First National Center

[Pete]

TIF will only be part of the subsidy.

[Plutonic Panda]

Sealing the deal: First National Center close, but details kept secret | The Journal Record

[warreng88]

Sealing the deal: First National Center close, but details kept secret | The Journal Record

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.

[Tundra]

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.

[zookeeper]

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

[HangryHippo]

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.

[ShadowStrings]

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.

[Pete]

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

[HangryHippo]

Sold. Oklahoman has a write up.

[Pete]

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!

[Dustin]

Yes! This is going to be awesome!

Love the renderings!

[Plutonic Panda]

I love the palm trees! lol

[bchris02]

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.

[LocoAko]

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

[David]

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?

[Pete]

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

[David]

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

[2Lanez]

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

[bchris02]

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.

[Urbanized]

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

[Urbanized]

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

And of course his experience goes way, WAY beyond that.

[Pete]

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

[Spartan]

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.

[bchris02]

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.

[Spartan]

You clearly don't know Rainey Williams.