Preftakes Block

[Midtowner]

This project looks awfully familiar to what could be done to the Fred Jones building (not sure if that's the actual name - FJ on water tower). It's to bad it's across the street from the jail.

I lived across the street from the jail for 5 years. Never had a problem. Funny thing -- when you let someone out of jail, they're usually on their best behavior, at least until they get home.

[warreng88]

Suprised this hasn't been posted yet:

Property buyer is coy about downtown plans
BY STEVE LACKMEYER
Published: October 20, 2009

Nicholas Preftakes is still being coy about his plans for a block of properties he’s acquired west of the future home of Devon Energy Corp.

But Preftakes is providing a bit more information this week about what he has planned.

Records show Preftakes has spent about $14 million acquiring more than half of the block bounded by Hudson, Walker, Sheridan and Main. He doesn’t own 400 W Main or its attached parking — property that is part of City Hall. He also doesn’t own the home of Coney Island Hot Dogs, Pizza Town or the Union Bus Station.

For the rest of Steve's article:
NewsOK

[metro]

The article doesn't seem to rule out the possibility of the rumors of Preftakes going to announce a project in the near future.

Also, I think Steve should grow a mullet like his cameraman in the video in the NewsOK link.

[betts]

Ah..."Preftakes confirmed for the first time he is preparing to redevelop the block and that he wants to acquire the Union Bus Station before taking that next step."

But, who owns the Union Bus Station. Greyhound? And, how does one convince them to relocate? And, to where?

[Pete]

This is the building he is seeking to demolish:



It's between the Lunch Box and the Bus Station, labeled #12 in the map I posted at the beginning of this thread.

[metro]

Doesn't seem very historic, and the stone was definitely added later on. I'm okay with him demolishing it, ONLY when he shows plans that are approved to the Downtown Design Board whatever, and proves he has financing in place and is ready to start construction immediately after demolition.

[krisb]

How about making the greyhound bus station a part of the new intermodal hub? Think about it: passenger rail, city bus, downtown streetcar, commuter rail, greyhound bus...all in one location.

[warreng88]

How about making the greyhound bus station a part of the new intermodal hub? Think about it: passenger rail, city bus, downtown streetcar, commuter rail, greyhound bus...all in one location.

Good thought, but not big enough and not in the right location. Also, it is no where near any lines (five blocks away.)

[mheaton76]

Steve's article definitely helped clarify some things. We know the guy has plans in mind for the block; he's seeking to acquire other properties and some demo is in the works - this may (or may not) include at least some properties of historical significance to downtown. I hope Devon is playing a role as more than interested neighbor personally.

I would be interested to know if anyone has any sense of the developer's aesthetic sensibilities? Meaning, are we going to be looking at something classy, or is it going to be "Nick Preftakes: I Love this Condo and Retail Space."

[Steve]

Nick Preftakes has a very strong portfolio of work downtown that includes the Garage lofts at NW 13 and Broadway and the 701 N Broadway building.

[Pete]

This is 701 N. Broadway:

[betts]

I really like the 701 N. Broadway building. It looks a lot better live than in that photo, Pete (I think)

[Dman]

Can't wait for announcement re: plans for these propertys, what an exciting time to live in OKC.

[Pete]

You can learn more about Precor and their properties at:

home

[hipsterdoofus]

I believe I've seen before that the City office building is listed as a historic place, so not likely anything would happen to it.

As for the bus station, while I wish it didn't attract vagrants and such, it does, and as such, I'd personally like to see it move further away from where people live (like the Montgomery) - some that hang out near the bus station are quite the harassers. Either that, or figure out some what to keep it cleaned out and keep the loiterers away.

[mheaton76]

Had no idea he had such a substantial portfolio already - very cool!

[Pete]

Precor also developed 125 Park Avenue into office condos... Looks like they are all sold except the basement level:

[Urbanized]

I think the fact that his site has active lease listings for One North Hudson and for 416 W. Main might indicate that isn't planning on demolishing them anytime soon.

Not that I have ANY information as to what Nick is up to, but I do know him reasonably well. I was lucky enough to have him as a board member and neighborhood property owner when I was a fellow board member then director of Automobile Alley, and got to see his development of 701 N. Broadway and the Hudson-Essex buildings up close. Later on, I officed for about a year in the Hudson-Essex.

Steve is spot-on in his assessment of Nick; he is a good businessman first and foremost. But he is also right in that Nick is community-minded, and not a huckster or slumlord. He's a definite pragmatist; he was a banker before he was a developer. Rest assured that before he does something he has pencil-whipped it to death and it WILL work.

Example: the 701 N. Broadway building was previously the corporate headquarters of C.R. Anthony Co., and at one time had a historic facade, which was disrupted by a number of renovations through the years. He was unapologetic about not trying to do a historic preservation on a building that had been so heavily altered throughout the years; it just wasn't practical. He instead put a very modern facade on the building, redefined the entry by punching out the floors and creating a previously-nonexistant atrium, plus some other things that probably made a few HP aficionados around here gasp. He is not a sentimentalist. What he ended up with though was a (my opinion) really nice, modern building with Class A office space that still looks appropriate and attractive (again my opinion) in a predominantly historic neighborhood.

The other side of the coin was the Hudson-Essex Building. He recognized the history and historic appearance of that building for what it was, did a (for the most part) exceptional preservation job. He even went so far as to find someone selling an old Hudson neon sign so that he could hang it indoors, viewable from the street. He preserved the old car elevator opening and made it look functional, and then went around the corner, punched holes in the wall and utilized the old shaft for modern elevators. He took old Hudson ads, blew them up and put them on the walls, plus did a number of other things to celebrate the history of the building. Anybody who has been to Chocolate Decadence since 2000 can vouch for the coolness of the building. A note: the tinted-glass, aluminum-framed windows were installed post-bombing, but before Nick bought the building. I seem to remember a conversation where he told me he would have preferred to re-glaze the old casements (good HP), but of course they were gone and it would at that point have been cost-prohibitive to replace the new ones only a year or two after installation.

Anyway, my point is that whatever Nick does over there will be a credit to the city, especially if - as Steve is guessing - he has Devon behind his efforts in some way. I can also say he isn't a developer who has a bias against retaining history and historic structures (most do), without careful consideration. Does that mean he will retain the old Carpenter Square building and others? Who knows? Personally, I hope he does, because I have always loved the CS building. The mention someone made of the Hearst Building in New York really got my mind working on the possiblities there for a mid- or high-rise that still makes use of the existing historic facade.

Either way, if he ever gets around to telling the world what he is up to, rest assured the project will be a real one. He is no blowhard.

[Steve]

Well said.

[OUGrad05]

I am subscribing to this thread, any word on when we should hear something definitive?

[David Pollard]

For those of you who are not aware of it, here is a pic of the Hearst Building. As I mentioned previously, the scale is totally different, but the similarities are evident.

Hearst Tower (New York City) - Wikipedia, the free encyclopedia

Note the base of the tower.

[Steve]

I am subscribing to this thread, any word on when we should hear something definitive?

Not until you see a sale transaction on the bus station I suspect.

[betts]

Not until you see a sale transaction on the bus station I suspect.

What do you think the chances of that happening are, Steve? I'm sure Greyhound wants to be fairly central. Then, they would need a new station constructed, which would be pricey. Or, is the owner of the station not Greyhound, and would simply need a better offer to turn the property?

[metro]

What do you think the chances of that happening are, Steve? I'm sure Greyhound wants to be fairly central. Then, they would need a new station constructed, which would be pricey. Or, is the owner of the station not Greyhound, and would simply need a better offer to turn the property?

I'm sure we're years off betts. If they get bought out, they would have to have a building suitable to move into immediately (unless Preftakes is willing to lease to them until a new hub is built). If the City builds a multi-modal transportation hub, I imagine that's at least 2015 before we'd see one, if not a few more years. Hopefully the money and foresight will be there to add Greyhound into the multi-modal hub. Again, I imagine we're looking at years.

[LakeEffect]

The Union Bus Station is owned by a private individual in Tulsa, from what I can research. Greyhound and Jefferson (is that it?) bus lines use the station, but don't own it.