Credit crisis doesn't slow Bricktown growth

[donbroncho]

By Steve Lackmeyer
Published: October 9, 2008

At least three multimillion-dollar developments are moving forward in Bricktown despite problems in the nation’s financial sector.

Developers of a proposed $10 million Candlewood Inn and Suites and a $9 million Holiday Inn Express reported Wednesday they are close to filing for building permits with the city and financing is in place for both ventures. A building permit application also is in the works for a $35 million development planned along the Bricktown Canal by oilmen John Shelton and Charles Harding.

Likewise, construction is continuing on three other multimillion-dollar Bricktown projects — a Hampton Inn, and renovation of two buildings along Sheridan Avenue just east of E.K. Gaylord Boulevard.

Chuck Ainsworth, developer of the Candy Lofts at 1 E Sheridan Ave., said the $9 million renovation into offices and retail is on track for an opening this winter.

"We have five of seven floors leased,” Ainsworth said. "We’re doing fine and the tenants moving in are healthy.”

Ainsworth said work also is ongoing at the neighboring future home of the American Banjo Museum.

"In my little corner of the world, what’s going on nationally hasn’t slowed things down,” Ainsworth said. "I think part of that is, after what happened here in the 1980s, our local banks have been doing a good job at due diligence and didn’t get caught up with the sub-prime loans.”

Martin Goldstein, architect on the Harding and Shelton project at Oklahoma Avenue and the Bricktown Canal, said construction bids are being sought now for building renovations and the addition of an underground garage.

Ted Kenney, chief financial officer for Harding and Shelton’s Diversified Historic Properties, also cautioned that no one is immune from problems on Wall Street.

[jbrown84]

The JR reported today that the BUDC recently denied approval to the Candlewood for the 3rd time. Is that not accurate?

[Steve]

That's not entirely accurate.

[Midtowner]

Great.

More second-rate hotels which will probably be ratholes in 20 years (if they manage to last that long)

This is good for the short term, but as far as the long-term viability of the area goes, I suppose these buildings are essentially 'disposable,' so we can look forward to replacing them with nice high-rise condos or something to that effect eventually.