PAC Trust selects developer

[Bamboo World]

The story claims that the 600 spaces with the new development would be a "few more" than they have now.  I honestly have no idea how much parking inventory the PAC has now.

There are about 295 surface spaces on that block (between 2nd & 3rd & Cincinnati & Detroit) now.

[DTowner]

There are about 295 surface spaces on that block (between 2nd & 3rd & Cincinnati & Detroit) now.

The RFP included a requirement that the proposal include parking to replace the currents spaces and new spaces needed by the new development.  This proposal seems to do that AND WAS CHOSEN BY THESE INDIVIDUALS over other proposals.

Every statement by Trust members leaves me scratching my head at what is really going on.  The nit picking now strikes me as a bunch of people who've gotten cold feet searching for cover or they are getting pushback from some connected people for unexplained reasons.  Either way, this outcome casts a pretty dim light on the competence of this group of trustees.

[AdamsHall]

The RFP included a requirement that the proposal include parking to replace the currents spaces and new spaces needed by the new development.  This proposal seems to do that AND WAS CHOSEN BY THESE INDIVIDUALS over other proposals.

Every statement by Trust members leaves me scratching my head at what is really going on.  The nit picking now strikes me as a bunch of people who've gotten cold feet searching for cover or they are getting pushback from some connected people for unexplained reasons. ...

This.

[LeGenDz]

Every statement by Trust members leaves me scratching my head at what is really going on.  The nit picking now strikes me as a bunch of people who've gotten cold feet searching for cover or they are getting pushback from some connected people for unexplained reasons.

i wonder if Bob LaFortune finally talked the others into changing their mind.

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.

[saintnicster]

i wonder if Bob LaFortune finally talked the others into changing their mind.

Does he have any connections to American Parking? *adjusts tinfoil*

[BKDotCom]

Ridiculous

[TulsaGoldenHurriCAN]

The Tulsa Performing Arts Center Trust Board wants new appraisals for its parking lot because some members are unsure if selling it for $5.5 million to an Indianapolis-based developer is the right price.
Board member Rodger Randle said the group should get two new appraisals to ensure that the valuation is accurate and that it does its due diligence in selling public land.
He said Friday at a special meeting of the executive board that he didn't want the lack of a current appraisal to "cast a shadow" over the PAC Trust.
The lot in question is across from the PAC on Cincinnati Avenue between Second and Third streets and is the site of a proposed mixed-use development that could include the first grocery store in downtown Tulsa since Homeland closed in the early 2000s.
The PAC executive board decided Friday to seek two new appraisal for the surface parking lot, which records show has a market value of just under $2.5 million.
Pat Milton of the Tulsa County Assessor's Office said the assessor's office does appraisals about every four years or so, and he would expect the assessment to rise if it was done again next year.
He added that the appraisal is different from the one the PAC Trust board is seeking, which will come from a fee-based appraisal. That assessment, he said, will probably take into account the "appreciating market" in downtown more than the assessor's office would.
"It's not unusual if our value is going to be a little below the market," Milton said.
A recent real estate transaction showed the value of an appreciating market in downtown Tulsa. In April, investors looking to build Santa Fe Square on a more than 4-acre parking lot between First and Second streets purchased the land for $8,001,000, according to property records. That makes the price per acre for the 4.68 acres of land about $1.7 million.
The parking lot across the PAC is 1.93 acres. Flaherty & Collins have agreed to purchase the land for $5.5 million, or more than $2.8 million per acre.

http://www.tulsaworld.com/business/realestate/tulsa-pac-board-to-seek-new-appraisals-for-parking-lot/article_0f0a4a2c-d44a-502b-9c03-97844feacfbd.html

So the developer is paying $5.5 million, which is $2.2 million above what the estimate for that lot is based on the recent sale of the Santa Fe square lot and the PAC trust still wanted to make sure it wasn't undervalued. It is highly unlikely the estimate will come back for anything close to $5 million. I think they are wasting time and most changed their minds or didn't think it through before the meeting. They are probably mostly concerned about parking for the being slightly more inconvenient.

[Bamboo World]

http://www.tulsaworld.com/business/realestate/tulsa-pac-board-to-seek-new-appraisals-for-parking-lot/article_0f0a4a2c-d44a-502b-9c03-97844feacfbd.html

So the developer is paying $5.5 million per acre, which is $2.2 million above what the estimate for that lot is based on the recent sale of the Santa Fe square lot and the PAC trust still wanted to make sure it wasn't undervalued.

According to the Tulsa World article, Flaherty & Collins have agreed to pay about $2.85 million per acre for the PAC lot, not $5.5 million per acre.  That's about $1.15 million per acre more than the Santa Fe Square property, according to the article.

Edit--  Something I didn't realize until looking at the Tulsa County Assessor's website today:  the north-south alley through the middle of the block appears to be a public right-of-way, not officially owned by the PAC Trust (although it's used as part of their parking lot).

[cannon_fodder]

The "truck lot" in the Brady district, 1 acre at the corner of Boulder and Cameron, is listed on LoopNet at $2.49 mil. 

The value of the Santa Fe deal was noted above.

What was the value of the lot for the POP Culture museum?

If the PAC mucks up this deal, I hope the developer realizes there are other empty lots downtown that can be had for $2.85mil an acre. We are getting to the point where filling in any empty lot helps a lot with connectivity. The PAC location helps a ton, but so would the area just south of Fassler, or the empty lots along the tracks for the proposed OK Pop. The under utilized space at 1st and Elgin (boarded up red building, and the old train warehouse building). Empty lots by OK EQ.

Fun side note, it appears the Google maps car took a detour and then hopped a curb:

https://www.google.com/maps/@36.1538919,-95.983117,3a,75y,279.03h,72.53t/data=!3m6!1e1!3m4!1s3-p4J7iH0iQ2fRXB6bIhtA!2e0!7i13312!8i6656

[Bamboo World]

Fun side note, it appears the Google maps car took a detour and then hopped a curb:

https://www.google.com/maps/@36.1538919,-95.983117,3a,75y,279.03h,72.53t/data=!3m6!1e1!3m4!1s3-p4J7iH0iQ2fRXB6bIhtA!2e0!7i13312!8i6656

Perhaps because Fifth is shown on Google Maps as an open street there, although it hasn't been for years.

A Google car went through some alleys in my neighborhood, which surprised me, but it's nice to have the "street" views of the back yards.

[johrasephoenix]

The truck lot in the Brady is being marketed for $2.5m.  Note that it has not sold at that price despite being the #1 premium development spot in all of downtown.

I've been told that the lady who owns the red building across from the First Street Lofts won't sell at any price.  She's apparently part of the old crotchety crowd that thinks the best use of downtown land is lightbulb storage and parking lots, much like a certain other older guy in the Brady. 

I really hope the PAC doesn't scuttle this.  Not only is it a win for Tulsa, but it makes the area around PAC itself that much pleasant to spend time in.   

[cannon_fodder]

I've been told that the lady who owns the red building across from the First Street Lofts won't sell at any price.  She's apparently part of the old crotchety crowd that thinks the best use of downtown land is lightbulb storage and parking lots...

I see what you did there.

[SXSW]

I've been told that the lady who owns the red building across from the First Street Lofts won't sell at any price.  She's apparently part of the old crotchety crowd that thinks the best use of downtown land is lightbulb storage and parking lots, much like a certain other older guy in the Brady. 

Old crotchety crowd, does that mean she might not have many years left?  Hopefully her heirs have different plans and would be willing to sell it or work with a developer.  That is such a cool building if redeveloped it would change the face of 1st Ave right there.  I've always thought it would be the perfect place for a market hall like you're seeing in other cities with different places to eat and little shops, similar to the Box Yard but in one building.

[TulsaGoldenHurriCAN]

According to the Tulsa World article, Flaherty & Collins have agreed to pay about $2.85 million per acre for the PAC lot, not $5.5 million per acre.  That's about $1.15 million per acre more than the Santa Fe Square property, according to the article.

Edit--  Something I didn't realize until looking at the Tulsa County Assessor's website today:  the north-south alley through the middle of the block appears to be a public right-of-way, not officially owned by the PAC Trust (although it's used as part of their parking lot).

I meant $5.5 million total, 2.75 million per acre. That is a very great price and they should sell for that. The $2.5 million brady 1-acre lot is a great example.

I'm not sure which lot is better though. Being the "bridge" between Blue Dome and the central business districts could be more valuable (Where you'll likely draw from the business lunch crowd as easily as residents and night/weekend crowds) than a lot where the back half of it is on a dead street going towards the dead part of the Brady (mostly night/weekend crowds). Eventually Boulder could be a better developed place, especially with GKFF developing the corner on Easton, but with no other projects even proposed there and its proximity to the less sightly part of downtown, it looks like it will stay about how it is now for several more years at least, especially with the only lot for sell at $2.5 million.

[swake]

I've been told that the lady who owns the red building across from the First Street Lofts won't sell at any price.  She's apparently part of the old crotchety crowd that thinks the best use of downtown land is lightbulb storage and parking lots, much like a certain other older guy in the Brady.   

Is she on the PAC Trust board? Sounds like she would fit in.