PAC Trust selects developer

[cannon_fodder]

As a symptom of our myopic GOB leadership, Bob LaFortune was on the news last night saying he opposed the project as the 250 space surface parking lot was necessary for the PAC and he felt he had a fiduciary duty to the citizens to maintain that status-quo. 

Well, he has a point. Other than the hundreds of street parking lots within a block, the parking garage a block to the southeast, the parking garage a block directly south, the parking garage under ground directly west, the parking garage a block due north, the parking garage a block north-north east, the lot across the street, the lot a block to the south east, and the main mall and new American Parking garage on Boulder that are each ~2 blocks away... there isn't anywhere to park that I can think of within 3 blocks.

Unless they build parking as part of the new development.

[swake]

Well, he has a point. Other than the hundreds of street parking lots within a block, the parking garage a block to the southeast, the parking garage a block directly south, the parking garage under ground directly west, the parking garage a block due north, the parking garage a block north-north east, the lot across the street, the lot a block to the south east, and the main mall and new American Parking garage on Boulder that are each ~2 blocks away... there isn't anywhere to park that I can think of within 3 blocks.

Unless they build parking as part of the new development.

Which they are doing...

[Conan71]

I didn't think about the ever-shrinking sea of surface parking, that could be tragic.  Maybe I need to start the Tulsa Surface Parking Coalition now.

[swake]

I didn't think about the ever-shrinking sea of surface parking, that could be tragic.  Maybe I need to start the Tulsa Surface Parking Coalition now.

Bob Lafortune can be the head of that for you

[Dspike]

Anyone know who the 7 voting in favor are and who the 6 opposed are (other than former Mayor Lafortune)?

[LandArchPoke]

Just be glad our PAC board was as dumb as Omaha's. They were one of the big reason's HDR pulled it's plans to build it's new HQ downtown - all over parking.

http://www.ketv.com/news/hdr-scraps-plans-for-downtown-omaha-headquarters/38916708

[TulsaGoldenHurriCAN]

PAC Trust board to discuss plans for downtown Reasor's store today

Plans for a possible downtown Reasor's location is on the agenda of the Tulsa PAC Trust board for 3 p.m. today.
A developer made a pitch last year for the parking lot next to the Tulsa Performing Arts Center at Second Street and Cincinnati Avenue that would bring several stories of apartments, various retail sites and a Reasor's to downtown.
The developers are Indianapolis-based Flaherty and Collins Properties and Milhaus Development along with local company G4 LLC.
"With the residential growth in downtown Tulsa, there is a natural opportunity for a downtown grocery to serve those new residents," Reasor's CEO Brent Edstrom said Thursday morning. "Reasor's has a long-standing history in Tulsa. So it is also natural that we investigate that opportunity, which is the process we are engaged in."

http://www.tulsaworld.com/business/retail/pac-trust-board-to-discuss-plans-for-downtown-reasor-s/article_950a9ecc-fd8b-5d25-b0d6-b6b0460705f0.html

[TulsaGoldenHurriCAN]

Tulsa PAC Trust set to vote Monday on downtown grocery store proposal

The governing body of the Tulsa Performing Arts Center plans to vote Monday on plans to sell the parking lot across the street in downtown Tulsa for a mixed-used project that could include a sought-after downtown grocery store.
Even if the board approves the proposal, it's not yet a done deal. The developer, Indianapolis-based Flaherty & Collins, is seeking a Tax Increment Financing District from the city of Tulsa, which would need City Council approval.
Plans shared with the board show a proposed Reasor's grocery store as the main anchor tenant on two of the building's 12 stories. The proposal would bring the first grocery store to downtown since a Homeland store closed in the early 2000s.
The building would also include 240 apartment units. Flaherty & Collins gave board members a detailed explanation of the proposal two weeks ago.

http://www.tulsaworld.com/business/realestate/tulsa-pac-trust-set-to-vote-monday-on-downtown-grocery/article_cc425e94-63ad-5c3a-a55e-0c1c9ff35067.html

Another TIFF... Would be great for that area though.

I guess if you know the PAC board members, please send them your support!

Does anyone know why they have to sell it? Seems like they would want some ownership in it, especially the parking lot. Or maybe they agree to get a certain number of parking spots in exchange. Anyone know how that might work?

[Conan71]

http://www.tulsaworld.com/business/realestate/tulsa-pac-trust-set-to-vote-monday-on-downtown-grocery/article_cc425e94-63ad-5c3a-a55e-0c1c9ff35067.html

Another TIFF... Would be great for that area though.

I guess if you know the PAC board members, please send them your support!

Does anyone know why they have to sell it? Seems like they would want some ownership in it, especially the parking lot. Or maybe they agree to get a certain number of parking spots in exchange. Anyone know how that might work?

I'd be curious to see how the TIF for Santa Fe Square might affect them being able to obtain one in such close proximity.  Granted, any major multi-use development is a great deal for downtown but why is it developers can't seem to make them economically feasible without some sort of abatement or hand-out from the city?

[Tulsasaurus Rex]

but why is it developers can't seem to make them economically feasible without some sort of abatement or hand-out from the city?

They can. They just claim they can't because the hand-out is available. If we abolished TIFFs, you'd see developers suddenly figuring out how to make multipurpose developments economically feasible.

[TulsaGoldenHurriCAN]

They can. They just claim they can't because the hand-out is available. If we abolished TIFFs, you'd see developers suddenly figuring out how to make multipurpose developments economically feasible.

Many times, they are for specific upgrades to the infrastructure (as in the case of TIFFs recently passed for a few Brady developments) so it makes sense to give a discount to cover costs of streetscaping which will be used by the general public.

[TulsaGoldenHurriCAN]

PAC Trust puts off decision on grocery store proposal
The process to bring a grocery store to downtown Tulsa slowed Monday.
The Tulsa Performing Arts Center Trust Board decided to put the brakes on considering the proposal for a mixed-used development on its current parking lot along Cincinnati Avenue that would include a grocery store.
Multiple board members preached restraint because they worried about changing economic circumstances, whether or not the proposed $5.5 million price reflects a current valuation and if they actually want to close the door on developing a mid-sized theater on the site themselves.
The board considered canceling the negotiations with the developers but have decided to table the vote until November.
Flaherty & Collins, an Indianapolis-based developer, wants to build a mixed-use development called the "Annex" on the performing arts center's parking lot.
Renderings show a 12-story building with ground floor retail next to what would potentially be the Reasor's. The building would have 312 beds and 240 units of apartments.
The project would also feature a multi-story parking garage with 636 spaces. Shoppers would be able to present a receipt and park for free.
It would include a Reasor's store "unlike any other" in the market, the developer said last month, noting that urban format grocery stores are quite different than a typical suburban store.
If the project does go forward, the developer would also seek a Tax Increment Financing District for the project, which would need City Council approval.

http://www.tulsaworld.com/business/realestate/pac-trust-puts-off-decision-on-grocery-store-proposal/article_506100a9-d39d-5fa5-a239-dc3a76c13447.html

They got everything they asked for, picked the winning proposal and then got cold feet. That developer must be frustrated. You would think they would've gotten an estimate on the parking lot before holding this meeting to vote whether or not to sell it. The vote is pushed back to hopefully get that estimate but surprising they didn't already have one.

I thought they already voted on the best proposal and turned down another proposal which included a mid-sized theater. Seems like poor planning and execution. Better to wait and get good information before making a decision. I wonder what they mean by changing economic circumstances. The oil crash has been going on 2 years now and if they get the 5.5 million payout, they will be good to go and not have any risk. Hopefully they will vote for it and turn one of many unsightly parking lots into a real gem for downtown.

[davideinstein]

As a symptom of our myopic GOB leadership, Bob LaFortune was on the news last night saying he opposed the project as the 250 space surface parking lot was necessary for the PAC and he felt he had a fiduciary duty to the citizens to maintain that status-quo. 

For those not aware, Mr. LaFortune was Tulsa's mayor in the early 1970's and he sits on the PAC Trust board.

How do these people get leadership positions? Honest question.

[hello]

I felt like this had a good chance of happening. Not anymore. 

I hope the developers are willing to pick other site downtown.

[Bamboo World]

How do these people get leadership positions? Honest question.

In this case, they're all appointed by Tulsa's mayor.