Deja Vu All Over Again
Out of state real estate investors buy downtown OKC historic landmark office building. The new owners promise to fix up neglected building, return it to Class A office space. Owners tell skeptical reporter they are for real and show off portfolio of properties.
Owners swear they know the local market. Owners go to great lengths to make impression of local movers and shakers. A couple years pass and the owners fail to impress locals with their improvements because they don’t come close to what was promised. With such disappointment, leasing doesn’t meet up to owners’ expectations.
Owners respond by putting off paying bills. Liens are filed. Lawsuits follow. Owners then tack “extra costs” onto tenants’ leases. More legacy tenants decide to leave the building and conditions worsen …
Yes, sometimes I am instantly skeptical when I’m told about something that may sound too good to be true. Sorry, but when I’m told the Chinese are planning to open a North American headquarters in OKC as part of their efforts to start production of a defunct Brittish car in Ardmore, I say “yeah, I’ll believe it when I see it.” And when I’m told out-of-state interests are preparing to rescue a fading downtown architectural treasure without any city participation, I say “yeah, I’ll believe it when I see it.”
However, I’m very, very excited about plans for an NFL stadium to be built in Oklahoma City. Oh wait … we’ve not heard about that one in at a least year. Well, maybe we’ll still see a Disney World built between Oklahoma City and Tulsa.
Sigh.
(NOTE: To those in denial, this post was written in response to calls from four tenants of unnamed building who wish they could speak on the record but are afraid of retaliation. Everything written above is factual).
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Comments
Somebody better check and make sure all the period fixtures, etc. are still around. Don’t want a repeat of the OSO Skirvin.
Sorry Andrew if my response came off as snippy. I’m really, really, really needing a relaxing weekend. One where I can be a man, sit back in the recliner with my favorite snack, barefoot, wearing gold lame pants like Mango.
“start production of a defunct Brittish car in Anadarko”
actually, its Ardmore Steve.
But I’m with you on the other Steve. I thought from the start that 2 million was a pitifully small amount to spend on that building. I don’t expect much from those folks.