Building and road projects continue in downtown OKC
The Oklahoman's Steve Lackmeyer took questions from readers in Friday's OKC Central Live Chat. Below is an edited transcript of the chat. A complete transcript is available at NewsOK. com.
Q: Do you see the BOK Park Plaza having any issues getting tenants for the building itself and the first-floor areas by the parking garages?
Attracting groundfloor tenants for parking garages is rarely easy. A lot of the job, though, involves having the right brokers involved at the start. Devon Energy, meanwhile, is not the size they were when this project started. But opportunities are presented with these empty floors that were not available when occupancy in Class A space was virtually zero. So we shall see.
Q: Do you think the Times Square project at 4th and EK Gaylord EVER happens?
It won't be called Times Square. And it may end up being a different design. But that dirt was pretty expensive and the developers can't sit on it forever. So far, they do not believe the market is where it needs to be to get the project started. I will remind everyone the developers indicated from the start this was not going to be a quick start. They never promised to start anything before 2018 and even that date was iffy.
Q: With all of the development going on in around the central core, what would be a rough estimate of the private sector investment alone? Just on what's currently coming out of the ground and what's planned and financed? I think sometimes there is a lack of appreciation for just how much progress is taking place.
My rough estimate: $200 million. That includes the Steelyard and West Village, multiple hotels, Villa Theresa, a St. Anthony doctors' clinic and smaller housing like 701 Hudson, Broadway Park and Broadway Condominiums. Add in the Omni and we get close to hitting a half-billion dollars.
Not bad for an economic downturn, eh? If not for the state Legislature, Oklahoma City would be held in very high esteem across the country.
Q: Seems like every street downtown has construction on it. When will this end?
Once every small business owner in Midtown has been put out of business? Seriously, though, why can't the city at least provide directional signage for businesses as they did with Project 180? The pain being caused to folks along the street- car route is getting to a point of breaking them. Signs are needed. Today. A very fragile but wonderful retail corridor has emerged at Walker and NW 10 and I worry they may not survive the construction. Christmas season is very important to their survival, and if roads around them are torn up and visitors are not aided in reaching their destinations, Midtown will be very quiet and sad very quickly. We've already seen businesses killed in Bricktown and Automobile Alley.
Q: Understanding construction hasn't even started on some of these projects, but what is the rough timeline as it stands today for new hotels opening in and around Bricktown (AC, Hyatt Place, Canopy, Staybridge, et al)?
AC hotel — any day now. Hyatt — next few weeks. Staybridge — likely by summer. Canopy — I have no idea, work has yet to start.