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Thread: Nichols Hills Plaza

  1. #76

    Default Re: Nichols Hills Plaza

    I really don't think the NH Plaza grocery will be related to any sort of national or regional chain.

    My understanding is that AKM is trying to partner with local operators for both the store and the lunch counter.

    Of course, they could very well be looking to mimic something like Eatzi's but I haven't heard anything about the specific concept they are hoping to implement.

  2. #77

    Default Re: Nichols Hills Plaza

    Quote Originally Posted by Spartan View Post
    Is Eatzi's in Dallas connected to the long-lost Eatzi's in Houston that used to be at Post Oak and San Felipe (Galleria area)? I'm curious how that evolved. Eatzi's on Post Oak ended up getting bulldozed for this development:

    Yes, all Eatzi's were under the same ownership group at one time...Brinker International. Phil Romano was also involved in the past and then sold his shares. However, I think he has gotten back in on two Dallas stores.

    They also had a stores in NYC and Buckhead...both are closed.

    Phil Romano and Norman Brinker both have books on their careers if interested.

  3. #78

    Default Re: Nichols Hills Plaza

    Construction photos of NH Plaza from yesterday courtesy OKCTalker.

    There are of the southwest corner of the south section, as they've been moving tenants from near the old Crescent Market.








  4. #79

    Default Re: Nichols Hills Plaza

    They're adding gables? Decorative ones? I've noticed that the space on the southeast side has vaulted ceilings, so perhaps they're supposed to add more light. I still think it's a shame they weren't allowed to go up in the Plaza.

  5. #80

    Default Re: Nichols Hills Plaza

    The are adding similar dormers to the old Crescent space as well.

    Don't know if they will function as skylights or be purely decorative.

  6. #81

    Default Re: Nichols Hills Plaza

    Dormers going up on the southwest section of the plaza:


  7. Default Re: Nichols Hills Plaza

    May be like the decorative ones that were added to the Mayfair facelift a few years back

  8. #83

    Default Re: Nichols Hills Plaza

    They appear to be functioning like skylights, as that part of the Plaza is currently vaulted.

  9. #84

    Default Re: Nichols Hills Plaza

    Will they be going in on the other side as well? Judging from the photo..

  10. #85

    Default Re: Nichols Hills Plaza

    I find this interesting because I always assumed (wrongly, I suppose) that CHK's long-term plans for NHP were to tear it down and replace it with some new construction. Maybe mixed use with housing, maybe some radically different design. If they're spending money to refurbish parts of the plaza with a similar design to the older look, then they're probably not looking to alter the layout or look in any significant way. I admit I haven't seen the plaza in some time, so not entirely sure what they're doing, just thought that was interesting.

  11. #86

    Default Re: Nichols Hills Plaza

    CHK wanted to pull down the entire south section of NHP and expand it, as they own almost all the property immediately adjacent.

    But the City of NH wouldn't go for that, so it looks like they will just redevelop what's there. Of course, what they are doing now does not represent a big investment or preclude them for doing something much bigger if they can ever persuade NH leaders.


    They've cleared just about everyone out of the east end of that south section, so it will be interesting to see what they do with the proposed Nichols Hills Market and lunch counter. Still hearing that McClendon is backing that venture and is looking for the right operator.

  12. #87

    Default Re: Nichols Hills Plaza

    I heard a rumor that NHP is for sale

  13. #88

    Default Re: Nichols Hills Plaza

    I heard the exact same rumor today. I didn't hear anything beyond just this property, but I would speculate we are witnessing the unraveling of CHK's masterplan. No more non-essential development. I hope I'm wrong.

  14. #89

    Default Re: Nichols Hills Plaza

    I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.

  15. Default Re: Nichols Hills Plaza

    Quote Originally Posted by betts View Post
    I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.
    Selling something becuase they can't do what they want with it doesn't sound like their MO. Instead they would keep trying to ram whatever plan they had through different means.

    I would take this to mean we can see more of their properties going up for sale.

  16. #91

    Default Re: Nichols Hills Plaza

    They are still working with the City of NH to swap their admin buildings for the church CHK owns just west of the plaza and they have almost a $100 million invested in that property and the others immediately surrounding it; the combined assessed value is about $26 million.

    The southern section has a huge amount of vacancy, as they've chased out Crescent foods and the drug store and relocated a bunch of other tenants.

    It doesn't make sense to me that they would suddenly be looking to sell, as they would take a huge loss and wouldn't even cover a week's interest on the $4 billion loan they just took out

    Reports say they need to raise $11 BILLION by the end of the year. They are not going to get there by raising $30 million or so and taking a huge loss in the process.

  17. #92

    Default Re: Nichols Hills Plaza

    BTW, Chesapeake has not slowed down their real estate spending one bit.

    They're still buying all types of parcels north of 63rd and east of Western, acquiring property around 50th & Penn, bought a slew of expensive office buildings last year then issued a ton of building permits to completely renovate them over the last several months, getting underway on their expensive convenience store project at 50th & Western, etc.

    And don't forget they have several of their biggest construction projects yet underway on their main campus.

  18. #93

    Default Re: Nichols Hills Plaza

    Thinking about this more...

    Even though this wouldn't be a good time to sell NH Plaza for the reasons I mentioned and even though CHK would take a big loss, I could see a scenario where they might want to unload these completely superfluous properties before a new sheriff comes to town in the form of a new board chair, four new board members, and activist shareholders led by Carl Icahn.

    As I've mentioned, it's just a matter of time before someone takes a hard look at the details behind their real estate holdings and when they do, McClendon himself is going to face even further scrutiny. He may want to try and put some of this in the past ASAP.


    But of course, they own literally hundreds and hundreds of properties and none are worth nearly what they paid for them. It's possible they may be looking to get out from under the biggest ones, though.

  19. #94

    Default Re: Nichols Hills Plaza

    Quote Originally Posted by Pete View Post
    Thinking about this more...

    Even though this wouldn't be a good time to sell NH Plaza for the reasons I mentioned and even though CHK would take a big loss, I could see a scenario where they might want to unload these completely superfluous properties before a new sheriff comes to town in the form of a new board chair, four new board members, and activist shareholders led by Carl Icahn.

    As I've mentioned, it's just a matter of time before someone takes a hard look at the details behind their real estate holdings and when they do, McClendon himself is going to face even further scrutiny. He may want to try and put some of this in the past ASAP.


    But of course, they own literally hundreds and hundreds of properties and none are worth nearly what they paid for them. It's possible they may be looking to get out from under the biggest ones, though.
    Just selling the properties does not erase the past. If there is scrutiny to be faced by McClendon because of the real estate, the scrutiny will still come if the properties are sold. In fact, the scrutiny would be more intense and the case even easier to make if, as you have told us, they would have to sell the properties at huge losses. If CHK still owns the properties and they are still under development, McClendon and CHK can make a case that the investments are good long-term investments. If they sell the properties for huge losses, well... what argument is left ?

  20. Default Re: Nichols Hills Plaza

    Quote Originally Posted by Oil Capital View Post
    Just selling the properties does not erase the past. If there is scrutiny to be faced by McClendon because of the real estate, the scrutiny will still come if the properties are sold. In fact, the scrutiny would be more intense and the case even easier to make if, as you have told us, they would have to sell the properties at huge losses. If CHK still owns the properties and they are still under development, McClendon and CHK can make a case that the investments are good long-term investments. If they sell the properties for huge losses, well... what argument is left ?
    Pete,
    Have you ever looked at who is selling these properties. Are they all random people or is there some kind of outside chance that they are filtering money to friends in some weird way?

  21. #96

    Default Re: Nichols Hills Plaza

    I agree that just dumping that property doesn't make sense, I was just trying to think through any possible motivation.

    At the very least they could use such a sale to try and demonstrate a renewed focus on their core business.


    BTW, there are at least two and maybe as many as four articles coming out about their real estate holdings. I've been in contact with several reporters but all this is so complex I wouldn't expect any deep investigative piece quite yet. More of a general summary of what they have been doing and what they hold.

    I've been tracking this for years and am still having trouble coming up with exact numbers. We are talking about over a thousand individual transactions plus many aspects that are not part of public record, such: Rent being paid by any tenants; incentives given to tenants, such as reduced rent, relocation bonuses, contributions towards finishes, lease buy-outs etc.; swaps and other side deals; ownership interest of various tenants (McClendon is rumored to have taken an interest in Balliet's, for example).


    I believe what will eventually happen is that the lid will be pried slightly open and that will lead the newly-shaped board to take a hard look at everything they've poured into real estate, especially the completely superfluous holdings.

  22. #97

    Default Re: Nichols Hills Plaza

    Quote Originally Posted by ChargerAg View Post
    Pete,
    Have you ever looked at who is selling these properties. Are they all random people or is there some kind of outside chance that they are filtering money to friends in some weird way?
    They have spread their money around to hundreds and hundreds of sellers.

    I'm sure they are motivated by wanting to amass as much property as they can in that area of town and I don't think it has anything to do with who happens to own it.


    There are some possible conflicts of interest, though. I mentioned McClendon possibly owning a piece of Balliet's but also one of CHK's LLC's bought the Deep Fork Grill building and land and McClendon owns a big chunk of that restaurant. Also, he is rumored to be backing the new grocery / lunch counter proposed for the old Crescent space in NH Plaza.

    I don't think any of these dealings are necessarily nefarious, just a matter of being indiscriminate and not considering how this might all look under independent scrutiny. If you think about it, it's very similar to the general business dealings which has caused so much controversy. It's just how they operate.

  23. #98

    Default Re: Nichols Hills Plaza

    Quote Originally Posted by betts View Post
    I think it's been unofficially for sale for several years now. Once Aubrey couldn't do what he'd planned, I suspect he lost interest.
    They had a deal with the City of Nichols Hills. NH realized one man could easily bring them to their knees on sales tax revenue.

    I think CHK paying in some cases 2-4 times the value of the properties is going to be the next massive cow pie to hit the fan.

  24. #99

    Default Re: Nichols Hills Plaza

    Chesapeake says Nichols Hills Plaza isn't for sale
    Published: June 15, 2012

    NICHOLS HILLS — Rumors that Nichols Hills Plaza is for sale are false, according to Chesapeake Energy Corp. spokesman Jim Gipson.

    Chesapeake Land Development Co. continues to list the property's retail and office space for lease online at www.chesapeakelanddevelopmentcompany.com. In the past week or so, at least one local blogger and a widely followed discussion board passed along the rumor that the property was for sale.


    Read more: http://newsok.com/chesapeake-says-ni...#ixzz1y8lE8oCB

  25. #100

    Default Re: Nichols Hills Plaza

    Lots of work now underway at the south section of NH Plaza.

    This is the old Crescent Market space that will be home to the new Chesapeake-backed NH Market:



    Inside the market space; they have started work; those dormers being added function as skylights:



    Looking west, you can see the entire southwest section is under renovation:



    Close up of that southwest section:



    You can see they are adding floor-to-ceiling glass here:



    They are completely re-doing the parking lot at the far west end; I'm sure the plan is to work their way east all the way to the new market:

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