Blue Dome Building sold to operators of Arnie's Bar

[saintnicster]

Iconic Blue Dome building in downtown Tulsa sold

http://www.tulsaworld.com/article.aspx/Iconic_Blue_Dome_building_in_downtown_Tulsa_sold/20130927_32_0_Michae767607

Michael Sager has sold the iconic Blue Dome building and associated properties to Chris and JoAnn Armstrong, the operators of Arnie's Bar, for $1.520 million, the downtown developer announced Friday.

"There's a new generation of folks I'm entrusting it to for the future," Sager said. "They're not tearing it down."

The Armstrongs had been leasing the Blue Dome property from Sager at 318 E. 2nd St for the past seven to eight years and have worked with Sager closely on the Blue Dome Festival and other events. Sager's office was in the actual Blue Dome portion of the building.

He said there is 14,500 square feet of land where the original building, a former Route 66 gas station, is situated.

The Blue Dome sale will include another property owned by Sager, the Woody's Corner Bar, across the street at 325 E. 2nd St.

Sager said he will be focusing on plenty of other works in progress including the First Street Lofts and the Tallgrass Restaurant.

"We have 175,000 square feet, which is large. We're just utilizing our assets and being conservative," Sager said, noting that some of his other new properties include the Triangle Blueprint Company building at 314 S. Cincinnati Ave. which will be converted into retail and residential uses.

[Townsend]

Iconic Blue Dome building in downtown Tulsa sold

Maybe that's how he plans to pay the city back.

[Hoss]

Maybe that's how he plans to pay the city back.

Not enough domes in the world to do that...

[Cats Cats Cats]

The triangle building is still listed for sale at 770k on the internet as far as I can tell.  Interesting.

[Gaspar]

Iconic Blue Dome building in downtown Tulsa sold

http://www.tulsaworld.com/article.aspx/Iconic_Blue_Dome_building_in_downtown_Tulsa_sold/20130927_32_0_Michae767607

Chris needs an extra parking lot. 

[DowntownDan]

So for $1.52 million maybe he can install doors in the First Street Lofts and await more money to do anything else.  Seems to be his practice.  Longest.  Development Project.  Ever.

[swake]

So for $1.52 million maybe he can install doors in the First Street Lofts and await more money to do anything else.  Seems to be his practice.  Longest.  Development Project.  Ever.

I'm sure he's in hock to his neck on it. No way he clears $1.52 million.

[Conan71]

Word is Sager only paid $40K for the Blue Dome property 15 or so years back at auction.

[AquaMan]

Word is Sager only paid $40K for the Blue Dome property 15 or so years back at auction.

Damn straight. I tried to talk my wife into buying the building for my office when I was free lancing graphics work back int the 80's. $50k and included the Veterans bar next door.

[guido911]

I smell a parking lot!!!   Just so I can read about some heads exploding in here....

[BKDotCom]

Isn't the dome currently the McNellies Group offices

[carltonplace]

$1.52 Million? What were they paying him in rent?

[Cats Cats Cats]

Here are the sales records from the Assessor.

Arnie's Bar & blue dome building
http://www.assessor.tulsacounty.org/assessor-property.php?account=R00500920135770

Sep 16, 2013 BLUE DOME PROPERTIES LLC  STRONG PROPERTIES LLC  $850,004
Jul 13, 1999                                                                                 $137,500

The fair market value was $466,000 according to the assessor


Woody's
http://www.assessor.tulsacounty.org/assessor-property.php?account=R00500920133760

Sep 16, 2013 SAGER, PATRICIA W  S & L MANAGEMENT COMPANY LLC  $670,003  
Jun 7, 2002                                                                                    $65,000

Fair Market value at the assessor is 407k.

If the deal was 1.52 million for both buildings I guess they paid 670k for Woody's.  The ownership change hasn't hit yet.

[Cats Cats Cats]

Also the total taxable amount is a total of $501k.  That is going to jump.  They will be paying $14k a year more in property taxes.

[Conan71]

Isn't the dome currently the McNellies Group offices

Until the end of the year...