(PROJECT) One Place Tower

[DTowner]

TDA approves a 2-year extension to the completion date for the One Place development.  The article also hints that some of the rumors discussed on Tulsa Now about potential restaurants in this space could be true.

One Place gets two-year construction extension


By BRIAN BARBER World Staff Writer
Published: 5/4/2012  1:54 AM
Last Modified: 5/4/2012  6:26 AM

The Tulsa Development Authority on Thursday approved a two-year construction extension for the mammoth $120 million One Place development across from the BOK Center.

Now the privately funded project that encompasses a square block downtown must be complete by Dec. 31, 2016, rather than at the end of 2014.

Developer Bob Eggleston of One Companies LLC said the extension was needed for the staggering of the project's four phases.

The portion of the block for the third and fourth phases needs to continue being used as a staging area for building materials while crews work on the first and second phases, he said.

"We are achieving way beyond what was originally planned for the site," Eggleston said, referring to the development's growth.

The Development Authority - the city's real estate arm - entered into an agreement in 2010 to sell the bulk of the square block between Second and Third streets and Cheyenne and Denver avenues to the group for $1.5 million.

The rest of the property was privately acquired.

Construction on phases one and two began last year.

An 18-story tower on the northeast corner of the block has been leased by Cimarex Energy Co., except for the retail-based first floor, and is scheduled to be complete by next spring.

Work crews have now reached the eighth floor of the building with 10 more to go, Eggleston said.

The tower will have a 401-vehicle parking garage reserved for Cimarex employees until after work hours, when it will be opened to the public.

Then there's a five-story building on the northwest corner of the block that will be occupied by Northwestern Mutual and Check 6.

It is expected to be done by August, with its bottom two floors containing retail space just across from the arena.

"The total amount of retail between just those two buildings will be 42,000 square feet," Eggleston said.

"Adding in the other buildings, we are trying to get up to 70,000 to 80,000 square feet of retail so this will be a real destination."

The bottom floors of the Northwestern Mutual building that will face the BOK Center are attracting the interest of several high-profile restaurants, Eggleston said.

"When we release the names, it's going to be so good for downtown," he said. "These are places that are not even in the state right now."

Meanwhile, advanced planning continues on the third and fourth phases, which will contain a Hilton-brand hotel along with residential, commercial and office components.

The hotel building will have residences on the upper floors, Eggleston said, adding that construction is expected to begin in the first quarter of 2013.

"Our whole concept here," he said, "is to create a special place where people can live, work and play."

Read more from this Tulsa World article at http://www.tulsaworld.com/news/article.aspx?subjectid=689&articleid=20120504_11_A10_TheTul801876

[Townsend]

The bottom floors of the Northwestern Mutual building that will face the BOK Center are attracting the interest of several high-profile restaurants, Eggleston said.

"When we release the names, it's going to be so good for downtown," he said. "These are places that are not even in the state right now."

In my crystal ball I see the restaurant owners from out of state saying "the Oklahoma ABLE commission said what now?".

Good article.

[Oil Capital]

TDA approves a 2-year extension to the completion date for the One Place development.  The article also hints that some of the rumors discussed on Tulsa Now about potential restaurants in this space could be true.

Can you remind us of the rumored restaurants?

[Oil Capital]

One Place gets two-year construction extension


By BRIAN BARBER World Staff Writer
Published: 5/4/2012  1:54 AM
Last Modified: 5/4/2012  6:26 AM

The Tulsa Development Authority on Thursday approved a two-year construction extension for the mammoth $120 million One Place development across from the BOK Center.

Now the privately funded project that encompasses a square block downtown must be complete by Dec. 31, 2016, rather than at the end of 2014.

Developer Bob Eggleston of One Companies LLC said the extension was needed for the staggering of the project's four phases.

The portion of the block for the third and fourth phases needs to continue being used as a staging area for building materials while crews work on the first and second phases, he said.

"We are achieving way beyond what was originally planned for the site," Eggleston said, referring to the development's growth.

This strikes me as a convenient excuse to get their deadline extended.  It seems that if they were ready to build the other phases, they could and would find a way to stage building materials.  Major buildings are constructed on far more constricted sites all the time.

[Townsend]

Can you remind us of the rumored restaurants?

Oh you'll just Davas them.

[Townsend]

This strikes me as a convenient excuse to get their deadline extended.  It seems that if they were ready to build the other phases, they could and would find a way to stage building materials.  Major buildings are constructed on far more constricted sites all the time.

Davas-ing

[sgrizzle]

This strikes me as a convenient excuse to get their deadline extended.  It seems that if they were ready to build the other phases, they could and would find a way to stage building materials.  Major buildings are constructed on far more constricted sites all the time.

As I understand it, Phases 1&2 will be at around 100% occupancy at opening so it's not a financial issue.

[Oil Capital]

As I understand it, Phases 1&2 will be at around 100% occupancy at opening so it's not a financial issue.

The success of the office portion of the development tells us absolutely nothing about the financing of the hotel and residential portion.

[godboko71]

The success of the office portion of the development tells us absolutely nothing about the financing of the hotel and residential portion.

Yeah it pretty much tells us banks would be more agreeable to lend them money. While I agree it is an excuse to spread out the cost of development is that such a bad thing? I could give them the opportunity to make better deals for a better project, seems everyone wins no matter the time line.

[jacobi]

I could give them the opportunity to make better deals for a better project, seems everyone wins no matter the time line.

As much as it pains my in my personal life, (measured) patience really does pay off on this sort of project.  Recall that the tower was initally going to be shorter.  As painful as it was to wait and wait and wait for this project to get started, the the extra floors on the tower are pretty sweet.  Eventually there will be a completed project on this block.

[Oil Capital]

Yeah it pretty much tells us banks would be more agreeable to lend them money.

It MAY make a bank marginally more agreeable to talk to them about lending more money.  That's about it.  But that is a long way from telling us that there are not any financing issues.  

[we vs us]

Can you remind us of the rumored restaurants?

Ruth's Chris, but that rumor's pretty old at this point and I'm not local anymore to confirm it.   

[dsjeffries]

I'm sorry to see that the recent discussion on Tulsa's largest private construction project in over a decade has devolved to the same types of complaining seen in the Tulsa World's comment section.

"We want better roads!" ...road construction begins... "I hate all this construction!!"

"We need downtown developers!" ...developer steps up... "You're only building this in PHASES?! BLASPHEMOUS!"

Give it a rest. They're building an 18-story tower and a 5-story building at the same time, with more to come. The entire block doesn't have to be under construction at the same time for progress to occur... and you can blame TDA for stalling this project for so long in the first place. That block has already seen more substantial development than has happened anywhere near the BOK Center so far.

It's evident that Tulsans are afflicted with the same short-term orientation and obsession with immediate gratification as the rest of the country. And the project has only been under construction for what, less than a year?

[DTowner]

I think the argument that staging all the materials at on off-site location in or near downtown would add signficant expense to the project is legitimate.  Currently, they own the two adjacent lots where materials are shipped.  If they can no longer use those lots for that purpose, then they will have to lease additional space somewhere downtown and incur additional costs in moving the materials as needed from the staging area to the work site.

I also agree that patience is important.  This is the biggest project downtown in terms of footprint, size and scope since the Williams Forum.  I'd rather they get it right than get in done in a hurry.  TDA has sat on land way longer than this project will take, even with the extension.

[rdj]

Ruth's Chris, but that rumor's pretty old at this point and I'm not local anymore to confirm it.   

They don't have anything signed but they've indicated they want the space.  I was told RC informed the developer they wanted it and would match or exceed any lease offer the developer received.