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Thread: Midtown

  1. #401

    Default Re: Any New Midtown Developments?

    Oklahoma City Midtown neighborhood enters time of Renaissance
    BY STEVE LACKMEYER The Oklahoman
    Published: February 11, 2010

    For the past two years Bob Howard and Mickey Clagg have stayed quiet about their plans for MidTown Renaissance — an ambitious neighborhood-wide makeover started by their former partner Greg Banta.

    On Tuesday the silence ended with Howard and Clagg showing off their first completed apartments and offices for lease at NW 12 and Francis.

    The pair said the corner will be a market test for how they proceed with redevelopment of their other 30 properties. After successfully developing a string of restaurants and shops at NW 10 and Walker, they’re hoping to learn from the first apartments and offices at NW 12 and Francis what will work best throughout the rest of the neighborhood.

    Read the rest of Steve's article at:

    NewsOK

  2. #402

    Default Re: Any New Midtown Developments?

    Quote Originally Posted by Spartan View Post
    I thought it was a good article.

    R.D. Smith of Corsair Cattle Co a "Downtown Developer" = wow.
    who do you think developed plaza court and some of the original leases before selling it all to midtown ren.

  3. #403

    Default Re: Any New Midtown Developments?

    Went to the U.N. social last night and toured the 3 new MidTown properties. Very nice finishes for the most part. I think they will lease out quick, but the price points are on the high end, I think the cheapest start at like $800-$900 but most were more than that. I got flyers that I'll try to scan in soon.

  4. Default Re: Any New Midtown Developments?

    Regarding the three Midtown properties, here are links to the flyers.

    905 NW 12th: http://midtownr.com/pdf/905.pdf
    909 NW 12th: http://midtownr.com/pdf/909.pdf
    1217 N Francis: http://midtownr.com/pdf/1217.pdf

  5. #405

    Default Re: Any New Midtown Developments?

    Thanks George, can you post prices for each of the properties?

  6. Default Re: Any New Midtown Developments?

    Metro, you're welcome. Sorry I don't have the prices. (I just found the flyers on the Midtown Renaissance site while checking for more information after the open house.)

  7. #407

    Default Re: Any New Midtown Developments?

    $1.25 per sqft. Smaller units (800 sqft) start at $950, larger units run about $1550. Little high IMO.

  8. #408

    Default Re: Any New Midtown Developments?

    Some of them were like $1750-$1850. I thought it was a little high, but the finishes are nice. They are going to make a killing off rent. I added it up to about $6500/mo for the 4 unit building.

  9. #409

    Default Re: Any New Midtown Developments?

    soooo they are remodeled houses.... cool, and im glad they have been remodeled, but not that big of a deal for midtown if you ask me. Yes, I know they are testing the market for bigger and better things to come/Im sure they will be 100% leased, but midtown will be never be that exciting if its just a bunch of old remodeled houses thats called "midtown" and considered the "vibrant" area.

  10. #410

    Default Re: Any New Midtown Developments?

    2 of them are remodeled houses, one of them is a 4 story what was probably an old multi-unit housing, hotel or office building originally.

  11. #411

    Default Re: Any New Midtown Developments?

    I don't know if I'd consider $1.25 too high for what you're getting there. I asked them last night if there were any "mandatory" other costs (i.e. flat utility fee, parking) like you get at Park Harvey and others. I don't really think that the flat utility fee is a fair deal. I'm hardly home and I pay the same rate as my gamer neighbor who is running like 12 computers at once. NOT FAIR! The MidtownR lady said there is a $25/month fee that would cover water, sewer, and trash and that you would deal directly with OG&E, Cox, and/or AT&T for the other stuff. My total would definitely be less than $125/month or whatever craziness I currently pay. These units are really decked out, and I'll try to move there when my lease expires in summer (assuming there is vacancy).

  12. #412

    Default Re: Any New Midtown Developments?

    Metro: Not to be the correction police, but none of them are remodeled houses. They told me last night that one of two story buildings is a duplex and was historically a duplex. One is an 8plex that was historically a several unit apartment building. And the other building, the brick one, is a 3 story, 6 unit building that historically had several units, too.

  13. Default Re: Any New Midtown Developments?

    Quote Originally Posted by BoulderSooner View Post
    who do you think developed plaza court and some of the original leases before selling it all to midtown ren.
    Greg Banta developed Plaza Court. And it's revisionist history to say anything else.
    The Smith brothers used some bombing recovery money to do some basic renovations and then signed a lease with Subway. They then sold it to Banta, who about that time was bringing in Howard and Clagg as partners.
    Irmas, the YMCA, McNellies, Prairie Thunder were all Banta deals.

  14. #414

    Default Re: Any New Midtown Developments?

    Quote Originally Posted by Steve View Post
    Greg Banta developed Plaza Court. And it's revisionist history to say anything else.
    The Smith brothers used some bombing recovery money to do some basic renovations and then signed a lease with Subway. They then sold it to Banta, who about that time was bringing in Howard and Clagg as partners.
    Irmas, the YMCA, McNellies, Prairie Thunder were all Banta deals.
    sorry but the mcnellies lease was already a verbal agreement before the building was sold to banta

  15. Default Re: Any New Midtown Developments?

    That doesn't even make sense if you discount the role Greg Banta played. The Smith/Corsair folks are just slum lords..

    $950 for 800 sf is a GREAT deal for RENTAL in DOWNTOWN especially. In the suburbs can't you expect to pay $400 for about 400 sf of crappy apartment? I know I pay a lot more for a small 400 sf apartment outside DT Calgary.

    In case anyone was wondering, 16 units altogether, not bad..

  16. Default Re: Any New Midtown Developments?

    Quote Originally Posted by Spartan View Post
    In case anyone was wondering, 16 units altogether, not bad..
    I thought there were 6 units coming on - 2 in each building, unless I'm misunderstanding you.

  17. Default Re: Any New Midtown Developments?

    bouldersooner, maybe there was a verbal understanding, but that's it.
    Spartan isn't alone in his feelings about the Smith brothers. Now here's the development track record for the Smiths. I'll be happy to hear how it's challenged:
    The Packard Building. 201 NW 10. The Smiths sat on it for 7 years, made no visible improvements. It was boarded up with plywood painted blue. And then they sold it off for $5 million than what they paid for it. (Source: county assessor)
    The Smiths have a similar track record with properties like the old office supply store on Main Street and more. I know of several prominent downtown folks who tried to buy the historic Main Street Arcade and were devastated when the Smiths bought it. Why is that? It's because they tend to sit on their properties and only sell for a price that makes redeveloping their troubled buildings harder to rehabilitate. That's the view shared by most if not every leading downtowner.
    I'm ready to hear an argument as to how the Smiths have a track record of making downtown better - how they are truly developers and not simply flippers who sap strength from the downtown market.

  18. Default Re: Any New Midtown Developments?

    Quick point on 201 NW 10th: this property was part of a package sale, so the ~$5 mil sales price covers, I believe, over 8 other tracts of land in addition to 201 NW 10th.

  19. Default Re: Any New Midtown Developments?

    Thanks George. Still curious to see an example of where the Smiths have bought an old property, rehabed it with their own money, and then brought back life to it.
    I'm curious as to whether people believe flipping is the same as developing.

  20. #420

    Default Re: Any New Midtown Developments?

    Flippers usually stagnate development, so they tend to be the opposite of developers, they tend to want too much for their properties either in a resale or lease situation. They are nothing more than profiteers which for the most part I hope they lose their rears on those type of "investments".

  21. #421

    Default Re: Any New Midtown Developments?

    Quote Originally Posted by Spartan View Post
    That doesn't even make sense if you discount the role Greg Banta played. The Smith/Corsair folks are just slum lords..

    $950 for 800 sf is a GREAT deal for RENTAL in DOWNTOWN especially. In the suburbs can't you expect to pay $400 for about 400 sf of crappy apartment? I know I pay a lot more for a small 400 sf apartment outside DT Calgary.

    In case anyone was wondering, 16 units altogether, not bad..
    My 2 bed/bath is 960sf and runs me right @ $550/month 9this is including the "mandatory" shared water/trash pickup flat fee & mandatory renters liability insurance)...so $950 for 800sf seems rather steep to me (nearly double the cost for less sf). My apt is an older one across street from Deaconess Hosp (nw 54th & Portland). Not the Ritz but not a dump either. The finishes could be upgraded for sure but at what cost? If granite counter tops or being "downtown" are that important to you and you can afford it, then by all means, go for it. I wouldn't avoid living downtown, but there isn't a reason to live there either (my job is just off Broadway Ext, near Edmond). Just not for me.
    Last edited by Larry OKC; 02-14-2010 at 09:36 PM. Reason: incomplete thought

  22. Default Re: Any New Midtown Developments?

    Quote Originally Posted by wsucougz View Post
    I thought there were 6 units coming on - 2 in each building, unless I'm misunderstanding you.
    Well I just got 16 by looking at the pdf fliers for each of the buildings, posted on the 1st page.

    905 NW 12th: http://midtownr.com/pdf/905.pdf
    909 NW 12th: http://midtownr.com/pdf/909.pdf
    1217 N Francis: http://midtownr.com/pdf/1217.pdf

  23. Default Re: Any New Midtown Developments?

    I stand corrected. That's a pretty good chunk of space.

    Quote Originally Posted by Spartan View Post
    Well I just got 16 by looking at the pdf fliers for each of the buildings, posted on the 1st page.

    905 NW 12th: http://midtownr.com/pdf/905.pdf
    909 NW 12th: http://midtownr.com/pdf/909.pdf
    1217 N Francis: http://midtownr.com/pdf/1217.pdf

  24. #424

    Default Re: Any New Midtown Developments?

    Quote Originally Posted by Larry OKC View Post
    My 2 bed/bath is 960sf and runs me right @ $550/month 9this is including the "mandatory" shared water/trash pickup flat fee & mandatory renters liability insurance)...so $950 for 800sf seems rather steep to me (nearly double the cost for less sf). My apt is an older one across street from Deaconess Hosp (nw 54th & Portland). Not the Ritz but not a dump either. The finishes could be upgraded for sure but at what cost? If granite counter tops or being "downtown" are that important to you and you can afford it, then by all means, go for it. I wouldn't avoid living downtown, but there isn't a reason to live there either (my job is just off Broadway Ext, near Edmond). Just not for me.
    Downtown/Urban living isn't for everyone, and clearly you're not one of those people. $550/mo is cheap for Oklahoma Larry, let alone anywhere else in the country. Just because it's not for you, don't knock it. Crappy outdated apartment living in suburbia isn't for me or Spartan, but you don't hear us knocking it in a thread on urban development.

  25. #425

    Default Re: Any New Midtown Developments?

    Quote Originally Posted by metro View Post
    Downtown/Urban living isn't for everyone, and clearly you're not one of those people. $550/mo is cheap for Oklahoma Larry, let alone anywhere else in the country. Just because it's not for you, don't knock it. Crappy outdated apartment living in suburbia isn't for me or Spartan, but you don't hear us knocking it in a thread on urban development.
    LOL sorry but I had to say something, 54th and Portland is suburbia?

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