Spiritbank Event Center

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smile, that's right, there's a Chik-Fil-A nearby, isn't there?

Not only nearby but in the same complex of stuff.  I've never been there though. In fact, I never been to most of the stuff there or on the other side of Memorial.

[Gaspar]

Actually there was a study done some time ago (I believe it was done by the HBA or some other development group) that indicated the corridor from 91st all the way to 151st will see the largest boom in development, both commercial and residential over the next 10 years (it was probably about 5 years ago that I saw this, back when I was working in the land development industry).  That would then feed eastward growth to Glenpool completing a loop with 75.

Both Homebuilders and commercial developers, as well as investors have obviously taken this to heart and built up inventory out there. The city(s) have also focused on necessary infrastructure. Realtors are selling lots of homes concentrated in that area, and all of the sub-dividable residential property was purchased long ago and either planned or already developed by a handful of major developers.  I've got a good friend with 330 acres off of 151st that he bought for what I thought was a rather inflated price back in 2007.  He will have no problem retiring off that purchase, and already receives regular offers.

I wouldn't say that area underserved in any arena, but that is certainly a strong area for commercial investment because of the high and mid market residential growth.  It's in the evolutionary stages right now.  Some great opportunities for investment.

[Ibanez]

Actually there was a study done some time ago (I believe it was done by the HBA or some other development group) that indicated the corridor from 91st all the way to 151st will see the largest boom in development, both commercial and residential over the next 10 years (it was probably about 5 years ago that I saw this, back when I was working in the land development industry).  That would then feed eastward growth to Glenpool completing a loop with 75.

Both Homebuilders and commercial developers, as well as investors have obviously taken this to heart and built up inventory out there. The city(s) have also focused on necessary infrastructure. Realtors are selling lots of homes concentrated in that area, and all of the sub-dividable residential property was purchased long ago and either planned or already developed by a handful of major developers.  I've got a good friend with 330 acres off of 151st that he bought for what I thought was a rather inflated price back in 2007.  He will have no problem retiring off that purchase, and already receives regular offers.

I wouldn't say that area underserved in any arena, but that is certainly a strong area for commercial investment because of the high and mid market residential growth.  It's in the evolutionary stages right now.  Some great opportunities for investment.

I have heard the same thing, in particular about the stretch from Memorial to 75 on 151st. My in laws own a few rent houses in the small neighborhood behind the QT at 151st & Memorial and are of the opinion that in the next 5 years they will sell out to a developer for major $. I'm not sure who they know, but supposedly someone in the know told them 5 or 6 years ago when they were thinking of selling the houses to hang on to them for a few more years and then cash out.

[Conan71]

Finally got lucrative enough for the Conrad's to sell off their land.

[Ibanez]

Finally got lucrative enough for the Conrad's to sell off their land.

Wife's family knows the Conrad's well, her Grandfather grew up with the boys. While I'm sure they made good $ on the sale of the land, the main reason for closing the business was that none of the kids/grandkids were interested in keeping it going. At least that's the story I was told. So....grain of salt and all that.

[Conan71]

Wife's family knows the Conrad's well, her Grandfather grew up with the boys. While I'm sure they made good $ on the sale of the land, the main reason for closing the business was that none of the kids/grandkids were interested in keeping it going. At least that's the story I was told. So....grain of salt and all that.

So true in many family-run businesses, Ibanez.  Better to fade out with dignity than to flame out with scorn like Arrow Trucking.

I'm really fortunate to work for someone who shares his dad's passion and vision for the business his dad started and he's a better economic steward to boot.  It's rarer than many think.  So many second or third generation businesses are run like a gratuitous ATM machine.

[Breadburner]

The key to a successful arena/event center is proper management with the right connections to book shows/events.......

[davideinstein]

That area is growing fast, but it will decline just as fast. The long term money is moving back towards the city.

[rdj]

That area is growing fast, but it will decline just as fast. The long term money is moving back towards the city.

No it's not.  The futurists predict the center of Tulsa will be 71st & Garnett by 2025.  The growth along the Creek Turnpike will continue to creep eastward.  A bridge across the river at Riverside/Delaware/Yale will open expansion back up in Jenks/Glenpool/Bixby.  As much as I love downtown and midtown the price to own a house and a yard with good schools in a new subdivision is too attractive for young families.  Until Tulsa truly hangs on to the "creative class" that growth won't slow down.

[Gaspar]

I guess I don't know who the "long term money" is.  Most of the folks I know who have moved downtown or even midtown are the young professional or transitional crowd who will eventually seek suburbs when they have children of their own, or just want to start to build equity.

[rdj]

I guess I don't know who the "long term money" is.  Most of the folks I know who have moved downtown or even midtown are the young professional or transitional crowd who will eventually seek suburbs when they have children of their own, or just want to start to build equity.

I took it as the long term investor.  The investment in land in south BA is heavy right now.

[BouldinDomer]

I tend to disagree with the statement that those living in Midtown and Downtown are the "young professional or transitional crowd who will eventually seek suburbs when they have children of their own, or just want to start to build equity."

I think those living in Midtown and Downtown are absolutely turned off by the cookie cutter, chain restaurant feel of Jenks, BA, Owasso and South Tulsa. Everybody I know in the neighborhood simply chooses to live a different lifestyle with a different set of priorities. And while it is true that my neighborhood, Brady Heights, has several "young professional" types, most, if not all of them already have children and want nothing to do with the suburbs.

Personally, I moved to Tulsa from Bentonville eight years ago and I hated it until I moved downtown. If I wanted to live in an expansive housing development, and have a short drive to Wal-Mart, Chili's or Applebee's, I would move back to Northwest Arkansas. The differences between the suburbs of Tulsa and those around Little Rock or Bentonville are minuscule. I chose to live in Brady Heights and play downtown because each is unique.

[dioscorides]

I tend to disagree with the statement that those living in Midtown and Downtown are the "young professional or transitional crowd who will eventually seek suburbs when they have children of their own, or just want to start to build equity."

I think those living in Midtown and Downtown are absolutely turned off by the cookie cutter, chain restaurant feel of Jenks, BA, Owasso and South Tulsa. Everybody I know in the neighborhood simply chooses to live a different lifestyle with a different set of priorities. And while it is true that my neighborhood, Brady Heights, has several "young professional" types, most, if not all of them already have children and want nothing to do with the suburbs.

Personally, I moved to Tulsa from Bentonville eight years ago and I hated it until I moved downtown. If I wanted to live in an expansive housing development, and have a short drive to Wal-Mart, Chili's or Applebee's, I would move back to Northwest Arkansas. The differences between the suburbs of Tulsa and those around Little Rock or Bentonville are minuscule. I chose to live in Brady Heights and play downtown because each is unique.

I agree with your disagreement.  My wife and I bought our first house in 2002 around 76th and Sheridan / Memorial.  When we started talking about having a kid, we starting looking for a house in midtown.  We didn't want our possible future child growing up in the cookie cutterness of suburbia.  We bought a house around Cherry Street in 2010 and couldn't be any happier with the decision.  We are expecting our first child in November and have no plans to move from our current location.  As far as building equity goes, we have built more in our current house in four years than we did in our old one in 8 years.  We have friends with kids that live in midtown, also.  None of them are planning to move, either.  Maybe I live in a midtown bubble now and am going against the grain, but I am not seeing the "we're having kids, time to move to surburia" exodus in my little corner of the world.

[DTowner]

Downtown and suburban growth are not mutually exclusive and never will be.  Suburbs offer a lifestyle ("safety," comfort, schools, etc) at an affordable cost that many do and will continue to find attractive.  Even for those who would like to trade in their suburban life for downtown or midtown, the simple fact is many cannot afford to do so.  I thought this article from the Sunday T. World was interesting on that point.

http://www.tulsaworld.com/business/finance/many-seek-new-homes-near-cities-but-are-priced-out/article_02402022-7fca-573c-a1cb-5b31441354a9.html

If Tulsa can create a sustained yearly population growth, then there will continue to be plenty of demand for downtown development and midtown in-fill, as well as suburban development. Even with continued development out south, however, I don't see a viable future for the SpiritBank Center any time soon.

[sgrizzle]

A lot of nearby homeowners would like to see that light-polluted eyesore leveled, and they just got one step closer:


The lights are out at the main arena of SpiritBank Event Center in Bixby, as building owner SpiritBank has stopped booking major events there.

Joyce Madewell, a spokeswoman for SpiritBank, said the bank is no longer seeking events for the 4,500-seat main arena within SpiritBank Event Center, though it is booking smaller events at ballrooms within the main part of the center as well as the space formerly occupied by Duke's Southern Kitchen.

"Since we're in the business of banking rather than event attractions, we're focusing on (smaller events) as we get closer to finding the right buyer," she said.

SpiritBank Event Center was the home of the Tulsa 66ers, a developmental team with the NBA. Madewell said the bank will no longer lease the space to anyone, including the 66ers.

Several businesses continue to lease out space within the building, including the Bixby Chamber of Commerce and SpiritBank itself.

The facility, along with the attached 130,000-square-foot retail center Regal Plaza, was constructed by Remy Cos. beginning in 2006 for a combined $50 million. In late 2009, SpiritBank took ownership of the facility in a deed in lieu of foreclosure action that wiped out $28 million owed to the bank by Remy Cos.

In 2010, SpiritBank sold the SpiritBank Event Center to MacPot LLC, which lists Phil Thompson of Edmond as its registered agent, according to Oklahoma Secretary of State records, for $19.25 million. One year later, SpiritBank purchased the facility back from MacPot for $19 million.

SpiritBank retains an ownership interest in Regal Plaza, though Madewell said the bank always owned it as part of a consortium of banks and never held a majority ownership. Earlier this year, SpiritBank transferred management of the ownership consortium to First United Bank of Durant.

Tulsa County land records indicate SpiritBank Event Center and Regal Plaza are both owned by SpiritBank c/o Special Assets Department.
http://www.tulsaworld.com/communities/bixby/big-events-no-longer-scheduled-at-spiritbank-event-center-in/article_fdb21bc8-3359-5080-ad5b-ea843208b23c.html

Pool our resources? TulsaNow event center?