SandRidge Center & Commons

[Jettmiester]

My theory without any substantial reason is that they are demolishing it this way to resell the historic building materials.

Here is the winning post as to why they are taking it down piece by piece.

[Pete]

Except they are still smashing all the ornamental stone and brick work, which would be the only things worth saving.

[UnFrSaKn]

Seventh floor parking garage view of India Temple coming up soon...

[UnFrSaKn]

Wow, found what I was looking for.

July 1962

[UnFrSaKn]

1080p

[UnFrSaKn]

SandRidge takes up pretty much everything in the foreground. Not sure if the light building on the left is India Temple or not.

[metro]

Wow, found what I was looking for.

That's good, U2 still haven't found what they're lookin for

[Kerry]

$100 says that parking garage will be closed to photographers.

[kellyc]

They may be taking it down piece by piece because it adjoins what Kerr-McGee used to call the Plaza. The Plaza is directly North of the 111 Building (India Temple Building). I think the Plaza was built when the McGee Tower was built in the 70s. The Plaza contained a nice auditorium, a data center, a Library etc. etc.

When we would visit our lovely data center in the Plaza Building we would have to pass through the 111 Building.

They may be trying to avoid damaging the Plaza.

[Kerry]

They may be trying to avoid damaging the Plaza.

Why? According their plans it is coming down as well. When they are done there will only be two buildings on that block - the Sandridge Tower and Braniff.

On edit - looking back it is hard to tell if the parking garge next to IT is coming down. They still show a parking garage there but in one picture it has it highlighted as new construction.

[Larry OKC]

purely from memory but think the parking garage is staying, just the attachment to it is being removed and replaced with something else???

[Jettmiester]

Except they are still smashing all the ornamental stone and brick work, which would be the only things worth saving.

So true, but hoping there must be something they are getting from it.

[Larry OKC]

But they are getting something out of it...besides the ill will/bad PR from this, most importantly, they are improving the sight lines to their tower (their stated reason for tearing it down).

[mburlison]

I guess we can safely assume the original facade is still under there. If it wasn't then they would just bring in the wrecking ball and do it the traditional way.

At this point, why wouldn't they use the wrecking ball - piece by piece - or - all at once; what's the difference!?

[PhiAlpha]

Well said and I agree with you completely. Oh, and Phi Alpha to you as well

Nice, glad someone understood my name.

[PhiAlpha]

At this point, why wouldn't they use the wrecking ball - piece by piece - or - all at once; what's the difference!?

I disagree. I think they are totally missing out on the ill will/bad PR as it is mainly generated in this forum by a limited number of people that like to complain about everything in OKC anyway. Sandridge contributes a lot to OKC while the complainers contribute . . . . . ., well nothing except for their stale personal opinions.

That is exactly what I said. Why would it make a difference and at this point why would they even care what a handful of people, who for all intents and purposes don't matter, think? They convinced the ones that matter, the only ones opposed are the people b****ing about how this has "ruined downtown" on this thread or the handful else where. If anything tearing it down piece by piece would give everyone more time to see what's under the concrete anyway. This is another really weak attempt to make something out of nothing. EVERYTHING IS NOT A CONSPIRACY. I really think some of the people on this forum have nothing better to do than dream this stuff up.

Again, what happened to the temple building sucked and if it looked like it used to there would be no way anyone could have torn it down. But even if it was salvageable, asking someone to overspend the 10s of millions of dollars or more that it would have cost to restore it is unfair and unrealistic. It would have remained empty or an eyesore for the next 30 years, and I don't even think that is debatable. Like I said, it sucks, it is upsetting to lose a building with that much history, but how original would it have been with the completely new features, a new facade, and new stone work that likely would have been required to fix it.

At least Sandridge saved the braniff building which could be renovated into something cool, and they have cleared space to expand in the future while making it look 100 times better in the mean time. Again, they are already planning another building, what's to say that more won't come in the future. Keeping density just for density's sake is ridiculous if it consists of a bunch of eyesore brownfields that will remain that way if left standing.

[betts]

I think there's data showing there were people interested in developing some of the properties Sandridge has destroyed, so saying they would stand empty for 30 years is likely hyperbole. If Sandridge had asked permission to tear the buildings down because it had working plans to develop another tower, there would have been a lot less antagonism generated. But the only thing we know they're going to do there for sure is plant grass or concrete. Plazas downtown are rarely ever used, since people are actually working during the day. Sandridge is probably the most tenuous of all the bigger energy companies, so it may be as likely that they disappear althogether as a company as build a new tower. I've seen a lot of beautiful buildings restored, and if they resemble the original, the fact that the stonework is new isn't really an issue. Keeping density for density's sake is no more ridiculous than tearing down buildings because some day you might want to build something there. Or, because you want to plant grass and trees downtown. They could have doneated money to the new Central Park if they want to create greenspaces for downtown and city residents.

[PhiAlpha]

I think there's data showing there were people interested in developing some of the properties Sandridge has destroyed, so saying they would stand empty for 30 years is likely hyperbole. If Sandridge had asked permission to tear the buildings down because it had working plans to develop another tower, there would have been a lot less antagonism generated. But the only thing we know they're going to do there for sure is plant grass or concrete. Plazas downtown are rarely ever used, since people are actually working during the day. Sandridge is probably the most tenuous of all the bigger energy companies, so it may be as likely that they disappear althogether as a company as build a new tower. I've seen a lot of beautiful buildings restored, and if they resemble the original, the fact that the stonework is new isn't really an issue. Keeping density for density's sake is no more ridiculous than tearing down buildings because some day you might want to build something there. Or, because you want to plant grass and trees downtown. They could have doneated money to the new Central Park if they want to create greenspaces for downtown and city residents.

Keeping density for density's sake when that density is made up of eyesores most of which even if renovated would detract from downtown is more ridiculous than than tearing them down and filling the space with something that looks better in the time before bulding more buildings. Why would sandridge sell the property for someone else to develops it when they will need the space for future expansion? Why leave buildings that you are going to tear down later standing when they currently are making your office area look like crap? It sucks that they had to tear down the temple but I firmly believe that with it's history, had it been cost efficient and feasible to save it, they would have. The braniff building has much less history and they deemed it savable so I don't think they are out to destroy every historical structure downtown and I feel like that validates there reasoning for determining that it was necessary to demolish the temple building. Also, correct me if I'm wrong but the commons plans show a new building planned for the site that will take the place of one of the demo'd ones, so I think eventually there will be more. To the comment about plazas never being used, chesapeake has several on their campus and they are used frequently throughout the day so I think saying they are "never" used is hyperbole.

To the notion that sandridge is as likely to disappear as build a new tower... When was the last time since the 80s (other than a dying Kerr McGee leaving) that an energy company has left OKC or gone bankrupt?

[Kerry]

Why would Sandridge build another building right in the middle of the plaza they just created? Won't that ruin the plaza and what benefit Sandridge thought the plaza would bring?

In retrospect - I guess if they are keeping the attached garage then you wouldn't want to use a wrecking ball. I hope they are planning more buildings that the plaza is temporary. They have a prime opportunity to creates a local version of Rockefeller Center, Embarcadaro Complex, or the Peachtree Center.

Peachtree Center - Atlanta



Embarcadaro Center - San Francisco




Rockefeller Center - New York City

[betts]

To the notion that sandridge is as likely to disappear as build a new tower... When was the last time since the 80s (other than a dying Kerr McGee leaving) that an energy company has left OKC or gone bankrupt?

Any unrenovated building is likely to be an eyesore. But, I've seen countless eyesores rehabbed into beautiful buildings.

To the notion that Sandridge is as likely to disappear as to build a new tower, its stock price has only risen to $10 a share, so there must be others who are concerned about their profit margin. I hope you're right. It would be a shame if Sandridge went bankrupt or were sold to another company in another city, especially after they've torn down all those buildings.

As to how useable a plaza is, I haven't ever spent any time in the Chesapeake area so maybe you're right. I have, however, lived downtown in various cities for 10+ years and I've never seen a lively plaza in front of a building. They tend to be empty at night, and during the day most people who work at the company are working. Most people downtown go out to restaurants for lunch. I'm trying to remember seeing any significant groups of people sitting in front of any of the other plazas, eating their sack lunch or enjoying the weather. We'll see. too late now regardless.

[PhiAlpha]

Any unrenovated building is likely to be an eyesore. But, I've seen countless eyesores rehabbed into beautiful buildings.

To the notion that Sandridge is as likely to disappear as to build a new tower, its stock price has only risen to $10 a share, so there must be others who are concerned about their profit margin. I hope you're right. It would be a shame if Sandridge went bankrupt or were sold to another company in another city, especially after they've torn down all those buildings.

As to how useable a plaza is, I haven't ever spent any time in the Chesapeake area so maybe you're right. I have, however, lived downtown in various cities for 10+ years and I've never seen a lively plaza in front of a building. They tend to be empty at night, and during the day most people who work at the company are working. Most people downtown go out to restaurants for lunch. I'm trying to remember seeing any significant groups of people sitting in front of any of the other plazas, eating their sack lunch or enjoying the weather. We'll see. too late now regardless.

Even renovated, other than the temple, those buildings would have been ugly. That's how they started out and whit out substantial facade changes, they would have stayed that way. I didn't consider the skirvin, Dowell center, or the buildings in bricktown to be eyesores before renovations. They had cool architecture and that can not be said of the buildings around Sandridge.

As far as sandridge's stock price. It was as high as near $60 before the recession, and had risen to almost $12 a few days ago (52 week high). That's 3 times what it was last summer and with oil prices poised to keep going up, they'll be fine. They may not be doing as well as the other companies price wise, but percentage stock increase wise, they have done better than the larger companies. Also, they are a pretty good deal smaller and younger than Chesapeake and Devon so it's a little unfair to compare them right now. I think for their size, the investment they've put into downtown and the Thunder is pretty awesome.

[UnFrSaKn]

1957

[PhiAlpha]

Other than the proposed building to go in place of the petroleum club building, they wouldn't have just created it 5 to 10 years down the road when the company has outgrown it's current tower. The benefit the plaza brings is providing something useful and attractive looking while providing space for future expansion. Look at what Chesapeake is doing right now. They are clearing space all over the place for expansion, they could probably fill almost two Sandridge towers right now and devon definitely could. Unless they bought the Dowell center or something, the only place for them to expand is up and what better place to do it than right by their corporate headquarters connected by a nice plaza area.

It would be cool if they could do something like the pictures you posted, but I would hope they'd add some variety. Lots of concrete buildings on that side of town.

This building they show in the plans looks pretty cool and if what chesapeake has had to do to there workout facility is any example, they'll probably have to expand it in a few years.

[Larry OKC]

Betts is spot on with so much.

Very few objections to the other buildings that SandRidge is tearing down as many are being 1) replaced with other structures 2) don't have the history behind them the India Temple had. I was in the other camp when this all started but was quickly convinced that this building needed to be saved if at all possible. It is the oldest standing structure in DT and it served as the home of the Legislature. What about this plaza is going to make it any more utilized than any of the other 5 or 6 underutilized plazas in the immediate area? Even if true, the Chesapeake campus doesn't really fit into the argument since it isn't located in the CBD. And if it does become utilized, then they are going to have to destroy it to build this possible future building? What?

There are many places DT where SandRidge could have created their campus and even more places within OKC that they could have done the same. What is so critical to their plans that it has to be done right there? What is so special about the India Temple location that makes their entire plan fall apart? They could have spent all this time and energy doing what Devon is doing and build a new tower just about anywhere they wanted. Devon at least chose a location where they are adding to DT instead of taking away. They are building their tower on the site of the Galleria parking deck (and adding to a parking garage so there isn't any loss there). They are building up instead of tearing down.

[cameron_405]

"...To the notion that Sandridge is as likely to disappear as to build a new tower, its stock price has only risen to $10 a share, so there must be others who are concerned about their profit margin. I hope you're right. It would be a shame if Sandridge went bankrupt or were sold to another company in another city, especially after they've torn down all those buildings..."

...Ward has a big chunk of skin in the game -- as of 14 January 2011, he held 23,304,114 common shares. SandRidge common shares were diluted by acquisitions (Arena), but they've been successful at tapping the capital debt markets, they have a prime asset base to grow off, and a strong hedge on oil (80% of their revenue now).

The 'whales' are following SandRidge, too. Perform a search for 'Prem Watsa SandRidge' (the Canadian Warren Buffett) -- he bought in cheap! Pickens also has a sizable position.


...tickers of interest: common shares, "SD" -- perpetual preferred 8.5% convertible, "SDRXP" -- **coming soon, SandRidge Mississippian Trust I, "SDT"