PAC Parking Lot Development

[swake]

Anyone heard updates on this? Today they have all the entrances blocked off.. only a few City of Tulsa vehicles are parked. Hoping that means something is happening.

Wow, that would be big news.

[BKDotCom]

There are building permits for 220 E 2ND ST S  on the Tulsa permit portal

[swake]

There are building permits for 220 E 2ND ST S  on the Tulsa permit portal

The two permits that are actually issued are for $46 million and the others mention "The Annex". This really seems to be it.

[Tulsan]

I was told by a PAC trustee that FC had met the deadline and the transaction had funded and closed. I don't know why the assessor isn't showing the transfer yet. I also don't know why there hasn't been media/an announcement. But it's going forward.

[shavethewhales]

That's freaking awesome. I'm so glad it's finally starting. There have been a lot of big projects downtown lately, but I feel like this is the biggest in a long while. 13 stories of residential AND a grocery store is a huge add. Not to mention the obvious reduction of our parking crater right in the heart of downtown.

[ComeOnBenjals]

FWIW, looks like the parking lot is back open today.. glad to hear the updates though! I'm weirdly sentimental about this project.. feels like this forum has been discussing it for years now

[SXSW]

FWIW, looks like the parking lot is back open today.. glad to hear the updates though! I'm weirdly sentimental about this project.. feels like this forum has been discussing it for years now

Well the original announcement was in 2015, so...

Cars are definitely parked in the lots today so nothing official yet.  I have heard soon though.

[shavethewhales]

Hmm, the IDP submittal on the city's portal says they aren't due for completion of the review until the 28th. They had to resubmit once. Hopefully they pass this time and can get permitted quickly.

[dbacksfan 2.0]

Good to see this moving forward. Hopefully it gets built faster than it took to gestate. One was built in downtown shortly after I moved back and does a booming business. They also included smaller take out only versions of a local place Chompie's Deli. 

Google Street view

https://goo.gl/maps/nFk9GjkW1jFAYWmu7

Inside

https://goo.gl/maps/Czh4b93MEhHzHeP36

[tulsabug]

That's freaking awesome. I'm so glad it's finally starting. There have been a lot of big projects downtown lately, but I feel like this is the biggest in a long while. 13 stories of residential AND a grocery store is a huge add. Not to mention the obvious reduction of our parking crater right in the heart of downtown.

I'm looking forward to sauntering downtown and tellin' all the young 'uns "I remember when this was nothing but parking lots as far as the eye could see" 

[dbacksfan 2.0]

I'm looking forward to sauntering downtown and tellin' all the young 'uns "I remember when this was nothing but parking lots as far as the eye could see" 

I got onto a Santa Fe passenger train in 1967 where the Indigo is on Elgin for a family trip to Kansas City.

[ComeOnBenjals]

https://tulsaworld.com/news/local/business/as-pac-development-with-downtown-grocery-store-deadline-nears-uncertainty-abounds/article_9579c28e-4e6b-11ee-81f5-b7c352d4b55c.html#tracking-source=home-top-story

Not a confidence inspiring update.

[Tulsan]

I thought they closed already but this explains why title never transferred.

The big hang-up all along has been the ironclad requirement that an acceptable grocer sign a lease prior to closing. This was known to be an issue back more than 5 years ago when Reasors backed out (this was related to debt covenants that gave their lender vetos on new stores). So Oasis was supposed to have solved it, but apparently now AJ from Oasis is being shown to be sketchy.

I don't know what they'll do this week. The city may have to be flexible. Seems like FC is at their wits end.

[SXSW]

I thought they closed already but this explains why title never transferred.

The big hang-up all along has been the ironclad requirement that an acceptable grocer sign a lease prior to closing. This was known to be an issue back more than 5 years ago when Reasors backed out (this was related to debt covenants that gave their lender vetos on new stores). So Oasis was supposed to have solved it, but apparently now AJ from Oasis is being shown to be sketchy.

I don't know what they'll do this week. The city may have to be flexible. Seems like FC is at their wits end.

Yep I've heard the same thing, the grocery piece is critical.  Not sure if Oasis is sufficient to close.  Too bad it can't be a Trader Joe's.

[shavethewhales]

Ugh. He does look super shady. I can't believe that's what's going to stop this block from getting developed. It is important to get a grocer downtown, but after years of trying they need to just move on and make a deal work.