Downtown Development Overview

[swake]

Santa Fe office tower is now up to 90% ish pre-leased. Not sure who the new tenant is that has signed. The apartments are close to pulling permits, I've heard it is going to be within a month. The View has leased up almost twice as fast as they were expecting so ARG is ready to move on another project.

I've hear the PAC/Annex project is pulling permits around June/July.

Sinclair building rehab is starting soon as well.

Evan's site proposals last community meeting is in a few days. The two proposals are a soccer stadium with a little bit of retail around the stadium (that is dependent on getting like $50 million of the ARPA funds to even be built) or a mixed-use development that will rehab the iron works building and then infill on the vacant land that would include a mixed-use tower somewhere between 15-40 stories depending on market demand (would include office, multi-family, and a hotel in a single building with the podium of the tower being a theater (think Steelhouse in Omaha/Apollo Theater in Harlem) and a parking garage to service the site and BMX) - iron works rehab would be Phase 1, tower/mixed-use portion would be Phase 2.

Riverside RFP is moving forward too, more news on that will be coming in about a month or sooner I believe.

The project along Peoria just north of 11th that was going to be two office buildings is likely not happening now it was going to be an owner-use build to suit and they are reevaluating and likely going to just flip the site for a profit to an apartment developer.

Several small infill projects coming in the Pearl that will be townhomes, Tulsa Boy's Home redevelopment is starting in a couple months - permits are being pulled soon.

NoMa project is in full gear, they've got the first floor retail spaces and concrete finished and are moving up. It's going up fast.

Still no news on GKFF's Western Supply site, that whole situation is odd given the need for new housing on why they haven't started on anything. It'd not like they don't have the money to pay for the entire thing in cash if they felt like it.  

They may well be waiting to see what office demand looks like post covid.

[ComeOnBenjals]

Great summary, thank you for the information!

Seems like the demand for downtown residential is blowing past supply. Curious how many projects are developed looking at these recent trends.

[LandArchPoke]

They may well be waiting to see what office demand looks like post covid.

For the Peoria development, it sounded more like the owner/occupier of the development just changed minds on location and were thinking of going into the CBD instead of there and were going to make a nice profit off reselling the land too. Didn't seem like it was a demand issue, just changed their mind on location.

Great summary, thank you for the information!

Seems like the demand for downtown residential is blowing past supply. Curious how many projects are developed looking at these recent trends.

There is far more demand than supply - it's going to take a major uptick in construction to handle it. Especially now that Tulsa Remote is going to be relocating 2,000 a year. That will add an additional 1,500 units a year needed in downtown/surrounding neighborhoods behind the historic demand which has been around 300-500 units ish a year being absorbed. It's a good and bad thing, rents are likely to get far more unaffordable for many downtown but that also will translate into making high-rise development feasible and much more attractive to out of state developers too. So it's important that neighborhoods like the Pearl, etc. can do smaller infill housing that's more affordable. It's a good thing the overlay passed and that's no possible. I would like to see the city get rid of all parking requirements near downtown and some other things too that'd really up the buildable density in places like Pearl, Crutchfield, Crosbie Heights, The Heights, Greenwood, etc.

[shavethewhales]

I really screwed up by not moving downtown or closer a few years ago when I was first considering it. Who knows if I'll ever be able to afford it at this point, or even find a unit bigger than a shoebox. Glad to see it booming though. We certainly need to double the pace of residential projects going up. Wish we could unblock the south end of downtown to fill up that parking crater with new residential, but I know the owners of those lots are less likely to give them up for development.

GKFF's Western Supply is the project I'm confused about too. I wonder if they are backing out simply because of the location and how seedy it is right there. I drove past a couple weeks ago and it's definitely overlooking a typical homeless encampment area since it is basically bordering John 3:16. I imagine anything built there will have to be guarded pretty hard to keep certain people from barging in and causing trouble.

[SXSW]

GKFF's Western Supply is the project I'm confused about too. I wonder if they are backing out simply because of the location and how seedy it is right there. I drove past a couple weeks ago and it's definitely overlooking a typical homeless encampment area since it is basically bordering John 3:16. I imagine anything built there will have to be guarded pretty hard to keep certain people from barging in and causing trouble.

I think they view Western Supply as a way to continue expanding the Arts District, which they have been a big part of revitalizing, westward which is still fairly undeveloped west of Boulder.  I see them adding several other mixed-use residential projects in the area beyond that as part of the growth of the various GKFF ventures based in the Arts District (Tulsa Remote, Atento Capital, Tulsa Innovation Labs, 36 Degrees N, etc).  Not to mention their mixed-use development plans for the south end of the Gathering Place along and north of 33rd which from what I've heard could be as many as 400 units.

[LandArchPoke]

Community meeting tonight was interesting for the Evans site - people were pissed about the soccer stadium proposal. Other proposal had mixed reception at the beginning but really seemed to get a lot of people's buy-in after the developer spoke and explained the decision making behind the proposal.

I think it was pretty apparent the difference between the two teams and which was more interested in engaging with the community. The soccer stadium group presented first and left immediately after, barely answered any questions. Second group presented and stayed and talked for a long while to people. The soccer stadium group is mostly Dallas developers that seem like they could care less about Tulsa mixed with an OKC developer/financer through the Rose Rock guys. Other group is a local developer and JEDunn Capital Partners/Construction out of Kansas City. JEDunn Capital is the developer behind 18th & Vine in KC which is a Greenwood-ish area undergoing redevelopment now, it's a cool project. They had a bunch of QR codes that took you to some renderings of the proposal.

The high-rise which would be in the 30-40 story range would be built second after the renovations to the Ironworks building, so likely start in 2024 and finish 2025-26. There would also be a bunch of live/work residential units on the spot south of the Iron Works building up to Archer. Land would be put into a land trust that would then become an equity partner in the development and be ran by the community and revenues from the trust could be put to a variety of uses like preserving housing affordability, etc. The high-rise would have retail, performance venue, multi-family, hotel, and some office space. In total, square feet is similar to Santa Fe Square but in a vertical form in a true mixed-use development. They said they wanted to preserve open space for community gathering like Juneteenth, etc.

The soccer stadium team had nothing remotely close to that, they hung their entire project pointing to Pivot Project's NE OKC deal that they made a big deal that it was only 1 of 3 projects in Oklahoma to ever win a ULI award (big deal - not). They spoke in generalities with no detail on anything and had lots of language like 'market conditions change rapidly' which is developer speak for in two years after we build the stadium we won't build anything else but parking lots around it and just say we told you market conditions change and they'll walk away with $40 million in TIF, ARPA funds, etc. used to build a stadium that should go somewhere else.  

Winner of the RFP is being voted on by the steering committee in a week I believe is what they said. Will try to add renderings here soon of what was available. They're up on TulsaWorld too (https://tulsaworld.com/news/local/govt-and-politics/potential-evans-fintube-developers-stress-proposals-are-meant-to-lift-north-tulsa-community/article_c8469770-b43c-11ec-b551-4bd455ccd007.html#tracking-source=home-top-story)

[Laramie]

Good reporting LandArchPoke:

Tulsa has many of the same concerns we are seeing here in OKC.  People want to know more details about projects and developments within their
community.

No one wants to get excited about a 26 story or 42 story tower rendering and watch it get scratched or trimmed down to a 10 story or 12 story development or a multipurpose stadium with massive surface parking.

Our 8,000 arena (State Fair Arena) here in OKC is being replaced with a smaller 5,000 seat coliseum--didn't realize the economic engine impact the horse industry had on Oklahoma City out-of-state tourism, $100 million State Fair Coliseum which is apart of the 16 projects on the MAPS 4 - $978 million Initiative paid for by a penny sales tax  being collected since April 2021 over an 8-year period.  Our Multipurpose Stadium is being promoted as expandable to Major League Soccer (MLS) standards (20,000 minimum) if an MLS franchise as anchor tenant comes to fruition.  Current MLS trends to Metro Areas of 2 million or more.  Salt Lake City (1.2 million) is the smallest MLS franchise in the suburban community in Sandy, Utah.   OKC's multipurpose stadium will be built in the inner city on a projected MAPS budget of $37 million initially.  The Chickasaw Nation has suggested that the OKC multipurpose stadium be built on the $342 million OKANA 100 acre development under construction on Eastern Avenue off I-35/I-40 crossroads corridor.   Bob Funk Jr. & Sr. currently apart of USL Energy FC ownership group are promoting OKC Energy FC as moving to Major League Soccer sometime in the late 2020s.

Good luck on the 42 story tower development and multipurpose stadium for Tulsa. Tulsa was a successful draw in the 1970-80s with the Tulsa Roughnecks of the North American Soccer League.

Your beautiful city deserves well planned project/development growth. Keep us informed...
.

[Jake]

Hope the 2nd team is selected.

[ComeOnBenjals]

Good overview. Initially I was in favor of the stadium, but I've switched. It would be really cool to have this site developed by locals who are invested. Not sure how I feel about a tower that far from downtown... but if they can somehow get it done, good for them! Maybe will spur some other higher buildings NE of downtown.

[LandArchPoke]

Good overview. Initially I was in favor of the stadium, but I've switched. It would be really cool to have this site developed by locals who are invested. Not sure how I feel about a tower that far from downtown... but if they can somehow get it done, good for them! Maybe will spur some other higher buildings NE of downtown.

The second developer's speech/presentation was very inspiring and you could tell she lived in Tulsa and cares about the city. That's half the battle with developers most of the time. Frankly, I'm tired of the city giving this site to Dallas developers who do nothing with it. Been there and done that at least twice, give it to someone local.

I want a soccer specific stadium badly, just doesn't feel like the right location. I feel even stronger about that after the presentations last night when I saw how little they cared to even discuss their proposal with anyone and just walking out of the meeting like they were too important to be bothered by staying for the entire event.

The tower (called The Beacon) has some advantages because this site falls within an area that is eligible for New Market Tax Credits, but is literally feet away from other Class A office space like 21 Greenwood, Vast, etc. so from an office perspective it's not that unrealistic. Santa Fe Square is 90% leased now too. I do believe there is a lot of black owned/ran firms who would be drawn to this project too. Hotel is a home run, easily could get a brand with 150-200 rooms today on that site. Between BMX and the tourism draw of Greenwood hotel brands have been calling people left and right to try to build near Greenwood, just haven't had a site right for it. Multi-family, there's no doubt there's demand for it. So at the least you could see a hotel/multi-family tower, office is the speculative part. The theater as well that'd take up part of the base of the tower is speculative and likely would need some donations raised to build out but certainly not impossible. If you cut the theater and office part out you might get something around 20-25 stories which would still be pretty significant and I think would be great story of rebuilding Greenwood nationally too.

This site has some really high demand drivers currently and has the ability to tap capital like the NMTCs that could make something like this financial viable. The accessibility of the site is the biggest constraint, maybe we should just get rid of the highways around it? HAHA - I'd be all for that too.

[shavethewhales]

Hopefully the stadium will find a new home somewhere close to downtown, but at this point I don't know where... maybe in the Pearl district?

It sounds like only one team really came ready to pitch and the other was just a hail-mary.

I don't trust this high-rise proposal though. It sounds too pie-in-the-sky like they are shoving a whole bunch of likable concepts into a giant hodge podge building. I doubt they will ever construct anything like they are talking about. In the end, we'll probably end up with an apartment complex... What would the theatre be used for that can't already be accomplished by the half dozen other theatres and venues in the area?

[SXSW]

I'm all for rehabbing the Evans Fintube building so I don't like the soccer stadium proposal which would tear it down.  I could care less about the highrise and doubt it's really viable.  Smaller-scale housing would be a better use for the land there, keep any new highrises downtown.
Look at The Source in Denver for what could be done with the old buildings and the Source Hotel for how you could integrate a midrise hotel next to the historic buildings:

Historic warehouse building that was abandoned before being rehabbed in 2015:



Warehouse building with the market hall next to the new construction hotel and parking garage:

[DowntownDan]

I want a soccer stadium and would be fine with it there, but if that community doesn't want it, there are plenty of surface lots that can be used for a stadium. I don't think a tower there makes much sense, but the infill housing and multipurpose is a good thing.

[SXSW]

Walking around the Arts District during Mayfest and had a few thoughts:
1. Interested to see what goes in the retail space at the The View now that it is completed.  I've heard a restaurant is planned for the two-level corner space with outdoor seating.  Getting that filled will really activate that end of Archer toward Greenwood.
2. It looks like work has started on the two new concepts on the ground floor of Vast Bank: Noche (Mexico City-style tacos) and a golf simulator bar.  These should be open by the fall.
3. That parking lot north of Vast Bank would complete the street wall around ONEOK Field.  With that building 100% leased I could see a Phase 2 here with ground floor retail
4. Since the Bob Dylan Center moved into the old Philbrook space and not in a new building at Archer & MLK I hope we can eventually get another arts venue on that corner.  I would love to see Oklahoma Contemporary open a Tulsa outpost here that collaborates with Philbrook, Gilcrease and TU.
5. The huge BOK lots on Archer would be great spots for another multifamily development like The View with retail space fronting Archer.  
6. The parking lot next to Sissourous and Coney Islander is also a prime candidate for redevelopment and would continue the activity along Main to Archer.  Something like The Metro catty-corner to it.
7. When is something going to move into the Prairie Brewpub space?  That's a huge hole that needs to be filled on Main.  I would love to see one of the breweries in NWA open up a Tulsa outpost here
8. Any news on the redevelopment of the TDA site at Cameron & Main?  Last I heard a developer was selected
9. Any news on the LA King site redevelopment since the Hanson brothers decided not to redevelop it?  That and the site across the street are massive holes along Main
10. No activity at Western Supply, when is GKFF going to start moving on that project?
11. I noticed Laurannae coffee closed on Archer. That and the Glacier space are empty.  I would like to see more small restaurants with different types of food like Que Gusto
12. It goes without saying but if they can land a big out of state company at the WPX Tower that would be a game changer for this area and catalyst for additional development

[shavethewhales]

These buildings were supposed to become workforce housing, were they not? I seem to recall some articles about them being renovated, but that didn't happen and the building is back up for sale.

The sinclair building is also sitting empty still despite all the news about it being renovated.