Newspaper article THE JOURNAL RECORD

Developers Unveil Plans for Downtown Buildings

Newspaper article THE JOURNAL RECORD

Developers Unveil Plans for Downtown Buildings

Article excerpt

One developer unveiled plans Thursday for a new First Interstate Bank building downtown, and two others presented their ideas for a new Internal Revenue Service office tower at the same location.

With two projects competing for the same 55,000-square-foot site at the northwest corner of the Galleria area, the Second Century Inc. board recommended a second, 31,000-square-foot piece of nearby downtown property be offered for development.

"I think we all would like for both First Interstate and the IRS to stay downtown," said Bill Johnstone, chairman of Second Century, the City of Oklahoma City's public-private recommendatory agency for redevelopment. "That's a goal we start with."

All three presentations made to the Second Century board Thursday will be repeated May 9 for the Oklahoma City Urban Renewal Authority.

Urban Renewal owns most of the four-block Galleria site bounded by Sheridan, Hudson, Park and Robinson Aves. Authority trustees are expected to seek proposals for development of the 31,000 square foot parcel, which fronts on Robinson between the Colcord Building and the American First Tower, across the street from the Sheraton Century Center Mall.

All three buildings proposed Thursday would be 10 stories in height, and all three developers said an important attraction at the Galleria site is the proximity to abundant parking.

The bank would use all 55,000-square feet of land offered for development at the southeast corner of Park and Hudson. The plan calls for part of the land to be used as a park area.

Harris Development Co. of Oklahoma City proposes construction of an IRS building on 27,675 square feet. D.K. Patton, New York developer and senior vice president of Helmsley-Spear Inc., would build the IRS building on 20,000 square feet.

First Interstate is offering $1.23 million for the land, or $22.50 per square foot. Harris is offering $691,000, or $25 per square foot; and Patton is offering $450,000, or $22.50 per square foot.

First Interstate leases 300,000 square feet and employs 580 people in the historic First National Center, 120 N. Robinson Ave. The IRS presently has 700 employees in three downtown locations, with 200 more workers in outlying areas. The proposed consolidation of all Oklahoma City IRS operations into a single building would mean downtown could gain 200 employees, or lose 700.

First Interstate, continuing in negotiations for a new lease with its landlord at First National Center, 120 N. Robinson Ave., first inquired about the availability of the Galleria site late in 1989, which prompted Urban Renewal to offer it for development. …

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