1st Street Lofts Rant/recap

[Vision 2025]

Anyone have any updates?

From a recent discussion, I understand the necessary transfer documents have been forwarded to the Mayor's for approval.

[swake]

From a recent discussion, I understand the necessary transfer documents have been forwarded to the Mayor's for approval.

Transferring the buildings ownership to the Ross Group?

[Vision 2025]

Transferring the buildings ownership to the Ross Group?

That is my understanding.

[Townsend]

That is my understanding.

First step...remove that damned name plaque.
Second step...slap that penguin's belly with bars of soap in socks
Third step...we move on

[Townsend]

Jeez...TW from 2007...We were so naive...

Downtown building being converted into lofts

The project, which began Wednesday, is partially funded with Vision 2025 money.

Construction of the first Vision 2025 downtown residential project began Wednesday with a jackhammer's boring into the concrete floor as city leaders covered their ears."This project has been a dream of mine for 30 years, and now it's coming true," said Michael Sager, the developer who bought the former Jacobs Hotel at 310 E. First St. in 1977.

The five-story structure, which was built in 1916, has been home to night clubs and a restaurant because it is in the heart of the Blue Dome District. It's also been used for storage and indoor baseball pitching. When its transformation into the First Street Lofts is complete early next year, the structure is planned to have 19 units, with a grocery store and deli on the ground floor. The project is one of four that were selected to receive interest-free loans from $10 million set aside in the Vision 2025 sales-tax initiative. "I would have never been able to get this project off the ground without the Vision 2025 money," said Sager, who received $1.3 million toward the $3 million total cost. "It's just too risky for the banks." The units will range in size from 650 to 2,000 square feet and rent for about $1 per square foot. An adja cent lot will offer dedicated, secured parking.

The building also will have a rooftop deck for use by its tenants. The First Street Lofts will target youthful urban dwellers, said its architect, Rachel Zebrowski of Miles Associates, noting that it will have wireless Internet service and an elevator that's large enough to accommodate bicycles. Sager expects a high demand, but he won't start a waiting list until the renovation is close to completion. The other Vision 2025 residential projects, which have yet to begin construction, are the historic Mayo Hotel, 115 W. Fifth St.; the Mayo Building, 424 S. Main St.; and the Transok Building, 2 W. Sixth St.

The idea behind the interest-free loans is that when the developers repay the money, it will be redistributed to future residential projects in an effort to boost downtown's population from the current 1,500 or so. Downtown Tulsa Unlimited President Jim Norton said luring more residents into the central business district is critical. "You must have a strong residential base to create new retail, restaurants and nightspots, so this is an important building block," he said. Using 1996 and 2001 third-penny sales-tax funding, the city has helped other residential projects become reality, including the Tribune and Philtower lofts and the Renaissance Uptown apartments. "Those have been enormously successful, and I expect the First Street Lofts to continue that trend," Norton said. Mayor Kathy Taylor said downtown's revitalization is moving at a rapid pace. "I know we hear a lot about the BOK Center and the Convention Center," Taylor said, "but it's projects like this that will truly bring life back to downtown."

[Conan71]

""I would have never been able to get this project off the ground without the Vision 2025 money," said Sager, who received $1.3 million toward the $3 million total cost. "It's I am just too risky for the banks." The units will range in size from 650 to 2,000 square feet and rent for about $1 per square foot. An adja cent lot will offer dedicated, secured parking.
"

[DTowner]

I noticed today that orange cones and caution tape recently went up on the outer perimeter of the roof of the 1st Street Lofts.  Is something actually going to start happening here?

[swake]

I noticed today that orange cones and caution tape recently went up on the outer perimeter of the roof of the 1st Street Lofts.  Is something actually going to start happening here?

great googly moogly

[DowntownDan]

Something's going on there.  A crane was supplying 2x4s through one of the windows this morning.  My guess is he'll frame a few walls so that he can report progress and nothing more.

[swake]

Something's going on there.  A crane was supplying 2x4s through one of the windows this morning.  My guess is he'll frame a few walls so that he can report progress and nothing more.

According to Vision2025 he's not the owner anymore, the Ross Group is.

[DowntownDan]

According to Vision2025 he's not the owner anymore, the Ross Group is.

Good.  They actually get stuff done.

[Townsend]

Something's going on there.  A crane was supplying 2x4s through one of the windows this morning.  My guess is he'll frame a few walls so that he can report progress and nothing more.

So far I see a few extra windows open, some cones on the roof and some warning tape and flags.

I'll let you know if I see the "Sager" stone removed from the face and replaced with "Tulsa's Folley".

[PonderInc]

I hope they don't have to clean each individual brick again... I bet they got dusty in the past 10 years...

[carltonplace]

I wonder if Sager relinquished his interest?

[BKDotCom]

Breaking news on Channel 6:

http://www.newson6.com/story/32394193/1st-street-lofts-project-gets-new-developer

TULSA, Oklahoma - The Ross Group says it's taking over the 1st Street Lofts project in downtown Tulsa.
The company says it will begin work to finish the project this month, with completion set for Summer 2017.

The building is located near 1st and Cincinnati. Michael Sager began the original effort in 2007 to renovate the historic Jacobs Hotel into a 19-unit apartment building.

The Ross Group bought it from Sager.

3/21/2007: Related Story: New Look For Historic Downtown Hotel

The Ross Group says Miles & Associates are providing design services.


The project will include at least 22 loft-style apartments. Construction will begin on the 2nd through the 5th floors later this month.

The hotel was built in 1916 right across from the train station. Sager said he bought the building in the late 1970s. When he began work on it In 2007, Sager said his team took all the bricks off the building and reinstalled them.

The 1st floor was home to S & J Oyster Company, which closed a few weeks ago.