Santa Fe Square on the big surface parking lot in the Blue Dome...

[LandArchPoke]

https://tulsaworld.com/business/local/santa-fe-square-office-complex-filling-up-quickly/article_277208d4-5469-11ed-8a04-c333216916e6.html

According to the article, all but one of the offices floors has been leased, occupancy expected in Februrary. Apartments finished sometime in 2024.

I'm surprised they're just now mentioning it, but it's been nearly fully leased since a few months after they broke ground. Laredo Petroleum is the other occupant that leased the rest of the building. There's only the bottom floor left that's right above the parking structure.

Just like every market there's a flight to quality in office. Good thing for Tulsa is we have a really active conversion market of historical or just older office building being converted to hotel/apartments. This will just create more opportunities in that area. It's not neccessary a bad thing to see tenants shift around a bit as eventually some of the smaller B/C office buildings like Beacon and some of those will probably be converted to other uses besides office.

Some surprising and not so surprising news is ARG is officially no longer expanding or looking for new sites. Santa Fe Square is going to be their last deal for a long time. They let go of some staff as well, all bizarre. They would have canceled Santa Fe Square if they hadn't been on the hook for the TIF dollars.

It's a move that makes zero sense to me given how fast Tulsa is growing population wise right now and the housing market is still very strong here with price appreciation unlike some markets like Austin that have seen a bit of a correction. There's only a small handful of housing markets that aren't in the negative right now in pricing change and Tulsa is one of them. There's just a huge lack of housing still.

ARG does this every time there's a small blip in the market - we really need some better developers in town that will do big ground up apartment projects.

[ComeOnBenjals]

^stinks about ARG... hopefully another group fills the void.

They started earth works on the north side of the site. I've never gotten a good sense from renderings what the 1st street side is going to look like.

[SXSW]

ARG does this every time there's a small blip in the market - we really need some better developers in town that will do big ground up apartment projects.

Another reason I'm rooting for Flaherty & Collins to be successful with the Annex and potentially build a development pipeline in Tulsa.  That and for other groups like Rose Rock (active in historic conversions downtown but more active in new construction in OKC) and Tulsa Property Group (actively building urban and suburban product) to step up.  Ross Group has the Brookside project and has purchased property at 6th & Elgin for future mixed-use projects.  Charney Properties also has been active in the Kendall-Whittier neighborhood and has shown interest in downtown multifamily.  Milhaus has been working in OKC and I know has recently been looking at deals in Tulsa.

[ComeOnBenjals]

Another slightly different angle angle I took yesterday. I'm hoping that there's some lighting elements on the exterior.

[shavethewhales]

I was excited to notice today that the west end has gone vertical. Lots of plumbing going on around the east end, so that isn't far behind. Looking forward to this getting some mass and filling up the void.

[Urban Enthusiast]

I'm really curious to know what the first street side of this development is going to look like.

[Red Arrow]

I'm really curious to know what the first street side of this development is going to look like.

Big change since the 2014 Street View.

[ComeOnBenjals]

That street view from 2011 is shocking. I didn't live in Tulsa at that time, but I can't believe how empty it was!

[SXSW]

I'm really curious to know what the first street side of this development is going to look like.

It should be pretty similar to this.  Units are at street level.  I wish it was retail space but I understand they wanted to concentrate that around the new plaza on the 2nd St side

[SXSW]

CBRE is moving its office from Boulder Towers at 15th & Boulder to the 7th floor of Santa Fe Plaza.  This is one of the last remaining spaces available in the Santa Fe office tower.

With H&P leaving for WPX and now CBRE that will leave Boulder Towers less than 50% occupied, and a prime target for conversion to residential.

[LandArchPoke]

CBRE is moving its office from Boulder Towers at 15th & Boulder to the 7th floor of Santa Fe Plaza.  This is one of the last remaining spaces available in the Santa Fe office tower.

With H&P leaving for WPX and now CBRE that will leave Boulder Towers less than 50% occupied, and a prime target for conversion to residential.

Doesn't surprise me - they were looking at going into the office development in the Pearl that's been put on hold I think.

Interesting fact about Boulder Towers is it is owned by a LP of current and former CBRE brokers. I bet they'll either sell it or hopefully are considering doing something to reposition the building. With that many partners (unless it's been changed in the past several years) it might be difficult to get everyone on board with what to do so wouldn't be surprised if they just sell it. Some of the owners of Boulder Towers are the equity partners in Santa Fe Square too.

[shavethewhales]

Walking by at night you can see how close they are to finishing this project. Several office floors look to be pretty well finished out, not to mention the lobby area. Still lots of clean up work left to do and a little bit left on the cladding, but if you told me this would be ready for move-in by the first of the month I'd believe you. Meanwhile, the apartments are trucking along.

Getting this garage open will be a boon for the area. I know urbanists typically aren't fond of massive parking garages, but this one is necessary.

[shavethewhales]

The office tower looks like it's been basically finished and furnished for the past week or so. Wonder when move-in date is. There's still a few punch list items on the exterior, but they could get them knocked out any time.

What seems really odd to me is that construction on the apartments seems to have virtually halted over the past month. I know the weather has been up and down, but they should have set up the second floor by now. Not sure what is going on.

[shavethewhales]

Sadly there's no more webcam for this project apparently, but the tower is done and occupied from the looks of it (I haven't seen it during the day, but it looks furnished now).

With that done, they have been working steadily on the apartments again the past few weeks making more obvious progress. Looks like they will be pouring the second floor soon? Very excited to see that finally take shape and fill up the void. I'll be even more excited to finally be able to walk past there again. Those construction walls are always annoying.

[SXSW]

The west building podium deck looks to be at least partially poured.  With the wood-framing being panelized on a lot at 6th & Frankfort the structure should go up quickly.  They still have a ways to go on the east building closer to the garage.