Falls Event Center plans dropped, building for sale

Plans for a $10 million redevelopment of a blighted building along the Bricktown Canal have been scrapped and a broker for the owner confirmed Monday the property is being sold for $2.5 million.

Work was planned to start last year at the building at 18 E California that still displays the name of the Margarita Mama’s nightclub, which last operated in 2002.

When the building was purchased in 2016 by the Falls Event Centers, the new owners were applauded for their plans to turn the warehouse into an event center with a rooftop patio that would host weddings, parties and special events. In December, The

Oklahoman reported the company’s development plans across the country were stalled amid reports of a Securities Exchange Commission investigation and past inquiries into the business operations of its founder, Steve Down.

As recently as September, the company still was trying to win approval for its project with the Bricktown Urban Design Committee, which delayed a vote over plans to create one of its signature waterfalls between the event center and the canal.

A report released Monday by the city, however, shows those plans have been withdrawn. Utah broker Dell Nichols told The Oklahoman the building is one of about a dozen Falls locations being listed.

“They acquired a number of sites, built up quite a few of them and got ahead of themselves,” Nichols said. “They got into some funding issues. They are asking me to see if I can sell those that have not been developed.”

John Neubaurer, corporate general manager

with Falls Event Centers, in December said the Bricktown project was on hold but eventually would be revived. On Monday, he declined to comment on the matter.

The building is listed for $2,576,948. The Falls purchased the building in January 2017 for $2.15 million.

“That represents the costs put into the project plus 10 percent,” Nichols said.