Monday, May 7, 2012

4 biggest deals of last month

There were four pretty big real estate deals made across the inner city last month, it was literally one announcement after another (or in the case of the Plaza, no announcement yet). Nonetheless, it's amazing how things are really rolling. Including Aubrey McClendon... whodathunk.

In no particular order:

1. Steve Mason purchased the old laundromat at 1734 NW. 16th Street in the Plaza District under the entity of "Sweet Sixteenth LLC." This LLC, different from his 9th/Broadway transactions, reportedly also has different shadow actors. Could we be seeing Steve Mason and Jeff Struble teaming up? Even if Struble is absent in the LLC (we don't know), hard not to argue that we are now seeing the convergence of these two community visionaries.

2. Standley Systems purchased the old Sherman Iron Works & Foundry on East Main (pictured above, north side of Bricktown). They are still going to finish the Carroll, Brough, and Robinson Wholesalers bldg (the red bldg at 3 East Main), but it won't have their offices in it. They have instead shifted their sights across the street, where they'll renovate the old Sherman Iron Works (again, pictured above) for their offices. This deal single-handedly provides for a significant injection of new activity along the Bricktown stretch of Main Street. May also be the impetus Gary Berlin needed to get the ball rolling on the Mercantile Lofts (the CityWalk Club building).

3. Nick Preftakes finally got his hands on the old Union Bus Station. In a press release, he stated that he would be preserving it, and suggesting potentially renovating it for a restaurant use (which has been suggested several times by prognosticators). That would make a lot of sense as the old streamline Art-Deco building has a beautiful view overlooking the Stage Center and Myriad Gardens, with the large awnings attached to both sides that would allow for shaded al fresco dining, and would be a complimentary mixed-use addition to the rest of the block, which Preftakes now owns entirely except for the City-owned 420 Building.

4. Midtown Renaissance closed on a large 4-story building on Broadway Place called the Mayfair Building. They're going to gut it and put in 18 new apartments, and potentially a new addition it seems? The renovations will total $1.5 million. This is a further sign of confidence in the Midtown market (MidtownR has been doing a bang-up job with residential leasing) and also is beginning to solidify an established pattern of streetcar-related infill. This property is directly where the streetcar will turn right at 13th and go all the way down Broadway.

This is of course not exhaustive. I've almost given up on covering development deals as they break on here just because I've missed so much development this year. This is a good problem to have. I think.

1 comment:

Anonymous said...

Hey Nick,

How does Monday at 11:30 sound? We could meet in the rotunda.