Midtown

[adaniel]

Great news. And someone suggested recently that OKC is slowing down...we are just getting started, baby!

[Pete]

Yes, OKC has been growing and building at a time when most other cities and really the whole country has been languishing in terms of commercial development.

Now that financing is starting to flow a bit more, we may see the development pace in town really start to accelerate, especially if oil prices stay firm.


Big private developments in the central core as they seem to affect the psychology of developers, lenders and even the general population. Even though we have tons of medium and smaller projects in the pipeline, another big tower or two downtown would really help in this regard.

[Spartan]

This is absolutely fantastic. Wow, a nice boutique hotel will make a huge difference in this area.

Midtown is on the verge of greatness.


It really does seem that financing is starting to loosen up for commercial projects because we have seen a rash of them green-lighted in just the last few months.

I bet there are a ton more in the works that will start coming off the sidelines.

Well, also keep in mind that Devon and M3 had/has a lot of folks watching on the sidelines, rallying their partners/resources...

[dankrutka]

There was more to the story but it dealt mostly with Coury Properties and their upcoming hotel in downtown Wichita.

Great news!!! Could you post a link to the article? I now live in downtown Wichita and I'm curious about their other project also...

[metro]

Yes, OKC has been growing and building at a time when most other cities and really the whole country has been languishing in terms of commercial development.

Now that financing is starting to flow a bit more, we may see the development pace in town really start to accelerate, especially if oil prices stay firm.


Big private developments in the central core as they seem to affect the psychology of developers, lenders and even the general population. Even though we have tons of medium and smaller projects in the pipeline, another big tower or two downtown would really help in this regard.

Have you been to Dallas lately, construction everywhere, new highways and interchanges going up everywhere.

[lasomeday]

Pete is too busy to waste time in Dallas! He just sees the lack of building in California!

[Pete]

I said "most other cities" have seen little commercial construction during the economic downtown, not all. And I'm not talking about public projects which aren't subject to the same financing issues.

There is plenty of building in California and most other places, the point is that it's just less than the past and that's all due to a soft economy and the tight lending markets.

That is all clearly starting to change and I believe it could really help accelerate development in OKC, which has done very well despite these recent economic challenges.

[wschnitt]

Has there been any more articles about the Marion Parking Garage Deal?

[soonerguru]

News on the Osler Building / Hotel front......

Coury back in OKC: Renovation to bring Osler Building into Ambassador fold
By Kirby Lee Davis
The Journal Record – August 3, 2012

TULSA – Coury Properties intends to bring its Ambassador Hotel Collection to Oklahoma City with a renovation of the historic Osler Building.

This would establish the fourth hotel in the new Ambassador brand, following $33 million in construction projects opening this year. It also would mark a return to Oklahoma City for Coury Properties, the former manager of the Colcord Hotel.

“I think that’s a very good way to capture business, to start creating your own brands, your own avenue of customers that want to come to your specific properties,” said Mike Craddock, a vice president and hospitality specialist with First Commercial Real Estate Services Corp. “That’s not unlike every hotel chain that started decades ago. Paul is just starting this with an upper-end product.”

Paul Coury said his Tulsa property management company has entered a contract to buy the seven-story Osler Building, a former medical, office and apartment building started in 1928 at 1200 N. Walker Ave.
He hopes to close on the purchase in four to five months, which would allow Tulsa’s Manhattan Construction to start an estimated 10-month renovation of the 76,000-square-foot structure. His architect remains under negotiation.

“The interesting thing about this was, we have been looking at this and we put it on hold until we could see if the state is going to keep the historical tax credits,” said Coury, referring to debates in the last Oklahoma legislative session over a key business incentive to revitalize aging buildings. “Fortunately they did at the last minute.”

***
There was more to the story but it dealt mostly with Coury Properties and their upcoming hotel in downtown Wichita.

This is fantastic news! Coury will do a great job with that property!

[Spartan]

Has there been any more articles about the Marion Parking Garage Deal?

I think people would rather not find out what is in the deal. I am excited the deal was made and absolutely would have done it myself, but I don't think you guys want to see what's in it...

[dankrutka]

Huh? Don't be so dramatic... You're reminding me of the end of Seven. "What's in the box?!?" Spill the beans...

[Teo9969]

Huh? Don't be so dramatic... You're reminding me of the end of Seven. "What's in the box?!?" Spill the beans...

Speaking of don't be so dramatic! I don't know that anything in that deal could be as bad as what was in that box...

[kevinpate]

Trying to wrap my head around this, but wow, maybe I don't wanna know after all.

[wschnitt]

I think people would rather not find out what is in the deal. I am excited the deal was made and absolutely would have done it myself, but I don't think you guys want to see what's in it...

So it is a done deal? The three buildings will be renovated and the parking built?

[Pete]

So it is a done deal? The three buildings will be renovated and the parking built?

The three buildings have to be renovated and the parking structure built in order to receive the incentives.

There is a time limit for them to make this happen, and I'm sure they will do some serious number-crunching and construction bidding before moving forward.

But they can't be forced to do all this work; it's just that in order to receive the funding it all has to be complete within the outlined parameters. Very similar to the Osler arrangement.

[HangryHippo]

Spartan, what are you talking about?

[Spartan]

I'm referring to the TIF deal for Midtown Renaissance developers (Howard/Clagg/et al.).

So it is a done deal? The three buildings will be renovated and the parking built?

Yes, it's a done deal, passed by council last week. No objections, not even from Dr. Shadid.

[HangryHippo]

So what did we not want to know about that was in it?

[Architect2010]

I too, would like to know what would be so controversial about the TIF agreement? Demolition of some historic building? Are 1100 and 1101 both going to be office instead of residential? What's up? I can't see anything to be unhappy about with the deal. If someone is going to be unhappy about it, I doubt informing them now instead of later will make a difference.

[Pete]

These are from 1212 N. Walker. Another awesome project from the Midtown Renaissance group:

[dankrutka]

Wow! Nicely done.

[wschnitt]

Those look like staged pictures. The furniture is the same from when I was at the staging for the Cline.

[Skyline]

Those pics look very very nice. The standard for urban Okc living has been raised with this latest development by the Midtown Renaissance group.

[Spartan]

Those look like staged pictures. The furniture is the same from when I was at the staging for the Cline.

Well yeah, they're not furnished units.. I think I could do even better :P

It is very clear that the Midtown Renaissance guys have far more taste than anyone else doing downtown residential, especially rental. It is truly no wonder why/how all of their developments are fully leased before they even finish construction.

[soonerguru]

Well yeah, they're not furnished units.. I think I could do even better :P

It is very clear that the Midtown Renaissance guys have far more taste than anyone else doing downtown residential, especially rental. It is truly no wonder why/how all of their developments are fully leased before they even finish construction.

They must have one hell of an interior designer. All of their residential properties are top notch.

I particularly like how they decorate different units differently, as opposed to one cookie-cutter design and finish.