Starting bid for Bricktown lot: $2.74M
One of the prime pieces of real estate in Bricktown yet to be purchased for development is set for auction on Friday with a starting price of $2.74 million.
The 1.66-acre property at the southeast corner of Lincoln Boulevard and Sheridan Avenue is at the east entrance to Bricktown and is next to a Staybridge Suites currently under construction.
Brenda Perry, spokesperson for the Oklahoma Department of Transportation, said the sealed-bid auctions have long been used by the agency for land no longer needed for state highway operations or future expansions.
The Bricktown parcel may be one of the most visible to be auctioned, but it isn’t the first sale of Transportation Department land downtown, which in the past has included easement parcels in Deep Deuce.
“The department is always reviewing property it owns and looking for opportunities to place property back in the hands of citizens,” Perry said. “As the state highway system’s needs continuously change, not every previously purchased tract of land remains necessary to safely maintain the infrastructure or serve the department’s future needs.”
The base bid of $2.74 million breaks down to $1.65 million per acre. When developer Fred Mazaheri and hotelier Champ Patel purchased the former Body Works Collision Shop at 100 S Charlie Christian Ave. just a block to west of the Transportation Department property, the pair paid $8 million for 4.6 acres, or $1.7 million per acre.
The pair also spent additional money clearing the site of structures and debris.
Once the land sells, it will be taken off tax-exempt status and added to property tax rolls. Bids are due Friday with a cashier’s check for 10 percent of the total bid amount.
After the Oklahoma Transportation Commission approves the sale of a property, the agency will create, process, and record a quitclaim deed for the winning bidder.