PAC Trust selects developer

[AdamsHall]

So, happening or not happening?

Lawyers working out fine details sounds like the sale is a go ... or they are working on a termination agreement.   

[TulsaGoldenHurriCAN]

Lawyers working out fine details sounds like the sale is a go ... or they are working on a termination agreement.   

Did the article not say they are voting August 24 to decide whether or not to sell it? Also they may vote to "continue the process of selling the parking lot with a later vote on the final details of the contract".

Would they really need a termination agreement, especially at this point? They would first need to vote to not sell it.

Hopefully they will see the value in bringing a grocery store and more housing downtown rather than just a giant parking lot. However, the contract should have teeth and assurances that the developer must actually develop it.

[DowntownDan]

Did the article not say they are voting August 24 to decide whether or not to sell it? Also they may vote to "continue the process of selling the parking lot with a later vote on the final details of the contract".

Would they really need a termination agreement, especially at this point? They would first need to vote to not sell it.

Hopefully they will see the value in bringing a grocery store and more housing downtown rather than just a giant parking lot. However, the contract should have teeth and assurances that the developer must actually develop it.

And there needs to be a process to approve final renderings so we don't end up with another Cimarex disappointment.

[TulsaGoldenHurriCAN]

And there needs to be a process to approve final renderings so we don't end up with another Cimarex disappointment.

I wonder how they can maintain control of that after they sell the property. Seems tough to mandate that sort of thing unless you are the owner/developer. Hopefully they can work a contract out to do that.

Maybe a "rent to own" type contract where developer will own the land after completing the project. That would be a neat way to bring PAC revenue and assure there's an escape if things go awry. However, the developer might not like that.

What could stop the developer from buying and reselling (or holding on) rather than building? Maybe a binding agreement assuring they provide a minimum of X number of covered parking spaces for PAC to use by Y date?

[MostSeriousness]

They voted this morning and apparently approved.

https://twitter.com/emorybryan/status/900744160373821448

[TulsaGoldenHurriCAN]

They voted this morning and apparently approved.

https://twitter.com/emorybryan/status/900744160373821448

That is good news!  Lets hope this developer pushes forward relatively soon.

While there has been a lot of progress downtown, for the last couple years, things have been a bit held up, especially larger projects like this one, with blame on the oil crash (which really started in mid/late 2014). Now the economy is currently doing really well (even as it has overall for the last couple years besides oil), a lot of developers are holding back because we finally have vacancies downtown.

I foresee even more holding back and it being blamed on an upcoming "market correction". It is a bit disheartening how long this stuff takes. The RFP for the PAC lot was put out in 2014 to early-2015. So 3 years in and they finally will sell the lot. Let's hope it's a carpe diem type developer!

[MostSeriousness]

http://publicradiotulsa.org/post/pac-trust-close-wrapping-deal-would-bring-grocery-store-downtown#stream/0

Still not final, after all. But the vote today was moving forward on two contract points, and final approval expected at September's meeting, looks like.

[carltonplace]

This is the developer's Indianapolis project.

[Tulsasaurus Rex]

Is that a photo of the finished thing or a preview rendering?

[Townsend]

This is the developer's Indianapolis project.

I believe Tulsa's was supposed to be about 13 stories tall

[cannon_fodder]

Is that a photo of the finished thing or a preview rendering?

I think the above is a rendering, but looking at the finished project is basically looking at the exact same thing!

[Townsend]

I think the above is a rendering, but looking at the finished project is basically looking at the exact same thing!

Wow...That's super close to the rendering.

In Soviet Tulsa we get renderings like:



But end up with:

[BKDotCom]

Was curious if you google'd "boring buildings" to find that.
Yup, here it is

[Townsend]

Was curious if you google'd "boring buildings" to find that.

[patric]

In Soviet Tulsa we get renderings like:

Nearly eight years ago, in October 2009, the Tulsa World published an early rendering for downtown's One Place development showing a bird's-eye view of a vibrant city block filled with shop-front windows, brick facades and roof-top gardens.

You can go to the corner of Second Street and Cheyenne Avenue to see what actually got built instead.

http://www.tulsaworld.com/homepagelatest/michael-overall-tulsa-needs-to-avoid-another-bait-and-switch/article_0e97a2c9-5e99-59f9-acca-7b99142873ac.html