More Residential downtown

[OurTulsa]

More downtown housing.  Great building - great location!  

Anyone recognize the kid in the photograph?  It's our very own Patrick Fox!  Congrats Pfox!  I hope you are crazy successful in this venture!

http://www.journalrecord.com/article.cfm?recid=94260

[TURobY]

Wow! Congrats! Definately exciting news...

[PonderInc]

Just so people can see the whole thing...

http://www.journalrecord.com/article.cfm?recid=94260
New ONG Building owners study residential options
by Kirby Lee Davis
The Journal Record December 5, 2008

TULSA – A group of Tulsa investors paid $2.97 million for downtown Tulsa's historic ONG Building, intending to adapt it into lofts and condominiums.

That builds upon downtown Tulsa's slowly growing residential movement, which this year saw the start of apartment transformations at the old Mayo Hotel and the Mayo Building. Tulsa County Courthouse records indicate the firm 624 Boston LLC paid approximately $45.69 per square foot to Noble Building Investors LLC of Tulsa for the 10-story, 80-year-old ONG Building at 624 S. Boston and its neighboring parking lot.

Patrick Coates of Coates Commercial Properties considered that price a strong improvement from when he handled a $1 million deal for the 65,000-square-foot structure a decade ago.

"At the time it sold it was not very well occupied," he said, estimating 30 percent. "I imagine the building was pretty full to garner that kind of price."

The new owners hired a new Tulsa property management company, ZigZag Urban Development, to launch a residential feasibility study on the former headquarters of Oklahoma Natural Gas.
Patrick Fox, a principal with ZigZag, said he expects to complete that study within 60 days.

"The building lends itself to such a use because of its dimensions," he said, adding its historic and intriguing character enhanced its residential appeal. "Frankly, it's just been really well maintained over the years."

Its 1928 construction marked one of Tulsa's first art deco efforts, helping spur a design trend now iconic to the downtown area. Entered on the National Register of Historic Places in 1984, real estate analysts consider the ONG Building to be one of the nation's finest examples of zigzag art deco architecture.

The reinforced concrete structure boasts limestone facing on its first two floors, passing to a brick exterior for the high-rise.
ONG's original customer service lobby remains one of its most beloved features. At one time the home of Matrix Architects Planners Engineers, Fox said the lobby features columns, floors and walls of marble and plaster. It fills most of the first floor.

"One of our primary focuses for the building is to locate a restaurant in the lobby," he said. "It lends itself to a restaurant space."
While studying different condo or loft options for the building's nine 6,500-square-foot floor plates, Fox said ZigZag also sees potential for studio or one-bedroom sites to function as small offices, giving the building a true multiuse feel.

Fox described the ownership group 624 Boston LLC as "a group of local investors who believe in downtown."

"They were wanting to diversify some of their investments into real estate," he explained. "They believe the future's bright for downtown and they wanted to be on the front end of it."

Trained as an urban planner, Fox heads a group of three principals behind ZigZag. The ONG Building is their first project.

"It was formed not for this particular building per se, but it was formed to explore development operations in core areas like downtown Tulsa," he said.

[PonderInc]

And here's more info about the historic building out on the Tulsa Preservation Commission website:

http://tulsapreservationcommission.org/nationalregister/buildings/index.pl?id=30

[sgrizzle]

quote:Originally posted by PonderInc


Patrick Coates of Coates Commercial Properties considered that price a strong improvement from when he handled a $1 million deal for the 65,000-square-foot structure a decade ago.

"At the time it sold it was not very well occupied," he said, estimating 30 percent. "I imagine the building was pretty full to garner that kind of price."

This guy really doesn't get it.

[carltonplace]

This is awesome news. I love the ONG building and I can't wait to eat there!

[Rico]

Some more pictures...........

http://www.michael.leland.name/tulsa/ong.html

[Chicken Little]

Wow, and so near the new park.  Be sure and mention that in your feasibility study, Patrick!  []  Congrats on the new venture.