Park Harvery Center sold; 17-story tower may become apartments

[Pete]

Park Harvey Center sold: $2 million deal may transform 17-story tower into apartments

by David Page
The Journal Record
9/23/2005


Gardner/Tanenbaum Group has purchased the 17-story Park Harvey Center in downtown Oklahoma City for $2 million and may renovate the building for apartments.

Park Harvey tenants have been notified in letters that the building at 200 N. Harvey Ave. was bought by Park Harvey Apartments and leases transferred to the new owner. The letter was signed by Richard Tanenbaum, manager, Park Harvey Apartments. He also is CEO of Gardner/Tanenbaum.

At least some Park Harvey Center tenants were notified that leases were being terminated.

"You are hereby notified that the new owner hereby terminates your tenancy effective Nov. 30, 2005," read a letter with a Park Avenue Apartments letterhead and signed by Tanenbaum. The letter was dated Sept. 13.

Tanenbaum did not return calls on Thursday. His office said he was out of town.

The Park Harvey Center would be the second downtown building Gardner/Tanenbaum has renovated for residential use.

The Montgomery opened late last year at 500 W. Main with 56 high-end apartments. Built as a Montgomery Ward department store in 1919, the remodeled, six-story structure has apartments on the third through sixth floors, offices on the second floor and retail at street level.

The Park Harvey Center is about three blocks from The Montgomery.

Park Harvey Associates had been attempting to sell the 170,000-square-foot building for several years. Park Harvey Center was offered in an auction in November 2002 with a minimum bid of $1.85 million. No bids were received and the building was made available to potential buyers in a negotiated sale.

Built in 1957, the office building consists of poured concrete with an exterior of metal panel and glass. Four high-speed elevators service the building. The building sits on two 99-year ground leases, both of which expire in 2054.

Gardner/Tanenbaum has plans for at least two other residential projects.

Earlier this year, Gardner/Tanenbaum began renovations on a 20-story building formerly known as Citizens Tower at 2200 N. Classen Blvd. Plans call for the building to be revamped into about 80 luxury condominiums.

Gardner/Tanenbaum announced plans in July for a $51 million upscale apartment complex at 400 Central Park Dr. The Lincoln at Central Park will have nearly 800 units on 47 acres. The complex will be built in three phases.

[Pete]

Here's a good photo from Doug Loudenback's site:

[mranderson]

Two million? That is a steal. That building should have gone for 17 million.

[Doug Loudenback]

Yep. I'll be looking for other quarters soon. It will take a lot of money to update and improve the building, particularly for apartments.

[Pete]

Doug, did you receive a lease termination letter?

If they are only giving until the end of November, that's not much time.

[Patrick]

I think Tanenbaum needs to purchase First National. He seems to be doing a great job converting old office space for residential use.

[vxt]

Wow that is a great location. I like the idea of fixing up old building but I would like to see a new residental building being built instead. But what ever as long as it gets more people living downtown.

[HOT ROD]

yep

[Patrick]

Hey Doug, when I was in downtown today, I stopped by your office to say hi, but they said you were out. You'll be leaving behind a lovely office. It's a shame. Seems like that building is pretty full. There's a lot of offices listed on the directory.

[swake]

That is a stunningly ugly building, what, besides the location, is going to be the draw to living there?

[flyingcowz]

I agree that it's not very nice looking, but at least something is happening with their downtown.

[okcpulse]

That is a stunningly ugly building, what, besides the location, is going to be the draw to living there?

I don't doubt Tanenbaum will do exterior remodeling to make the building more attractive. I dropped by Doug's office in that building a while back and the interior is surprisingly clean and well maintained.

Gotta love that unattractive international style architecture. It screams 1970s.

[okcpulse]

High-Rise Rising: Apartment Living Above The City Doubles

It was just four years ago that Oklahoma City had only three options for high-rise apartment living. Everyone new the options, and where they were. Regency Tower downtown, Lakeview Towers near Lake Hefner, and the Tiffany House just off Northwest Expressway. Now, the options have doubled to six. Aside from the afore mentioned, high-rise corporate apartments, known as 'The Montgomery', opened downtown. The Classen, a high-rise condo development, is under renovation in the former 20-story Citizens Tower near N.W. 23rd and Classen. And now, another buyer purchased United Founders Tower, with plans to turn the 20-story office building into high-rise apartments. Funny, that's what many out-of-towners thought the building was. The balconies made it confusing. With apartment towers catching on, finally, in Oklahoma City, it could pave the way for further development, especially downtown. Many members of OKCTalk have longed for First National Tower to be re-opened as a residential tower. If so, it would be the tallest in the state, as the tower is already the second tallest in the city, even without the mast.

We all know that living higher means more density for the urbanized region of Oklahoma City, and with it, more and better retail, as well as a more urban feel. As undesirable office space is being converted into living space, it only makes sense to build appealing office towers, and growing Oklahoma City's skyline.

http://www.okcpulse.com/oklahoma_city_scene.htm
Oklahoma City Scene article

Make that seven high-rise options!

[windowphobe]

And, you know, if a building erected in 1957 "screams 1970s," it was obviously ahead of its time.

[jbrown84]

Yes it is one of the ugliest buildings downtown, but I'm sure Tannenbaum will make it look better. There sure is no one doing more for urban housing right now than Richard Tannenbaum.

[fromdust]

i dont think it is necessarily ugly just really plain. ugly: the classen.

[BDP]

I like the Classen. Good Wright rip off of the Price Tower. Definately has character.

But when you're talking residential high rises, it's really what's inside that counts. The best part about these coversions is that it takes an unattractive office building, where outward aesthetic really makes a different in corporate image and coverts it to residential where inward aesthetic is most important. Obviously, we all want better looking buildings, but it's there and I am much more in favor of conversions that reduce vancancy and create density.

Let's build new stuff when we need the real estate, not to spite what came before. Full "ugly' buildinsg are better than empty ugly ones.

[John]

I like the Classen....it's really what's inside that counts.

One of the most attractive features of the Classen, on the inside, is the lack of interior columns, due to the central support of the tower. Each unit will have a wall full of windows with a great view of OKC.

[BDP]

Definately. It will give the units a much larger feel to them as well. Part me wishes I hadn't just bought a new house last year, as I think that will be a nice place to live.

[fromdust]

i wonder if this new project of his will be affordable. all of his other projects are extremley expensive to live in.

[BDP]

i wonder if this new project of his will be affordable. all of his other projects are extremley expensive to live in.

I agree. I would love to see a less exclusive urban development. Maybe the scale of this building will help him do that, or at least provide an opportunity to offer a broader price range.

[mranderson]

i wonder if this new project of his will be affordable. all of his other projects are extremley expensive to live in.

Each person must decide for themselves. Affordable is in the wallet of the beholder.

[fromdust]

Each person must decide for themselves. Affordable is in the wallet of the beholder.

ok whatever. $1000+ for an apartment, like the montgomery, is too high. sure, id love to live somewhere like that, but id rather have a house for that price.

[BDP]

$1000+ for an apartment, like the montgomery, is too high

Apparently not, as most of it is rented out. $1000/mo for an exclusive property is pretty good in most places. For that matter, $1000/mo for just a regular apartment is pretty good. That's what roomates are for.

For better or worse, as long as people are willing to pay a premium to be downtown, the pricing will reflect that.

[metro]

Did anyone catch yesterday's article about the Park Harvey in the Oklahoman?? I tried to post it but I could'nt find it. Tanenbaum addressed the parking concern. He stated he is not concerned and that most of his targeted demographic already pays to park somewhere downtown already because they work downtown. He said according to the latest study about downtown housing stating there is already a demand for so many thousand units already, he has bigger problems if he can't find 170 people to buy apartments that are concerned too much about parking. I agree.

Rent was going to range from I think $550-$1500. Avg. rent is half the Montgomery's at $780 I believe compared to the Montgomery's $1480.