Avanti Building Update (First Presbyterian)

[Dspike]

I know some folks here are interested in the future of the Avanti building. As a member at First Presbyterian, I have received a few updates, the most recent of which is below. Most importantly, the building is not being torn down. It will be used for office space and perhaps retail. Any revenue from the building will be used for church ministries. Also, I just learned today that the building will be renamed, but a new name has not been decided yet.

Here is the most recent update from the Church:

Rename the Avanti Building

A Discernment Team, co-chaired by Mr. Dan Ellinor and Mr. John Bair, has been established to initiate conversations within the congregation as to how the income earned from leasing space in the Avanti Building might effectively advance the purposes of Christ in caring for the needs of Tulsans.

We welcome your ideas! In light of its new role in the community, the Avanti Building will be renamed. Please send any naming ideas, representative of the building's mission focus, to the committee via Duff Points.

[Conan71]

I always liked the "Avanti" name as tribute to the Studebaker dealer that used to be in the original building.  At any rate, glad to hear it won't become surface parking and that it might even have retail on the bottom.  Has there been any consideration to possibly converting upper floors to condos?  It has a water-source heat pump system (or at least it did 15 years ago) which would help simplify subdividing the floors into apartments.  There's an idea: retirement community for Presbyterians.

[Townsend]

There's an idea: retirement community for Presbyterians.

Too many parties.

Glad it's not going to be a surface lot.

[TheArtist]

Any idea as to how soon some of the ground floor spaces might be available for lease? 

[dsjeffries]

This was reported by the Tulsa World back in October but not listed on TNF, so here are more details:

After some delays, First Presbyterian Church is set to officially begin new construction within the Avanti Building.

The 84,000-square-foot, six-story building at 810 S. Cincinnati Ave. will be ready for tenants sometime in the summer, said Steve Cadwell, director of operations for the church.
At this point, the downtown office building is just a shell.

"The demolition work is complete, so the interior is almost nonexistent," Cadwell said. "It's just floors and outside walls."
The church purchased the vacant building in February 2013 for $2.1 million from Kanbar Properties.

An additional $6 million is being spent on the renovation, Cadwell said. Nearly everything except the exterior walls will be replaced, including new windows and lighting, new electrical systems, a new roof and new heating and air.

Though future tenants will be able to select their own designs and build their spaces, Tulsa-based architectural firm Cyntergy AEC is designing open offices, with large, open spaces meant for tenants taking up entire floors.

Jim Turner, director of architecture for Cyntergy, said such a design is uncommon in offices in Tulsa, plus it reflects the building's original purpose. "We're going back to its roots as a warehouse," he said. "It was originally a car dealership with a parking lot above the first floor."

Cyntergy isn't just the designer for the building, a former Studebaker dealership. The company will also be the new Avanti's first tenant and will occupy two floors.
Turner said the architecture and engineering firm employs 85, though the new space will give it room to expand to 130.

"We weren't planning on moving in there when we started design, but the timing worked out," he said. Cadwell said the building has attracted significant interest from potential tenants.
"We've had a number of others looking at the building," he said. "Some are sorry it won't be finished earlier, which is always a good sign."
Profits from Avanti's operations will go into First Presbyterian's missions. Cadwell estimated the building could raise $900,000 per year if fully leased.

In 2008, First Presbyterian purchased the nearby former Powerhouse Gym building on Cincinnati Avenue in 2008 for $2.1 million and now uses it as a youth and worship center.

[carltonplace]

$900,000 a year.

Now please explain why the Sinclair building is sitting empty and unused?

[dsjeffries]

$900,000 a year.

Now please explain why the Sinclair building is sitting empty and unused?

One word: Moroney.

Tulsa World story from October.

[carltonplace]

One word: Moroney.

Tulsa World story from October.

Moron-ey

[LandArchPoke]

Better question is why are all these churches still sitting on surface parking when they could develop it and help pay for missions, church operations, etc.

[Vision 2025]

Better question is why are all these churches still sitting on surface parking when they could develop it and help pay for missions, church operations, etc.

From my observation:  In a word, demand.  The demand is not yet there to support the change and in the mean time their members demand parking.

[sgrizzle]

Better question is why are all these churches still sitting on surface parking when they could develop it and help pay for missions, church operations, etc.

My church has 1.5 blocks of parking, but it is leased M-F to other downtown businesses.

[Dspike]

Update from First Church on the 8:10 Building (the renamed Avanti Building).

At 90 percent occupancy, Pielsticker says the building is expected to generate an estimated $850,000 annually. Tenants leasing additional parking from the church could bump the building's total revenue-boosting potential to about $1 million annually.

A church discernment team is in the process of deciding how those funds can best be used to directly meet Tulsa's needs, and professional firms will handle leasing and management of the building. One-third of it has been leased already.

Cyntergy AEC, the architectural firm overseeing the renovations, signed a 12-year lease for two floors. That leaves 56,000 square feet for as many as six more tenants, Pielsticker says.

http://www.firstchurchtulsa.org/files/6314/2376/2173/Tidings_December2014-January2015_digital.pdf

And for those interested, the name comes from Romans 8:10, "But if Christ is in you, then even though your body is subject to death because of sin, the Spirit gives life because of righteousness."

[TheArtist]

Will a property like this that is owned by a church still pay property taxes and such?

[carltonplace]

Will a property like this that is owned by a church still pay property taxes and such?

No

[Conan71]

No

Even if it is used for commercial purposes like housing or office space?