More specifically, a project called The Rise is set to move into the ailing building at the northwest corner of N.W. 23rd and Walker Avenue that has been home to the Hotel & Motel Liquidation store for more than two decades.
Johnathan Russell, president of Land Run Commercial Real Estate, plans to purchase the nearly 22,000-square-foot retail building that spans nearly all of the 500 block of N.W. 23rd Street.
Were supposed to close on the hotel/motel liquidators building in the next 30 to 45 days, he said. Soon thereafter, well start demolition on the property.
Earlier this year, Russell purchased two Walker Avenue buildings behind it a shuttered nightclub and a former gas station with eventual plans to acquire the entire block. When the liquidators building is purchased, he will have a total of about 40,000 square feet of space and enough land for a parking lot.
As they have invested in new businesses and eateries nearby, other property owners and developers along N.W. 23rd have complained about the rundown retail centers appearance.
Chris Lower brought Big Truck Tacos and Mutts Amazing Hot Dogs to nearby buildings. With Big Truck across the street from Hotel & Motel Liquidation, Lower said the 519 N.W. 23rd shop was an eyesore he hoped would be torn down or redeveloped. But he also had no intention of buying it himself. It was way too big for anything I would want to do, he said.
After seeing Land Runs plans, he praised Russells efforts not only to renovate the building, but redevelop the surrounding block.
new retail activity in the area will be a win-win for the developer and
the people who live around there, Lower said, and those who patronize
the restaurants and retailers that are already there.
Russell said the building holds great potential for new tenants after the liquidation store is gone.
property is a big transition point on 23rd Street, he said. We feel
like it will go down if this property isnt renovated and its just
refilled with tenants.
first challenge is finding the right tenants to stabilize it. He is in
discussions with local, regional and national retailers, but did not
disclose any names.
Were talking to a lot of tenants, he said. Were interested in having the right tenant mix.
Preserving the past
30 days of closing on the property, Russell plans to start working on
the building. Renovations are scheduled for the fall and winter. The
first tenants could move in as soon as spring 2013. After that, he will
begin to look at options for the rest of the block.
Theres potential for more development, he said.
plan calls for a new face on the building, storefront retail along N.W.
23rd, and opening entrances for storefronts on the north side on what
now faces an alley, for additional shops and eateries.
Anthony McDermid, principal at TAP Architecture, which is working on The Rise, said the building is well-worn, but not a candidate for the wrecking ball.
No one has spent
any money on it for a long time, he said. You see deferred maintenance
and a tired property, but structurally, its in good shape.
historic photos of the 1939 building, McDermid designed awnings that
resemble those of one-time tenant Cullimore Furniture. The corner will
include large windows that wrap around the building while keeping much
of the exterior intact.
The intention is to reuse as much of the existing building as possible, he said.
said the next piece of the street puzzle is the Tower Theater and its
adjoining properties. Marty Dillon owns the building, but has yet to get
the space filled.
the next big piece of 23rd, Lower said. Thats really going to cement
the commercial district on N.W. 23rd Street, but its also a
Russell said he was drawn to the structures based on their potential for retail and the continued revitalization of the area.
area is a bit eclectic near the state Capitol, [Oklahoma City
University], Heritage Hills, Mesta Park, Jefferson Park and the Paseo,
he said. We felt like if we do this project, it keeps uptown 23rd on
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