“We bought the whole property, and now we’ve got to figure out what to do with the rest of it,” Tanenbaum said.
Since purchasing Lincoln Plaza, Gardner Tanenbaum has toyed with various ideas of what to do with the property. In 2011, the developer submitted plans to turn it into a student housing complex for the nearby University of Oklahoma Health Sciences Center and the School of Hotel & Restaurant Administration at Oklahoma State University.
Closed for a long time
When Lincoln Plaza was built in 1967, it was a meeting place for lawmakers and business people near the the state Capitol. However, the property has changed hands several times over the past 20 years and has been closed for more than a decade.
Developers Tom Parrish and David Aduddell purchased the property for $2.025 million in 2006, with plans to revive the hotel, but the project stalled.
The developers gave the property back to the bank in June 2010, according to property records.
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We bought the whole property, and now we’ve got to figure out what to do with the rest of it.”