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Thread: 308 NW 10th

  1. #51

    Default Re: 308 NW 10th

    Midtown R seems to be in a pretty serious holding pattern.

    They have not even started on Memory Lane (apartments) and beyond that and the new Mercedes Dealership near Edmond, I don't think they have much in the pipeline.

    it's the downside of one group holding so many key properties in the area.

  2. #52

    Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    Midtown R seems to be in a pretty serious holding pattern.

    They have not even started on Memory Lane (apartments) and beyond that and the new Mercedes Dealership near Edmond, I don't think they have much in the pipeline.

    it's the downside of one group holding so many key properties in the area.
    Not that I have any reason to believe they need the cash, but could you see MR selling off some of their undeveloped property? Value for their properties has to have appreciated substantially since they were acquired and it would benefit the entire district, including the existing MR developments, if some of their large blocks were developed instead of sitting undeveloped for the next howevermany years.

  3. #53

    Default Re: 308 NW 10th

    i think this is a really cool concept and a very reasonable idea to implement.
    for one second i thought it was the property on the southeast corner of broadway and park place
    because it has been recently demolished and it's up for sale and with the street car terminal point
    in that area it could have also made sense to develop that corner into an attraction point.

    can anyone please tell me who MR is?

  4. #54

    Default Re: 308 NW 10th

    Quote Originally Posted by Timshel View Post
    Not that I have any reason to believe they need the cash, but could you see MR selling off some of their undeveloped property? Value for their properties has to have appreciated substantially since they were acquired and it would benefit the entire district, including the existing MR developments, if some of their large blocks were developed instead of sitting undeveloped for the next howevermany years.
    I don't think they are interested in selling anything. They have even said they will never build condos instead of apartments.

    To their credit, they've helped create tremendous value in Midtown but the irony is just as the streetcar is getting ready to run through there, they seem to be pretty much shutting down all construction.

    Many may recall that there was lots of thoughts of them developing the property directly south of Fassler Hall after St. Anthony construction wrapped and all the equipment was removed. But absolutely nothing happening there even though the lot has been clear for some time.

    They still own tons of vacant or nearly vacant land and property and will have a ton more when Mercedes moves in about a year.

    And of course, they still own that massive parcel between the Myriad Gardens and the new Maps 3 park. That nothingness is going to be a lot bigger deal when that park and boulevard are complete in about a year.

  5. #55

    Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    I don't think they are interested in selling anything. They have even said they will never build condos instead of apartments.

    To their credit, they've helped create tremendous value in Midtown but the irony is just as the streetcar is getting ready to run through there, they seem to be pretty much shutting down all construction.

    Many may recall that there was lots of thoughts of them developing the property directly south of Fassler Hall after St. Anthony construction wrapped and all the equipment was removed. But absolutely nothing happening there even though the lot has been clear for some time.

    They still own tons of vacant or nearly vacant land and property and will have a ton more when Mercedes moves in about a year.

    And of course, they still own that massive parcel between the Myriad Gardens and the new Maps 3 park. That nothingness is going to be a lot bigger deal when that park and boulevard are complete in about a year.
    I sent the market analysis that their property manager provided to me ~6 months ago out, and it is very apparent they are taking a hard look at everything that has come on line and being purposefully cautious. Occupancy rates over the next year or two will really dictate what direction they decide to go on the residential side. However, you would think that they would be a little more aggressive on the commercial / office side as the demand there seems to keep snowballing.

  6. #56

    Default Re: 308 NW 10th

    I understand being cautious as a lot of new rental properties come online, but there's almost no way a quality development along 10th, south of Fassler wouldn't kill it. That would be arguably the best location in the metro. The apartments that would have to worry in that scenario are the ones with slightly less desireable locations (e.g., Metropolitan, Lift) in the area. It is frustrating to see Midtown R stall even though, as Pete said, they deserve so much credit for making Midtown what it is.

  7. #57

    Default Re: 308 NW 10th

    Quote Originally Posted by sooner88 View Post
    However, you would think that they would be a little more aggressive on the commercial / office side as the demand there seems to keep snowballing.
    Agreed. And whatever commercial/office that they develop (or that other developers develop) should increase the value and demand for future residential.

    Editing to say that my post wasn't intended in any way to knock MR. I used to live there and still spend a significant amount of time in Midtown and fully appreciate that it would not be the district it is without MR's dedication to the area and its high quality developments.

  8. #58

    Default Re: 308 NW 10th

    I actually just saw this video pop up in my feed on FB. I had forgotten how many properties they own/manage in Midtown.


  9. #59

    Default Re: 308 NW 10th

    And in fairness to Midtown Renaissance, they have done a ton of small things along Walker recently, such as adding the additional retail in Plaza Court (Insomnia Cookies, etc.), added the new patio at Stella, converted the old Meg Guess space to three different commercial tenants, even adding the patio for McNellies.

    However, they still own a bunch of very big holes in Midtown and even if they continued on their aggressive pace it would be a long time before most of it was built-out. Therefore, this slowdown along with abandoning the car dealerships and sitting on the key downtown parcel has me concerned that we are going to have those scars for longer than I or most people would like.


    And as far as their residential, it seems for the first time in the many years they have brought new units on the market, they actually have a bit of vacancy as you see 1-2 units available in many of their projects.

    At the same time, they are charging at the very high end of the rental spectrum and it's amazing to me they have gone this long without even needing to try to rent their units.

  10. #60

    Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    And in fairness to Midtown Renaissance, they have done a ton of small things along Walker recently, such as adding the additional retail in Plaza Court (Insomnia Cookies, etc.), added the new patio at Stella, converted the old Meg Guess space to three different commercial tenants, even adding the patio for McNellies.

    However, they still own a bunch of very big holes in Midtown and even if they continued on their aggressive pace it would be a long time before most of it was built-out. Therefore, this slowdown along with abandoning the car dealerships and sitting on the key downtown parcel has me concerned that we are going to have those scars for longer than I or most people would like.


    And as far as their residential, it seems for the first time in the many years they have brought new units on the market, they actually have a bit of vacancy as you see 1-2 units available in many of their projects.

    At the same time, they are charging at the very high end of the rental spectrum and it's amazing to me they have gone this long without even needing to try to rent their units.
    I had 3-4 months left on my lease and recently needed to get out, and they were able to have someone take it over within 48 hours. I'd be curious to know if they raised rent on the new tenants.

  11. #61

    Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    And in fairness to Midtown Renaissance, they have done a ton of small things along Walker recently, such as adding the additional retail in Plaza Court (Insomnia Cookies, etc.), added the new patio at Stella, converted the old Meg Guess space to three different commercial tenants, even adding the patio for McNellies.

    However, they still own a bunch of very big holes in Midtown and even if they continued on their aggressive pace it would be a long time before most of it was built-out. Therefore, this slowdown along with abandoning the car dealerships and sitting on the key downtown parcel has me concerned that we are going to have those scars for longer than I or most people would like.


    And as far as their residential, it seems for the first time in the many years they have brought new units on the market, they actually have a bit of vacancy as you see 1-2 units available in many of their projects.

    At the same time, they are charging at the very high end of the rental spectrum and it's amazing to me they have gone this long without even needing to try to rent their units.
    Perhaps I didn't shop around enough, but when I was searching for a 1 BR apartment in the downtown area MR was very competitive. I currently live in one of their buildings and for the quality of the apartment, and not having to live with 400 people, I would argue their value is much better than anything downtown. The only apartments I found cheaper of good quality were Level and Avana Arts (Still within ~$100/Mo). Deep Deuce, Lift, Edge, and Maywood were all more expensive.

  12. #62

    Default Re: 308 NW 10th

    Didn't mean they weren't competitive, just at the high end of the range.

  13. #63

    Default Re: 308 NW 10th

    It's looking like the rental market in midtown/uptown has picked up a bit in the past month. MidtownR only has 4 apartments available now(All in the Frank, which is kind of on the periphery of things): http://www.midtownr.com/vacancies/

    And I've seen a bunch of other properties come off market that had lingered through the winter. With the large overhang of units in new buildings (Lift, Metropolitan) still being worked through, this looks like a good sign to me that the market will continue to push on.

    I am hopeful that MidtownR will "set the bar" with something big soon.

  14. #64

    Default Re: 308 NW 10th


  15. #65

    Default Re: 308 NW 10th

    There hasn't been much activity (read none) since the new windows were put in. Limited activity the few weeks prior to that as well.

  16. #66

    Default Re: 308 NW 10th

    ^

    They are trying to finalize the plans for the multi-vendor food concept and don't want to proceed until that is all set, which should be soon.

  17. #67

    Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    ^

    They are trying to finalize the plans for the multi-vendor food concept and don't want to proceed until that is all set, which should be soon.
    Makes sense! I'm glad it isn't some other reason.

  18. #68

    Default Re: 308 NW 10th

    Things are definitely progressing and should be really cool.

  19. #69

    Default Re: 308 NW 10th

    I know this concept is different, but I've been at the Milwaukee Public Market this week and I'd love to see OKC with something like it. It's an incredible public spaces full of restaurants, shops, and wine bars in a very small space.

  20. #70

    Default Re: 308 NW 10th

    Quote Originally Posted by dankrutka View Post
    I know this concept is different, but I've been at the Milwaukee Public Market this week and I'd love to see OKC with something like it. It's an incredible public spaces full of restaurants, shops, and wine bars in a very small space.
    I've been many times and love it but...

    It was highly, highly infused with public subsidy.

  21. #71

    Default Re: 308 NW 10th

    Final plans and details revealed for Midtown food hall and 2-level bar

    Work is set to start soon on The Collective at NW 10th and Harvey in Midtown, a food hall with 7 kitchens and an elaborate two level, indoor/outdoor bar.



    Developed by Vincent Le, Kayla Baker, Emily Stanley and former Oklahoma Sooner and pro golfer Anthony Kim and operated by Troung Le (no relation to Vincent) of Guernsey Park and Chick N Beer fame, plans have just been finalized and pending design approval by the city, work will start very soon with the goal of being open by the end of the year.

    The former auto garage was an eyesore for years with dozens of abandoned cars at the high visible intersection across from the popular Bleu Garten food truck court.



    After several other developers failed to get their hands on the property, the current ownership group was successful and facilitated clean-up while they considered the highest and best use for the key location.

    The design by Gardner Architects with significant input from Stanley shows 7 small kitchens that will each host a different food concept, as well as a large central bar on the main level, and seating on the rooftop deck. A shipping container will protect an internal stairwell.



    Truong Le told OKCTalk they plan to be particular in choosing vendors who will each get a fully-equipped, turn-key kitchen as part of their lease.

    The group plans to 'audition' operators so they can test food and also review their business plans. Le said the success of each operator is vital to all the others and the development as a whole, and the idea is to make the best possible choices from a large pool of applicants.

    For example, they hope to have at least one restaurant that offers breakfast and brunch so the facility can operate almost all day, every day. Otherwise, The Collective will be open for lunch and dinner and the bar will stay open late on weekends.

    The facility will also feature one more semi-separated area that will either be leased for events or be used as a nighttime lounge.

    Food vendors will also be expected to maintain 4-star ratings on social media otherwise run the risk of being replaced.

    Le himself will operate the bar and patrons will receive table service once they have selected a table. All the food operations will be counter service.

    The bar will feature 32 taps with a wide array of local craft beers, simple cocktails and a wine selection that will include champagne.

    On the second level, more seating will be provided on a seasonal basis.



    The old garage building will be expanded northward for what will be the main bar area, with 4 overhead doors that will open to a large patio.

    The entire concept is similar to the wildly popular Avanti in Denver.

    Building permits applications have already been filed and the group hopes to gain design approval next month.

  22. Default Re: 308 NW 10th

    Food vendors will also be expected to maintain 4-star ratings on social media otherwise run the risk of being replaced.
    Horrible idea... Have they not seen what a train wreck Yelp and other review sites can turn into? All it takes is one idiot to start spreading some fake news and getting their friends to leave bad reviews too.

  23. #73

    Default Re: 308 NW 10th

    Quote Originally Posted by OK BBQ Eater Anonymous View Post
    Horrible idea... Have they not seen what a train wreck Yelp and other review sites can turn into? All it takes is one idiot to start spreading some fake news and getting their friends to leave bad reviews too.
    I'm sure they'll use that as a guideline... Just want vendors to maintain a certain standard and have the ability to toss them for someone better if they don't.

    This is almost exactly like Avanti in Denver which they have studied closely and can use as a model.

  24. Default Re: 308 NW 10th

    Quote Originally Posted by Pete View Post
    I'm sure they'll use that as a guideline... Just want vendors to maintain a certain standard and have the ability to toss them for someone better if they don't.

    This is almost exactly like Avanti in Denver which they have studied closely and can use as a model.
    I was actually reading your article and thinking of Avanti before you mentioned it. If this ends up anything like that it will be a hit. It looks like this will have an even cooler layout than Avanti with the large ground floor patio so that's a good start.

  25. #75

    Default Re: 308 NW 10th

    What happened to the Commissary name? I really liked that.

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