Adam's Hotel (4th & Cheyenne) -> apartments

[BKDotCom]

http://www.tulsaworld.com/news/downtown/downtown-tulsa-s-historic-adams-hotel-to-get-new-owners/article_541ca7d2-8ad3-58ca-a1d3-58b20c74ca58.html

Downtown Tulsa's historic Adams Hotel to get new owners, become apartments
Price selling hotel to Tulsa, OKC real estate firms


Downtown developer Stuart Price confided in the Tulsa World last July that he planned to turn the historic Adams Hotel building into apartments.

That's still the plan. He just won't be the one doing it.

Price Family Properties announced Friday that it is selling the 13-story building on the corner of Fourth Street and Cheyenne Avenue. The new owners will be a group led by Tim Strange, president of Newmark Grubb Levy Strange Beffort in Tulsa and Oklahoma City, and Tulsa real-estate development company Addax Development.

"We're excited to have a buyer with such a great vision for the property," Price said.

The group plans to convert the building into 60 apartment units, due to open in summer 2019.

"My partners and I have long admired this property," Strange said. "It's one of the most beautiful buildings in downtown Tulsa."

The Adams was one of several buildings that San Francisco philanthropist Maurice Kanbar bought in 2005, when he poured $110 million into the Tulsa real estate market.

Price acquired 13 of Kanbar's buildings in early 2017 with a combined fair-market value of $62 million, according to Tulsa County records.

A stunningly beautiful and historic property with intricate terra cotta detailing, the Adams is one of the most-photographed buildings in the city.

Businessman Ike Mincks opened the luxury hotel to welcome guests for Tulsa's famous 1928 International Petroleum Expo, which lured well-heeled visitors from all over the world.

But the city's tourism suffered after the stock market crash of '29, and Mincks went bankrupt a few years later, with the hotel changing hands in a liquidation sale before reopening under new management as the Adams in 1935.

A major renovation gutted the interior in the early 1980s, but the building's decorative exterior has remained virtually untouched with an eclectic mix of Art Deco, Neo-Gothic, Italian Renaissance and Baroque influences.

The sale price was not disclosed. The building is currently vacant.