View Full Version : Founders Tower



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metro
06-30-2007, 02:07 PM
I would say about 3/4 of the windows have been replaced, but it sure has been slow moving, even before all this rain they were moving at a snails pace the last few weeks. I imagine the rain has only set them back further.

brnok
03-19-2008, 11:13 PM
Spending 9 of the last 12 months working on this project:

Floors 3-17 have 4 units each: 2-2BD / 2 1/2 BA & 2-1BD / 1 1/2 BA

Floors 18-20 still undecided.

JWil
03-20-2008, 11:57 PM
At least it's looking like they're bothering to light the tower up from the outside now. I'm glad because I was getting tired of it being lifeless and dark.

Wish the Eagle's Nest/Nik's could still be up there. Love the panoramic views of The City.

Pete
07-15-2008, 02:48 PM
I understand the models have now opened... I assume none of the units are occupied yet?

And what is happening with the former Nikz space on the top floor as well as the old cafeteria space?

Anybody been inside?

solitude
07-15-2008, 04:25 PM
I understand the models have now opened... I assume none of the units are occupied yet?

And what is happening with the former Nikz space on the top floor as well as the old cafeteria space?

Anybody been inside?


Good questions! I may run over there in the next day or two and talk with them.

Pete
07-15-2008, 04:28 PM
Their website says the models are open by appointment only.

I remember hearing many were pre-sold... I wonder if all those sales went through.

360 at Founders Plaza | OKC's Premier Urban Developmemt (http://www.the360living.com/)

maestro
07-16-2008, 08:31 AM
I was inside a couple of weeks ago. The models are very nice and most have great views. As with all other condos that have been developed recently, the prices (to me) are staggering. In any event, I wish then the best of luck in making it happen.

As for Nikz, it was gutted. Very sad.

Pete
07-16-2008, 08:40 AM
On what floor were the models located?

Is the lobby finished?


Looks like prices start at $290K and go up to about $500K.

metro
07-16-2008, 08:43 AM
I've heard they've sold many to Chesapeake and others as corporate apartments for out of town guests.

metro
08-08-2008, 07:51 AM
Founders Plaza project readies for upscale hotel, office building
Journal Record
August 8, 2008

OKLAHOMA CITY – The first phase of the 360° at Founders Plaza condo project in Oklahoma City is complete and plans for subsequent phases call for an upscale hotel, office building and parking garage.

The 20-story tower, at 5900 Mosteller Dr., and the surrounding 7.5 acres were purchased by Bridgeport Development Group in 2005 for $4.6 million. In December of 2006 the group rolled out plans for condos in the former office tower, a separate boutique hotel and a Class A office building. The tower renovations are now complete. (comment: I drove by two days ago and it sure didn't look complete to me on the interior renovations)


Jim Meyer, chairman of Bridgeport, said now the next stage is ready to begin.

Plans are in the works for a 105-room Marriott Residence Inn, which Meyer described as an upscale luxury version of the Marriott brand. (comment: What happened to the possible LOFT or W, now we get stuck with another Residence Inn?) The hotel will sit on the south side of the tower. Work on the hotel is scheduled to start in about four months.

Jeff Penner, executive director of the Greater Oklahoma City Hotel Association, said one concern in the Oklahoma City hotel market is that about 3,000 new rooms are set to enter the market in the next two years.“That’s a lot of rooms to absorb at one time,” Penner said. “However, the Oklahoma City economy continues to exceed expectations.” Nevertheless, Penner said with the strength of the northwest corridor of the city, and plans for the boutique hotel, the developers will likely find success with that product.“A boutique hotel should be successful there,” he said. “Especially since it’s a unique product and Founders is such a unique building.”

Additional plans at the Founders site call for a 45,000-square-foot Class A office building on the east side of the tower. A two-level parking garage with 140 spaces, an outdoor entertainment area and a swimming pool are planned on the north side of the tower. Meyer also is eyeing town homes or lofts that could possibly be built above the parking garage.“Once those things are done then the project will be complete,” he said.

So far the developers have spent about $20 million renovating the tower. The entire project is expected to come in at about $50 million.

Meyer said the tower bears little resemblance to the ailing 1960s office building his company originally purchased both inside and out.“You wouldn’t even recognize it,” he said. “Everything is brand new literally down to all the mechanical, electrical and sewer lines, and the design of the units is just beautiful.”

The unit count sits at about 61, depending on how they are configured. Some buyers have already purchased multiple units and combined the space.

Meyer said 11 units have sold. Units are priced from $275,000 up to $3 million for a full-floor penthouse. Retail space on the first level of the tower is almost full and includes Spine Care of Oklahoma, clothing store Covenant Brothers, the 360 Wellness Center, and Diversified Wealth Management. The two restaurant spaces, one on the first floor and the entire 20th floor, are both still vacant. Meyer said his group is close to securing at least one restaurant in the building.

And while pleased with the progress, Meyer said at times the project has been frustrating, but he is happy with solid plans for the future and hopes the project can stay on schedule.“It certainly took longer than we hoped,” he said. “But I’m very pleased with the tower and where we are.”

wsucougz
08-08-2008, 08:42 AM
This developer previously said that the units were 100% sold. This is going to be The Classen all over again.

Pete
08-08-2008, 09:40 AM
A Marriott Residence Inn is "upscale" and a "boutique"??


I do like the idea of adding more to the property and adding a pool. And I suspect they are highly negotiable on those condo prices -- or should be.

kevinpate
08-08-2008, 09:52 AM
Only 50 units left ... hurry and get yours before they are all gone :)

Patchy Proot
08-08-2008, 11:46 AM
I was told by a friend in the real estate business that the top floor penthouse was sold to a doctor for $2 million. At almost 7000 square feet and a panoramic view of the city, I am like totally jealous. I wonder if he had them leave the revolving floor.....now that would be way cool!

CuatrodeMayo
08-08-2008, 12:17 PM
The penthouse is below the restaurant. The restaurant is on the highest floor.

If a new restaurant goes in where Nick's was, will the revolving floor remain intact and functional?

Pete
08-08-2008, 12:55 PM
Everything I've read/heard is that the top floor will be reserved for a restaurant and the revolving floor will in fact revolve.

jbrown84
08-09-2008, 08:14 PM
A Marriott Residence Inn is "upscale" and a "boutique"??

Wow, what a joke. That's the best they can do? And the Hotel Association spokesperson says that's "unique" to the NW side??

soonerguru
08-09-2008, 09:09 PM
I heard from a knowledgeable pal that they were seriously struggling to sell these units. Shocker, given the price and location. That would be the strangest place to live, completely surrounded by parking lots.

Pete
08-09-2008, 09:19 PM
Adding a parking garage and pool would help. It would be very strange to live in a high rise where you park in a massive surface parking lot then have to hike quite a way to get to the entry.

Would make running to the store a major hassle, and any car trip would be a pain in hot, cold, windy or rainy weather.

And you can't really walk anywhere from there, so apart from the view, there isn't that much of a draw.

I think they can sell them, but I'm sure the prices are going to have to come down.

CCOKC
08-09-2008, 09:28 PM
My husband and I were there a few weeks ago for a tour. They have four floor plans which as I recall are different sizes. According to the price sheet they gave us the only floor that has all floor plans available is the 3rd floor. Needless to say the views are not very good. Mostly the tops of flat buildings, parking lots and the Home Depot next door. I think the reason you live in a high rise is to have a great view. The units were quite nice though. When we looked at the Classen, we were taken to the 13th floor and the first thing we noticed was the view.
It's nice to see all units on one floor but I think if I were trying to sell those units I would show the units on a higher floor first.

warreng88
08-13-2008, 06:45 AM
Second phase to begin. Here is the article from the DOK:

By Steve Lackmeyer
Business Writer

Developers of 360 at Founders Plaza say the first phase of the tower's conversion from offices into condominiums is complete, and they are proceeding with a second phase that will include a 105-room Residence Inn and an office building.

Developers Jim Meyer and Mark Livingston bought the tower in 2005 for $4.6 million and are in the middle of a $50 million redevelopment that included a complete gutting of the structure and replacement of windows on all 20 floors.

The tower, 5900 Mosteller Drive, was built in 1962 and recently saw the first of its tenants moving in. Meyer said 11 of about 61 units have been sold to date. In addition to the hotel and office building, other upcoming improvements include a two-story, 140-space garage, and an outdoor entertainment area and swimming pool on the north side of the tower.

Retail tenants include Covenant Brothers clothing and 360 Wellness Center.

Link: 360 at Founders Plaza second phase to begin | NewsOK.com (http://newsok.com/360-at-founders-plaza-second-phase-to-begin/article/3282686/?tm=1218606774)

metro
08-13-2008, 07:51 AM
I got invited to their VIP tour. If I go I will try and take some pics and post the update here.

trison
10-09-2008, 12:07 PM
Has anyone heard the latest that is going on at Founders Tower aka The 360? It seems that it has been very quiet for some time.

metro
01-21-2009, 08:33 AM
update:

The Journal Record - Article (http://www.journalrecord.com/article.cfm?recid=95316)

Pete
01-21-2009, 08:40 AM
Wow, now planning to lease many of the units. Must really be slow on the sales front.

This sounds a lot like the Classen Tower project.

adaniel
01-21-2009, 09:40 AM
I did an internship with a Tulsa company this summer that had an development LLC on the side that was heavily involved in this. I remember hearing about this project on several occasions, and it was almost never good. A lot of their earlier sales went to California and Arizona investors in late 2007 and at one point it was about 2/3 sold out. Then the s**t hit the fan in the spring of 2008 and they all pulled out. I know one of the higher up guys of the LLC was pushing the company to possibly see if one of the bigger oil companies in town wanted to buy some of the condos as corporate units, and by the time I had left it seemed pretty promising that they would sell some, but then again in August oil was still $110/bbl.

I do know they had some trouble selling them to people because nobody wanted to buy a $200-300K condo and park in an open lot where their Benz, Lexus, Infiniti, etc. can get banged up by hail. But the bank wouldn't give them the money to build a parking garage until they sold more units, so it was a bad catch-22. Also, the top units had sweeping views of Lake Hefner, but the vast majority of the condos overlooked strip malls on NWX and the roof of the nearby Home Depot. I know the Classen filled up nicely when it went to rent-only, but I think it will be a struggle to lease this out.

gen70
01-21-2009, 01:48 PM
After my 1970 senior prom, I took my date to the restaurant at the top.Back in the day that was way cool. Does anyone remember the name of the restaurant at that time?

Martin
01-21-2009, 01:53 PM
before it was nikz at the top, the restaurant was called the eagle's nest... not sure if that's what it was called in 1970, though. really liked that place.

-M

Pete
01-21-2009, 04:30 PM
I wonder if the new owners now regret chasing off Nikz and the cafeteria.

jbrown84
01-21-2009, 05:01 PM
Probably.

MikeOKC
01-21-2009, 06:46 PM
This thread was interesting reading. The owner said way back that it was filling up. Did he mean with cobwebs?

gen70
01-21-2009, 07:46 PM
Thanks ksearls and mmm I would never have remembered that name.

bluedogok
01-21-2009, 07:47 PM
Filling with "pre-sales" which are nothing more than deposits in most cases, it usually requires about 50% pre-sold units to get the construction financing. The Downtown Austin ones had plenty of pre-sales but when it came time to close on the mortgages the lenders are backing out and leaving everyone with nothing.

BBatesokc
03-25-2009, 09:37 AM
Was in the Founders 360 yesterday and was in 3 of the models - WOW! Really nicely done with great views above about the 5th level. The amenities in the units are great and very modern, but pretty much end there. For a single or couple without kids, it would be so nice if you like that type of living and your budget can afford it.

Every room has a spectacular view from floor to ceiling. Lots of little mini-balconies (some units with multiple balconies).

I was told they break ground on a secured parking structure within a couple of weeks.

Though the units themselves and the location is great, for the price they really need more amenities like a pool, fitness center, business center, club house, etc. None of which exist now with the units starting at $1,900/month.

They do have new investors and a new young, attractive, professional property manager, so probably new marketing is in the works.

If this property develops the amenities the Classen already has, then it will be a real winner for the very niche market they are going to serve.

OKCisOK4me
03-25-2009, 11:25 AM
Considering every night I only see the same 3 or 4 units lit up I have to say they've got a LONG way to go!

gmwise
03-25-2009, 11:34 AM
I used to work in the Tower.
We called it the Tower of Babel,because of who we work for.
I am glad its being used for something,because it has a great style there, and working there I always liked the views.
I dunno if the basement is being redone, but at one time they had a health club there.
with all the anemities one would expect.

onthestrip
03-30-2009, 05:39 PM
Ive seen some of the models and they are really nice. To me what you are buying mostly is a great semi panoramic views of the city. I do like the idea of high rise living because its hard to get good scenic views in our flat city.

I still think they should have allowed more development and let someone build a highrise living complex on Lake Hefner. Done right, it wouldnt have had any negative effect on the lake and surrounding area.

MikeOKC
01-15-2010, 01:16 PM
The new management company for the 360 Condos has announced the renaming of 360 back to Founders Tower. Great move! Nobody, and I mean nobody, knew what the heck 360 was and Founders is a legendary name in Oklahoma City. Everybody knows Founders Tower. A lot of good things going on too. REALLY good news: Jim Meyer is now gone and no longer has anything to do with the project!!! Everything you heard about him from the cafateria people and all the others was spot-on.

The condos are very nice and floors 3-10 have rental units. Pricey, but very nice. Things can only get better as the Kelly brothers call the shots now. They're still working on the website at Founders Tower Living (http://www.founderstower.com).

NewsOK has a story: NewsOK (http://newsok.com/founders-tower-takes-back-its-name/article/3432242)

fuzzytoad
01-15-2010, 01:22 PM
Are the rental prices still insanely high? last time I checked it was something like $1500 for a 1 bedroom.

Pete
01-15-2010, 01:46 PM
From their website:


Floors 3-10 range in price from $1,345 for a 1 bedroom to $1,922 for a 2 bedroom, all of which includes basic cable, and internet.

With the benefit of hindsight, running off the top-floor restaurant and cafeteria looks espeically foolish now.


I think they are going to have a hard time with these units until they construct covered parking that is attached to the tower. I wonder if that is still in the plans?

John
01-15-2010, 02:17 PM
I think they are going to have a hard time with these units until they construct covered parking that is attached to the tower. I wonder if that is still in the plans?

Pretty sure the parking structure is complete...

OKCisOK4me
01-15-2010, 02:34 PM
From their website:



With the benefit of hindsight, running off the top-floor restaurant and cafeteria looks espeically foolish now.


I think they are going to have a hard time with these units until they construct covered parking that is attached to the tower. I wonder if that is still in the plans?

The covered parking is already in place but not Jerry World style. It's not heated or air conditioned. Completely open to wind sabotages, lol.

Pete
01-15-2010, 02:37 PM
That's great. I guess that means the pool is ready too.

mheaton76
01-15-2010, 03:08 PM
I've seen the new covered parking - located on the northside of the building. It's small, and it's really not impressive at all. As best I can tell is attached to the main building by a breezeway. It also appears that the new owners have lowered the rents bigtime, though they are still very high - one bedrooms just shy of $1,400. If memory serves when I looked at the website to checkout apartments in OKC, they had just allowed rentals, and they were marketing them in the nearly $2,000/month range. I didn't look much further or chat with the leasing office - the price definitely scared me away.

Spartan
01-15-2010, 04:15 PM
Yeah that's high for a small 1 bed apt in Manhattan.

circuitboard
01-15-2010, 04:45 PM
Yeah they are out of there minds with that $1345 rent on a 1 bedroom. I checked out the parking garage, and it is unacceptable at that price range, it looks like a barn was built and a gate was attached. I expect attached parking garage with elevator access at this price range.

mugofbeer
01-15-2010, 04:56 PM
I don't think the demographic group this building is aimed at is the "cost conscious." They are aiming it at people who want a "location." I haven't seen the units, though. Are they especially nice?

circuitboard
01-15-2010, 05:01 PM
I don't think the demographic group this building is aimed at is the "cost conscious." They are aiming it at people who want a "location." I haven't seen the units, though. Are they especially nice?

Mug, they are nicest rentals on the inside I have even seen in OKC, top quality all the way. But the problem I have is the "garage" and the location is not really that impressive to me. If it was downtown and the garage was attached, I would be all over it! Oh and I actually love the design of the building. Can we pick it up and move to downtown and put it on top of a parking garage? =)

mugofbeer
01-15-2010, 05:04 PM
Success breeds more success. If the Founders Tower is successful renting at those rates, look for more conversions and new construction if, and when, lenders decide to actually start loaning money again.

CCOKC
01-15-2010, 05:09 PM
I go to the Founders tower about once a week. Almost every time I go there is a moving van there so I guess that their new strategy has worked to get people moved in. My client in the building has also confirmed to me that there are definitely more people moving in. He also took me on a tour of the outside grounds. The parking garage has been done for some time and it is just as mheaton described. It opens to the pool area and a small grass "yard". The pool area is nice enough but pretty small. This side of the building also has the mailboxes so it is convenient to get out of your car and get the mail before going upstairs.

Steve
01-15-2010, 07:13 PM
The new management company for the 360 Condos has announced the renaming of 360 back to Founders Tower. Great move! Nobody, and I mean nobody, knew what the heck 360 was and Founders is a legendary name in Oklahoma City. Everybody knows Founders Tower. A lot of good things going on too. REALLY good news: Jim Meyer is now gone and no longer has anything to do with the project!!! Everything you heard about him from the cafateria people and all the others was spot-on.


Yeah, let's just say that Jim Meyer was never my favorite person to deal with. Just a couple of weeks before he was kicking out Lady Classen Cafeteria I asked him if the cafeteria and Nikz was going to get to stay and he said yes (legal papers indicated otherwise). I got the impression it wasn't very important for some folks to be honest when talking to a reporter ....

Spartan
01-16-2010, 04:59 PM
I don't think the demographic group this building is aimed at is the "cost conscious." They are aiming it at people who want a "location." I haven't seen the units, though. Are they especially nice?

You can take a virtual tour online. They are kinda cool..with rounded walls and everything. Very small though.

As for "location" nevermind that the traditional apartments across the Expressway have 1 beds that go for probably $400/mo. I realize that those probably aren't something you can take a corporate client to, but still..

Talking about the loss of the Nikz at the Top and the cafeteria, I'm not so sure they'd still be here anyways. The cafeteria especially probably relied on business from all of the office tenants in the building, and now, no more office tenants, and not very many residential tenants.. Nikz probably would still be there though.

Steve
01-16-2010, 05:04 PM
The cafeteria could not have been relying on the office tenants - there weren't that many! The cafeteria had a dedicated loyal customer base that was independent of the property. And yeah, Nikz probably still would be there too.
But Meyers had his own ideas...

gen70
01-16-2010, 05:20 PM
When ever I was in the area of the FT around lunch time I would eat in the cafeteria.

mugofbeer
01-16-2010, 07:01 PM
The cafeteria could not have been relying on the office tenants - there weren't that many! The cafeteria had a dedicated loyal customer base that was independent of the property. And yeah, Nikz probably still would be there too.
But Meyers had his own ideas...

Yeah, my parents were very dedicated patrons of the cafeteria. They would go out at least once a week there. There was rarely a time they didn't go and see at least one person they knew and sometimes several. The food was good, you could get good vegetables and it simply was a great place for people, often the elderly, to get a good meal. Even the employees knew them. When it closed they were very upset to say the least.

It made me wonder at the time if Mr. Meyers didn't recognize the demographic patronizing the cafeteria and close it because he didn't want the older folks there.

Steve
01-16-2010, 07:08 PM
It made me wonder at the time if Mr. Meyers didn't recognize the demographic patronizing the cafeteria and close it because he didn't want the older folks there.

:bright_id

progressiveboy
01-16-2010, 07:16 PM
Yeah, my parents were very dedicated patrons of the cafeteria. They would go out at least once a week there. There was rarely a time they didn't go and see at least one person they knew and sometimes several. The food was good, you could get good vegetables and it simply was a great place for people, often the elderly, to get a good meal. Even the employees knew them. When it closed they were very upset to say the least.

It made me wonder at the time if Mr. Meyers didn't recognize the demographic patronizing the cafeteria and close it because he didn't want the older folks there. Maybe the cafeteria can ressurect and reopen? It is possible. In Dallas, Highland Park Cafeteria closed after 60 plus years of being a Dallas Institution. However, a former employee bought the name and reopened in the Casa Linda area of NE Dallas. It still has great food, however, it will never quite be the same as the "original".

metro
01-16-2010, 07:17 PM
Didn't they bulldoze the section that the cafeteria was in though?

mugofbeer
01-16-2010, 07:26 PM
Unfotunately for older folks, cafeteria's simply aren't 'vogue' enough for much of anyone to invest in them. My folks still enjoy the one down near St. Anthony's. It would be surprising if someone opened another one up somewhere.

Spartan
01-16-2010, 08:52 PM
That's not necessarily true that cafeterias aren't en vogue. As a generalization it is, but that can be overcome with stronger generalizations. People love things with retro appeal more than they dislike cafeterias.

In DT Tulsa they recently brought back Nelson's Buffeteria in downtown..a very retro Deco environment, and just like the old Nelson's. I think for now it's called Nelson Ranch House or something but they're trying to erect the old signage to complete the rebirth..

http://www.losttulsa.com/uploaded_images/Nelson%27s.JPG
Best Chicken Fried in Oklahoma.