Downtown Development Overview

[hello]

Great, it will look just like the ugly Hampton Inn, which is by the ugly Cimarex building. Yay.

[TulsaGoldenHurriCAN]

I posted this on an unrelated thread but is more relevant here: A lot of developers seemed to pull back or slow down with the oil crash. The View looks held up, only the hotel is being built in the Santa Fe square and who knows what or when anything will come of the Nordam redevelopment. Oil is less than 10% of the economy so while that is still a big deal, it seems like investors should keep going due to the rest of the economy doing so well. I have started to see listings "for rent" in the heart of downtown which used to rarely ever happen (they all had long wait lists).

Maybe they are scared of a few vacancies or having to lower prices a bit and don't want to make it harder for themselves. I understand that but also think the overall rise in rents and demand to live in urban areas will rise faster, especially if the new developments get built. This is part of the reason we need affordable condos downtown: to ease the  financial burden on the developers: rather than a massive mortgage or upfront payment, they sell the condos and get paid back much earlier.

I think the Nordam spot would be a perfect place to put some good efficient condos in! Many would pay $100k-$250k for a nice spot they could own downtown. Many do that in places like Little Rock, Des Moines and other mid-sized cities already. It would take a huge upfront investment, but someone should try to build a 6-12 story building with  about 60-100 units with a parking garage.

Rather than ~20 units at $500k (like the Davenport which I assume is not getting built at this point), developers should be scrambling to capture the market that is guaranteed to be there. Yes, the margins will be less than apartments or a hotel, but it is an untapped market. You cannot buy condos in the IDL under $500k. That excludes virtually everyone.

Anyone with about $10 million interested in building a 60-100 unit condo? Could probably make quite a bit and if for some reason they don't all sell, you could rent some to weather the storm. Nice condos around downtown are going for $100-$250k so the market is there. that next-level walkability is worth a premium too so $150k+ should be easily doable.

[erfalf]

Do developers only like home runs so to speak? Above $500k limits the potential buyers tremendously, as does the simple fact that not everyone with that kind of money even wants to live downtown. Are a bunch of singles and doubles not acceptable?

I understand that financing is only granted to those that can forecast positive cash flow in order to pay the note. But does the likelihood of selling the units ever play into it? Is it impossible to build at a price point low enough to sell units at a lower price?

[swake]

Holiday Inn near the ballpark to break ground in 90 days.  Reports that the Hampton is doing good business.  Both good news.

http://www.tulsaworld.com/business/realestate/promise-hotels-to-build-holiday-inn-express-in-brady-district/article_fe706e50-43bb-5763-8d73-605965d6ce70.html

Construction fence is up for this hotel. That's four hotels currently under construction I think.

[cannon_fodder]

On overview news, the hotel Indigo is pouring the second floor. The new condos at Boston & Archer are also pouring the second floor.   It's a race!

[AdamsHall]

Construction fence is up for this hotel. That's four hotels currently under construction I think.

Looks like the building that housed "Workforce Oklahoma" at 2 N. Elgin will also be part of that project, i.e., there is construction fence around it too.

[swake]

Looks like the building that housed "Workforce Oklahoma" at 2 N. Elgin will also be part of that project, i.e., there is construction fence around it too.

That's almost too bad, I always thought that could be a cool indoor farmers market. But not a big loss at all.

[Conan71]

That's almost too bad, I always thought that could be a cool indoor farmers market. But not a big loss at all.

They used to do an indoor farmer's market in the building Mexicali is in now about 30 years ago. 

[Townsend]

Construction fence is up for this hotel. That's four hotels currently under construction I think.

The site was getting cleared this morning.

[DowntownDan]

The site was getting cleared this morning.

I was out of town last week, but looking outside my window today, the old tire shop building is gone.   Glad to see that moving forward.  Good location with the ball park and the renovated Archer Warehouse building.

[AdamsHall]

Anyone know if there is something going on with the Brady Theater?

[MostSeriousness]

Going on how? They still have events listed for this month and beyond on their website

[AdamsHall]

Going on how? They still have events listed for this month and beyond on their website

Interested in any potential changes coming for the building.  There have been some plans out there in the distant past, just wondering if anything might be under consideration now?

[MostSeriousness]

Checked out Magic City Books - lots of opening day traffic. Didn't try out the coffee (and too early for the bar). It was still pretty busy even at 11, but would expect the two reading areas to get more use over time.

[SXSW]

Lots of stucco, 2nd floor up.

Yep, and it looks cheap and terrible along 5th St which is one of the nicer streets downtown IMO.  Too bad we couldn't get the Little Rock version..  

Speaking of 5th St the city is about to start a project to convert the section in front of this hotel from Denver to Boulder to two-way traffic.  Anyone know the status of doing the same to Boulder and Cheyenne Aves and 4th St between Denver and Detroit?  I believe all of those are planned for eventual two-way conversion.