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Thread: First National Center

  1. #2001

    Default Re: First National Center

    TIF will only be part of the subsidy.

  2. #2002

  3. #2003

    Default Re: First National Update!

    Sealing the deal: First National Center close, but details kept secret

    By: Molly M. Fleming The Journal Record January 6, 2016

    OKLAHOMA CITY – A historic downtown building sale could close soon, though it’s later than previously expected.

    In early November 2015, the First National Center sale was expected to finish in 60 days. But the sale’s final details are still in the works, said Jim Parrack, the property’s receiver.

    “We still have some T’s to cross and some I’s to dot,” said Parrack. “We’re close. I’m not sure how close, but it’s sooner than later.”

    Parrack has not yet submitted a sales contract to the federal court in Oklahoma’s Western District, and said he could not comment on the potential buyer.

    When the contract is filed, no details will be made public. On Monday, U.S. District Judge Stephen Friot granted Parrack’s attorney, Joseph Bocock’s, motion to seal the application authorizing the sale of First National Center.

    “Public access to this information is potentially detrimental to negotiating terms and achieving a fair price in the event the application for order authorizing sale is not approved,” Bocock stated in his motion.

    Real estate attorney Chris Griswold said having the sale’s information sealed helps keep the financing together without someone else intruding on the buyer’s purchase. He said he’s known of sales that have fallen apart because the information wasn’t sealed.

    “All good lawyers will ask that it’s filed under seal,” he said.

    He said granting the sealing motion doesn’t mean there is a definitive timeline on the sale.

    “It’s anybody’s guess on when the sale will go forward,” he said. “There are a range of possibilities. It could be 30 days, or it could be six months.”

    The new owner could receive $40 million in tax increment financing from Oklahoma City. First National is in the downtown core, which has its own TIF. But there are only 12 more years allotted for those funds; FNC needs its own TIF that will last 25 years.

    Texas developer Mike Sarimsakci was allegedly under contract to buy the building in late August, but the deal required Howard Abselet to drop his lawsuit against supposed owner Leon Neman within 60 days of sale. He ended his contract after a September hearing.

    California developer Stephen Goodman previously said he would buy the center for $23 million.

    Amid the legal chaos, several tenants have moved out of the building, with many moving to the Robinson-Renaissance building. The 13-story building’s occupancy increased from 65 percent to 74 percent because of its new tenants.

  4. #2004

    Default Re: First National Center

    Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com

    They are turning the heat off, as early as this Thursday.

  5. #2005

    Default Re: First National Center

    I hope this thing takes off. So bad. Knock on wood.

  6. #2006
    HangryHippo Guest

    Default Re: First National Center

    Quote Originally Posted by Tundra View Post
    Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com

    They are turning the heat off, as early as this Thursday.
    Did you see the date of that article? It's from August 2015.

  7. #2007

    Default Re: First National Center

    Quote Originally Posted by Tundra View Post
    Tenants at Oklahoma City's First National Center prepare to take flight | NewsOK.com

    They are turning the heat off, as early as this Thursday.

    This article is from August.

  8. #2008

    Default Re: First National Center

    I believe they are going to announce they have a contract for sale today or very, very soon.

  9. #2009
    HangryHippo Guest

    Default Re: First National Center

    Sold. Oklahoman has a write up.

  10. #2010

    Default Re: First National Center

    Oklahoma City's First National Center has new owners | News OK

    Gary Brooks!

    One of the good guys and he'll do an awesome job.

    Apartments, hotel and annex demoed for parking and retail.


    Great news!

  11. #2011

    Default Re: First National Center

    Yes! This is going to be awesome!

    Love the renderings!

  12. #2012

    Default Re: First National Center

    I love the palm trees! lol

  13. #2013

    Default Re: First National Center

    Great news! This helps soften the blow from the OG&E debacle. Like the Tower Theater, this is one of OKC's treasures that has seemed hopeless for so long and now it finally seems like it has a better future ahead. Hopefully this is the beginning of a revival in the CBD itself, and is a catalyst for it to become active more than jsut 8-5 M-F.

    It probably won't happen, but I would love to see the retail become a downtown department store.

  14. #2014

    Default Re: First National Center

    Those renderings look awesome. How cool will it be to have residences up to 33 floors in the heart of downtown?

  15. #2015

    Default Re: First National Center

    Nice.

    I wanna say that I recognize the name Gary Brooks, but I don't remember the details of his work. What is his experience in terms of specific local developments?

  16. #2016

    Default Re: First National Center

    Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.

  17. #2017

    Default Re: First National Center

    Oooooo, yeah, this sounds like an exceptional turn of events then.

  18. #2018
    2Lanez Guest

    Default Re: First National Center

    I know I've heard the name, but can someone refresh me on what else Brooks has worked on?

  19. #2019

    Default Re: First National Center

    Quote Originally Posted by Pete View Post
    Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.
    Nice. The Edge and the Steelyard are two of the highest quality developments in town, developments that exemplify that he really cares about the city. That makes me feel like this is in good hands.

  20. Default Re: First National Center

    Read the sidebar in that article. Covers all of the team members in detail. Dream. Team.

  21. Default Re: First National Center

    Quote Originally Posted by Pete View Post
    Brooks did the Edge and is doing Steelyard and the Apartments at Chisholm Creek.
    And of course his experience goes way, WAY beyond that.

  22. #2022

    Default Re: First National Center

    Article says NE Development did Maywood Apartments but they are in fact doing Maywood II.

  23. Default Re: First National Center

    I am excited to see Brooks involved, but right now I'm also a little uneasy about the demolition of some quirky mid century office space. It could be a valuable asset that we are losing, for an uncertain development proposition.

    We've lost a lot, including a landmark theater that was replaced by a mosquito hatchery.

  24. #2024

    Default Re: First National Center

    Quote Originally Posted by Spartan View Post
    I am excited to see Brooks involved, but right now I'm also a little uneasy about the demolition of some quirky mid century office space. It could be a valuable asset that we are losing, for an uncertain development proposition.

    We've lost a lot, including a landmark theater that was replaced by a mosquito hatchery.
    This would be a perfect time to request that the demolition be tied to a building permit. I don't mind losing those buildings but it would be a huge blow to lose that urban canyon for a parking lot. I don't doubt Gary Brooks and what he is able to do...he has far, far more notoriety than Rainey Williams ever did, but still, the city has to start somewhere and this is a good place to start. I'm going to write City Hall tomorrow.

  25. Default Re: First National Center

    You clearly don't know Rainey Williams.

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