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Auction scheduled for family's Bricktown plot
Richard Mize 11/11/2005 One thing would make Tuesday’s auction of a solid block of Bricktown as sweet as the candy the McLain family used to make there: An Oklahoma buyer.
“Our first, second and third choice is an Oklahoma City somebody who
knows the potential of Bricktown to come in here and buy it,” R.T.
McLain said.
The McLain family has owned the block - which now includes hot spots
Bricktown Brewery, The Daiquiri Zone and Abuelo’s and will have the
upscale Simply Fondue early next year - for more than 40 years.
McLain and sons Rich, Mike and Scott want to sell while the selling is
good.
Bricktown is the retail-entertainment star in downtown Oklahoma City’s
renaissance and is probably the best-known aspect, nationally, of the
broader Metropolitan Area Projects. Investors and potential developers
know about MAPs and are watching Bricktown, said Tim Strange of Sperry
Van Ness, who is handling the sale at 1 p.m. Tuesday with David Gilmore
of Gilmore Auction & Realty.
Not that long ago, developers would say, “We just don’t like to develop
in ‘C’ metropolitan area,” R.T. McLain said. “That’s not the way they’re
talking now. They say, ‘We’re impressed with the way you got the Hornets
in there.’ And, ‘Your MAPs program is the pattern for many other
cities.’ ”
Strange said he has had inquiries from California, Texas, Nevada,
Arizona and other states, as well as from across town.
R.T. McLain said locals have been unusually candid - not cagey - in
asking direct questions. He, too, was direct: If the property doesn’t
sell - the family will build a parking garage on part of it.
“We’re not (diversified) developers,” said McLain, who brought what
became Bunte Candy Factory to 1 E Sheridan around 1960 and has been a
real estate investor for years. “We’re a whiz at developing a brew pub,
helping Abuelo’s arrange their space.”
The McLains once planned a mixed-use development called “The Factory” -
playing off the candy factory - but the idea melted when the other major
investor backed out. The Factory would have included housing - something
the McLains still see as important for the property to develop to its
full potential.
The key, they said, will be if a buyer recognizes that the solid city
block - seven buildings bounded by Main Street, Sheridan Avenue,
Oklahoma Avenue and the Burlingtron Northern Santa Fe Railroad tracks -
has the best potential as a piece.
“We’ve had many people interested in this building or that building,”
Scott McLain said. “Keeping it all in one piece allows it to become
something really special.”
Auctioning the property, with an $8 million minimum bid, is an unusual
approach. It might not sell. One expert said there hasn’t been enough
time since the announcement of the auction for potential buyers to
conduct the usual due-diligence research. Scott McLain said the income
stream - nearly $1 million per year - would give a buyer time to
determine how best to further develop the property.
But the family is ready to move on. Mike McLain said the property is
throwing the family’s investment portfolio out of balance. It’s time to
diversify the family holdings, he said.
R.T. McLain said that while the family wouldn’t turn down a good
investment opportunity elsewhere, they intend to keep proceeds from the
divestment here.
“Not only do we hope to capture the Holy Grail of Bricktown development”
by selling for a handsome return, he said, but the McLains hope to
spread it around and create investment-development ripple effects in
other parts of the city.
“The McLain family will reinvest in many other areas,” R.T. McLain said.
“We live here.”
“And we’re not going anywhere,” Scott McLain said. |