Bricktown developer plans auction of canal property in Oklahoma City

BY STEVE LACKMEYER Published: November 25, 2008
Advertisement
;

photo - Gary Cotton proposed a $36 million two-tower development in January along the Bricktown Canal. The undeveloped properties, as depicted in this rendering, are set to be auctioned off next month. Rendering Provided
Gary Cotton proposed a $36 million two-tower development in January along the Bricktown Canal. The undeveloped properties, as depicted in this rendering, are set to be auctioned off next month. Rendering Provided
Gary Cotton is calling it quits in Bricktown and will offer up all of his holdings at a public auction Dec. 4.

Cotton bought his first properties a few years ago, but didn’t attract attention until he secured a prime undeveloped corner along the Bricktown Canal across from the AT&T Bricktown Ballpark. In January, he announced plans for a $36 million two-tower retail and condominium development that would span both sides of the Bricktown waterway.

That canal-front property, along with the former home of Margarita Mamma’s and an empty nightclub at 329 E Sheridan, will all be auctioned by Louis Dakil.

"I’m putting everything up for sale because I absolutely need to sell at least part of it,” Cotton said. "There’s a lot of disappointment; I wanted to do it bad. Hopefully somebody can pick it up and make it work. But I can’t.”

‘Potential is there’

David Burnett, a broker with Sperry Van Ness who worked on the team that tried to market Cotton’s proposed "Cotton Exchange,” said the project designs will be available to property buyers.

"This is not a reflection on the property itself, but an owner who got stretched too thin,” Burnett said.

"The potential was there. We had a list of people who said no matter the price, at that location they would pay to be there.