Spaghetti Warehouse sells for $3.8M
No matter which way we go, this is a great way to go in redeveloping the building.”
Don Hayes, broker
The former home of Spaghetti Warehouse is locally owned for the first time in decades following its purchase Wednesday by investors Sam Coury and Danny Wright.
The pair’s new partnership, 101 E Sheridan LLC, paid $3.8 million to VEREIT, a real estate investment that had previously declined a series of purchase offers over the past decade.
Don Hayes, broker for the purchase, said the pair are working on cost estimates and conceptual planning with architect Bryan Fitzsimmons and Lingo Construction, both of which have extensive experience in restoring old buildings.
“We do have a couple of opportunities,” Hayes said. “Two are hotels, one is a condominium project, another is with condominiums and apartments, and all would have retail and a reception area on the first floor.”
The six-story, centuryold building spans 82,000 square feet and was originally home to Oklahoma Furniture Manufacturing Co.
The building was bought and converted into a Spaghetti Warehouse in 1988, but the upper five stories were sealed for the past halfcentury. The eatery closed in early 2016.
Hayes said Coury and Wright are going to seek to place the building on the National Register of Historic Places and seek historic tax credits to assist in redevelopment.
“No matter which way we go, this is a great way to go in redeveloping the building,” Hayes said. “We will find out in the coming weeks or months whether we can get a boutique hotel which we are satisfied with.”