Newspaper article THE JOURNAL RECORD

Founders Tower in OKC Units Slated for Lease

Newspaper article THE JOURNAL RECORD

Founders Tower in OKC Units Slated for Lease

Article excerpt

The round Founders Tower building is going to lease some residental units, and it's going to get a new neighbor.

Plans are in the works to build a Residence Inn by Marriott in the shadow of the 360 [degrees] at Founders Plaza.

Jim Meyer, chairman and CEO of Bridgeport Development, said the top floors of the tower would not be leased, but would remain available for purchase.

Bridgeport bought the 20-story tower at 5900 Mosteller Dr. and the surrounding 7.5 acres in 2005 for $4.6 million.

In late 2006, the owners unveiled a $50 million plan to turn the office tower into high-end condominiums and add a Class A office building and hotel on the property.

Plans for the hotel were tabled in mid-2007, but in August 2008 the owners were in talks with hotel developer Champ Patel for the Residence Inn.

Patel has purchased 2.3 acres on the south side of the tower for slightly more than $1.1 million and will start construction of the hotel in the first quarter of 2010.

The hotel will have about 100 rooms and cost more than $10 million. Patel said it will take about 18 months to build.

Bob Sullivan, with NAI Sullivan, represented the Founders owners and Mark Inman, with CB Richard Ellis Oklahoma, represented Patel in the deal. …

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