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Thread: Paramount Building

  1. #1

    Film Exchange Paramount Building

    [template=]
    development
    |category1=Film Row
    |category2=
    |category3=
    |category4=Current
    |
    |project=Paramount Building
    |address=701 W. Sheridan
    |status=Complete
    |owner=
    |cost=
    |architect=
    |start=
    |finish=
    |contractor=
    |height=
    |sq. feet=
    |acerage=1.21
    |other=Paramount Cafe & Theater
    |
    |image=
    |
    [/template]
    Information & Latest News

    5/30/14: Property sold for $3.5 million to group led by the owners of Paramount Cafe.

    In addition to two historic buildings, the property also includes almost an acre of parking along Sheridan in the heart of Film Row.

    To put the purchase price in perspective, the Stage Center property -- at more than twice the size -- sold for $4.275 million.
    Links

    County Assessor Record
    Gallery




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  2. #3
    Join Date
    Jun 2011
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    1

    Default Re: Paramount Building

    If you didn't already know, by becoming a member at the Paramount, you can watch Thunder playoff games on their big screen, plus there's that cafe next door.

  3. #4

    Default Re: Paramount Building

    Some pretty big news... This property was just purchased by an LLC led by the current owners of the Paramount Cafe.

    It sold for a whopping $3.5 million and also includes the large lot directly west.

  4. #5

    Default Re: Paramount Building

    Quote Originally Posted by Pete View Post
    Some pretty big news... This property was just purchased by an LLC led by the current owners of the Paramount Cafe.

    It sold for a whopping $3.5 million and also includes the large lot directly west.
    Wow! Bought in 2003 for $225,000. Sold in 2014 for $3.5 Mill!! That comes out to 1500% appreciation or ~30% annualized.

  5. #6

    Default Re: Paramount Building

    The Stage Center property just sold for $4.275 million and that was 3.1 acres.

    This was $3.5 million for 1.2 acres. That does include a couple of historic buildings but both need plenty of work.

  6. #7

    Default Re: Paramount Building

    What's that deal referred to as "Insider Trading" that even Martha Stewart got busted for on account of making a phone call to her stockbroker? While sitting in an airplane, on a tarmac somewhere or other? Before the Barney Madoff Scandal?

    Never mind. This is Oklahoma. Not the East or West Coast.

  7. #8

    Default Re: Paramount Building

    Quote Originally Posted by RadicalModerate View Post
    What's that deal referred to as "Insider Trading" that even Martha Stewart got busted for on account of making a phone call to her stockbroker? While sitting in an airplane, on a tarmac somewhere or other? Before the Barney Madoff Scandal?

    Never mind. This is Oklahoma. Not the East or West Coast.
    Yeah I don't think that applies to real estate deals.


    Sent from my iPhone using Tapatalk

  8. #9

    Default Re: Paramount Building

    Melodie Garneau is the owner of Paramount Cafe:

    Garneau is weighing how to plot out the property’s future. She wants to maintain the current mix of creative tenants. She is in talks with restaurant operators looking to open a second downtown location, and is looking at how best to turn the building’s expansive second floor into a music and event venue.
    New owner of Paramount Building seeks to craft property's future | News OK

  9. #10

    Default Re: Paramount Building

    Blockbuster deal: Paramount building to get sit-down restaurant, theater
    By: Molly M. Fleming The Journal Record June 11, 2015

    OKLAHOMA CITY – Melodie Garneau has operated The Paramount in Film Row since 2012. The cafe and viewing room have become a hot spot in the district.

    About six weeks ago, George Adams was talking to her about how he wanted to open a restaurant and entertainment venue in the Paseo District. Garneau said that he could buy her 37,000-square-foot business at 701 W. Sheridan Ave. He took it as a joke, but she was serious. The two discussed the possibilities. The conversation ended with Adams leasing the cafe, the viewing room and an area on the north end for live theater productions. He will call the new operation Paramount Arts and Entertainment. Garneau will still operate the event space on the second floor.

    “We want to have a reason for people to come down here and stay here,” Garneau said. “There’s been a lot going on, but there’s not as much in the retail area. If we have a restaurant and theater, people can come shop, eat and watch something.”

    Adams will close the cafe in July to renovate from a grab-and-go style to a sit-down restaurant called Noir Bistro and Bar. He said he will hire a chef that will create a casual menu with local, seasonal flair. The menu will have gluten-free options as well. He plans to reopen for Film Row’s Premiere event on Aug. 21.

    “We want to do what we can to make sure we’re serving non-(genetically modified organism) food,” he said.

    “We’re going to do the best we can to get as much as we can from local vendors,” he said. “We want to make everything from scratch, even our ketchup, mustard and mayonnaise.”

    He said the focus on local food and chef-created recipes will create a price increase, but that change also includes the table service. In addition, Noir will offer a full bar and Sunday brunch.

    During construction, George will keep the screening room open. He is working on a July schedule for the renamed Paramount Movie House. He realizes that people may not be enthused to come watch a movie they could see on Netflix. But he plans to bring in guest speakers or other entertainment to create not just a viewing, but an experience.

    The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well.

    Between all the renovations, George said he expects to spend a significant amount, but didn’t give an exact price. The filmmaker, a transplanted Californian, said he’s excited about the possibilities with the new space.

    “This is a bit of Hollywood history,” he said. “It’s just meant to be in a way.”

  10. #11

    Default Re: Paramount Building

    Quote Originally Posted by Pete View Post
    Blockbuster deal: Paramount building to get sit-down restaurant, theater
    By: Molly M. Fleming The Journal Record June 11, 2015

    OKLAHOMA CITY – Melodie Garneau has operated The Paramount in Film Row since 2012. The cafe and viewing room have become a hot spot in the district.

    About six weeks ago, George Adams was talking to her about how he wanted to open a restaurant and entertainment venue in the Paseo District. Garneau said that he could buy her 37,000-square-foot business at 701 W. Sheridan Ave. He took it as a joke, but she was serious. The two discussed the possibilities. The conversation ended with Adams leasing the cafe, the viewing room and an area on the north end for live theater productions. He will call the new operation Paramount Arts and Entertainment. Garneau will still operate the event space on the second floor.

    “We want to have a reason for people to come down here and stay here,” Garneau said. “There’s been a lot going on, but there’s not as much in the retail area. If we have a restaurant and theater, people can come shop, eat and watch something.”

    Adams will close the cafe in July to renovate from a grab-and-go style to a sit-down restaurant called Noir Bistro and Bar. He said he will hire a chef that will create a casual menu with local, seasonal flair. The menu will have gluten-free options as well. He plans to reopen for Film Row’s Premiere event on Aug. 21.

    “We want to do what we can to make sure we’re serving non-(genetically modified organism) food,” he said.

    “We’re going to do the best we can to get as much as we can from local vendors,” he said. “We want to make everything from scratch, even our ketchup, mustard and mayonnaise.”

    He said the focus on local food and chef-created recipes will create a price increase, but that change also includes the table service. In addition, Noir will offer a full bar and Sunday brunch.

    During construction, George will keep the screening room open. He is working on a July schedule for the renamed Paramount Movie House. He realizes that people may not be enthused to come watch a movie they could see on Netflix. But he plans to bring in guest speakers or other entertainment to create not just a viewing, but an experience.

    The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well.

    Between all the renovations, George said he expects to spend a significant amount, but didn’t give an exact price. The filmmaker, a transplanted Californian, said he’s excited about the possibilities with the new space.

    “This is a bit of Hollywood history,” he said. “It’s just meant to be in a way.”
    This is a cool development. The Paramount in its current incarnation is a great addition to the neighborhood, but I think everyone, Garneau included, realize that it could be a lot more. Glad to see this.

  11. #12

    Default Re: Paramount Building

    So something like the Circle Cinema in Tulsa.

  12. #13

    Default Re: Paramount Building

    This is interesting.

    The live theater will have 99 seats and be the home to the Asylum Theater company. Other companies can rent the space as well
    I go to the theater a lot in OKC and I'm not familiar with the Asylum Theater Company. I couldn't locate a website. Does anyone know if there is one?

    As for other theater companies using the space, the Reduxion Theater Company seems to be searching right now since leaving their space on Broadway. This might be a possibility for them. I think this area is a natural for live theater.

  13. #14

    Default Re: Paramount Building

    I'd like to see the Plaza get another though..

  14. #15

    Default Re: Paramount Building

    Quote Originally Posted by Spartan View Post
    I'd like to see the Plaza get another though..
    I'm not aware of any other building in the Plaza District that would be available for theater other than the Lyric Theater. The Reduxion's preference is for theater in the round.


  15. #17

    Default Re: Paramount Building

    Quote Originally Posted by ljbab728 View Post
    I'm not aware of any other building in the Plaza District that would be available for theater other than the Lyric Theater. The Reduxion's preference is for theater in the round.
    Its not in the Plaza but there's a church in the old theatre just south of 16th on May. Would love to see someone buy and renovate that. Lots of good building stock on May between 10th and 23rd and lots of generic older strips that could easily be torn down and have something solid replace it.

  16. Default Re: Paramount Building

    Via NOIR Bistro & Bar

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  17. #19

    Default Re: Paramount Building

    Wow. Aside from the historic issues (which I'm not dismissing), that Mr. G guy is incredibly talented.

  18. #20

    Default Re: Paramount Building

    Yeah, that's pretty incredible and on a highly visible corner.


  19. #22

    Default Re: Paramount Building

    Quote Originally Posted by UnFrSaKn View Post
    Via NOIR Bistro & Bar

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    He is really talented. Does this not fall under DDRC?

  20. #23

    Default Re: Paramount Building

    That is absolutely wonderful, though I'm still concerned with the Paramount skirting approval.

  21. Default Re: Paramount Building

    While the art is great, it is rather frustrating that they covered the original sign on a historical building like that.

  22. #25

    Default Re: Paramount Building

    I'll echo the other sentiments in this thread; Amazing art from a talented artist on a highly visible corner, but shame on them for skirting approval and covering a historical painted sign (faded though it might be).

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