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  1. #1

    Default City Council will talk about sell of Bricktown lot today

    Officials consider sale of Bricktown lot

    September 25, 2007

    OKLAHOMA CITY – Interest in developing 4.5 acres near the Bricktown Ballpark has prompted Oklahoma City officials to look into selling the parking lot, a possibility that will be discussed in today’s City Council meeting.

    In 1997, the city approved a lease agreement with the Oklahoma City Public Property Authority for the lease of the 12,000-seat baseball stadium funded by the Metropolitan Area Projects (MAPS) temporary tax. The authority in turn subleased the ballpark and related parking lots to the RedHawks baseball team. “For the last two years, city officials have received inquiries regarding the development of the 198,006-square-foot parking lot,” referred to as the East Joe Carter lot, City Manager Jim Couch’s report to the city council says.

    The land is bounded on the north by California Avenue and the east by Byers Avenue. Couch said he couldn’t identify the parties who have expressed interest in developing the property.“ The property is being offered for potential redevelopment by the purchaser for predominantly mixed use with a combination of office, retail and residential,” the proposed bid document says. “The city would not participate in the development of the property. However, any successful bidder … will have to negotiate and reach an agreement with the RedHawks regarding the redevelopment of the property because the RedHawks own a sublease estate in the property.”The baseball team’s sublease with the city is scheduled to expire in 2023. RedHawks officials could not be reached for comment Monday.

    If the City Council allows the bid process to begin, developers must promise to share at least 546 parking spaces with the city for sports and other special events at the ballpark. The property is also prohibited from gambling and “adult entertainment” uses.The bidding deadline would be Nov. 6.

  2. #2

    Default Re: City Council will talk about sell of Bricktown lot today

    Very interesting.

    They had said they didn't want to sell that property out-right... Wonder what changed?

    At any rate, I'm sure Funk & Co. will emerge as the winners in this situation. Hopefully they'll build what they had promised.

  3. Default Re: City Council will talk about sell of Bricktown lot today

    What about the prospect of development WEST of Joe Carter vs. leaving it open for the ridiculous idea of turning the Brick into a soccer stadium?

  4. #4

    Default Re: City Council will talk about sell of Bricktown lot today

    Perhaps that will free up enough money to acquire the post office on 5th.

  5. #5

    Default Re: City Council will talk about sell of Bricktown lot today

    I'm sure the city is not going to do anything with the property west of Joe Carter in the near future.

    Perhaps the sale (vs. ground lease) is part of a compromise with Funk and his partners.

  6. #6

    Default $8.35 million and it might be yours: A parking lot

    Developers can bid on property by ballpark

    Oklahoman Articles
    By Steve Lackmeyer
    Business Writer

    Developers wanting to buy the parking lot just east of the AT&T Bricktown Ballpark will finally get their chance to submit a bid — but the price won't be cheap. The Oklahoma City Council on Tuesday ended months of negotiations with Oklahoma RedHawks owners Bob Funk and Scott Pruitt and voted to request development bids from the pair and anyone else interested in the lot at Joe Carter and Reno Avenues. An appraisal made public Tuesday shows the lot is valued at $8.9 million, and the city is setting the minimum bid at $8.35 million.
    "It's a little higher than I expected,” Mayor Mick Cornett admitted. "I know there is a lot of interest in this property and I definitely think it's ready for development. I've always considered the ballpark to be an anchor in Bricktown, and this is definitely prime Bricktown property.”

    Cornett said the price is based on recent sales in Bricktown and the city council's commitment to get a fair price for taxpayers. Funk and Pruitt are the only ones to publicly reveal an interest in the property. Their proposal is for a mixed-use town center valued at up to $200 million that would include structured parking, retail, housing and a hotel. The pair originally asked the city to consider that they already had a lease on the property and to sell the land without putting it out to bid. Pruitt said he is awaiting a copy of the appraisal and would not offer an opinion on the minimum bid until after analyzing details of the city's development request. The request is due Nov. 6.

    Brett Hamm, president of Downtown Oklahoma City Inc., said some people may be surprised by the minimum bid price. He noted Bob Meinders is asking $15 million for the former Stewart Metal plant one block north of the parking lot. He reiterated previous concerns that sales prices in Bricktown may be hampering development. "This is indicative that property values in Bricktown are continuing to skyrocket,” Hamm said. "But considering that Funk and Pruitt are talking about a $200 million development, if you're normally looking at a land cost of about 5 percent, this is not so out of whack with what they are looking at.”

  7. #7

    Default Re: City Council will talk about sell of Bricktown lot today

    Quote Originally Posted by betts View Post
    Perhaps that will free up enough money to acquire the post office on 5th.
    Maybe this is what prompted the city to sell the property.

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