Cotton Exchange gets scratched

[metro]

Downtown Update: Bricktown development plan gets scratched

A $36 million mixed use development that would have added two buildings, 12 and four stories high, to the Bricktown Canal is officially dead.
Gary Cotton unveiled plans in January that included a team that consisted of Architectural Design Group, Timberlake Construction and Sperry Van Ness. The project would have included 66 condominiums, parking, office and retail spaces.

"I'm stalled,” Cotton said Tuesday. "I'm not going forward with anything at this point. We have a really good plan. But moneywise and marketwise, we can't make it happen.”

Cotton said he still believes the project is important to Bricktown, and he still has "a few things up my sleeve I'm working on.”

But, he said, he is nearing a decision to sell what is considered the best undeveloped raw land left in Bricktown.

"I should sell them,” Cotton said. "I don't want to. If I could get the right backing, I'd still like to move forward. But if I can't, I'll have to sell because that is very expensive property to hold.”

Business Writer Steve Lackmeyer

[metro]

All I can say is that:

1.) I'm not surprised at all, just disappointed Cotton actually stalled time on this important piece of land

2.) I'm sure as heck glad that Bricktown Design Committee didn't let him tear down the historic building on the site that he wanted to. If Bricktown hasn't learned it's lesson yet of preserving historic buildings, it should now.

[LIL_WAYNE_4_PREZIDENT08]

Timberlake Construction does all the construction at my school..

That being said, I never thought this would happen. it was too good to be true

[Pete]

Well, rats.

Glad he can't afford to sit on the property though... Perhaps someone with deeper pockets can move it forward.

[sroberts24]

2 biggest bricktown developments nothing but disappointments

[metro]

What's the other? Lower Bricktown? Candy Factory is moving forward rapidly although not to original design.

[betts]

That is really disappointing. There have been too many projects like this. The article makes it sound as if he is still looking for funding. Shouldn't that have been established before he ever went public with the project?

[jbrown84]

2 biggest bricktown developments nothing but disappointments

Probably talking about The Factory.


Oh well, hopefully somebody else will step in and do something. Maybe a new developer can still use ADG's design. Does that ever happen?

[CuatrodeMayo]

Only if they use ADG.

[Pete]

he is still looking for funding. Shouldn't that have been established before he ever went public with the project?

Smaller developers will often announce before funding in the hopes of creating publicity and gaining interest from tenants/buyers to help them get financing.

But of course, if you announce something that doesn't go through, your credibility takes a huge hit.

In the current financial climate, it's going to take someone established and with a decent balance sheet to get this sort of project off the ground.

[Steve]

Pete gets the prize. And all of this is why I did my best to explain in my reporting at the time that this was far from a done deal.

[bombermwc]

As soon as I heard they had scaled back from design 1, I knew it was done and over. Either you have the cash to do it, or you don't. It's so stupid that someone wouldn't provide funding here. It's the most prime real estate on the whole entire canal....the only honest to goodness "corner" on the thing and we still have a green wall instead of a building.

Personally, I'm glad they never built the opry there. I thought it was a waste of space. But Cotton was perfect. It had ever element I wanted in a structure for that location....which is why it failed...because it was perfect.

We need some other business-savy person to come in and self-lead like JDM did. He's got the cash to do what he wants, and the know-how to do it right from the start. If only we had more McKean's out there.

[CuatrodeMayo]

Mayby you could Call Aubrey McLendon. I'm sure he has the money...

[Pete]

bomber, the problem is that at this point financial institutions generally want personal guarantees and other pledged assets other than just the subject property.

So, even though this may be a viable project, it will take deep pockets to get it done. The classic "They'll only loan money to those that don't need it" paradox.


And as stated, Steve did his best to warn us of this from Day 1. At least in his own careful -- and necessary -- way.

[metro]

Probably talking about The Factory.


Oh well, hopefully somebody else will step in and do something. Maybe a new developer can still use ADG's design. Does that ever happen?

The Factory is still on and is moving rapidly. The residential went more to office space though.

[donbroncho]

Well at least that project by those two oilmen announced recently will be starting soon. If I remember what Steve said, it is a very real project. I guess i am a half full kind of guy. Now that being said...

Its unfortunate this Cotton Exchange project fell through. It would have been very cool to get that lot built up. But as others have said, this guy was just in over his head. At some point that lot will be developed, but when is anybody's guess. It's just too good of a spot not to be. Let me tell you, if i was a local billionaire what i could do lol...

With Bricktown, (announced projects anyway) patience and realistic expectations are required...

[Steve]

I would not equate Harding and Shelton's project with the Cotton Exchange. I've seen nothing to indicate the Harding and Shelton phase one won't happen. Of course, if the economy continues to crater, well, who knows what will happen.

[jbrown84]

The Factory is still on and is moving rapidly. The residential went more to office space though.

NO, not the Candy Factory. The Factory, the much more significant residential tower project that never happened.

[bluedogok]

bomber, the problem is that at this point financial institutions generally want personal guarantees and other pledged assets other than just the subject property.

So, even though this may be a viable project, it will take deep pockets to get it done. The classic "They'll only loan money to those that don't need it" paradox.


And as stated, Steve did his best to warn us of this from Day 1. At least in his own careful -- and necessary -- way.

That was the difference with JDM Place, Dr. McKean also owned banks and they were just part of many different businesses. We used to have a meeting with him every few months about budget, he pretty much always stayed with the original design because he liked it...he just wanted justification in those meetings for spending that money. I am sure his proforma for that project was not what most of these developers and their financiers would accept but since he was looking at it to hold onto instead of just flipping it like most do. That is the facts of this business, we had an office building in San Antonio that was sold once during design and the beginning of site construction and then sold to someone else at completion. Most don't look to hold onto the properties they develop.

[architect5311]

Probably talking about The Factory.


Oh well, hopefully somebody else will step in and do something. Maybe a new developer can still use ADG's design. Does that ever happen?

Technically if Cotton contracted ADG for design services for this project. Cotton, the client in this case, owns the design and documents which have been produced on this particular project.

Not to say a very similar project could be produced by ADG or another firm........

[architect5311]

I can only think of a few recent projects in Bricktown i really like. The Cotton Exchange would have been one of them. It is a shame the amount of EIFS (the stuff which looks like stucco) they have allowed in Bricktown.

On another note, who the hell allowed Sheraton to paint their hotel those colors. Looks like more EIFS......................bad

[murphystone]

have we ever seen Cotton really do something? He did nothing at the Mercantile.
He is all talk no action

[metro]

No.