$10 Million Lofts - Brookside

[dsjeffries]

quote:Ten Million Dollar Loft Project Coming to Brookside

Tulsa Business Staff
10/17/2007

Tulsa-based Property Company of America will soon break ground on a $10.5 million loft project at Brookside.

"The Retreat at Brookside," 1339-1343 E. 41st Place, will feature three floor plans, from the three bedroom, 3.5 bath "Woodward," to the two bedroom, two bath "Pennington." The units will contain a number of upscale amenities, including oak flooring and ten foot ceilings with recessed lighting.

The five-phase, 32-unit, 70,102-SF development is scheduled for completion in summer 2008.

Brookside 41 LLC is serving as the general contractor on the project, which was designed by architect Michael Dwyer, 201 West 5th St., Ste. 450.

Property Company of America is also developing the $2.2 million, St. Louis Lofts, an upscale condominium development just off of Cherry Street near downtown Tulsa.

The St. Louis loft development, 14th Street and St. Louis Avenue, feature six, three-story, 2,350-SF units. The condos, which will contain three bedrooms, 3.5 baths, granite counters, wood floors and a two-car garage, will sell for $350,000 to $400,000.

According to Tammy Carlozza of the Property Company of America, first closings on property at the St. Louis Lofts will take place in November and will immediately precede occupancy.

[YoungTulsan]

Interesting.  The addresses indicate that it would just be located on the north side of 41st place just west of Quincy.  The south side of that street and the houses on the north side of 42nd street have also been cleared out.  I wonder if it will take up all of that, or just the north of 41st place addresses (1339-1343) ?

I had heard that the person buying up and clearing out all the houses on 42nd was looking to build a subdivision (judging on the amount of space available it would be 4-6 mcmanshions shoehorned into a tight space).

I like the lofts though, because they bring both higher income and density to the area.  Big mansions dont really add density to anything.

[Conan71]

I still got mixed emotions about the lofts along Cherry St.  I'm less sentimental about '40's/'50's era construction out on Brookside.  I think this might be a nice improvement.

[YoungTulsan]

quote:Originally posted by Conan71

I still got mixed emotions about the lofts along Cherry St.  I'm less sentimental about '40's/'50's era construction out on Brookside.  I think this might be a nice improvement.

Yeah, the stuff they hauled off on the Brookside site was nothing that will be missed.  There are plenty of dilapidated old 1950 construction properties in the area that could be razed in the name of infill and density.  Get more people in Brookside, then the "nice" part of Brookside can continue southward replacing ugly strip malls and blighted properties with walkable urban style shops/bars/restraunts like from 33rd to 36th.

The problem I see with the Brookside neighborhoods is that they have lost population density over the years.

The homes built in 1950 back in the day were homes to families of 4.  Mom, Dad, and 2 kids.  Nowadays, I would guess that half of the homes are now rentals.  Instead of a full family in each house, you have random people, sometimes one to a house.  Working families struggling to raise their kids have moved to cheaper areas where the same houses go for 30-50% less in rent/mortgage.

Little 2 bedroom boxes in the Brookside area sometimes ask 700-800/month in rent - Most of them built in 1950 and of modest size - Some havent been maintained very well - Some arent very modernized nor are they energy efficient.  Middle and upper-middle class family units have fled to the suburbs.  Young 20-somethings who like the area will occupy entire houses because the apartment options in the area are not very attractive.  Rent houses with 1 or 2 dudes in them are not very dense.  These people are already paying a pretty penny to live on Brookside, so the demand is there.  The proper housing for the context (urban entertainment district) is not currently there.

If you are a developer, now would be a great time to purchase properties in Brookside to convert to dense lofts or new dense apartment developments.  People want to live in Brookside and will pay for it.  They occupy old housing not designed for 21st century living and pay a pretty penny to do so because that is the only good option right now.  They want more options.

[T-Town Now]

Property Company of America is a first class developer, they will do a nice job on these properties, and they will no doubt be an asset to the area as well.

[tshane250]

The Retreat at Brookside

St. Louis Lofts at Cherry St.

[TheArtist]

quote:Originally posted by tshane250

The Retreat at Brookside

St. Louis Lofts at Cherry St.

They both look nice. But I really like how the ones on Rockford keep with the architecture that is already in the area and add to it.

[carltonplace]

Did they tear down the house on St Louis or move it? I always liked that house.

[pfox]

Ok...now I see where these are...behind the strip center that holds Lambrusco'z and the 41st and Peoria Mazzio's.

[Double A]

Just out of curiosity, can any of you afford a $300,000 mortgage or even a $200,000 mortgage?

[TheArtist]

quote:Originally posted by Double A

Just out of curiosity, can any of you afford a $300,000 mortgage or even a $200,000 mortgage?

Yes. And so would most young people, and even empty nesters buying those small houses in Jenks and South Tulsa etc. Its still amazing how many homes are going in out there. However not everyone wants to live in the suburbs. Many would like to live in an area like Brookside, or what Brookside can become. And this can start to cater to that market. Plus many YPs will like these moderately priced lofts. They arent as expensive as those in other cities, but cost of living is generally less here. That particular area of Brookside is not the most attractive yet, but it will hopefully continue to get better. It may be good to get in now while prices are comparatively cheap to similar areas in other cities. A similar loft in even Dallas's uptown area, KC, Denver, etc.  can easily go for double or triple that price. I would like to see that large vacant property just east of there on 41st have a midrise condo go in.

If we want to attract YP's and if, as some say, we already are. They are going to want to have places like that to live in. If the Brookside and Cherry Street areas continue to grow, they will be able to offer the kind of "neighborhoods" those people like. Both areas are still tiny beginnner versions of their cohorts in other cities. But I think they will get there. As these areas grow and really start to take on the characteristics, start to obvously look, like the areas that YP's like, this will beging to encourage growth to move even faster. These are still "pioneer" developments. Once there is enough critical mass, things may really start to take off. We just have to hope things continue to keep going.

[CoffeeBean]

Just to be clear - are these lofts located within the development where McGraw recently announced construction or elsewhere?

[YoungTulsan]

quote:Originally posted by CoffeeBean

Just to be clear - are these lofts located within the development where McGraw recently announced construction or elsewhere?

These lofts arent located inside any "development", they will be between some apartments that are already there (Village @ Brookside) and residential houses (42nd & Peoria neighborhood).  Just east of there on the other side of those apartments is a cleared out field with roads already paved for an office development which as of yet has still not begun building.  That is the site Artist was suggesting a midrise should be put.  I think the plan is just for office space though.

I think to start getting midrise in Brookside, perhaps the Crow Creek corridor plan would be the catalyst.  Or someone could buy out the Shannonwood Park condos (1948 postwar housing turned into "condos") and have a large chunk of real estate to work with.

[dsjeffries]

quote:Originally posted by YoungTulsan

That is the site Artist was suggesting a midrise should be put.  I think the plan is just for office space though.

I think to start getting midrise in Brookside, perhaps the Crow Creek corridor plan would be the catalyst.  Or someone could buy out the Shannonwood Park condos (1948 postwar housing turned into "condos") and have a large chunk of real estate to work with.

Bring on the midrises!!!

[TheArtist]

quote:Originally posted by YoungTulsan

quote:Originally posted by CoffeeBean

Just to be clear - are these lofts located within the development where McGraw recently announced construction or elsewhere?

These lofts arent located inside any "development", they will be between some apartments that are already there (Village @ Brookside) and residential houses (42nd & Peoria neighborhood).  Just east of there on the other side of those apartments is a cleared out field with roads already paved for an office development which as of yet has still not begun building.  That is the site Artist was suggesting a midrise should be put.  I think the plan is just for office space though.

I think to start getting midrise in Brookside, perhaps the Crow Creek corridor plan would be the catalyst.  Or someone could buy out the Shannonwood Park condos (1948 postwar housing turned into "condos") and have a large chunk of real estate to work with.

Yes the paper said in an article that they have now started construction of that office space that is off of 41st. I believe those buildings also have the same style as the Wild Oats Complex and the shopping center next to this new office development.

I like areas of mixed architecture. But its also nice to see a few areas that keep and add on to an architectural style to create a coherant and pleasing, identity and feel. The cottages next to Harwelden are great examples of taking something nice that already exists and adding to it. They did a superb job on that development. One of the best infill projects I have seen in a while.