Palace Clothing Building/Old Arby's

[DowntownDan]

Anyone know if this building is safe now?

The sidewalk is still lined with scaffolding so I've been expecting the earthquake damage to make it start crumbling any minute.  Not sure how they can allow anyone to live in such an earthquake damaged structure.  [/endsarcasm]

[cannon_fodder]

The only theory that makes sense to me:

The Lortons were planning on selling out and moving on. At the end of 2013 they declared the Arby's building unsafe, and made an insurance claim or write off for tax purposes. Shortly thereafter they sold it to Berkshire Publishing (whatever) and moved on. Reeping some sort of reward for the fictionalized write off.

I never heard anyone who believed the "earthquake" damage report.

Once they were out of the picture, the new owners had the building examined by actual engineers and determined it could be put to some use.

[LandArchPoke]

The only theory that makes sense to me:

The Lortons were planning on selling out and moving on. At the end of 2013 they declared the Arby's building unsafe, and made an insurance claim or write off for tax purposes. Shortly thereafter they sold it to Berkshire Publishing (whatever) and moved on. Reeping some sort of reward for the fictionalized write off.

I never heard anyone who believed the "earthquake" damage report.

Once they were out of the picture, the new owners had the building examined by actual engineers and determined it could be put to some use.

They may have done it to avoid paying extra downtown assessment taxes too.... just a theory.

I would love to see them do this...



They already have these "boxes" for retail on the ground floor. Just carve out the brick and put some glass. If they are using the ground floor area now there, they could always relocate it and add more space to the area they are adding on top of the guest lot. Or even build on the other parking lot they have at 3rd/Main and just continue the ground floor retail all the way between 4th and 3rd. This would make a HUGE different to the life of Main Street.

[carltonplace]

Its not like they need all of those print presses any more.

[Tulsasaurus Rex]

Quick Facts:

Renovations planned for former Palace building in downtown Tulsa

Warren Buffet's company plans to turn the building into apartments

The team is currently seeking a tax incentive from the city

One of the richest men in America wants to restore a large, vacant and earthquake-damaged building in downtown Tulsa.

Representatives for Warren Buffett put forward their plan at Tulsa City Hall Thursday afternoon.

Buffett came into possession of the building when his company, Berkshire-Hathaway, took over operations of the Tulsa World in 2013.

"They've been meeting with the Permitting Department already. They can get started once this is finalized, but one of the requirements for the tax incentive is that you can't start ahead of time," said Tulsa Economic Development Coordinator Jim Coles.

Buffett and his team hope that in addition to retail space on the ground level, the Palace will be turned into 53 one-bedroom and efficiency apartments.

The team is seeking tax-increment financing, which means it won't have to pay new property taxes while the building is under construction.

"For six years everything will stay the same. By the seventh year, the city and public schools and all of those entities will see the improvements through an ad volerum sales tax," Coles said.

City councilors praised the plan that not only includes the restored building, but allows for the Tulsa World to expand its operations into a new two-story building.

An announcement with more details on the project is expected at the end of the month or early August.

http://www.fox23.com/news/news/local/warren-buffett-plans-apartments-renovations-downto/nmwWy/

[carltonplace]

Would this 2 story building be built in the parking lot that was once the Skelly Building?

City councilors praised the plan that not only includes the restored building, but allows for the Tulsa World to expand its operations into a new two-story building.

[Conan71]

Would this 2 story building be built in the parking lot that was once the Skelly Building?

City councilors praised the plan that not only includes the restored building, but allows for the Tulsa World to expand its operations into a new two-story building.

Was it the destruction of the Skelly or Towerview that sparked TulsaNow in the first place?

[carltonplace]

Was it the destruction of the Skelly or Towerview that sparked TulsaNow in the first place?

The former.

[sgrizzle]

Was it the destruction of the Skelly or Towerview that sparked TulsaNow in the first place?

TulsaNow predates both by several years. However, this forum rallied support of both and really got the whole "general public following development and demolition" thing.

Just think, one pizza slinger came to the forum trying to start a pizza place, got so involved he's now a city councilor. TulsaNow should go to extremes to take credit for things like some other groups do...

[cannon_fodder]

Like that time we defeated "the islands" all by ourselves.

Or did PlaniTulsa all by ourselves.

Or started the entire "public forum" thing that KRMG and everyone does now.

And lets not forget Vision2025. That was all us. Except for the loan to First Street Lofts, we said that was a bad idea to start with.

And single handedly start the revival of downtown.

Or when we saved Turkey Mountain.

Oh, and lets not forget that time we had a secret meeting and cured cancer... but then forget to write it down. So we do make mistakes.

[for the uninitiated, this is called hyperbole]

[carltonplace]

Pronounced "hyper-bole"

All those people that say "hi-per-bu-lee" bug the smile out of me.  

[TulsaGoldenHurriCAN]

Tulsa World gets approval for redevelopment of historical building

http://www.tulsaworld.com/news/local/tulsa-world-gets-approval-for-redevelopment-of-historical-building/article_261937bc-5e6f-5dbf-9397-d92ee0ee531a.html

The Tulsa City Council on Thursday approved the final piece of a tax abatement sought by the Tulsa World for a planned $15.5 million redevelopment and construction project.
The tax abatement, along with historical tax credits, are being used to rehabilitate one of Tulsa's oldest downtown buildings, owned by the Tulsa World Media Co.
"This has a been a long road to get us to this point," said Bill Masterson Jr., president and publisher of Tulsa World Media Co. "I'm excited now about the rebirth of the Palace Building and the positive impact it will have on our downtown."
The project idea began after BH Media took ownership of the Tulsa World in early 2013 but took shape as a major investment during the last year and a half, developers said.
The tax abatement, approved by all affected tax entities, will also extend to construction of a new building on the Tulsa World's property for paper storage above an existing parking lot.
Councilor Blake Ewing, who represents the downtown council district, said he hopes other organizations will follow the Tulsa World Media Co.'s example.
"I think it sets an example for others of reinvesting in the properties downtown," Ewing said. "We have had decades of people thinking it's OK to tear down buildings and add parking lots."
The project's developer, Wiggin Properties, and architecture firm, Kinslow Keith and Todd Architects, said they are working to preserve the historic significance of the building, while updating it for modern use.
Once completed, the Palace Building project will be a 58-unit apartment building with one-fifth of those planned as low-income housing.
It's also planned as a mixed-use development with room for commercial space on the ground floor, according to developers.
Paul Selid, vice president and director of investments for Wiggin Properties, said tax credits were needed to make the project feasible.
"It's a balancing act to preserve as much history and character of the building that we can," Selid said. "But still, we need to make the building function as well. ... That's why these tools (tax credits) exist, to keep our history from being destroyed — from being razed."
Instead of demolition, the Palace Building will be outfitted for mixed use with apartments, while retaining as many historical aspects as can be saved, said Todd Wade, architect and project manager for KKT Architects.
"The first floor would be for a tenant to move in," Wade said. "It could be for retail or restaurant. The second floor has a main office for the building and a community room. The roof of the building is a terrace for use by the tenants."
The whole of the inside is planned to get new plumbing, electrical wiring, heating and air conditioning, he said.
The plans for a new building above an existing parking lot will be a storage building for paper, with a large area inside for storage and movement.
It will connect to Tulsa World's existing building and will be built on pedestals so that the onsite guest parking lot will remain, according to plans.
The properties — the Palace Building at 324 S. Main St. and a parking lot, both adjacent to the Tulsa World's downtown structures — would continue to generate tax dollars at their current rate through the six-year abatement per the agreement.
The Palace Building, also known as the Excalibur Building, first opened in 1913 but has been vacant since 2012, when engineers with the Tulsa World's prior ownership found structural damage from a 2011 earthquake.
In total, the tax abatement would account for about $1.16 million in tax credits for the Tulsa World Media Co. toward the estimated $15.5 million investment to renovate the historic building and build the additional storage structure.
After six years, the project would start paying taxes at the new rate, estimated to be more than $211,000 per year — an increase from about $17,700 paid in taxes per year as the properties stand today.
Thursday's tax abatement vote passed unanimously with Councilor David Patrick absent and Councilor Karen Gilbert, who is the wife of Tulsa World Chief Photographer Tom Gilbert, recusing.
Jarrel Wade 918-581-8367
jarrel.wade@tulsaworld.com

[cannon_fodder]

I didn't see...

How much earthquake repair are they going to have to do?

Since public funds are on the table, the plans are probably available. If anyone finds out there is a speck of earthquake damage let me know. If anyone sends the Lorton's a card telling them they are liars, let me know.

Funny how new owners want the "damaged" building and to rebuild Skelly. Which they were careful to not point out...

[sgrizzle]

Like that time we defeated "the islands" all by ourselves.

Or did PlaniTulsa all by ourselves.

Or started the entire "public forum" thing that KRMG and everyone does now.

And lets not forget Vision2025. That was all us. Except for the loan to First Street Lofts, we said that was a bad idea to start with.

And single handedly start the revival of downtown.

Or when we saved Turkey Mountain.

Oh, and lets not forget that time we had a secret meeting and cured cancer... but then forget to write it down. So we do make mistakes.

[for the uninitiated, this is called hyperbole]

We also defeated Vision2

[swake]

We also defeated Vision2

You mean pointless bankrupt airline welfare.