Admiral Twin Taking Last Breath?

[Gonesouth1234]

http://www.fox23.com/news/local/story/Admiral-Twin-Rebuild-Update/xZYSNpxBGU2eZq3QBF8m7Q.cspx
FOX23 talked with Admiral Twin owner Blake Smith he says he'll be making some big announcements in the coming weeks, but he is committed to reopening the drive-in in 2011.

Conch Hampton remembers the afternoon of September 3rd, 2010.

"I was driving on 244, stuck in traffic," he told FOX23.

Suddenly, Hampton realized why cars had stopped.

"First, I thought like a gas station exploded or something, and then I noticed ... I was like, 'Whoa that's the drive-in.'"

A favorite weekend hangout was gone.

"We'd go there every month or two months to check out a movie," he said.
Conch hoped the owners would rebuild. Back in September they told FOX23 that would cost $300,000.

"When it went down, everyone asked if we were going to rebuild.  And at the time I said probably not.  And then I was surprised that Tulsa rallied around it," Smith told FOX23 in a September, 2010 interview.

Fundraiser after fundraiser popped up across town.

"I donated some," Hampton said.

But since his donation, a 6-month intermission.

"I would have imagined that they would have done something, fairly soon, at least started something by now," he said.

Smith says a little more than $30,000 has been raised from fundraisers.

"They have had lots of stuff like that that's been for that cause, there's lots of contributions for it, it really makes you wonder where stuff like that goes," Hampton remarked.

Currently, the money's at the bank collecting interest. Conch hopes construction can start sooner rather than later.

"I guess if its 6 months, a year (that's ok). I mean five years or something that'd be a little ridiculous."

Smith says the biggest factor pushing him to re-open the Admiral Twin is the drive-in's mortgage that he's still making payments on, even though it is closed.

I realize this topic has been cussed and discussed a lot on this forum. 

But am I the only person in town who is beginning to think that the rebuilding is just not going to happen, and we are going to lose another of our landmarks?

[DTowner]

There is a reason no one is building drive-in theaters any more.  I believe the Admiral Twin is gone forever,

[Gonesouth1234]

I feel empathy for the Smith family in trying to raise the money. 

One part of the brain feels very nostalgic about drive-ins, and the Twin specifically for the alternative experience of not having to take out a loan to take the tribe to see a movie, especially since the Twin was running first run flicks.

But the side of the brain that is not covered by the tin foil hat also tells me that the business model of a drive-in is not really a viable one with the advent and changing technology. 

The business model of a drive-in  compared to sitting in the La-Z-Boy in your BVDs and punching up Netflicks is one that will probably not dominate the market.

[Conan71]

Um, like Conch, dude just chill out man, it like takes some serious ca-ching to do these things duuuuude.

[sgrizzle]

I feel empathy for the Smith family in trying to raise the money. 

One part of the brain feels very nostalgic about drive-ins, and the Twin specifically for the alternative experience of not having to take out a loan to take the tribe to see a movie, especially since the Twin was running first run flicks.

But the side of the brain that is not covered by the tin foil hat also tells me that the business model of a drive-in is not really a viable one with the advent and changing technology. 

The business model of a drive-in  compared to sitting in the La-Z-Boy in your BVDs and punching up Netflicks is one that will probably not dominate the market.

They still make BVDs or do you just never buy new underwear?

[Conan71]

They still make BVDs or do you just never buy new underwear?

He was referring to them in the present tense.  "Sitting in the La-Z-Boy in your BVD's and punching up Netflicks..."

Not as if they went the way of drive ins.

[ZYX]

I hate, hate, hate, to say this, but I do not think that this thing will ever get rebuilt. I hope it will, but I do not believe it will......

[heironymouspasparagus]

It's gone, Tulsa.  Get over it.

The question does arise about how he was able to get a mortgage on an ancient piece of property/equipment like that without some type of insurance coverage?

Wouldn't that be even worse than the mortgage mess we are just now emerging from?  At least the ones that busted our economy had an insurable house involved.  Big banks playing fast AND loose....

[ZYX]

^^^Roar...

[custosnox]

Interesting thing to be brought up since I was just discussing this today with a co-worker.  It seems to me that when it first happened there was a rush by everyone to help bring it back, but in the weeks following it, there was no real movement by Smith, or any serious commitment on his part to do anything.  I think everyone lost faith in his willingness to resurect it and the movement lost all momentem.  It would take a lot to get the ball moving again.

[cannon_fodder]

I still can't get over the burning question - how do you not insure you only real asset???

[custosnox]

I still can't get over the burning question - how do you not insure you only real asset???

the story he is sticking to is that it was uninsurable because it was made of wood.

[Red Arrow]

the story he is sticking to is that it was uninsurable because it was made of wood.

Insurance company was right there.  But that reissues the question of how he got a mortgage on it. Bank was not so smart as the insurance company I guess.

[Gonesouth1234]

The mortgage probably took into account the land value, as well as the operating/income figures.  The area the Twin sits on is surely worth some coin of the realm, and probably took into account  the value of a going, established business; but who knows how profitable it actually was.  (Bells?)
The mortgage may have been designed to provide the Twin with cash flow due to being a seasonal business, and income from the other 2 movie houses the Smiths operate was probably a consideration as well.
Plus, the location of the site would also have to be counted in the value.   
Location, location, location.
IMHO, the site is probably not one that would appeal to a major retailer, but does have high visibility from 244, although not easy access.
Look at the location of Best Buy on the old Children's Medical Center site. 
High visibility, but almost an "event" to get to, or as the industry says, a "destination" type of location.

[heironymouspasparagus]

Well, at least we can all rest easy in the knowledge that the owner at least got $30,000 for watching the thing burn.  Thanks Tulsa for being so supportive!  Bye, now!