Midtown

[Urban Pioneer]

I have a friend with major plans for Midtown. He quite talented and I believe some of his renderings have been posted. It will be reassuring to have someone who "gets" what people want.

Hip, functional, and affordable...something that has eluded downtown except for a few select projects.

[Spartan]

I also understand that some of the larger renovations Banta planned are nearing completion. If so, that's a big deal..but I've seen very little reporting on all that.

[Steve]

Yes, more MidTown developments are coming soon.

[Spartan]

It's official.

[Steve]

As soon as I can pop a story, I will.

[shane453]

Can't wait to hear about it, Steve. One of my favorite areas because of the massive amounts of grass and parking that can be replaced. This area is pretty much perfectly situated for great infill, and the progress with renovations on historic buildings in the last 5 years has been amazing.

[onthestrip]

It's very annoying to hear that a project can't proceed because of the "economy." That sounds like a great scapegoat for when a developer can't get a project off..even in bad economies there should be SOME little infill projects going on.

I totally agree, I hate hearing people are waiting on the economy or they cant get funding. Surely somebody can get something done housing-wise fairly soon.

[Steve]

Actually, it's the banks, and it's a real issue. I've seen some ridiculously-well structured deals go no where because the banks wouldn't lend to developers with even 60 percent equity. Just nuts what's going on.

[mugofbeer]

Actually, it's the banks, and it's a real issue. I've seen some ridiculously-well structured deals go no where because the banks wouldn't lend to developers with even 60 percent equity. Just nuts what's going on.

I concur. Banks are making a choice of hoarding cash, some of it TARP money, or lending it out and they are currently choosing to hoard. They figure if they don't make a loan, it won't go bad.

[Steve]

Maybe, maybe not. I've also talked to bankers who say they're terrified of making any loans that might be frowned upon by regulators. Essentially, what's going on is the president, etc., are urging bankers to loosen up by federal regulators are sending an opposite message (if we're to believe what's being said). Typical case of the right hand not knowing what the left hand is doing.

[mugofbeer]

Again, I agree. I was around to see the regulators when Penn Square Bank closed. Arrogance doesn't even begin to describe their attitude then. Today its probably not quite that bad but I can imagine mixed messages of needing to maintain extra high levels of capital while also making loans. The other direction to turn is private equities/REIT's and venture capitalists. If they can make their case, the developers should be able to access funds.

[MikeOKC]

Actually, it's the banks, and it's a real issue. I've seen some ridiculously-well structured deals go no where because the banks wouldn't lend to developers with even 60 percent equity. Just nuts what's going on.

^^^^^^Hitting the nail on the head, with an animated exclamation point!^^^^^^

The big banks got the TARP funds and have failed to trickle the money down. It's actually a big story today as President Obama firmly came down on the side of business and said this wasn't the agreement. He's winning some accolades for that, and as mad as I've been at him, I'll give him this one. He's right.

Yes, it's happening right here in OKC. It's ridiculous. Steve is absolutely right in his post above.

Obama today - "America's banks received extraordinary assistance from American taxpayers to rebuild their industry," the president said after the meeting. "And now that they're back on their feet, we expect an extraordinary commitment from them to help rebuild our economy." President Obama added that he expected not just effort but "results." The guest list for the meeting included the top executives of 12 of the nation's largest banks.

Let's hope we some of those billions actually translate into many more real and sizable loans to help power a stronger recovery. There are qualified borrowers waiting for funds to get projects off the ground, finished, etc. For the credit to still be this tight, at this point, just makes no sense at all.

[mugofbeer]

One of the problems is that few understand OKC and that conditions here aren't as bad as they are in the rest of the country and that some projects really may be worthwhile.

[Steve]

I've got a column coming one of these days on this topic, but it's going to require a lot of brain power, and well ... maybe after Christmas!

[MikeOKC]

I've got a column coming one of these days on this topic, but it's going to require a lot of brain power, and well ... maybe after Christmas!

No elves to help? You could outsource some of the research to the North Pole!

[mugofbeer]

I've got a column coming one of these days on this topic, but it's going to require a lot of brain power, and well ... maybe after Christmas!

I wish you luck! It would be great to see that kind of work. Too bad you couldn't play borrower and do an undercover report of some kind.

[soonerguru]

I talked to a commercial banker who flat out told me: "We're not doing any lending. We're just putting it into reserves." Keep in mind this is a bank that has a huge positive balance sheet. I asked if their lending standards had changed and they said no.

Some of this is just a pack mentality, but it's brutal. I actually had the nerve to ask "why?" The banker said it had to do with "national conditions," even though this is a locally chartered bank.

It's appalling.

And then I've actually heard some of them say the financial crisis was the result of "too much regulatory interference."

[MikeOKC]

After repeated rejections, I know a man (widely respected) who took ALL of his business (loans, checking, savings, everything) from Bank of America and said he marched it over to Valliance Bank and is back to doing business. I think this is a perfect example of an interstate bank versus a progressive locally owned and operated bank. When you have a President/CEO who was born and raised in Oklahoma City, along with most of the staff, its got to make a difference.

[flintysooner]

I talked to a commercial banker who flat out told me: "We're not doing any lending. We're just putting it into reserves." Keep in mind this is a bank that has a huge positive balance sheet. I asked if their lending standards had changed and they said no.

Some of this is just a pack mentality, but it's brutal. I actually had the nerve to ask "why?" The banker said it had to do with "national conditions," even though this is a locally chartered bank.

It's appalling.

And then I've actually heard some of them say the financial crisis was the result of "too much regulatory interference."

Lending standards have changed in my experience especially for retail projects. And not just by banks but all throughout the rather complicated chain of players that make up the sector.

Just getting banks to lend doesn't really address the problem.

I can understand the statement about regulatory interference.

[LakeEffect]

Back to the point of this thread... The current ownership group is more about getting work done than showing people work is coming/going on. A good amount of hidden work and historic preservation is going on, which is more time consuming.

[Steve]

This current group is definitely not about hype, that's for sure.

[benman]

Urban-
You said your friend is doing some of the developing and some renderings have been posted. I take it you dont want to say who the developer is, but can you say where these renderings are posted? Thanks.

[Platemaker]

There is residential (assisted living??) under construction now at 11th and Hudson called Palo Duro II.

[metro]

he is talking about mode homes and their soon proposal

[Steve]

I think the folks at Mode homes would be the first to say their proposal isn't ready for prime time yet.