New Townhouses at the Pearl

[cannon_fodder]

Plans are under way to add 50 to 60 new townhouses in the Pearl District.
Construction will begin within 60 days on the new residences at The Villages at Central Park, adjacent to Central Park, west of Peoria Avenue between Seventh and Eighth streets. . .

Meltzer said the development price hasn't been determined, as some of the details of the homes aren't yet final. The new homes include 880-square-foot units on the ground floor; 1,446-square-foot units on the second floor; and some two-story units with 2,332 square feet.
The new residences will have a Georgian style with brick exteriors — similar to the existing townhouses at The Villages at Central Park.

http://www.tulsaworld.com/business/realestate/new-townhomes-set-to-be-constructed-in-the-pearl-district/article_c11f5bb6-0e08-5e32-a3c1-af7a89fcc609.html

Good to hear. All of the existing stock has been sold for some time. The Pearl has some buzz, downtown is nearly fully occupied. I think they will do well!


Sadly, the developer failed to coorindate the website with the announcement, so the TW article is the only information available:
http://www.thevillagebuilders.com/

[carltonplace]

Good news.

Retail follows rooftops according to the old trope. 

[AngieB]

Looks great! Wish I could afford it.

[TulsaGoldenHurriCAN]

As an update, finally, several of these units are now for sale. Some have final photographs while others have early/generic photos, ranging from $237k for an 866 sq ft 1 bd 1 bath to $585 for a 2,300 sq ft 2 bed 2 bath.

https://www.zillow.com/homes/for_sale/globalrelevanceex_sort/36.156753,-95.967883,36.144468,-95.988396_rect/15_zm/

Pricey, yes, especially per square foot, but realistically pricey unlike the Urban 8 which are still listed at $800k for 3,000 sq ft 3 bed 3 bath. Those would have a $4,600-$6,000/month payment while the Central Park townhomes will range from $1,600/month up to $4,000/mo for the largest unit if you have almost no down payment. So at least there's some options for "regular" top-10% income earners! 

My guess is actual sales will be closer to $500k max, especially right now with what seems to be a flood of expensive houses on the market in Midtown. Many of the pricier homes ($400k+) are staying on the market a bit longer. How many people can even be qualified for those kinds of prices right now that haven't already bought a home recently? With rates expected to rise, I'd expect the market to dry up even further as that $4,600/mo lower range for Urban 8 could go up to $5k/mo with just one more interest point.

[SXSW]

I've always liked this development.  How many more lots do they have until it's built out?  Looks like there is still room for units along the east side of Owasso and along 8th Place.  The lot facing Peoria has been slated for mixed-use development for years (north of the Family & Children's Services building).

[TulsaGoldenHurriCAN]

I've always liked this development.  How many more lots do they have until it's built out?  Looks like there is still room for units along the east side of Owasso and along 8th Place.  The lot facing Peoria has been slated for mixed-use development for years (north of the Family & Children's Services building).

They currently have 36 platted lots which aren't yet ready or empty. Last I checked, they were building new units in most of the 9 lots at the northeast side.

Each platted lot can have 2-3 townhomes in it so potentially 72-100 more townhomes they can build. IIRC, they said they plan to eventually build over 100 new units. Good that someone is building some very nice new townhomes you can buy near downtown for less than $300k.

[TulsaGoldenHurriCAN]

Update! I have noticed the new townhomes have been selling really well (~35 sold in last couple years or so! About 9 completed ones left on the market.). They are starting on one of the later phases:

New urban apartments starting construction by Centennial Park (next to the Brownstones) at 7th & Owasso.



https://www.kjrh.com/news/local-news/construction-begins-on-new-apartments-in-pearl-district-in-downtown-tulsa

Originally 50-60 units were announced in 2015 (with potential for 36 more). It's a slow but steady pace as it looks like the original 50 are completed and maybe this will be the additional 36 "potential" ones. That's great that demand met supply and they went with the larger expansion.

Urban housing (especially quality at decent price points) is in slim supply all around the US. Tulsa has a chance to buck that trend despite real estate prices that are low overall. These are pricier for Tulsa, but extremely well done and they are cheap compared to similar units in other big cities.

This project has been a very nice example of upscale urban housing in a pretty walkable (or at least bicyclable/scooterable) area.

[SXSW]

This project turned out great