Coliseum Apartments to get facelift

[TulsaGoldenHurriCAN]

Interestingly, he says they're 50% leased and have been open two weeks. I think I've read on TN before that most other recent downtown living has wait lists before they opened. We also hear a lot that downtown needs more affordable housing and that the current fleet of lofts opening are too expensive. Stowe's comment is just one anecdote, but it made me think: maybe there's something wrong in the way we've all analysed the downtown housing market. Maybe there's more demand for high end rent than low rent? Who knows. There are all kinds of other factors. Like maybe their leasing office sat on their hands.

The article makes it seem like they weren't pre-leasing them. Perhaps they didn't have a good timeline on the finish and didn't want to take a wait-list or make any promises until they were finished. He said "We figured it would lease quickly, but this is amazing," which indicates it is going better than they predicted.  Leasing 18 of 36 units in 2 weeks is quite amazing. Based on that rate, the rest should fill up within a month. For that price and location, these are quite a bargain.

Still, maybe you're right that perhaps professionals downtown want to be in higher-end places where they are among other higher-end renters to avoid some of the pitfalls of living in a building full of $600/month apartments (That is cheap, almost Case apartments/Perry Properties cheap!). The primary downside I see for these is how small they are as they are studios (500 ft2). See this photo:

[hello]

They are pretty small (for Tulsa) and they are studios. I'd love something between a small studio at $600 and the $1245 I pay now for a one bedroom. If they were one bedroom I'd consider it if it were in the Brady but not where this are located. That being said--I believe there is definitely a market for these and I'm glad they exist! 

[kingsy]

I may be remembering incorrectly, so please forgive me if so.  It seems I remember it being said for the developers to receive some of the funding they had to build these out for low mod income levels.  Seems I remember the thought being that people that rely on tips, i.e. bartenders, wait staff, etc. would be considered the main tenants of these as they generally don't show as much income.

[carltonplace]

They are pretty small (for Tulsa) and they are studios. I'd love something between a small studio at $600 and the $1245 I pay now for a one bedroom. If they were one bedroom I'd consider it if it were in the Brady but not where this are located. That being said--I believe there is definitely a market for these and I'm glad they exist! 

it wont be very long before this area is just as thriving as the Brady.

[swake]

They are pretty small (for Tulsa) and they are studios. I'd love something between a small studio at $600 and the $1245 I pay now for a one bedroom. If they were one bedroom I'd consider it if it were in the Brady but not where this are located. That being said--I believe there is definitely a market for these and I'm glad they exist! 

My living room is about the size of these apartments. I couldn't even get my furniture in there. I now can see what all those small space furniture models at IKEA are for.

[Townsend]

My living room is about the size of these apartments. I couldn't even get my furniture in there. I now can see what all those small space furniture models at IKEA are for.

"high and mighty"

[swake]

"high and mighty"

No, No, No, high and mighty is a closet the size of these apartments.

[PonderInc]

I popped in yesterday for a quick look.  They are small but nice. Very doable for young folks wanting to be downtown.  It's great that this option exists.  If I were Elliott, I would have doubled the size of some of them, so folks who wanted a bigger space could get them.  But maybe he's right in keeping it affordable.  Lord knows, downtown went from almost no housing to housing that almost nobody can afford...seemingly overnight.  So this is a great addition.

[Tulsasaurus Rex]

If I were Elliott, I would have doubled the size of some of them, so folks who wanted a bigger space could get them.

Stowe stated in an earlier video that that would have disqualified them for the historic tax credits.

[DTowner]

I popped in yesterday for a quick look.  They are small but nice. Very doable for young folks wanting to be downtown.  It's great that this option exists.  If I were Elliott, I would have doubled the size of some of them, so folks who wanted a bigger space could get them.  But maybe he's right in keeping it affordable.  Lord knows, downtown went from almost no housing to housing that almost nobody can afford...seemingly overnight.  So this is a great addition.

If you want an "affordable" option downtown, it's going to be small unless it is subsidized.  And not every project needs to hit ever demand point.  I think this is a great and needed addition to downtown housing options. 

[TheArtist]

My living room is about the size of these apartments. I couldn't even get my furniture in there. I now can see what all those small space furniture models at IKEA are for.

I have a 50s Ranch and for a time was buying new oversized furniture like I would find in my clients McMansion type homes.  Felt cramped and too small.  But for a long while now I have been replacing that with a mix of Mission, Art Deco, and Retro 50's type furniture (some new, and some quality authentic pieces that add a lot of class and comfort) and now the home feels quite spacious.  

[cbs]

I toured them last week. They did a really good job with this redevelopment. I've been to several more similar older apartments in the area and they often feel older, dated, like something is imminently about to break. The Coliseum apartments look & feel classic but it's leaps and bounds better quality than the others i've seen. Price point is great and rare (as far as I'm aware) inside the IDL. If you're a young 'unprofessional' on a budget and still want the downtown life these are the way to go (as long as you're okay with a studio apartment, which I think most of that demographic is). I hope to see more projects like this.

[rdj]

Got a few details on the office building going next to this project.  Owner occupied, multiple (3) stories.  Pretty cool project from what I hear.

[Tulsasaurus Rex]

Got a few details on the office building going next to this project.  Owner occupied, multiple (3) stories.  Pretty cool project from what I hear.

Who's the owner? Timeframe? Do you know how much of the space between the Coliseum and Lindsey House it will cover? Ground floor retail? Pic?

[Conan71]

I have a 50s Ranch and for a time was buying new oversized furniture like I would find in my clients McMansion type homes.  Felt cramped and too small.  But for a long while now I have been replacing that with a mix of Mission, Art Deco, and Retro 50's type furniture (some new, and some quality authentic pieces that add a lot of class and comfort) and now the home feels quite spacious.  

I've found an economy of furniture to be nice.  Our Lortondale home seemed really cluttered with our furnishings.  When we bought our current home, I was a bit taken back by open space, thinking it didn't look right.  Thus far, I've resisted the urge to buy more MCM pieces "just because we have the space now."

As far as the rest of the posts: When I moved back to Tulsa from KC in 1987, I leased a 500 sq. ft. (or so) studio at Center Plaza (now Central Park Condos).  It was perfect for a young single guy with minimal furnishings and possessions.  I suspect that's the target market for Nelson Stowe as well for this development. 

IIRC, I went to one of the furniture rental places and bought a sofa bed.  The only other pieces were a dresser, desk, TV stand and a small dining set.  My rent was $305 a month which I'm guessing would be comparable to the $600 these are renting for in today's money.