Mideke Building

[Pete]

I saw all the lights were on inside in a photo someone took from Vast.

Most the work will be inside but there should be dumpsters and other signs around.

[Anonymous.]

I look everyday. I have not seen anything that looks like gutting/demo inside or out. In fact, some of the windows on the top floors have been open for forever.

[PhiAlpha]

I saw all the lights were on inside in a photo someone took from Vast.

Most the work will be inside but there should be dumpsters and other signs around.

There may not be too much need for large dumpsters, at least for demo purposes. I've been up on those floors and other than just some assorted junk that the owners put in storage, there isn't much up there. The floors are big and empty so I'm not sure how much demolition work will be necessary.

[Garin]

New doors and a few windows should be ordered within the next few weeks. The floors have been completely emptied. They are keeping the original windows and just repainting them. Should start seeing some work starting pretty soon.... They have been dragging their feet on this project and don't expect that to change its just how they function.

[UnFrSaKn]

December 2 2013

[HangryHippo]

These are going to be some sweet apartments if they ever come to fruition.

[mcca7596]

Any noticeable changes with this yet? Or updates?

[shawnw]

Sorry, I know there has been no shortage of requests for updates, but I went back and re-read the thread and thought I'd summarize, as well as ask some questions...

This project received $500,000 in TIF funding from the City yesterday.

This happened February 2013, so it's been almost a year since they received TIF funds. Question about this... does "received" mean they got a check, or does it mean they get the promise of a check upon completion? Is there any kind of expiration on these funds or the promise of them?

$2,000,000 building permit today for this project.

Looks like it's getting ready to roll!

So by June 2013 there was TIF approval and a building permit. Also, Legacy Bank financing (per photos). Is it fair to presume that Legacy wouldn't allow their banner to be put up unless they were 100% on board financing wise?

This project set to go before the Bricktown Design Review Committee on 8/14.

No future point in the thread says it got approved, BUT there were design changes, so presumably there were multiple rounds with the BDRC? Can we confirm design approval?

They are pursuing historical tax credits; only way it can be done financially.

Is THIS the hold up? Waiting for the credits? Same question as with the TIF funding, do these tax credits happen up front or are they reimbursed upon completion for any taxes paid?

I had heard the actual physical work would probably wouldn't start until towards the end of the year. Dealing with the red tape that goes along with projects like this is cumbersome.

End of the year has come and gone, is there a new estimate? What kind of red tape was left considering all that had been done to this point?

It has taken close to 4 months to clean out the top three floors which is all complete now.

This was posted in late October. So I presume July through October was the clean-out, which is now complete.

New doors and a few windows should be ordered within the next few weeks. The floors have been completely emptied. They are keeping the original windows and just repainting them. Should start seeing some work starting pretty soon.... They have been dragging their feet on this project and don't expect that to change its just how they function.

This was posted in early December. I suppose we could still be within the "pretty soon" timeframe.


Okay so that's the summary. Apologies for any ignorant questions. Anything else we can we add to this timeline?

Oh, and Pete, your summary at the top of the page says 30 units, but one of the posts states 36. What's the correct number?

[Spartan]

HTC's are issued after final review but can be syndicated up front. The SHPO can take a while for final approval.

[Pete]

Found this in the agenda for the Urban Renewal Authority's meeting tomorrow.

This would explain why there have been so little activity at the Mideke Building. Will be very interesting to see who will be taking the space.

In August 2013, under the Authority’s newly-established affordable housing
program using Community Development Block Grant (CDBG) funds provided by the City of
Oklahoma City, the Authority entered into a Redevelopment Agreement with The Mideke
Building, LLC, (Redeveloper) a redevelopment team led by Andy Burnett, for the conversion the
top three floors of the Mideke Building (also known as the Mercantile Building), located at 100
E. Main Street in Bricktown, to approximately 36 loft apartments for rent by middle income
wage earners. In exchange for the conversion, the Authority was to provide CDBG funding to
enable them to provide approximately one-third of the units at below-market rents in order to
make them available for persons of moderate incomes within the definitions provided by HUD
for CDBG.

However, the Redeveloper has since received an offer to lease the Mideke Building for
potentially a higher and better use. The Redeveloper has requested an agreement terminating the
Redevelopment Agreement and providing for the Redeveloper’s reimbursement to the Authority
for its costs incurred with respect to the project.

[catch22]

Pete, I know I saw the sign on the building saying they were leasing to commercial and retail. Several weeks/months ago. Thought it may have been an outdated sign they forgot to pull down. Related? Tom Ward's new company?

[catch22]

^ And actually, the pics from Will from December show that leasing sign. Office/Retail.

[Pete]

Tapstone (Tom Ward) is a very good guess.

I know they have been working on a deal in the downtown area and that they hit a snag at the Rock Island Plow.

[HangryHippo]

Tapstone (Tom Ward) is a very good guess.

I know they have been working on a deal in the downtown area and that they hit a snag at the Rock Island Plow.

Is an energy company located there a higher and better use for the property over residential?

[Pete]

Higher and better is in the eye of the beholder.

I suspect a quality office tenant would pay more rent.

[Chadanth]

Higher and better is in the eye of the beholder.

I suspect a quality office tenant would pay more rent.

And it's easier to deal with an office tenant over 24 residential tenants.

[catch22]

Higher and better is in the eye of the beholder.

I suspect a quality office tenant would pay more rent.

Not only a higher rent, but a more stable one, without the headache of keeping up with 30 different tenants and their respective billing and payments, deposits, complaints, and maintenance requests.

[Urbanized]

If this happens - and if there is any shift in ground floor tenants - I hope they reserve street frontage for retail/restaurant. Ground floor office would not be great for the area, but upper floor is fine, especially considering the tenant.

[Pete]

I just heard from a very good source that Tapstone is indeed going into this building.

Don't think they will be taking the ground floor, but will take most the rest of the building.

Knowing Tom Ward, they will create a very nice space for the new company.

[betts]

Interesting. Maybe someone will look at converting upper floors in a different building into housing.

[Spartan]

Not only a higher rent, but a more stable one, without the headache of keeping up with 30 different tenants and their respective billing and payments, deposits, complaints, and maintenance requests.

And then if they go under or move out there goes everything...

[Pete]

Interesting. Maybe someone will look at converting upper floors in a different building into housing.

Spaghetti Warehouse!

That is quickly becoming the biggest empty space downtown.

[betts]

Did the building owner(forgot his name) ever sell those floors to the developers or was he still holding them? If he hadn't sold, maybe he was having second thoughts.

[Pete]

Did the building owner(forgot his name) ever sell those floors to the developers or was he still holding them? If he hadn't sold, maybe he was having second thoughts.

I believe the floors sold and that the Tapstone deal is being done through the purchasers (Andy Burnett, el al).

[Just the facts]

I love it - that is going to put a lot of people in the area and suspect a number of them are going to want to live near by.