NEW DOWNTOWN MIXED-USE DEVELOPMENT IN THE WORKS

[TheLofts@120]

NEW DOWNTOWN MIXED-USE DEVELOPMENT IN THE WORKS

As part of the development team, we are working with a local owner in the renovation of an existing office building into mixed-use residential/retail.   This building is located within the Central Business District with easy access to off-site reserved parking, restaurants, and hotels. 

We would welcome this forum's feedback regarding  the types of retail and support services residential tenants would like to see in such a building, as well as feedback on the design basics.  All units will be for tenant lease, not available for purchase.

The residential spaces will average approximately 840, 1180 and 1650sf.   Current concept designs are for a true open loft space, meaning only the kitchen and bath will be built out with the rest of the space open to be independently designed with furniture and temporary partitions by the tenant.  Each unit will have its own separately metered electric service. 

The property will feature secure first floor access with lobby and leasing/management offices.

Loft design elements may include:

Original concrete ceilings, floors, and exposed columns
Floor to ceiling windows in most units
Average 10' ceiling heights
Custom kitchen cabinets with granite counters and glass tile backsplash
Full appliance package including refrigerator w/ice maker
42" x 60" Cultured marble showers with glass sliding doors
Granite vanity top
Multiple COX Cable outlets

There will be a centrally located, card operated (coin) laundry facility on the first floor.  Conceptual plans also include a small community room and fitness facility.

It is the goal of the development team to make these units available for a monthly rental rate of less than $1/sf.  Every design and construction consideration is being focused on achieving this goal.   

We would appreciate your input to these questions:

1.  Is there a market for these size units and does any one size appeal to you more considering the projected rental rate?

2.  Do you think the projected monthly rental rate (LESS than $1/sf) is attractive when considering living in the Central Business District?

3.  What commercial/support services would you want to have in the building?

4.  Would you still be interested if the monthly rental rate fell within the $1.00-1.20/sf range? 

Thanks
Will Wilkins
120 Development Group, LLC

[TURobY]

While I am certainly interested in this, I must admit that I'd still prefer a condo-type arrangement, as I'd love to have control over the interior design and be able to build equity in the property.

Having said that, a pocket-sized grocery store would be nice (something the size of a convenience store with fresh food offerings) and could serve multiple residential clients in the CBD area (including Philtower, Atlas Life, etc.). A small coffee-shop (similar to Topeca) could also be useful for both residents and workers in the CBD.

[Conan71]

Will, glad to hear this is going on.  When will you be able to reveal the location?  I would assume that TDA is well enough away from this deal, yes? 

[sgrizzle]

I would suggest having laundry hookup space available, if at least for the larger units. Just a couple of electrical outlets and a vent.

The rent psf is VERY attractive in my book.

[SXSW]

Is this near the ballpark in Brady?

[TheLofts@120]

Conan - TDA is not involved in any way with this endeavour.

Grizzle - We are looking into various options regarding laundry services and weighing the cost of providing per unit versus centralized services.  All considerations are being geared towards keeping the cost of acquisition and renovation to a minimum so as to provide ample space, amenities and affordable rates.

SXSW - This project will be located in the Central Business District.  At this time, I can not be more specific than that.  I can say that it is not near the ballpark.  Or goal is to renovate a sizeable existing building for residential occupancy with affordability in mind, while at the same time, decreasing the amount of available commercial square footage downtown that is going unused.

Thank you all so far for your comments.  I hope to get many more in the coming days and weeks as we move this project forward.  If you could please pass word on to anyone that would like to provide their input with regards to what is being asked, it would be much appreciated.  The more we gather, the better we are able to fit the project to market demands. 

Thanks

[Conan71]

Will, one amenity I liked when I lived at Center Plaza was a dry cleaner pick up and drop off.  IIRC, this involved someone to man a desk basically for a couple of hours in the morning and evening, I think Grindstaff's or LaMode would send a truck by daily for pick up and drop off.  That could even be combined with concierge services or the pocket grocery turoby suggested- or heck all three. 

They also had a small bar and a fitness center in one of the towers.  Keep in mind they probably had 500 or so residents back then (I think there were about 10 apartments per floor plate over 19 resident floors in two buildings).  Someone is more than welcome to correct me on that.

How many units are you talking about?

[dsjeffries]

Glad to hear this, Will! (I'm currently looking for something affordable in downtown)
1) I would personally not want anything bigger than 840 sf. You might include some smaller units, too--around the 740 range. If you're gearing this toward YPs, most are single, so massive lofts (1600 sf is huge) might not be as appealing. And I appreciate that you're making them "true" lofts--I'm glad that people will have that option. A lot of people will like it. But there are also a lot of people who'd rather a real bedroom (myself included).
2) I think the prices are great.
3) Grocery grocery grocery. Local bookstore. Maybe a coffeeshop in conjunction with the bookstore.
4) As a recent grad just starting my career, it would be really hard to justify a higher price. But that's just me.

How many units will there be?

[Red Arrow]

I am not really part of your target group (I prefer a single family dwelling in suburbia and am probably too old too.) but I offer my opinion as if I were accepting a transfer to Tulsa for a year or two.

Original concrete ceilings, floors, and exposed columns:  I had nicer accommodations in college dorms and Navy Barracks.  Not a plus for me. What will be the acoustic transmissions from one floor to the next?   Is your ceiling separate from the floor above?  Obviously a matter of construction.

Floor to ceiling windows:  Not a plus.  It would make me feel as if I were in a fishbowl.  Not a show stopper either.

Tall ceilings:  Good in the summer.  Make sure there are some ceiling fans.

...granite counters...:  I'd rather have a more finished look overall than fancy mag wheels on a rust bucket car. I suggest trading some of the cost of granite for some overall balance.

Full appliance package:  good, especially for a rental unit.

Cultured marble showers and granite vanity top:  Cost?  More mag wheels on a rust bucket?

Cox:  the only communication choice other than cell phone?

The built-in Laundromat is OK.  Restricted access should make them as nice as in some of the nicer hotels.

Off site reserved parking. Is this a place I would be willing to leave a nice car for several days at a time?  Any security?  When my cousin lived near the Boston Commons (in Boston, MA of course) she rented covered space in a parking garage in case she couldn't find a spot on the street.  Mostly she kept her surfboard sailboat there.

The price is probably reasonable in today's market but is more than I would want to pay for some warehouse space with a private bath.  The fact that Tulsa is not a "no car required" town should decrease the premium for living "downtown".  To me, "true open loft space" is another way of saying we don't want to spend the money fixing the place up but will charge you a premium for the privilege of living downtown in a city with minimal public transportation in a place with a trendy description.

Why is easy access to hotels required for someone with a place to live?  Not enough room for guests?  Guests cannot stand your snoring over the partition?

What kind of heating and air conditioning?  Electric heat can be expensive unless the place is well insulated. Not a lot of choice on air conditioning beyond one big unit or several noisy motel style "under window" units.

Commercial/support services:

Groceries.  More than a Quik Trip, less than a supermarket.  Since I still have to have a car, I am unlikely to want to pay a premium for convenience at weekly buying levels for food.  Being out of good ideas for dinner a few nights a week would make convenience worthwhile.  I don't drink coffee but a coffee/donut shop would be nice for those that do, assuming there isn't already a Starbucks around the corner.  Someone mentioned dry cleaning service.  That would be good for the coat and tie crowd (I'm lucky enough to be business casual).   Beer/wine/liquor store.  A slight premium in price to be able to run downstairs for a bottle of Big Jamoke would be acceptable. A big premium would cause me to drive to a "discount" liquor store and buy a larger supply.

I realize that most of this sounds negative.  My intention is to give some insight to what is attractive or not to the suburbanites that so many claim to want to attract.  At some point you will have provided for all the 20 and 30 somethings that still accept contemporary cinder block and 1 x 12  boards as furniture.  There is a big gap between there and the 5th Ave NYC crowd.  A reasonably priced (my opinion is probably invalid on reasonable) place for older professionals but not CEOs should have a market.

[OurTulsa]

A bakery!  Would love a place to grab a dozen bagels for the office in the morning.  If I were to live in the building I would love to have a place in the bottom floor that offered bagels/pasteries in the morn and a baguette for the evening.

[SXSW]

A bakery!  Would love a place to grab a dozen bagels for the office in the morning.  If I were to live in the building I would love to have a place in the bottom floor that offered bagels/pasteries in the morn and a baguette for the evening.

I agree, this is something downtown really needs and would be very successful at both breakfast and lunch time.  Something like Panera that serves bagels, pastries, coffee, and sandwiches.

[sgrizzle]

A slight premium in price to be able to run downstairs for a bottle of Big Jamoke would be acceptable. A big premium would cause me to drive to a "discount" liquor store and buy a larger supply.

Took this picture last wednesday

[we vs us]

I'd like to second (or third?) useful retail on the ground floor. Probably the single biggest thing that DT needs (aside from residents!).

Is there a reason you chose rental units over condos?  I mean, either way, more people living DT is a plus, but from a community development standpoint, owners are 1) far less transient and 2) house- and neighborhood-proud.  



Edited to include big ups for Marshall's Jamoke Porter.  I had two of those bombers over Xmas weekend and found myself in much higher spirits because of them.  Mazel Tov, Mr. Marshall!

[Conan71]

It's never a successful topic on TulsaNow until "Marshall's Beer" is invoked. 

[Hoss]

It's never a successful topic on TulsaNow until "Marshall's Beer" is invoked. 

Must...get....to....Ranch Acres.....more....Jamoke....needed!