12 story Development in Bricktown

[TheImmortal]

By Steve Lackmeyer
Business Writer
A $36 million mixed-use development, including what would be the tallest structure in Bricktown, will be publicly unveiled at next week's Bricktown Urban Design Committee meeting.





The committee's conceptual approval, which would include granting a variance to the entertainment district's height limits, is a key step to proceeding with construction drawings and starting site work this spring, developer Gary Cotton said.

"It needs to be taller to make it work,” Cotton said. "The economics, with the cost of the land, it just doesn't work.”

The plans include two buildings, one on either side of the canal where it turns from an east-west to a north-south direction parallel to Mickey Mantle Drive. The complex is being called the "Cotton Exchange” — a nod to its owner, but also an acknowledgement of the cotton industry that was once a part of Oklahoma City's early economy.


A unique design
The 12-story building design would be unique to Oklahoma City, featuring shops and restaurants on the canal and street level, topped by four floors of parking. The top six floors would be devoted to 66 condominiums. One floor may be developed as office space. The tower would be linked by a new pedestrian bridge to a four-story building sandwiched between the canal and Mickey Mantle Drive.
Parking access would be provided via an existing alley bridge, and spaces would be split 50/50 between public and private use.

Cotton's application to the Bricktown Urban Design Committee also would seek permission to tear down a building to make way for the 12-story tower — the first such demolition along the waterway since it opened in 1999.

The property was the first acquisition by Cotton along the canal, and has been empty since its last tenant, Margarita Mama's, closed in 2002.

Cotton assures that if given permission to raze the two-story structure, it won't end up as vacant land.

"That building is worth considerably more as a building than (if it were) torn down,” Cotton said. "It's being torn down only for use as this new building. I'd be making a million dollar-plus mistake if I tear it down and don't build this building.”

Architect Scott Dedmon with Architectural Design Group said the project calls for a mostly brick facade. The building is also designed with a setback so it would cast less of a shadow on buildings across the canal. An outdoor pool and patio are planned at the sixth floor setback (approximately at the adjoining Kingman Building roofline) that would be exclusive to the building's residents.

Dedmon said the project is designed to "look back and look ahead.”

"We want this to look like a really, really old Bricktown building that someone has redone extremely well,” Cotton said.


Work to begin soon
Cotton said pending conceptual approval by the Bricktown Urban Design Committee, he hopes to have site work starting this spring. He already has a team assembled for the project that includes Architectural Design Group, Timberlake Construction and Sperry Van Ness (sales and leasing). All three firms have experience with major Bricktown projects.
Cotton is hoping to duplicate what he thinks are some of the best features of the San Antonio Riverwalk — family-friendly restaurants along the canal, and penthouses and nice restaurants on the buildings' top floors.

Cotton said he never considered a hotel for the site — something discussed several years ago by previous owners of land on the two sides of the canal. He said he believes the canal needs an influx of housing and retail.

"I feel we need more retail to make Bricktown more viable, and we don't need a stack of bars,” Cotton said.

"We need to give people a reason to come back again and again. I think retail is key to that.”

Jim Cowan, director of the Bricktown Association, gave the proposal high marks after he was shown the designs Wednesday. He said the development is what the district needs to bring new life to the canal.

"I think there is so much potential for that particular space,” Cowan said. "I really hope in 2008 we see a lot about developments and new tenants for the canal. The canal has been a sleeping giant the past few years, and I think it's time to wake it up and get more activity going.”

[Midtowner]

I think that if he's given permission to raze the structure, he'll build an Applebees.

[venture]

At least there will be something there now...now if the building owners of all the run down structures could be forced to do something.

[Midtowner]

We need some major changes to the tax code where it comes to developers being exempted from property taxes. That'd force their hands on either utilizing the land or selling it to someone who would.

[Pete]

[jbrown84]

Now that's what I'm talking about! Reminds me a lot of Mockingbird Station in Dallas, both in design and concept.

Way to go, Gary Cotton. Now don't screw it up.

[Steve]

You can view floor plans and more renderings on the "related photos" link to the top right of the story at NewsOK.com | Powered by The Oklahoman. There is also a related analysis piece on the likelihood of the project proceeding.

[Decious]

I really like the renderings. Steve, what's your opinion? Based on the information that you've gathered, do you think that this project will happen?

[Pete]

Thanks, Steve.

Here they are:

[jbrown84]

Talk about showing up Randy Hogan!

I like it better than the Factory as well.

[Steve]

The best way I can answer this is to advise you to read the analysis piece and reach your own conclusion.

I really like the renderings. Steve, what's your opinion? Based on the information that you've gathered, do you think that this project will happen?

[jbrown84]

Well, with The Factory, it was financing that fell through, and as Steve points out in his commentary, the success of the Centennial should help ease the minds of lenders that were likely unsure of the Factory's profitability.

[Steve]

The trick to it all is financing. And it's always tricky in this business determining which developers are simply seeking publicity to attract the investment they need for the financing from those who are ready to proceed and have a real deal.

[Decious]

The best way I can answer this is to advise you to read the analysis piece and reach your own conclusion.

I understand. From what I can gather from your article, I'd have to say that I'm really optimistic that this will come to fruition. To be honest, I'd be more interested in purchasing here than I was w/ the Centennial. I wonder what the price point of the residential units will be?

[BG918]

MUCH better than the Centennial in design and concept. Now if we can just get that parking lot by Zio's redeveloped we'd be in business. Oh yeah and raze Toby Keith's, move the restaurant to a canalside site in this development or somewhere else, and then turn that area by the theatre into mixed-use housing, not necessarily condos like this project but something more affordable like Deep Deuce.

[OU Adonis]

Any ideas on what the price range of the condo's?

[Midtowner]

I imagine they'll be around $250/sq. ft.

That seems to be the going rate down there.

[brianinok]

I'm for it, and hope it happens. It better look like the renderings, though. And with Bricktown Design Committee approving things, I think there is a much better chance of that than if OCURA was in charge (sorry, Steve).

[dismayed]

Definitely the most positive thing I've read about Bricktown in a while. I really like this concept.

[CrueJones]

Agreed... it looks like a keeper as long as the renditions do not change...

[CCOKC]

I like it too. It's amazing how different the opinions are here versus the opinions on the newsok site. I just want to tell some of these people if you don't want urban then don't go downtown. Stay in the suburbs and park in the large surface lot and look at the sky all you want. There is nothing wrong with that, in fact we have plenty of that elsewhere in the metro. But don't spoil it for those of us who like urban, we don't have plenty of that...yet.

[Flyfish23]

Although the renderings look good and the project is what I would like to see happen in downtown/bricktown, I highly doubt this project will ever happen. Unfortunately, it is very unlikely that Cotton has the capital to pull this off and no bank is going to finance a project this large with an inexperienced developer. There is simply too much construction risk involved that the developer needs to be able to mitigate. It just won't happen. I am really tired of hearing about projects that never come to fruition b/c these so called "developers" don't have the capital/expertise to get it done.

[metro]

I understand your concerns Flyfish. I too am a little leery of the project. I talked to some of the people more on the inside of this yesterday and they are more optimistic than I am. While Cotton has a decent amount of money, he needs financing for this. He DOES (or supposively does) have solid financing in place and many say that is why he will get it done. However with the way Bricktown announcements have gone, I'm still more skeptical than others who know more about the project than I do.

[BDP]

From the looks of it, this would be a serious elevation of bricktown as a destination and mitigate many of the concerns regarding potential density for retail. In context of retail, I see this as working in conjunction with the lower bricktown entertainment area across the street. In fact, this may be one of the last areas to create retail density with new construction, save for the area east of the ballpark. If it can land one real anchor tenant on the corner of Mantle and Reno, then bricktown retail would be in business, imo.

[jbrown84]

The one question I have is what will be on the top 2 floors of the 4-story building? I didn't see that anywhere.