3 Articles:
1) PHF Reseach Park now has no vacancy as it begins construction of more buildings
2) Oklahoma River might be extended/routed into former airpark property to increase development options and property values
3) 30-acre Memorial Corridor mixed use office development
Research park fills last available space
By Jim Stafford
The Oklahoman
24 tenants added in past 20 months
The "no vacancy" sign has gone up on the Presbyterian Health Foundation Research Park.
The last 1,800 square feet of space in the park -- out of almost 600,000 square feet -- has been committed, Mike Anderson, president of the foundation, said Tuesday.
"In the last 20 months, 24 new tenants have been added to the Research Park," Anderson told an audience of about 150 people attending a health research conference at the park's Conference Center. "There are now 44 tenants here."
The latest tenant is a company created by University of Oklahoma researcher Dr. Jian-Xing "Jay" Ma, called Charlesson LLC and its subsidiary, Lifetrees LLC.
Both companies were formed in 2005, said Mike Moradi, a partner in the companies through his Venture Development Associates.
Charlesson is an analytical research lab performing research for big pharmaceutical companies on a contract basis, while Lifetrees is working to develop products to battle eye disease, Moradi said.
Two patents have been filed based on Jian-Xing's research, and he has won six National Institutes of Health Phase I Small Business Innovation Research grants to support his work, Moradi said.
Jian-Xing's companies are in the same Research Park building where Oklahoma's biggest biotech success story, Novazyme Pharmaceuticals, began. Its successor, pharmaceutical Genzyme Corp. operates its Oklahoma City laboratories there.
Genzyme bought Novazyme in 2001 for $229.1 million.
"A lot of big success stories and serial entrepreneurs are located there, and we're happy to be part of that," Moradi said.
Anderson said the foundation plans up to 10 buildings on the Research Park campus, with planning already under way for a second parking garage and a seventh building. No definitive dates for construction have been established, Anderson said.
The sixth building, which is the location for the Cytovance Biologics biopharmaceutical plant, is complete and awaiting FDA approval to begin operations.
"The FDA is over there right now," Anderson said. "It has begun validation of the Cytovance bioreactors, which have been installed. We look toward manufacturing protein therapeutic biologics within this year."
A local partnership that includes Chesapeake Energy Corp. founders Aubrey McClendon and Tom Ward took over the completion and operation of the Cytovance plant earlier this year after the original group failed to obtain financing.
Meanwhile, the Research Park won't be finished when the 10th building has been built. The foundation has obtained land across Lincoln Boulevard on the south side of NE 8 Street that will allow more development, he said.
The value of the Research Park's six buildings and parking garage approach $100 million, Anderson said.
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Airpark development may include river reroute: Downtown OKC property stands to gain value if plan proceeds
by Brian Brus
The Journal Record
4/6/2006
OKLAHOMA CITY - Developers may seek to divert Oklahoma River water to the former Downtown Airpark to enhance its value, investment group partner and former Mayor Kirk Humphreys said.
"It could involve modifications to the river," Humphreys said. "Basically, you'd try to do whatever you can to get the maximum value and utilization out of it.
"But our plans are not firm," he said. "And the land will not come into play until the highway moves. … And that's when it'll really start to realize its value."
In February, Aduddell-Gibraltar Partners LLC placed the winning bid of $7.2 million for the 81-acre airpark property. Last year the airpark was closed and put into receivership after Downtown Airpark Inc. faced financial challenges, owing more than $7 million to creditors.
The new investment partnership is composed of Aduddell Cos. and Gibraltar Investments, headed by Grant Humphreys. His brother Blair and father, Kirk Humphreys, also are involved in the deal.
Kirk Humphreys said he expects environmental-impact studies on the area to be ready for review within a few weeks, with closing on the deal to follow shortly thereafter. Developers will weigh options for the land then, he said.
"Who knows what direction it could take?" Humphreys said. "We haven't even hired a planning firm yet."
Pat Downes, who had a small interest in the property when it was turned over for sale, said river diversion or the creation of an inlet from the river nearby was explored in the conceptual master plan originally published by the River Development Trust.
"It shows an architect's rendering of what that property might look like with water features brought onto the property itself," said Downes, who is also director of development for the Oklahoma City Riverfront Redevelopment Authority.
"They've acknowledged the existence of the concept," Downes said when asked if developers had approached him about possible river diversion. "But nobody has said, 'We're going to go do X, Y or Z.' I don't think they're there yet."
As an example of one possible outcome, Downes pointed to the inlet created near the Chesapeake Energy-sponsored boathouse near the Bricktown Canal. He said such construction off the river "is a fairly simple process."
"I know they're discussing some possibilities," Downes said. "I suspect they're thinking about those opportunities."
Oklahoma County assessor's office records show much of the airpark lies in Federal Emergency Management Agency's 100-year floodplain zone. Such FEMA-defined boundaries describe zones of the probability of water covering an area within a particular period - a 100-year floodplain means that historical records show a 1-percent probability of flooding each year.
Downes and Kirk Humphreys both said the park was not in the 100-year floodplain. Assessor's records, which are based on FEMA data, show otherwise. Humphreys said the construction of river dams in recent years would likely change those zones.
The Oklahoma City Zoological Park was founded at the site and was moved to NE 50th Street because of flooding problems in the early 1920s before the Army Corps of Engineers straightened the river. The airpark was built later.
City Manager Jim Couch said city officials would be open to a proposal to somehow divert river water to development.
"We'd work with them on that. We think that could be an amenity to the river, if they'd like to do that," Couch said. "I have talked with Kirk (Humphreys) about it, his development, but that particular option was not discussed."
Downes said, "Typically by adding shoreline, you add value. But you have to be careful how much money you spend creating that shoreline. … In general, waterfront property has a higher value than not waterfront."
Downes said residential or commercial development, "along the waterfront with views of the Oklahoma City skyline across the water, would be a very attractive development model."
Grant Humphreys said earlier that the property would likely be held without development for three to five years while Interstate 40 is realigned.
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Mixed-Use Office Development for Memorial Corridor
BY KEVAN GOFF-PARKER
THE JOURNAL RECORD
From The Journal Record
Site for sore eyes
OKLAHOMA CITY – The 31.13-acre Memorial Business Park planned for northwest Oklahoma City may just be in the platting stage at the Oklahoma City Planning Commission, but for brothers Matt and Eric Roberts, managing members of Colonial Development, the vision is clear.
“This is a continuation of the Memorial corridor,” said Eric Roberts on Thursday. “This has finally come our way, and the time is right.”
As developers, the brothers said they envision a business park with a mix of upscale restaurants, retail shops, businesses, garden offices and possibly several hotels. If approved, new streets will be developed with names like “Memorial Park Drive,” and “NW 135th Street.”
A family-owned business, Colonial Development was started by the brothers’ grandfather, Temple Thompson, in 1961. Thompson had a knack for putting together business deals and land development. His daughter, Phyllis Brawley, and grandsons followed suit. Brawley is the mother of the Roberts brothers.
Once approved, the development should be built on the southeast corner of Lake Hefner Parkway and Memorial Road. The development is adjacent to the Kilpatrick Turnpike.
“We’re working all aspects of Memorial Business Park’s development,” Eric Roberts said. “We’re the third owner of the property. Our grandfather purchased 80 acres in 1958. Part of it was sold off for the Quail Creek Golf Course and houses in Quail Creek.”
Colonial Development has been busy in recent years developing the 40 acres that were left. About 10 acres of the land was used to create Stone Brook, a gated community with homes that average $300,000 to $350,000 at Clear Brook Road and Memorial Road. What remains of the original 80 acres will be used to develop Memorial Business Park.
The development company also sold different parcels of land that were later used to develop northwest Oklahoma City’s Nantucket Condos. The company also owns Colonial Plaza at May Avenue and Britton Road.
“It feels great,” Matt Roberts said. “We’re excited, and we’re ready to put this deal together and get busy. We’re ready to start once the City of Oklahoma City approves our plans.”