Hey, y’all. Sometimes, it’s simply mind-blowing how much construction and development activity is going on in and around Oklahoma City.
When I started working for The Oklahoman, in the last century (dang!), one person covered both real estate − residential and commercial − and retail, whether or not it directly involved property, shopping trends and the like.
And there was just about enough going on, in 1999, to keep one person busy.
The weekly local Real Estate section (RIP) kept close tabs on every new residential subdivision, kept up with them as they developed, and, of course, followed home sales and associated stats. A little interior design here and there kept readers looped in on the latest trends.
The commercial real estate sectors were pretty meh: a glut of office space, virtually no industrial development. Apartment construction hadn’t taken off. Retail, as always, presented enough to write about.
The dot-com boom made a short splash that soon dissipated with the dot-com bust: Corning’s started, and abandoned $400 million optical fiber plant, announced in 2000, started in 2001, and abandoned, sold to Richard Tanbenbaum in 2002.
The dust from the 1980s oil bust was still settling in 1999, which sounds crazy until you realize from 1982 (Penn Square Bank failure) to 1999 was 17 years, and 17 years ago was 2006, which was just the other day. Recovery was well under way by 1999 but still had a ways to go.
So one person could handle real estate news coverage, And retail. Imagine.
Now, just about everyone at The Oklahoman has to dive in to real estate news once in awhile, and Steve Lackmeyer is a reporting machine. He’s had so many important stories lately. Several just in the past week, which are highlighted and linked below. Plus a couple of my pieces. And intern Alexia Aston even got to dip a toe in.
There was lots of interesting news the past week. Let’s get to it. Oh, if you don’t subscribe to the digital Oklahoman, please consider it, starting at $1 for three months.
How OKC home sales fared in May compared to the nation: It was better than you might think
OKC-area home sales were back on in May after stumbling the month before. Sales were up 28%, pending sales were up 3.1% and new listings were up 8.3% compared with April, according to the Oklahoma City Metro Association of Realtors.
The median price was up 2.2%, to $276,000, both month to month and year over year. Still, it was a whole different world compared with this time last year. Everything else was down year over year, as higher mortgage rates kept taking a toll on the market.
Read all about it.
Industrial block in downtown OKC to get $49M makeover with offices, retail, restaurants
First of a few by The Oklahoman’s Steve Lackmeyer. (Steve is on repeat this week).
A long-time industrial block on the west edge of downtown Oklahoma City is set to undergo a $49 million redevelopment led by a Utah company that specializes in creating community-oriented lifestyle office complexes.
Qfactor, developer of five similar projects in Colorado, Michigan, Utah and Montana, is teaming up with Oklahoma City-based Pivot Project to turn the industrial block bounded by SW 2, SW 3, Shartel Avenue and Classen Boulevard into a mix of community-style offices, restaurants and apartments.
“We only go to markets where we think it is the next exciting cool thing,” said Jason Winkler, CEO of Qfactor. “We like to go to places where there is this cool undercurrent doing cool things.”
Read all about it.
Midwest City to use eminent domain, if necessary, to acquire blighted Heritage Park Mall
Another story by Steve.
MIDWEST CITY — An Oklahoma City man with a history of neglecting commercial and residential properties is facing possible eminent domain over his failure to make improvements or repairs to Heritage Park Mall.
A years-long battle between the owner, Ahmad Bahreini, and the city of Midwest City recently culminated with a steady stream of residents describing Bahreini as a bad neighbor who has let the mall fall into disrepair with graffiti, weeds and trash turning it into an eyesore.
Resident Sherri Bruce was among several residents who say the mall, which opened in 1978, was long a source of community pride. Before its demise, the mall was home to Sears, Dillard’s and Montgomery Ward department stores, along with a Service Merchandise store and dozens of shops and restaurants.
Read all about it.
Modern mix in a historic neighborhood? $80M project near Heritage Hills gets OK
Another story by Steve.
Developers of The Hub overcame concerns about the conflict of modern versus historic architecture Thursday and will be able to proceed with final design and financing for the $80 million mix of apartments, offices and retail planned just east of Heritage Hills.
The Hub, if built, will consist of four- and five-story apartment buildings fronting NW 13, NW 12, Broadway and Robinson with a seven-story office tower anchoring the corner of NW 13 and Broadway. The project will include two courtyards with a pool, barbecue pit and pickle ball court, and a rooftop restaurant atop the office building with Core Bank as an anchor on the first two floors.
The development, presented Thursday to the Downtown Design Review Committee, was allowed to proceed despite concerns about whether it conflicts with surrounding historic architecture and Heritage Hills.
Read all about it.
OKC Zoo Pachyderm Building, now a historic landmark, reopening with new exhibits
Steve is on a roll!
The Pachyderm Building at the Oklahoma City Zoo, the one-time home of Judy the elephant and Matilda the hippopotamus, is set to reopen this summer after a $10 million renovation as an event center and exhibition space.
Dwight Lawson, zoo director, said the $10 million renovation preserves much of the building’s design as part of the building being listed in 2021 on the National Register of Historic Places. But visitors getting an early glimpse of the building are noticing a couple of big differences from when they toured the exhibits as kids.
Read all about it.
Reconstruction set to start at Oklahoma City’s iconic Donnay Building
Steve again!
Nick Preftakes can say, more than year after buying the troubled landmark, that he knows what the Donnay Building will look like after a long-awaited renovation.
Preftakes and partner Caleb Hill bought the building, at Northwest Expressway and Classen Boulevard, in March 2022, for $1.5 million. They spent the first year uncovering decades of patchwork repairs and additions to learn what parts could be salvaged.
“The Donnay Building had eight different floor levels, some just a foot different,” said Preftakes, who is renaming the building “Classen Circle” in tribute to its historic location. “In its reincarnation it will have three levels. You tear some out and you add to some. It’s tough to have ADA access with eight different levels.”
Read all about it.
These tiny homes in OKC help young people facing homelessness. Here’s how the program is expanding
By intern Alexia Aston!
Jennifer Goodrich and Chandy Rice admired the blank walls and empty cupboards of a small home that was once occupied by a young resident experiencing housing insecurity. The vacant dwelling meant the former tenant successfully transitioned out of uncertainty and into stability.
The tiny house is one of more than 20 dorm-size homes in a village on Pivot Inc.’s campus at 201 NE 50. Each home ranges between 280 and 320 square feet and was designed to house transitional-age youths, 18-24, experiencing housing insecurity.
Pivot Inc. is an organization dedicated to helping youths experiencing homelessness in and around Oklahoma City. Before opening 20 little houses in July 2022, Pivot Inc. began its small village about five years ago with three tiny houses funded by a grant from Impact Oklahoma.
Read all about it.
OKC-based M-D Building Products announces senior leadership changes
From M-D Building Products Inc.:
Chairman of the Board Loren Plotkin and the board of directors of M-D Building Products Inc., 4041 N Santa Fe Ave., announce the following senior leadership changes effective immediately:
Company President Ryan Plotkin has been promoted to CEO and president. Loren Plotkin continues as chairman of the board. This year, Loren Plotkin celebrates his 40th year with M-D, where he has served as president and-or CEO since 2000.
“M-D has positively changed and grown in numerous facets over the past four decades while remaining true to its core values of investing in its people and remaining a strong domestic manufacturer. Loren enthusiastically noted that M-D’s current strong leadership will continue to build on that growth and the fundamental culture that makes the longtime company a great supplier and employer,” the company said in a press release.
Ryan Plotkin joined M-D in 2008 and has held various roles during his tenure including global business manager, vice president of operations and chief operating officer. He has been president of M-D since 2021 and is well positioned for the additional responsibilities of chief executive officer.
“As part of the family ownership of M-D, I am deeply committed to the long-term growth of the company,” he said. “The people and process investment will always be at the center of what we do. I am humbled to continue the preservation and enhancement of our current culture to ensure the goals are consistently aligned with our vision and mission.”
Additionally, his brother, Josh Plotkin, has rejoined M-D as executive vice president after earning an MBA at the University of South Carolina.
Shangri-La Resort and Crescent Hotels & Resorts to celebrate grand opening of The Battlefield Golf Course at Monkey Island, Oklahoma
From Shangri-La Resort:
MONKEY ISLAND – Shangri-La Resort, Oklahoma’s premier waterfront golf and outdoor recreation destination, and Crescent Hotels & Resorts are celebrating the grand opening of The Battlefield, a spectacularly designed 18-hole par-3 golf course.
Oklahoma government officials and other dignitaries – including Lt. Gov. Matt Pinnell, state Rep. and Gulf War veteran Josh West, R-Grove, and former Broadway performer Ron Young – will be on hand for the official Grand Opening and Dedication hosted by Shangri-La owner Eddy Gibbs, Executive Chairman Jason Sheffield, and President & CEO Barry Willingham, starting at 10 a.m. on Friday, June 30.
The Tom Clark and Kevin Atkinson-designed, 3,000-yard Battlefield layout is a short course of creative, articulated scale and vision, constructed on an exceptional piece of land that features more than 100 feet of elevation change across its acreage. The scenic, strategic course was completed for $15 million with each hole named in honor of an Oklahoma veteran of WWII.
It’s a memorable, immersive playing experience from any of the five sets of tee boxes, plus up-close “Felix Tees” for beginners, youngsters or those wanting to work on their short game. This short course also has a 165-yard warm-up area and 10,000-square-foot putting green, and there’s also a practice range and short-game facility at the main clubhouse. While challenging from the back tees – the course record since the soft opening is just one-under-par – 12 holes-in-one have already been recorded in this thrilling, hilly funscape.
Read all about the course and the grand opening.
Just how weak are your computer passwords? Pretty weak if you’re in certain businesses, including real estate
By me!
What was your first computer password? Would it meet today’s standards? That’d be something like: “MUST be longer than eight characters. MUST contain at least one lowercase letter. MUST contain at least one number. MUST contain at least one special character (!”#$%&'()*+,-./:;<=>?@[\]^_~).”
If you’re in the real estate business, your password probably does not meet standards for cybersecurity, according to research by NordPass, a password manager for both businesses and consumers, which analyzed cybersecurity data across 20 industries in 31 countries, nearly half from the United States.
Read all about it.
Outparcels, pad sites, remnants, and scrapwood
Finally …
Here is all of my work for The Oklahoman/Oklahoman.com in one place.
Thanks for reading! What’s coming up that I need to know about? What have I missed? Email me at [email protected].
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Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999.