Banta buys Osler Building in Midtown

[metro]

Looks like Banta's buying streak hasn't stopped. He recently bought the Osler Building at 1200 N. Walker Ave. for $2.1 million. I sure hope he uses this for residential. This would be an awesome residential building and boasts a nice rooftop area. There is a great article in the Journal Record today about it so if anyone has access, please post it.

[Pete]

He already owned it, just under a different entity.

[metro]

??? It just closed yesterday under his other "entity" how did he already own it?

[Pete]

I meant to say that the purchase had been previously announced with about 10 other properties, it just closed yesterday. There has been and will continue to be a flurry of closings, as discussed here:



Banta continues spending spree in MidTown
Posted: Wednesday, July 12, 2006

By Heidi Rambo Centrella

hcentrella@okcbusiness.com

In the past several months, Greg Banta, chairman and CEO of The Banta Companies, has closed deal after deal on several properties in Oklahoma City's MidTown area. His current purchase of a 21-property package will bring Banta's total holdings in what he calls the “MidTown Renaissance” to more than $20 million. That number, however, pales in comparison to the amount he will invest in renovating the commercial, residential and multi-family properties.

When all is said and done, his MidTown Renaissance will consist of 30 structures stretching from NW 10 to NW 13 streets, between Broadway and Classen avenues. These recent acquisitions will bring Banta's total square-footage-ownership to approximately half a million in MidTown.

His most recent deals, set to close around the end of the month, include: A two-story historical structure at 1100 N Broadway, currently owned by Chris and Meg Salyer; Pat's Lounge, 201 NW 10; Fellowship Travelers building, 215 NW 10; Guardian Garage, 1117 N Robinson, and an office building next door at 1133 N Robinson; the Osler Building, 1200 N Walker; an office building owned by Corsair Cattle Company at 430 NW 12; three buildings across the street from the Osler Building; as well as numerous lots in the MidTown area.

Banta's promotional campaign kicked off last weekend as he branded the MidTown area with banners reading “MidTown Renaissance.”

“We've really isolated an area and our purchases have been very strategic,” Banta said. “There's a method to the madness, and I think a lot of people thought these were random investments, but they weren't. It was a very carefully thought-out plan, and now it's time to execute it and get to work.”

While his project has been more than a year in the making, he says “it's paid off.”

“There will be visible changes immediately,” Banta said. “By the end of year, there will be all new windows up and down the corridor which will change the look tremendously.”

Banta's plans include re-roofing all buildings as needed, installing new windows, gutting interiors, upgrading all utilities and finalizing a development plan for the corridor.

His first stop, he said, is going to Urban Design Commission to get approval to replace windows, which should be completed by end of year.

The planned mixed-use development will include residential housing, office space and retail.

“I have a number of people looking in the area, and have begun negotiating several leases already,” Banta said.

The properties had few existing tenants, he said, and every building acquired has basically been vacated.

Plans for the Osler Building include office, residential or a combination of the two.

“That's a great building,” Banta said. “I use to office there in '93.”

Plans are in place to renovate the property at 1133 N Robinson as an event center for weddings and other such events.

“We're negotiating with a couple of groups,” Banta said. “Because it has several large rooms and full facilities, we're hoping to get someone to come in and operate it as a wedding chapel and event center where people can host parties.”

The Guardian Garage, he says, has the potential for residential on the top floor and mixed-use office and retail on the ground floor.

Pat's Lounge likely will have mixed-use office and retail on the ground floor, as well. Currently he is negotiating with a couple of restaurants, names of which he would not disclose; nor would Banta disclose the agreed-upon purchase prices of each individual property.

“Everything that we have currently under contract will be closing in the next few weeks,” he said.

On June 30, Banta closed on the old Bolen Auto Group building, 1101 N Broadway, in historic Automobile Alley for $2.4 million at $36 per square foot.

Banta said he is considering everything when it comes to the building and its future plans, whether it becomes office space or residential housing. He also said he continues to buy in MidTown because he believes it is an area the city wants to see improve and he's already committed to the area with other recent purchases.

Those other purchases include the following properties: Plaza Court, 1100 Classen Drive, for $2.5 million; Marion Hotel, 110 NW 10, for $265,000; Cline Hotel, 1018 N Harvey, for $389,000; and Pasteur Medical Building, 1111 N Lee Ave., for $2.5 million.

“We will be naming several tenants in Plaza Court shortly,” Banta said. “The leasing in Plaza Court has been overwhelmingly successful, and we plan to carry that all up 10th Street - it's going to be a really fun place.

“We want to make it visually interesting and have a lot of places for people to live, work and play.”

[metro]

I guess I just missed that building in the mass of addresses. He said he plans to do mixed use including office, retail and residential and hopes to start by the end of the year. I think the residential opportunities are great for this building.

[Luke]

Wow. With Banta doing his part on the 10th St. corridor, and the Triangle Group doing theirs north of Bricktown to 10th St., and Tanenbaum (?) on the west side of downtown, plus the Skirvin and Colcord openings imminent...

Should be a great 2007 for OKC.

[mecarr]

Has anyone heard anything else about this project? The last comment was over a year and a half ago. I haven't seen any work done on the building since I moved here last May. It'd be a great building for apartments, which would serve the MidTown area well.

[BoulderSooner]

banta just got over a mill .. from the city in tif funds for this building and a few others .. he told them that he will have in finished in mid 09 ..


also the overholser green project got 1.7 mil from the city ..and told the city that they are breaking ground in the next 6 months ..

this was from a march city council meeting

[metro]

mecarr, they've gutted the place somewhat, although slowly, but their is slow progress being done. I imagine as bouldersooner said, work will pick up soon after these funds are released.

[dismayed]

Does anyone know what is going on with the Osler Building at 1200 N. Walker? Not much seems to have changed since the last post.