metro
08-18-2007, 08:14 PM
Former dealership sells; hotel in works
August 20, 2007
WARR ACRES – A former car dealership in Warr Acres along Northwest Expressway that has sat vacant for nearly a year sold last week for $2.2 million.The Warr Acres Economic Development Authority sold the former Dub Richardson Toyota location to Champak B. Patel, who has plans for a hotel, retail and restaurant space.
The property, at 5600 Northwest Expressway, sits along a busy stretch of the expressway between Meridian Avenue and MacArthur Boulevard.Warr Acres is an incorporated city nestled within the west side of Oklahoma City and bordered on the west by Bethany.Patel has plans for a 113-room Marriott Fairfield Inn and Suites as well as two restaurant or retail pads facing Northwest Expressway. He estimated the hotel will cost about $8 million to build. Construction is set to begin early next year and should take about 11 months.
In 2002 the city purchased the property for $3.35 million. And while the city took a loss on the sale price, it hopes to make money from tax revenues generated from the hotel and retail pads.Mark Inman and Brian Donahue of CB Richard Ellis Oklahoma brokered the deal.Warr Acres Mayor Marietta Tardibono, who has been mayor since March 2003, was not involved in the initial purchase. Tardibono said the city purchased the property with the intention of putting something on the spot to produce sales tax revenue.Instead, the property remained a car lot, under different operators, until Guaranteed Auto vacated the space in December.
The property consists of four buildings built in the 1970s and early 1980s with more than 51,000 square feet of space on 5.46 acres. All of the existing buildings will be torn down to make room for the hotel.Tardibono said that site was the only land the city owned along Northwest Expressway. Patel, who owns about 10 hotels around the Oklahoma City metro area, said he is in talks with possible retail and restaurant tenants, although there are as of yet no confirmed takers for the available pads.
© 2007 The Journal Record All Rights Reserved
http://www.journalrecord.com/_images/articles/t_labshotel%20-%20JP.jpg
Weeds sprout where vehicles once sat at the former Dub Richardson Toyota dealership at 5600 Northwest Expressway in Warr Acres. The property was sold last week with plans for a 113-room hotel to take its place. (Photo by Jennifer Pitts)
August 20, 2007
WARR ACRES – A former car dealership in Warr Acres along Northwest Expressway that has sat vacant for nearly a year sold last week for $2.2 million.The Warr Acres Economic Development Authority sold the former Dub Richardson Toyota location to Champak B. Patel, who has plans for a hotel, retail and restaurant space.
The property, at 5600 Northwest Expressway, sits along a busy stretch of the expressway between Meridian Avenue and MacArthur Boulevard.Warr Acres is an incorporated city nestled within the west side of Oklahoma City and bordered on the west by Bethany.Patel has plans for a 113-room Marriott Fairfield Inn and Suites as well as two restaurant or retail pads facing Northwest Expressway. He estimated the hotel will cost about $8 million to build. Construction is set to begin early next year and should take about 11 months.
In 2002 the city purchased the property for $3.35 million. And while the city took a loss on the sale price, it hopes to make money from tax revenues generated from the hotel and retail pads.Mark Inman and Brian Donahue of CB Richard Ellis Oklahoma brokered the deal.Warr Acres Mayor Marietta Tardibono, who has been mayor since March 2003, was not involved in the initial purchase. Tardibono said the city purchased the property with the intention of putting something on the spot to produce sales tax revenue.Instead, the property remained a car lot, under different operators, until Guaranteed Auto vacated the space in December.
The property consists of four buildings built in the 1970s and early 1980s with more than 51,000 square feet of space on 5.46 acres. All of the existing buildings will be torn down to make room for the hotel.Tardibono said that site was the only land the city owned along Northwest Expressway. Patel, who owns about 10 hotels around the Oklahoma City metro area, said he is in talks with possible retail and restaurant tenants, although there are as of yet no confirmed takers for the available pads.
© 2007 The Journal Record All Rights Reserved
http://www.journalrecord.com/_images/articles/t_labshotel%20-%20JP.jpg
Weeds sprout where vehicles once sat at the former Dub Richardson Toyota dealership at 5600 Northwest Expressway in Warr Acres. The property was sold last week with plans for a 113-room hotel to take its place. (Photo by Jennifer Pitts)