Price matching
Investors put historic Bricktown buildings up for sale

By Steve Lackmeyer Published: September 7, 2007
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"H
e is looking to find the right partners. All options are on the table. Even beyond the buildings listed, he has a lot of property.”

Brewer, Little added, isn't desperate to sell either.

"He doesn't plan on going anywhere,” Little said. "He has a lot of passion for Bricktown, wants to see it succeed, and this is another step in his legacy.”

Elsewhere, shoppers looking to possibly start from scratch may want to consider parting with $13 million for what has been dubbed "the Steelyard,” the former Stewart Metal complex in east Bricktown.

Brett Price, also a broker with Sperry Van Ness, said owner Bob Meinders has had talks with potential buyers for the 6.8 acres.

"We've had some action,” Price said. "But when it involves a developer, that takes time. This will take someone with a deep pocket.”

Unlike the properties being sold by Hickman and Brewer, the Steelyard does not involve buildings that must be preserved under the Bricktown urban design ordinance. Little suggested the properties on both sides on Sheridan Avenue could be cleared and parking could be incorporated into any potential development.

Hickman said he's interested to see the trend of increased Bricktown sale prices continue. Sales the past couple years included $4.2 million for the Bricktown Mercantile and $10.9 million for Bricktown Square.

"People around the country are taking notice of what is happening in Bricktown,” Price said. "There is quite a bit of buzz out there.”

But is the buzz getting out of hand?

Brett Hamm, president of Downtown Oklahoma City Inc., isn't worried about the number of properties up for sale, but is concerned about the price escalation.

"We're looking at just a few owners here, and it's not like there is a run of owners wanting to do something else,” Hamm said. "But we are concerned about the costs of the buildings and renovations. We want to encourage development, especially where many of the second and third floors of these buildings have yet to be completed. High prices have hindered that. Of course, the market is going to do what the market is going to do.”



Bricktown For Sale:
•French Hickman:

29 E California, asking price undisclosed, tenants include Maker's Cigar and Piano Lounge, KWTV Bricktown Studio.

•Jim Brewer:

(all sale prices undisclosed)

103-105 E California, Hunzicker Electric Building, tenants include Raw, the Bricktown Ballroom, annual Bricktown Haunted Warehouse.

425 E California, Coca-Cola Bricktown Events Center.

115 E Sheridan, tenant is Half Time Sports Grill.

323 E Sheridan, tenant is Pure night club.

201 E Sheridan, tenant is The Mantel.

311 E Sheridan, tenant is the Wormy Dog Saloon.

4 E Sheridan, tenant is The Melting Pot.

319 E Sheridan, tenant is Spyce.

•Bob Meinders:

600 E Sheridan, 6.8 acres formerly home to Stewart Metal. Sale price $13 million.

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