Downtown Development Overview

[DowntownDan]

Looking out my window, the View site has been cleared and is graded, but there is no activity going on right now.

[johrasephoenix]

They may be rejiggering the project to bring rents down.  I don't know if the Edge rented up as easily as hoped given its premium price point, and the View is supposed to be even more high end.  There may be some thoughts about bringing that price down and/or waiting for the bulge in luxury apartments coming online to be absorbed. 

[SXSW]

They may be rejiggering the project to bring rents down.  I don't know if the Edge rented up as easily as hoped given its premium price point, and the View is supposed to be even more high end.  There may be some thoughts about bringing that price down and/or waiting for the bulge in luxury apartments coming online to be absorbed. 

The View should command a premium over the Edge on location alone.  Hopefully the exterior design remains the same which I think is very good as far as new construction apartments go.

[SXSW]

Ross Group's proposal selected for the Elgin & Archer site across from ONEOK Field.

http://www.tulsaworld.com/business/realestate/tulsa-development-authority-oks-ross-group-s-mixed-used-proposal/article_e772896b-1fa8-5a40-9746-239e279dff7d.html

[cannon_fodder]

Ross Group's proposal selected for the Elgin & Archer site across from ONEOK Field.

http://www.tulsaworld.com/business/realestate/tulsa-development-authority-oks-ross-group-s-mixed-used-proposal/article_e772896b-1fa8-5a40-9746-239e279dff7d.html

Start its own page!
http://www.tulsanow.org/forum/index.php?topic=21452.new#new


The TW article also says the planned Holiday Inn is slated to start construction later this year.

[Tulsasaurus Rex]

Tulsa developer Stuart Price acquires downtown Kanbar properties

Injecting local ownership into 2.1 million square feet of downtown commercial real estate, Tulsa developer Stuart Price has acquired a 13-plus building portfolio from San Francisco inventor and philanthropist Maurice Kanbar.

"The real message that I'd like to send to everybody in the city is 'Come on downtown to work, live and play,'" Price said during an interview at his office in the First Place towers, which were part of the sale. "There is a lot of movement in the country to move to the vibrancy of the urban centers. We think it's a really fun time to work down here and bring your employees down here.

"If you want to hire young people, they want to be in the urban core ... We hope we are adding to that effort."

Price declined to disclose details of the sale. Kanbar, founder of Skyy Vodka and inventor of the D-Fuzz-It comb, and then-business adviser Henry Kaufman (they have since severed ties), paid close to $110 million in 2005-06 for what was then 18 buildings. The 13-plus buildings Price purchased have a fair market value — which doesn't equate to sale price — of about $62 million, Tulsa County Assessor's Office records show.

"I thought, and I still think, that the central part of Tulsa is undergoing a reformation, a new beginning," Kanbar said in a statement. "Just look at the Deco District. There are shops, lofts and restaurants that weren't here a decade ago, yet they've maintained the integrity of these magnificent buildings.

"We worked very hard to get establishments of that kind here, and I'm confident that Stuart's fortitude is only going to accelerate the groundwork we laid together."
The Price family became stakeholders in Kanbar's Tulsa holdings in 2012, adding a local presence in the management of the buildings, which represent about 50 percent of the commercial real estate in the Central Business District, Price said. Since then, the group — now known as Price Family Properties — has invested millions in building improvements.

"Priority No. 1 is that we are going to attract new companies to move their employees downtown again to participate in this urban vibrancy," Price said. "That is so important to acquiring happy, young and talented employees. We have plenty of office space, plenty of parking to accommodate those needs. With the new restaurants and entertainment opportunities, we will continue to press that."

Among Price's most recent works is the transformation of the historic Transok Building, 2 W. Sixth St., into the Art Deco Lofts and Apartments, 95 percent of which are occupied, he said. His group also filed a permit with the city late last year to build a 519-space parking garage at 415 S. Main St. The facility, three stories with two basement levels, carries an estimate construction cost of $12.8 million, according to the building permit.

Daniel Regan, 2016 chair of Tulsa's Young Professionals, is property manager of Price Family Properties and Price's daughter Jackie is general counsel.

"I'm excited for Stuart's vision and confidence in Tulsa as a market and what we have as an opportunity in the downtown area, what that means for us, as the next generation of leaders in the community, Jackie and myself," Regan said. "... From my experience, there absolutely has been a reverse migration into the urban markets and not just Tulsa. You look at Omaha. You look at Austin. You look at Nashville. That's clearly where the trend is and where the millennials want to be.

"It's a quality-of-life issue. Tulsa is really on the cusp over the next decade to do some really beautiful things in our downtown and Central Business District."

Kathy Taylor, mayor when Kanbar was gaining a foothold in Tulsa real estate, is the city's chief of economic development under freshly christened Mayor G.T. Bynum.
"We're excited that Stuart Price and his group has full ownership of the Kanbar Properties. He is a long-term, successful real estate developer who has been dedicated to Tulsa and Oklahoma through his family's community service. I'm excited that he will be helping us bring new housing to downtown Tulsa, which drives retail, and parking. He is a great asset to our downtown development group."

An undergraduate of the University of Massachusetts-Amherst, Stuart Price arrived in Oklahoma in 1979 to enroll at the University of Tulsa College of Law. A courtroom at the law school is jointly named after him.

"It's just neat to be part of a great community that is very inclusive and open for people who try to come and shoot for their dream," Price said. "It's kind of emotional. This is a big bet we're making and big project.

"It couldn't be a better, more wonderful community that accepted us and educated us and helped us find our way. We're just honored to try to make it work and make it better."

http://www.tulsaworld.com/news/local/tulsa-developer-stuart-price-acquires-downtown-kanbar-properties/article_06db5851-9988-5ffd-a558-ded2298bc08c.html

[DTowner]

It is great that control of all these properties is now local, but I wonder if it is really good to have so much downtown real estate in one company's hands?  Such control reduces the risk of over saturating the market in any one type of development, but is also limits the vision and potentially reduces the creativity different perspectives can bring to development.

[Tulsasaurus Rex]

The best way to lower Price's market share is to build more!

[cannon_fodder]

Why don't we ever start new threads?

[brettakins]

http://www.tulsaworld.com/news/local/tulsa-developer-stuart-price-acquires-downtown-kanbar-properties/article_06db5851-9988-5ffd-a558-ded2298bc08c.html

"Among Price's most recent works is the transformation of the historic Transok Building, 2 W. Sixth St., into the Art Deco Lofts and Apartments, 95 percent of which are occupied, he said. His group also filed a permit with the city late last year to build a 519-space parking garage at 415 S. Main St. The facility, three stories with two basement levels, carries an estimate construction cost of $12.8 million, according to the building permit."      


I work across the street from the location and there is already a Parking garage with retail on the 1st floor in that location. Are they going to rebuild it?


Ahhh unless they build it on the east side of Main street,  so 2 parking garages across the street from each other?

[MostSeriousness]

From what I understood, they want to turn that plaza area into another parking garage/retail spot

[LandArchPoke]

From what I understood, they want to turn that plaza area into another parking garage/retail spot

Close. Try another parking garage with NO RETAIL and a lovely BLANK WALL.

[SXSW]

Close. Try another parking garage with NO RETAIL and a lovely BLANK WALL.

Have you seen the plans?  That would be a big disappointment for that intersection to not have any retail space. 

[Tulsasaurus Rex]

Close. Try another parking garage with NO RETAIL and a lovely BLANK WALL.

So when can we protest?

[LandArchPoke]

So when can we protest?

Should have started 6 months ago

Have you seen the plans?  That would be a big disappointment for that intersection to not have any retail space. 

I know of retailers who have toured the One Gas tower and have been told about said parking garage that will not have retail space. I have been told by city officials as well who were displeased by the lack of retail. Unless they did a 180 in the last month or two, there will not be retail. Just a parking structure.

Ironic, because this section of downtown by far has the most foot traffic during the lunch period and this will absolutely not help.

Oh and to top it off, our Downtown Development Fund through the Downtown Coordinating Council even are giving them a loan to help them build this.