ParcFirst (formerly Karchmer Garage)

[Pete]

Pete, any word on what brand of hotel is being looked at for #5?

Higher-end and modern Marriott of some type.

[warreng88]

Higher-end and modern Marriott of some type.

I could see it being BVLGARI or Edition but it will most likely be a Springhill Suites. We can't have nice things...

[5alive]

Random Googlings

[PhiAlpha]

It would first have to go through design review.

I suspect the reason it got moved up on the priority list is due to the Andy Burnett purchases of the Karchmer properties ( Bricktown Shakeup ) to the east. Those properties should close this month and then the dominos will probably start to fall.

My understanding is that a developer wants to construct a mid-rise hotel directly east (parcel 5 below) and this garage would serve that property and address parking needs in the middle of Bricktown.

The garage depicted in this thread was primarily to serve the CBD, as Karchmer was looking to sell blocks of spaces to Continental and other downtown employers.

Everyone always brings it up, but at what point do you think we will be somewhat close to overbuilding hotels in the downtown area? They are always packed during thunder games, but what are they like the rest of the time? With several announced and unannounced hotels in the pipe, it seems like we're going to have more than enough rooms downtown soon. Downtown will obviously continue growing but I wonder at what point new hotels will start seriously impacting others in the area?

Also, I wonder if this will impact Chris Johnson's potential canal hotel development?

[warreng88]

Everyone always brings it up, but at what point do you think we will be somewhat close to overbuilding hotels in the downtown area? They are always packed during thunder games, but what are they like the rest of the time? With several announced and unannounced hotels in the pipe, it seems like we're going to have more than enough rooms downtown soon. Downtown will obviously continue growing but I wonder at what point new hotels will start seriously impacting others in the area?

Also, I wonder if this will impact Chris Johnson's potential canal hotel development?

I think Steve said recently hotel occupancy in DT/BT was at 66% which is very good by those standards and a thousand rooms could be added in different areas with that percentage not going down much.

[DoctorTaco]

Everyone always brings it up, but at what point do you think we will be somewhat close to overbuilding hotels in the downtown area? They are always packed during thunder games, but what are they like the rest of the time? With several announced and unannounced hotels in the pipe, it seems like we're going to have more than enough rooms downtown soon. Downtown will obviously continue growing but I wonder at what point new hotels will start seriously impacting others in the area?

Also, I wonder if this will impact Chris Johnson's potential canal hotel development?

If it is going to impact anything it will be first be the hotels out on NW Expressway, and somewhat also the Meridian Hotel corridor (although these will presumably continue to fine due to a lower price point).

[Pete]

Metro-wide, the occupancy rates have been running over 75%, which is near the very top of all cities. And Downtown has been faring better than anywhere else.

And I bet the newly-opened Aloft and Hilton Garden Inn are doing very well.

It's very easy to finance these projects because of the strong local track record.

[adaniel]

I think Steve said recently hotel occupancy in DT/BT was at 66% which is very good by those standards and a thousand rooms could be added in different areas with that percentage not going down much.

Actually, I think Urbanized said in reply to a post I asked that it is around 75%-EDIT Pete beat me to it.

I can't speak for the rest of the city, but I know hotel motel tax grew about 9% last year. Both of these are very solid figures.

Every hotel submarket has its niche. Downtown for obvious reasons...lots of horse show attendees and trainees at the FAA stay at the hotels off Meridian. Norman/Moore/S OKC has OU traffic. Northwest Expressway is OKC's secondary white collar employment center so there's business travellers. Can't really say what Memorial Road's niche is. I think that area is most at risk for overbuilding and there hasn't been a lot of announcements lately. But overall given the small number of rooms these properties are adding, I think OKC can absorb them.

[Pete]

Wanted to point out that even though we've added thousands of rooms in the last several years, the occupancy rates have still gone up.

Part of this is the recovery of the national economy, where people are simply traveling more. The hospitality industry came to a pretty big halt in the 00's due to 9/11 and then the recession.

It also helps we now have several large companies that are blowing and going, bringing in lots of traveling business.

[warreng88]

Actually, I think Urbanized said in reply to a post I asked that it is around 75%-EDIT Pete beat me to it.

I can't speak for the rest of the city, but I know hotel motel tax grew about 9% last year. Both of these are very solid figures.

Every hotel submarket has its niche. Downtown for obvious reasons...lots of horse show attendees and trainees at the FAA stay at the hotels off Meridian. Norman/Moore/S OKC has OU traffic. Northwest Expressway is OKC's secondary white collar employment center so there's business travellers. Can't really say what Memorial Road's niche is. I think that area is most at risk for overbuilding and there hasn't been a lot of announcements lately. But overall given the small number of rooms these properties are adding, I think OKC can absorb them.

Good, then what I saw was lower than I thought. The 66% figure stands out to me for some reason and maybe it is as simple as the low occupancy rate was 66% during the slower months, I do know why my brain retains some info and not others.

[Urbanized]

It's extremely solid city-wide but especially downtown; far from saturation. We could definitely use a true luxury property on a national reservation system.

[warreng88]

It's extremely solid city-wide but especially downtown; far from saturation. We could definitely use a true luxury property on a national reservation system.

Which hopefully we will see with the Convention Center hotel. I am pulling for an Omni, Hyatt Regency, JW or an upscale Fairmont.

[ljbab728]

Which hopefully we will see with the Convention Center hotel. I am pulling for an Omni, Hyatt Regency, JW or an upscale Fairmont.

I would second the idea for a Fairmont. I stayed in four different Fairmont hotels last week and they were all wonderful.

[Pete]

From Steve's article today:

Karchmer, meanwhile, said he is by no means exiting real estate development in Bricktown. He is hoping to finalize plans soon for a garage with possible housing on top along Main Street just east of the BNSF Railway Viaduct.

He also bought out a partnership with the Brewer family for the Melting Pot building, 4 E Sheridan Ave. and the adjoining parking lot to the east and is negotiating a deal that would renovate the empty top three floors into office space.

Previously, Karchmer had talked about office space above the garage; now it sounds like it will be housing.

[bchris02]

From Steve's article today:



Previously, Karchmer had talked about office space above the garage; now it sounds like it will be housing.

That's good news.

[Pete]

I'm still hearing the garage on the SW corner of Sheridan & Oklahoma will come first.

[bchris02]

It's extremely solid city-wide but especially downtown; far from saturation. We could definitely use a true luxury property on a national reservation system.

I agree. OKC needs another full service, luxury hotel downtown.

[Plutonic Panda]

What's the latest on this?

It'd be really cool to see a train going through the garage as part of the spur.

[Pete]

It's still in the works, just moving slowly.

[shawnw]

Is the Underground connection still part of it? Cause if the EKG P180 work is happening before the garage (seems likely), they should go ahead and run the tunnel underneath it while they've got the ground torn up... unless I misunderstand how much of EKG is getting done (very likely). Would be dumb to P180 EKG, then tear it up and fix it for the tunnel, then tear it up and fix it for the streetcar tracks.

[Village]

This may be one of the most exciting projects in OKC to me....I really have no idea why. If executed like the render with the garage and the residential this'll be a huge step up for bricktown i'm more excited about this then i am 499 (Although thats not saying much)

[BoulderSooner]

Is the Underground connection still part of it? Cause if the EKG P180 work is happening before the garage (seems likely), they should go ahead and run the tunnel underneath it while they've got the ground torn up... unless I misunderstand how much of EKG is getting done (very likely). Would be dumb to P180 EKG, then tear it up and fix it for the tunnel, then tear it up and fix it for the streetcar tracks.

No p180 work is currently planned or scheduled or funded for this area

[BoulderSooner]

Is the Underground connection still part of it? Cause if the EKG P180 work is happening before the garage (seems likely), they should go ahead and run the tunnel underneath it while they've got the ground torn up... unless I misunderstand how much of EKG is getting done (very likely). Would be dumb to P180 EKG, then tear it up and fix it for the tunnel, then tear it up and fix it for the streetcar tracks.

No p180 work is currently planned or scheduled or funded for this area

[betts]

Is the Underground connection still part of it? Cause if the EKG P180 work is happening before the garage (seems likely), they should go ahead and run the tunnel underneath it while they've got the ground torn up... unless I misunderstand how much of EKG is getting done (very likely). Would be dumb to P180 EKG, then tear it up and fix it for the tunnel, then tear it up and fix it for the streetcar tracks.

I hope not. I see no reason for a tunnel, just like I see no reason for overhead walkways. Didn't Karchmer want the city to pay for all/part of the underground walkway? That would be a terrible waste of public funds. There is nothing in the CBD that is not within easy walking distance, and once the streetcar is done, all of downtown will be readily accessible.

[BoulderSooner]

I hope not. I see no reason for a tunnel, just like I see no reason for overhead walkways. Didn't Karchmer want the city to pay for all/part of the underground walkway? That would be a terrible waste of public funds. There is nothing in the CBD that is not within easy walking distance, and once the streetcar is done, all of downtown will be readily accessible.

Connecting. Any parking to the underground/sky system makes total sense if we want to keep attracting businesses down town