CONDOS UP FOR BIDS
Historic Founders Tower condos go on the auction block in OKC
Founders Tower is having a clearance sale: All condos must go.
That's 29 luxury residential condos, some unoccupied, some under lease (there are 64 in all); nine commercial spaces; the restaurant space on the top floor; plus an annex with 20 office spaces, at 5900 Mosteller Drive.
The Tulsa-area family that owns the historic skyscraperis ready to get back to concentrating on its cattle business in Creek County, said family member Royce Kelly, who was in the office Thursday as the ground-floor lobby was being painted in preparation for auctions March 12-13.
Bixby-based Kelly Brothers have had an interest in the 20-story building since a local developer started converting it from offices for lease to condos for sale in 2005. A few years later, the condos also starting being offered for rent. Founders Tower was renamed "The 360" for three years until 2010.
The unusual building, finished in 1964 as United Founders Life Tower for an insurance company, was listedon the National Register of Historic Places in 2013 as part of arenovation using historic preservation tax credits.
3Sixty Restaurant & Bar, on the top floor, which once revolved, is one of several businesses leasing space in the building, including longtime tenant Covenant Brothers fine menswear and tailoring; Welcome Home Management Services; and Founders Mortgage Inc.
Kelly said the recent loss of the largest commercial tenant, American Southwest Mortgage Corp., prompted the owners to take the remaining unsold condos and leased spaces to auction.
"It's better to get that critical mass, to have it filled," he said, which will increase the value of all the properties. "It's a beautiful property. It's an intriguing, well-positioned property."
Founders Tower promotes its "exclusive address,""refined elegance," and "incomparable panoramic views from every angle," as well as hardwood and slate flooring and stainless-steel appliances.
With a crew sprucing up the lobby, leasing specialist Isabelle Lopez of Rupe Helmer Group, the property manager, said, "We're trying to make everything look good for the auction, so it can appear as the luxury property that it is."
National Auction Group Inc. of Gadsden, Alabama, is handing the events.
Luxury residential condominiums go on the auction block at 7 p.m. March 12 on site.
In all, 29 will be offered, 10 at absolute auction, meaning no bids will be rejected, and19 with a reserve price, meaning there is a confidential minimum bid.
At 11 a.m. March 13 go nine commercial condos, the restaurant space and office annex.
Viewing will be from 10 a.m. to 3 p.m. March 2-3, and from 10 a.m. to 6 p.m. March 7-12. For bidder deposit requirements and other details, call 800-473-2292, or go towww.NationalAuctionGroup.com.