Vision 2025 Downtown Housing Funding

[Kiah]

The First of Many Politically Convenient Announcements to Come in the Weeks Leading Up to Election Day . . . .

NEWS CONFERENCE: DOWNTOWN HOUSING FUND TODAY

Mayor LaFortune will hold a news briefing today with members of the City of Tulsa Vision 2025 Downtown Housing Fund committee at 1:30 p.m. today in the lobby of the TransOk Building, 600 S. Main.

The Mayor will announce the selections for the Vision 2025 funding. Visuals of the project will also be available.

[MichaelC]

From Tulsa World

quote:Construction began Wednesday on the first Vision 2025 residential project.

The First Street Lofts in the old Jacobs Hotel at 301 E. First St. will include 19 units ranging from 650 to 2,000 square feet and will rent for about $1 per square foot.

Developer Michael Sager received a $1.3 million interest-free loan from the Vision 2025 program to pursue the project, which has a total price tag of $3 million.

"This has been a dream of mine for 30 years, and itµs finally coming true," said Sager, who purchased the building in 1977.

Three other downtown residential projects are receiving Vision 2025 money but construction has not started yet.

From First Street Lofts

[Porky]

I'm all for this as long as the developer makes these places cost effective with heating and air, normally they don't.

[TheArtist]

They say there is going to be a "glass enclosed" stairwell and elevator.  Is that sketch with the stairwell on the side where this glass elevator and stairwell are going to be?  I think it would be neat to mix an ultra modern feature on a classic brick structure like that.

[dsjeffries]

From KTUL (http://www.ktul.com/news/stories/0307/407471.html):

quote:New efforts are being made to get people to move downtown. A 91 year old building is being turned into loft apartments. The old Jacobs Hotel building is located in the heart of the Blue Dome Entertainment District in the 300 Block of East First Street. News Channel 8's Bill Mitchell found this is the first of four major apartment projects in the area.

This historic old building, these upper floors have been vacant for 40 to 50 years, will finally come to life again.  This soon will be home to 19 loft apartments ...Anywhere from 650 to 2000 square feet.

Developer Michael Sager did the ceremonial floor breaking.  Seager's almost thirty year old dream is now a reality.

This is now home to the first street lofts.  All apartments will be rentals.

This project was made possible by a 1.3 million dollar interest free loan from Vision 2025.
Renters here will be able to use a roof top deck.
Michael Sager - Blue Dome Developer, "We have approval for a 49 person top deck. You'll be able to walk up there. It's got a big glass enclosure as you go up, and it will be a beacon in the downtown skyline. We're really trying to get in the ball game with the new city building over here. The glass cube. We can't really put that much glass on this one. At any rate it'll be magnificent and you'll be able to see the best of Tulsa's skyline. "

The glass cube he mentioned is the proposed location of the new city hall.
A decision on that could be made in the next 90 days.

Mayor Kathy Taylor, "Michael what we hope is that city employees are lined up to lease your apartments and to shop in your stores before you even get them finished next year."

When the train whistles sounded across the street people were reminded that by next summer they  will no longer need to use those loud {nats} train whistles downtown.

Soon there will be more loft apartments built in downtown Tulsa. Three more project have yet to be approved. This one will be ready for tenants in early 2008. In Downtown Tulsa Bill Mitchell News Channel 8.

Not only are there a few spelling errors in the article (what exactly is {nats}, anyway?  And there are three more project (or projects?)), but the way the rooftop deck was described really confused me.

Is it a glass-enclosed rooftop deck, or ... ?  I don't understand how it's going to be a beacon.

Ideas?

[sgrizzle]

quote:Originally posted by Porky

I'm all for this as long as the developer makes these places cost effective with heating and air, normally they don't.

It says $1/sq ft which is very reasonable.

[cannon_fodder]

Basically $650 to $2000 a month.  Should be a nice mix of people with those price ranges.

[ttownclown]

I recently heard that the Transok building at 6th & Main - owned by K&K, has decided not to make that building residential lofts.  This building was 1 of the 4 that was to receive Vision2025 $$.  From what I heard, the building was nearly at occupancy with tenants.  Those tenants left so they could start the lofts.  But now they are trying to find new commercial tenants.  
Maybe the folks at Vision2025 can confirm or deny this hearsay.  If this is the case, what happens to the Vision2025 money?

[Vision 2025]

quote:Originally posted by ttownclown

I recently heard that the Transok building at 6th & Main - owned by K&K, has decided not to make that building residential lofts.  This building was 1 of the 4 that was to receive Vision2025 $$.  From what I heard, the building was nearly at occupancy with tenants.  Those tenants left so they could start the lofts.  But now they are trying to find new commercial tenants.  
Maybe the folks at Vision2025 can confirm or deny this hearsay.  If this is the case, what happens to the Vision2025 money?

I have heard various rumors about this project but have nothing confirmed and until they actually withdraw, officially, I would anticipate they are still considered to be in the program.  Should a project choose to drop out the city has the option of funding another project (there were others that were not selected) or increasing the funding to one of the other 3 (as I recall not all of the projects were awarded everything they requested).

[ttownclown]

http://www.tulsaworld.com/news/article.aspx?articleID=070415_1_A1_spanc72711

I guess the rumors were correct...

[perspicuity85]

Kanbar and Kauffman's promises are broken as easily as a bottle of Skyy Vodka!

[cannon_fodder]

I have lost any faith I had in our two new investors.  So far we have traded 2 neat looking buildings for surface parking and had our money thrown back in our faces for downtown lofts. In a year, that's about all that has happened.

I guess when you have that much money you dont care about getting any more?  Or at least dont care what people think about you or you would communicate with them at some level.

[jdb]

"I have lost any faith I had in our two new investors." - CF

Understandable, if that faith was built on hype from the Whirled and the hot air of the v2025 dog and pony people.

Situation's complicated, but rough starts can end on happy notes.

Hope Springs, jdb

[cannon_fodder]

My faith was, by definition, a blind belief or feeling that someone who invested so much would develop downtown into something more usable. Now that I dont work downtown, I go there one time a month for a show at the PAC or a beer in the blue dome.  Which is probably more than most people in the area.

He'll have to show me something before I jump on the Kuafman/Kanbar bandwagon again.