from comprehensive on the entire sales process.

[DoctorTaco]

I think the only ones without a notice were the Chinese restaurant and Nancy Farha's. Maybe the Pharmacy too. Virtually all the ones with notices said they were moving to the 2nd floor of Robinson Renaissance.

The people at the pharmacy reported to me that they will be moving to Leadership Square in the storefront along Park currently occupied by the Thunder Store. I think this will be a huge value-add to Park Avenue.

[Urban Pioneer]

If I ever hear the words "demolition" and "First National Center" in the same sentence, I'm gonna drive down there and chain myself to the building...

LIKE! I'll join you. Its our Penn Station.

[Pete]

The people at the pharmacy reported to me that they will be moving to Leadership Square in the storefront along Park currently occupied by the Thunder Store. I think this will be a huge value-add to Park Avenue.

This is great news. Thanks for sharing.

[Urbanized]

I had previously quoted the court filings upthread that showed the owners would have to approve a sale so unless something has changed I believe that is still the situation...

But that is not what the court order that you quoted says. From your own quote:

Any time “Approval” is required with respect to any action of the Receiver, such action will be authorized only if and when the Receiver receives the written consent of Plaintiff and the other parties to this action or when the Receiver obtains entry of an order of this Court, which may be sought and approved on an expedited basis.

Essentially this says that the Court MAY seek the approval of the owners, but has left itself a very big "out", and could choose on its own to order the property sold, "on an expedited basis," at the request of the Receiver. At this point, the owners have only as much power in this transaction as the Court chooses to allow. If they agree, great. That will obviously make things easier. If they don't, or if ownership is still unresolved, the Court will act in what it deems to be the best interest of all parties. There is certainly a very simple path for the Court to circumvent the desires of the owners - whoever they may be - as the Court clearly seems to believe that they are prone to not always act in good faith.

[Pete]

^

As I've said many times, I hope you are right but I'm also not certain this will be a simple matter.


In any event, here's hoping a sale to a responsible redevelopment group happens sooner rather than later.

[LuccaBrasi]

Could they not sell absent of owners approval and put the money is escrow overseen by the courts until it's battled out legally, then the project can proceed without being held hostage.

[Urbanized]

^^^^^^^
That seems like a very likely and reasonable approach.

[Pete]

It's my understanding purchase offers are due this Friday by noon and there will likely be multiple bidders.

However, this is not a public process and I seriously doubt we'll learn anything more for a while.


It is also my understanding that Parrack and the marketing team at Price Edwards believe they can get the purchase through the courts without a huge fight from the current owners. Hope that turns out to be the case.

[ljbab728]

Steve's update.

http://www.oklahoman.com/article/545...in%2060%20days

A buyer is set to be selected for First National Center within 60 days “or sooner” following the submission of offers Friday to court-ordered receiver Jim Parrack.

Parrack on Friday declined to disclose how many offers were submitted or the names of aspiring buyers.

“We got about what we thought we would,” Parrack said. “We had good interest and that is reflected in the offers we received. It looks like we have some good choices.”

Parrack emphasized that the people who were battling for control would have no say in who is approved as the buyer.

[ljbab728]

Another update by Steve.

Finance district plan includes $40M in aid for First National Center | NewsOK.com

Redevelopment of First National Center could include $40 million in public assistance provided through a new tax increment finance district proposal unveiled on Monday.

The district, which would continue for 25 years, is proposed to be carved out from the existing downtown increment district that is set to expire in 2027. Cathy O'Connor, president of The Alliance for Economic Development of Oklahoma City, said the district is being sought as redevelopment prospects brighten for the long troubled Art Deco landmark.

[Spartan]

That's a huge amount of subsidy. It's rather remarkable. If that's what is required, then good job done by the public sector. Impressive public offer.