Sager's 1st St Lofts in Foreclosure

[TheArtist]

From what I have been hearing, housing may be slow, but multi-family housing is definitely up and has been for a while.  



"The increase was led by multifamily-housing starts (apartments and condos), which rose 30.4 percent from May, with building permits up 6.9 percent to an annual rate of 217,000, the highest level since October 2008.

Single-family starts rose 9.4 percent,,,,, but permits were up just 0.2 percent, the 13th-lowest tally since record-keeping began in 1960.

"The bottom line: Single-family home construction is still stuck near the bottom, and the near-term outlook is for more of the same," said economist Patrick Newport, of IHS Global Insight.,,,  

Jonathan Smoke, research director for Hanley Wood Market Intelligence, which tracks 800 markets nationally, said multifamily "was benefiting from declining homeownership, continued high levels of foreclosures, and the 'Gen Y' generation choosing to rent" instead of own.

About 4.3 million members of Generation Y reached age 22 in 2010, said Stan Ross, of the University of Southern California's Lusk Center for Real Estate. As more enter the workforce over the next 10 years, he said, they will produce a massive increase in housing demand. "

http://www.multifamilyexecutive.com/demographics/multifamily-housing-starts-show-signs-of-life.aspx

If there is any housing sector that is growing and will continue to grow its multifamily and people looking to live in the core of the cities vrs suburbs. There are probably more homes going into downtown right now than any other area in the city or suburbs.

[rdj]

The key is multi-family income property not for sale apartments/condos.

Conan, I would agree that Tulsa is doing okay with the granular development.  However, from the architects I talk to they are living on government work, not private sector.  For those firms unable to compete in those arenas its been tough.

I've heard a new development may be sprouting on the east bank of the river near the Creek Turnpike.  Anyone else heard anything along these lines?

[BKDotCom]

The key is multi-family income property not for sale apartments/condos.

Conan, I would agree that Tulsa is doing okay with the granular development.  However, from the architects I talk to they are living on government work, not private sector.  For those firms unable to compete in those arenas its been tough.

I've heard a new development may be sprouting on the east bank of the river near the Creek Turnpike.  Anyone else heard anything along these lines?

More Kum-n-Go's?

[Townsend]

Bump.

Just curious if there's been anything new about the property.

How's it coming if at all?

[jacobi]

Bump.

Just curious if there's been anything new about the property.

How's it coming if at all?

Occasionally the door is open for renovations for S&J and a Liqour store that will be finished sometime after the sun turns into a red dwarf.

[cannon_fodder]

The BOk Center was planned, constructed, occupied, lost a tenant, gained a tenant, and became a fixture.  A company will have grown to need, announced, planned, purchased land for,  constructed, and moved into a new sky scrapper before this 6 story building is renovated. Odds are even Sager gets it finished before the rapture.

[Gaspar]

Odds are even Sager gets it finished before the rapture.

Isn't that every October?

[Jeff P]

The BOk Center was planned, constructed, occupied, lost a tenant, gained a tenant, and became a fixture.  A company will have grown to need, announced, planned, purchased land for,  constructed, and moved into a new sky scrapper before this 6 story building is renovated. Odds are even Sager gets it finished before the rapture.

Ha.

It would be kind of funny to compile a list of everything that was planned, purchased, constructed, completed and opened since the 1st Street Lofts "renovation" started.  The list would be pretty extensive, wouldn't it?

I think it would include all of Blake's places, ONEOK Field, Dilly Deli and Dust Bowl, Lee's and Runners World, all of the new stuff in Brady, the Mayo (?), Elote and Mod's (?), etc., etc.

[rdj]

Atlas Courtyard.  Holiday Inn City Center were both pretty extensive remodels with the Atlas being much more so.

[HeyMambo]

Channel 2 did a story last night!

http://www.kjrh.com/dpp/news/local_news/2news-takes-a-closer-look-at-an-unfinished-vision-2025-housing-project

[jacobi]

There has been work going on in the last week on the first floor.  Which is not to say that the building needs to be reposessed.

[JCnOwasso]

I watched the piece last night and I am curious why you have members of the TDA making excuses for Sager for the project not being completed... "with the downturn in the economy and the constructions costs, we wanted to have a little patiences with him".  Construction costs, economy?  I understand that there has been some impact to the city with these issues, but you are talking about prime downtown property that is partially funded by the tax payers.  If this guy didn't have all financing arranged to begin with, he should have never been handed 1.3M and I would like to know what was the ratio on tax funded vs Sager Funded.  I would be highly concerned if the city was funding 80% of the project.  If there was ANY affect it would have been that a pleathora of contractors bidding on the work and it may have taken a touch longer to complete the full review of the bids.  These lofts are in the middle of Blue Dome and I would be willing to bet they will be 75-85% rented before the final wall is painted and appliance plugged in.  The reporter should have asked more difficult questions other than: 2N EWS : "Is that correct to say that, when someone submits a proposal, that's what's expected to be spent of the money?"... Maybe something along the line of When did the city get its first red flag on the construction.  Had the city ever stepped foot in the lofts to find out if the statements he had been providing the city matched the work being completed.  

If Sager initially had a 200k note on the project, which was stated as a reason for approving the project, could the city have sought the property as restitution?  Of course now that there is a 2.5 million dollar note out there, I am pretty sure the tax payers are SOL.

Also, I understand that designs change and are evolving, but Sagers statement that he wasn't committing to 5000 sf of black tile or 2000 sf of white tile is a little off.  Why would you be commiting to any thing other than "approx 7000sf of flooring tile (design to be determined)".  He sounds like a piss poor construction manager and/or general contractor... or even worse, just another person making money at the cost of the tax payer.

Just another example of the difference between a good businessman and a person who attempts to run a business.

[custosnox]

I'm trying to figure out why, if he is funding a large part of this himself, why he needs to write in a salary for himself and his wife from the seed money.

$30, 975 was budgeted for construction management and administration. Michael and Patricia Sager are listed as construction manager and administrator, but more that double was paid out to them, according to the draw reports: $83,000. Plus, $46,065 was paid out to others listed as construction managers.

Read more: http://www.kjrh.com/dpp/news/local_news/2news-takes-a-closer-look-at-an-unfinished-vision-2025-housing-project#ixzz1hIYWeB1i

[JCnOwasso]

I'm trying to figure out why, if he is funding a large part of this himself, why he needs to write in a salary for himself and his wife from the seed money.

That Land Rover isn't going to pay for itself... (if it is his)

[Teatownclown]

Holy Batman! The Penguin succumbs?

One man gathers what another man spills. It won't be the citizens that get benefit.

Still an unhappy doubter on 2025....

Kirby where are you?