Banta continues spending spree in MidTown
Posted: Wednesday, July 12, 2006

By Heidi Rambo Centrella

hcentrella@okcbusiness.com


In the past several months, Greg Banta, chairman and CEO of The Banta Companies, has closed deal after deal on several properties in Oklahoma City's MidTown area. His current purchase of a 21-property package will bring Banta's total holdings in what he calls the “MidTown Renaissance” to more than $20 million. That number, however, pales in comparison to the amount he will invest in renovating the commercial, residential and multi-family properties.

When all is said and done, his MidTown Renaissance will consist of 30 structures stretching from NW 10 to NW 13 streets, between Broadway and Classen avenues. These recent acquisitions will bring Banta's total square-footage-ownership to approximately half a million in MidTown.

His most recent deals, set to close around the end of the month, include: A two-story historical structure at 1100 N Broadway, currently owned by Chris and Meg Salyer; Pat's Lounge, 201 NW 10; Fellowship Travelers building, 215 NW 10; Guardian Garage, 1117 N Robinson, and an office building next door at 1133 N Robinson; the Osler Building, 1200 N Walker; an office building owned by Corsair Cattle Company at 430 NW 12; three buildings across the street from the Osler Building; as well as numerous lots in the MidTown area.

Banta's promotional campaign kicked off last weekend as he branded the MidTown area with banners reading “MidTown Renaissance.”

“We've really isolated an area and our purchases have been very strategic,” Banta said. “There's a method to the madness, and I think a lot of people thought these were random investments, but they weren't. It was a very carefully thought-out plan, and now it's time to execute it and get to work.”

While his project has been more than a year in the making, he says “it's paid off.”

“There will be visible changes immediately,” Banta said. “By the end of year, there will be all new windows up and down the corridor which will change the look tremendously.”

Banta's plans include re-roofing all buildings as needed, installing new windows, gutting interiors, upgrading all utilities and finalizing a development plan for the corridor.

His first stop, he said, is going to Urban Design Commission to get approval to replace windows, which should be completed by end of year.

The planned mixed-use development will include residential housing, office space and retail.

“I have a number of people looking in the area, and have begun negotiating several leases already,” Banta said.

The properties had few existing tenants, he said, and every building acquired has basically been vacated.

Plans for the Osler Building include office, residential or a combination of the two.

“That's a great building,” Banta said. “I use to office there in '93.”

Plans are in place to renovate the property at 1133 N Robinson as an event center for weddings and other such events.

“We're negotiating with a couple of groups,” Banta said. “Because it has several large rooms and full facilities, we're hoping to get someone to come in and operate it as a wedding chapel and event center where people can host parties.”

The Guardian Garage, he says, has the potential for residential on the top floor and mixed-use office and retail on the ground floor.

Pat's Lounge likely will have mixed-use office and retail on the ground floor, as well. Currently he is negotiating with a couple of restaurants, names of which he would not disclose; nor would Banta disclose the agreed-upon purchase prices of each individual property.

“Everything that we have currently under contract will be closing in the next few weeks,” he said.

On June 30, Banta closed on the old Bolen Auto Group building, 1101 N Broadway, in historic Automobile Alley for $2.4 million at $36 per square foot.



Banta said he is considering everything when it comes to the building and its future plans, whether it becomes office space or residential housing. He also said he continues to buy in MidTown because he believes it is an area the city wants to see improve and he's already committed to the area with other recent purchases.



Those other purchases include the following properties: Plaza Court, 1100 Classen Drive, for $2.5 million; Marion Hotel, 110 NW 10, for $265,000; Cline Hotel, 1018 N Harvey, for $389,000; and Pasteur Medical Building, 1111 N Lee Ave., for $2.5 million.

“We will be naming several tenants in Plaza Court shortly,” Banta said. “The leasing in Plaza Court has been overwhelmingly successful, and we plan to carry that all up 10th Street - it's going to be a really fun place.

“We want to make it visually interesting and have a lot of places for people to live, work and play.”