OKC executive successfully bids on Bricktown building
By Pamela Grady - 3/9/2007


Two minutes and 59 seconds is all it took this morning for Tim Elliott, president and CEO of Standley Systems, to make a winning net bid of $852,000 for the property at 3 E Main Street in Bricktown.


Only one other bidder made an offer on the building.


Elliott says his plans are to relocate offices from the company’s Northwest Expressway site, occupying the first floor, with plans to lease out the second and third floors after renovations.


“I’ve looked at every other place, and this is where we wanted to be,” Elliott said. “And so we came [prepared] to buy a building.”


Built in 1901, the three-story, 33,636-square-foot industrial loft building sits on about 0.3214 acres.


Elliott has retained Traditional Development Group to handle renovations of the property.


B.J. Dunn, director of construction for Traditional Development Group, said plans are to start the engineering process immediately.


“We’re turning this into the Standley System headquarters,” Dunn said. “We’ll be sand blasting the concrete and get it back down to the brick. We’re really planning on sprucing it up, putting in new windows throughout. In 30 to 45 days, we’ll start our engineering and submit it to the city.”


The permitting process will take about 45 to 60 days, after which time the construction process will begin.


Terms of the deal included 5 percent cash as down payment, which is $46,960, at the time of purchase with 30 days to close on the property. Dakil Real Estate Inc. handled the auction and Edmond attorney Randel Shadid was involved in handling the transaction.

Always good to see businesses relocating downtown from the burbs. Which building is this?