COTPA Approves Sale of Santa Fe Parking Garage

August 10, 2018

The Central Oklahoma Transportation and Parking Authority board of trustees at their meeting Thursday approved the sale of the Santa Fe Parking Garage to Continental Resources, Inc and BancFirst Corporation for $22.5M.

COTPA’s first garage, the Santa Fe opened in 1972 and had been managed by the trust since. It has 1,518 parking spaces on seven floors and 25,800 sq ft. of retail space on the ground floor. The garage is connected underground to Cotter Tower and by an enclosed walkway to the Renaissance Hotel and the Cox Convention Center.

Continental Resources and BancFirst made the purchase offer to secure long-term, permanent parking for their downtown corporate headquarters, and the tenants of Cotter Tower. Currently, about 700 Continental employees park in the Cox Center, Santa Fe, and Century Center parking garages.

The purchase agreement honors existing tenant leases such as those with the Skirvin Hotel, Veolia, Red Earth, and the University of Central Oklahoma. Also, the purchasers have agreed to make the garage available for event parking. The Cox Center garage also will have available parking for events, monthly contract parkers, and transient parkers. COTPA will work to relocate any affected parkers and keep the garage operating without interruption until the transition is complete.