Edge @ Midtown

[rcjunkie]

I did get to talk to Gary Brooks. He seems very excited about the streetcar coming by the property. I had not met him before and he seems to be a really nice guy.

The Wiggin people took off before I had a chance to talk to them. Regrets to Marva Ellard and Stephen Tannebaum. They both had great project ambitions and hopefully will use the knowledge elsewhere.

I think all three proposals had good pionts/idea's. It will never happen, but would love to see the three get together, pool their resources (and money) and develop something really awesome and unique for OKC.

[soonerguru]

I worry about anything with Henderson involved. His development at 4th and Walker is a major-league disappointment.

[Rover]

According to OKC Biz it will be decided at 3 today.

http://www.okc.biz/oklahoma/article-...town-site.html

[G.Walker]

Yea, that's what I heard, $100 bucks says Brooks & Henderson proposal get the approval.

[mcca7596]

They added 7500 sq.ft. of retail and one of them said that when he drives by the Legacy he isn't as proud of it as he would like to be. So, naturally, they told OCURA what they wanted to hear and I'm sure you are right G. Walker.

[betts]

Fool me once, shame on you. Fool me twice, shame on me.

[soonerguru]

Will the new development feature upscale, urban dining options like "Steak and Catfish Barn" and destination retail stores like "Lil Johnsons?"

LOL.

[king183]

Simply looking at the proposed cost of the Brooks/Henderson proposal. It was the 2nd lowest cost of all of the proposals, though, I believe, it was the biggest.

It was so low even one of the OCURA panel members expressed concern and doubt about it. Why? Because, despite the really cool looking drawings, for something this big, it's clear we are going to get a development on the cheap. Legacy 2, if you will. Poor construction, poor quality.

[G.Walker]

A development just shy of $30 million, is pretty good if you ask me, especially in that area. Let's just be happy that lot won't be vacant for too much longer.

[king183]

Honestly, I don't know if it's a good cost or not. I just know a few things, which I put together, that cause me some consternation: 1) It was the biggest development, but the 2nd lowest cost; 2) The OCURA panel expressed some concern about it; 3) Brooks/Henderson previous development was a huge disaster in terms of what they said they were going to build, what they did build, how urban it was, and, most tellingly, the quality of the build.

So, maybe $30 million is a good price for this development. But given their work on Legacy, I think it's reasonable to be suspicious.

But you're also right: I don't want a huge empty lot sitting there for another decade.

[Pete]

Brooks/Henderson previous development was a huge disaster in terms of what they said they were going to build, what they did build, how urban it was, and, most tellingly, the quality of the build.

And people forget there were countless missed deadlines, to the point of absurdity.

All this is ironic because when Wiggin changed up his plans and missed deadlines, OCURA revoked his agreement and re-booted the process which allowed Henderson to have this opportunity.

I think this was the right thing to do in this case (Mercy) and I hope it means they will hold the new chosen developer to their promises.

[BDK]

Anyone know if Steve is present, or are we just going to have to wait for news to trickle out?

[Rover]

Started at 3, right?

[Steve]

Brooks/Henderson

[Pete]

Hope they do a good job.

I think it's safe to say plenty of people will be keeping a close eye on them.

[betts]

The only good thing I can think of to say about that decision is that it will increase the population of Midtown, which will hopefully promote other development. I pray that Brooks and Henderson have developed a little aesthetic sensibility and a conscience since their last project.

[BDK]

It seems, from a density standpoint, this was the correct choice. However, as betts said, fool me once...

[redrunner]

"Fool me once, shame on - shame on you. Fool me, you can't get fooled again"

-George W. Bush

[warreng88]

Cornerstone Development chosen to build apartments in Midtown
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 04:36 PM Monday, June 20, 2011

OKLAHOMA CITY – The Oklahoma City Urban Renewal Authority on Monday selected Edmond-based Cornerstone Development to build 250 apartments on a hotly contested site in Midtown where the old Mercy hospital once sat.

After a months-long decision making process, Urban Renewal chose Cornerstone to develop the site at N.W. 13th Street and Walker Avenue over developer Chuck Wiggin’s $42.6 million proposal that include 200 rental units and 24,000 square feet of retail space.

Plans by Legacy at Arts Quarter developers Gary Brooks and Mike Henderson of Cornerstone Development include a 500-space parking garage and 8,200 square feet of retail space along Walker Avenue. The $28.2 million project, dubbed the Edge at Midtown, will be aided by U.S. Department of Housing and Urban Development financing and an estimated $1.5 million in tax increment financing funding.

It was Cornerstone’s prior experience with HUD financing that put the Edge at Midtown proposal over the top, Brooks said.

Several other high-profile Oklahoma City developers competed for the rights to the Mercy site, including Gardner Tanenbaum Group, led by Dick and Stephen Tanenbaum; Sieber Hotel redeveloper Marva Ellard and prolific home builder Home Creations.

Cornerstone has been through the approval process eight times for a HUD program that insures mortgage loans to develop moderately priced multifamily housing, Brooks said.

“When you’re competing against people like Marva Ellard and Dick Tanenbaum, you know you have to bring you’re A-game,” he said. “Our team is based on HUD deals.”

Wiggin declined to speak with reporters after Monday’s vote.

At the meeting, Urban Renewal Authority commissioners questioned Wiggin’s ability to secure $30 million to $35 million in HUD financing the project required.

Brooks argued that his company had more experience going through the HUD approval process than Wiggin.

“I don’t see how prior experience on suburban and redevelopment projects would have any weight on this project being approved by HUD,” Wiggin argued against Brooks’ claims.

Urban Renewal originally selected Wiggin in 2008 to develop an upscale condominium project on the Mercy site called Overholser Green. The sub-prime mortgage crisis began soon after the deal was signed and financing never materialized.

Brooks said he plans to break ground on the Edge at Midtown within 12 months of signing an agreement to develop the site with Urban Renewal.

[king183]

Cornerstone Development chosen to build apartments in Midtown
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847

Brooks said he plans to break ground on the Edge at Midtown within 12 months of signing an agreement to develop the site with Urban Renewal.

Okay...so what's the typical timeline on signing an agreement with Urban Renewal?

[soonerguru]

I sure hope these people don't build another abortion like Legacy there. What a disappointing eyesore that is. Yuck. I also hope this isn't another deadline-breaking wait only to find out they can't get any money to build. Thank God they didn't choose Wiggin, but Henderson's work is awful. I'm hoping the renderings aren't another set in a long line of bait-and-switch development plans.

[onthestrip]

Is this supposed to be stick built (wood studs) or will it be formed concrete pillars and floors?

[Rover]

I think it is a shame that we are getting anyone to build anything around here. It will be terrible. We will be cheated. Nothing good can come from it.

[king183]

I think it is a shame that we are getting anyone to build anything around here. It will be terrible. We will be cheated. Nothing good can come from it.

Rover, you like to mock every who expresses concern or negative feelings about any project. Much of that mockery is justifiable, especially when it concerns the rampant conspiracy theorists and professional class warfare warriors on this board. But you also seem to see the best in everything, even when evidence points to different conclusion.

People here have expressed very legitimate worries about this project because of the developers' history. That is, a history of delays, of breaking his word, concealing plans for major changes to original proposals, and building a terribly poor product--one which will require millions upon million to fix in the relatively near future. Perhaps save your mockery for those times it is really deserved. This isn't one of them. Let's just hope Henderson and Brooks don't pull another Legacy.

[betts]

Would any of us, Rover included, take out of town guest by the Legacy to show it off as an example of quality downtown development? What evidence do we have that Brooks and Henderson will build what they've shown and make it a quality project? It looks as if they barely got their hands slapped. It appeared to be the competing developers rather than members of the board who drew attention to the fact that they built nothing like they promised on their last gift from the city.