More SINGLE Family Homes Proposed Downtown

[DTowner]

Overview today in the Tulsa World of downtown housing under construction or planned through 2015.


http://www.tulsaworld.com/business/realestate/downtown-tulsa-living-options-grow-as-units-planned-in-projects/article_66a9f956-e7af-553d-a201-3f34ecec6528.html


Downtown Tulsa living options grow as 313 units planned in 2014 projects

313 new units being developed in 2014 projects

Posted: Wednesday, January 29, 2014 12:00 am | Updated: 4:51 am, Wed Jan 29, 2014.

By ROBERT EVATT World Business Writer | 3 comments

Over the past decade, living options in downtown Tulsa have gone from nearly nonexistent to abundant.

And even that's not enough to keep up with the demand, said Brian Donahue, a broker with CB Richard Ellis/Oklahoma, during a Tuesday forum on downtown living development sponsored by the Tulsa Regional Chamber.


"It's an extremely tight market downtown with the current housing in place," he said.


Fortunately, plenty more is coming.


Steve Ganzkow of American Residential Group said he knows of 313 apartment units planned or underway among six downtown projects this year, and an additional 381 units in five projects in 2015.


The 2014 projects include:

•83 units at East End Village, a mixed-use development in the former Bill White Chevrolet site;
•The Denver Y Lofts, which will have 82 units in the former YMCA building via the Snyder family and other investors;
•40 units in the former Vandever building, again from the Snyder family and its investors;
•61 units at the Flats on Archer development at Archer Street and Boston Avenue, which is in the preliminary stages of planning, according to Tulsa Development Authority Executive Director O.C. Walker;
•24 units in the Harrington building at Eighth and Main streets from developer Stuart Rains, and
•23 units at the First Street Lofts, a long-gestating project at First Street and Detroit Avenue from Michael Sager.


Developments slated for 2015 include potential redevelopments from KPM, formerly Kanbar Properties, with 90 units at 111 W. Fifth St., 56 units in the Adams Building and 37 units in the TransOK Building. Calls to KPM for further information were not returned Tuesday.


Other 2015 developments include 162 units at Hartford Commons in East Village from Elliot Nelson and a redevelopment of the Coliseum Apartments at 635 S. Elgin Ave., which will bring 36 units.


Ganzkow said he expects more development to occur in East Village as time goes on.


"That's where the land is, so that's where the market's going," he said.


Donahue said downtown living has become so popular that waiting lists are common. A CB Richard Ellis/Oklahoma survey indicates downtown apartments are now 97.5 percent full, compared to an average of 92 percent in the overall metro area.


Despite the number of developers focusing on downtown, Ganzkow said issues such as foundations and parking structures make downtown development more expensive than construction in other parts of the city.


He believes incentives have been a critical factor in encouraging developers to come, including TIF districts, low-income tax credits and, most importantly, credits for rehabilitating historic buildings in a way that retains their original architecture.


"This is a huge incentive to redo these historic buildings, and most buildings that are now standing qualify," Ganzkow said.


Robert Leikam, vice president of commercial real estate at BOK Financial Corp., said developers will be more likely to incorporate retail spaces in their construction.


"The next new products will be mixed-use like they have in Dallas," he said.


Donahue said it's still not clear when someone will be able to bring a grocery store to the area to serve residents.


"You need a certain number of people living downtown, and that's a moving target," he said.


Robert Evatt 918-581-8447


robert.evatt@tulsaworld.com

[Gaspar]

Nowhere close to 2,000, probably more like a couple hundred either planned or under construction for the next year with a couple hundred more into 2015-16.  A lot of those are in residential conversions and proposed but not construction ready projects in the East End and Brady.  Denver is on a different level being a much larger city and one that is rapidly urbanizing its downtown.  There is also a massive influx of young people there who want to live in downtown apartments, and housing in the inner neighborhoods is very expensive approaching coastal levels ( so is rent).  Downtown Denver also has over 150,000 daytime workers, and traffic is gridlocked in all directions making long commutes undesirable.

Housing in Tulsa, even in a nice midtown neighborhood within a couple miles of downtown, is still pretty affordable so there are less renters or they rent houses by Cherry St and Brookside.  And people can live 20 miles away and still have a relatively easy commute.  There is demand though for more urban apartments but developers and builders are more cautious here.  More employment downtown would drive even more growth in urban housing, both for sale and rental.

I think the age of the downtown workforce has a lot of power to dictate what gets built and where.  If we see significant growth in businesses that hire young single or non-family folks, we will probably see a higher demand for upscale but affordable urban living.  If businesses that rely on an experienced professional workforce, we will continue to see urban business growth spur more suburban residential growth and the congestion that comes with that commute.  There is a component of support businesses that will thrive (like restaurants and bars) but they will and do struggle with a workforce that vacates at 5pm. 

We have to realize that we live in Tulsa and part of our Okie nature is that families with children pine for the suburbs where they can run, frolic, and enjoy what is at least the perception of better schools and safer neighborhoods.  The moment that first child arrives, they start shopping for real estate in Jenks or Bixby.

If we want Urban growth and increased density we need to attract the businesses that offer a higher demand for young professionals, at least until Tulsa urban life matures to the point where it is more supportive or at least better perceived as family friendly.   

[carltonplace]

Interesting that the TW article does not reference the Urban 8 development at Hartford and 3rd (dirt is moving now) or the Lofts at 1st and Boulder (dirt is moving now).

[swake]

Interesting that the TW article does not reference the Urban 8 development at Hartford and 3rd (dirt is moving now) or the Lofts at 1st and Boulder (dirt is moving now).

But Sager made the list.

[Townsend]

But Sager made the list.

the tarp over the skylights is torn to bits

[SXSW]

We have to realize that we live in Tulsa and part of our Okie nature is that families with children pine for the suburbs where they can run, frolic, and enjoy what is at least the perception of better schools and safer neighborhoods.  The moment that first child arrives, they start shopping for real estate in Jenks or Bixby.

While I think that is true for downtown proper, there are many families in central neighborhoods.  Most people I know in my age group (late 20's/early 30's) live in midtown and plan on staying indefinitely, even those with kids.  I do think that is change that has evolved in the past 10 years since people more in their 30's/40's want south Tulsa or suburbs.  Downtown, on the other hand, is almost exclusively young professionals who also work downtown and retirees who want an urban lifestyle and/or downsized.  If you are to grow the young professional demographic there needs to be more urban living options, and options for couples starting families that still want to live downtown or adjacent.  I think the Riverview and Pearl areas eventually will be good for higher density urban living (townhomes, brownstones) that is not an apartment.

[Conan71]

While I think that is true for downtown proper, there are many families in central neighborhoods.  Most people I know in my age group (late 20's/early 30's) live in midtown and plan on staying indefinitely, even those with kids.  I do think that is change that has evolved in the past 10 years since people more in their 30's/40's want south Tulsa or suburbs.  Downtown, on the other hand, is almost exclusively young professionals who also work downtown and retirees who want an urban lifestyle and/or downsized.  If you are to grow the young professional demographic there needs to be more urban living options, and options for couples starting families that still want to live downtown or adjacent.  I think the Riverview and Pearl areas eventually will be good for higher density urban living (townhomes, brownstones) that is not an apartment.

Depends, do they plan on their kids going to private schools or magnet schools (I think that's the proper term for schools like Carver and BTW)?

Those that don't tend to gravitate toward the burbs.

[SXSW]

Depends, do they plan on their kids going to private schools or magnet schools (I think that's the proper term for schools like Carver and BTW)?

Those that don't tend to gravitate toward the burbs.

Both.  Marquette, Monte Cassino, Lee and Eliot are popular elementary choices, along with the magnets.  Monte Cassino or Edison for middle school.  The overall choices for schools public and private in midtown are better than in the suburbs.

Though downtown and the Pearl do not have the same options with generally poor TPS schools in those areas (Emerson and Kendall-Whittier).  It is intriguing that OKC is building a downtown elementary school to help with this issue.  Could the same work in Tulsa?

[Gaspar]

Both.  Marquette, Monte Cassino, Lee and Eliot are popular elementary choices, along with the magnets.  Monte Cassino or Edison for middle school.  The overall choices for schools public and private in midtown are better than in the suburbs.

Though downtown and the Pearl do not have the same options with generally poor TPS schools in those areas (Emerson and Kendall-Whittier).  It is intriguing that OKC is building a downtown elementary school to help with this issue.  Could the same work in Tulsa?

Not a bad idea. If someone were to build a Riverview (but less expensive) type option downtown, I think it would have a remarkable affect on everything in the area!

[swake]

Emerson used to be a very good magnet school. Does anyone know what happened to it? Was the magnet program there moved?

[rdj]

Emerson used to be a very good magnet school. Does anyone know what happened to it? Was the magnet program there moved?

Emerson is no longer a magnet.  It was the first magnet in TPS.  I don't recall specifically why it was moved back to a neighborhood school.  I want to say it had to do with the surrounding neighborhood not having access.

The TPS magnet program is outstanding.

[jacobi]

From the "if I had ungodly amounts of money" file: I would start an independent school district within the idl that would provide private school quality of education.  It would only serve those people that lived in the idl.  It would heavily incentivize living downtown for young families.  Also, per Gaspar's idea that this is Tulsa and people want a yard to play in: that lifestyle is really the only option we offer to young families.  People who want to live differently either move or live the only way they can in Tulsa and assume that it can't be any different.


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[Conan71]

From the "if I had ungodly amounts of money" file: I would start an independent school district within the idl that would provide private school quality of education.  It would only serve those people that lived in the idl.  It would heavily incentivize living downtown for young families.  Also, per Gaspar's idea that this is Tulsa and people want a yard to play in: that lifestyle is really the only option we offer to young families.  People who want to live differently either move or live the only way they can in Tulsa and assume that it can't be any different.


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Might not be a very far out idea, think "Kaiser Family Foundation".  KFF has invested plenty in the area so far and puts money into head-start programs.  Education is a big deal to Kaiser and KFF.

[swake]

From the "if I had ungodly amounts of money" file: I would start an independent school district within the idl that would provide private school quality of education.  It would only serve those people that lived in the idl.  It would heavily incentivize living downtown for young families.  Also, per Gaspar's idea that this is Tulsa and people want a yard to play in: that lifestyle is really the only option we offer to young families.  People who want to live differently either move or live the only way they can in Tulsa and assume that it can't be any different.


Sent from my iPhone using Tapatalk

Or you could change the school boundaries so that Lee/Edison serves downtown instead of Emerson/Central.

[DTowner]

With the TPS transfer rules, I think the line about moving to the suburbs for the schools is often a cover story for fact they wanted a bigger/newer house than they could afford in mid-town.  No matter where you live within TPS, you can get your kid(s) into a good school.

Everyone I know living downtown is single, young married couple with no children and empty nesters.  While there will be exceptions, these are always going to be the most likely candidates to live downtown.  That is not unique to Tulsa.

The projected 300+ units to be completed in 2014 is really not bad compared to the 2,000 in Denver, given where we are comparatively in total size and on the time-line in our downtown rejuvenation.  The fact that we have a 97% occupancy rate indicates the supply has most definitely not gotten ahead of demand and the demand is likely to continue to increase as more residents will make it even more attractive to live downtown.