The Enid News and Eagle, Enid, OK

January 29, 2013

Demolition turns into renovation for Homeland building

By James Neal, Staff Writer
Enid News and Eagle

ENID, Okla. — A retail developer is moving forward with plans to redevelop the former Homeland building for new retail outlets.

A real estate sign in front of the building fueled speculation among some this week that a city deal to sell the building had fallen through.

The deal still is moving forward, and the prospective buyer is marketing lease spaces in the building.

The city of Enid purchased the former grocery store building in 2011 for $1.75 million. Prior to the purchase, it had sat empty since Homeland closed its doors in 2005.

The city signed a contract last February to sell the building to Dallas-based Hunt Properties, a commercial real estate development company.

At the time the contract was signed, Enid City Manager Eric Benson said the sale would net the city about $100,000 in profit.

Hunt was approved by the Enid City Commission in November for a 90-day extension to its contract, and later for a second 90-day extension. The current contract terms specify Hunt must close on the deal by the end of May.

In the meantime, Hunt has contracted with commercial real estate services firm CB Richard Ellis to market and close lease contracts on the building.

Mark Inman, senior vice president for CB Richard Ellis Oklahoma, said Hunt Properties has contracted with CBRE to find tenants for the building.

Inman said plans call for redeveloping the existing building to provide four retail lease spaces in the front and “alternative use space” in the rear of the structure.

That’s a change from the original plan, which called for demolishing the building and constructing a new retail space.

Inman said the plan calls for renovating the building’s interior and constructing a new facade to support placement of national-chain retailers.

Inman said prospective deals are in the works for three of the four main retail spaces. He declined to name the prospective tenants because the lease contracts are not yet final.

Look for more on this story in the Enid News & Eagle in print and online.