Development Advisor Chosen

[Rico]

quote:Originally posted by booWorld

quote:Originally posted by carltonplace

From the Tulsa World







By P.J. LASSEK World Staff Writer
11/5/2007


It's negotiating a contract with the firm, which would help craft a redevelopment plan.


The city has chosen one of Fortune magazine's 100 Best Companies in 2007 as a consultant to help guide it through a redevelopment process for land it owns in and near downtown.

Jones Lang LaSalle, an international real estate firm in Chicago, is in negotiations with the city on a contract fee structure, Economic Development Director Don Himelfarb said.

If an agreement is reached, Mayor Kathy Taylor is expected to enter into a one-year contract, with an option to extend it.

The firm is one of four from which the city sought consultant proposals.

The city wants a consultant to help it create an overall plan for the redevelopment of five sites in and around downtown to ensure the best use of those sites.

The parcels are:

The 22-acre Evans-Fintube site north of Archer Street between OSU-Tulsa and U.S. 75.

Nearly 11 acres in the downtown East Village area.

About 1.3 acres east of the BOK Center between Second and Third streets and Cheyenne and Denver avenues

The current 2.6-acre City Hall site, which includes part of the Civic Center Plaza

A 31-acre site on the west bank of the Arkansas River at 23rd Street and Jackson Avenue.

Himelfarb said the contract would include a fixed fee for the initial work by the firm and a payment based on successful marketing of any of those sites to a developer.

He said the city hopes to have a contract signed and the firm at work by the end of this month.

Himelfarb said he thought initial attention should be given to City Hall and the site across from the BOK Center "because they're the most timely with the arena opening in the fall of 2008."

"But, who knows, the consultant may send a team in here and jump on all five sites at once," he said.

The good news is that personnel from the firm have been to Tulsa, he said.

"They've toured it and they've talked to us. So, it is not like they are coming into Tulsa for the first time," he said.

The city needs a plan in which future development is integrated into what already exists, Himelfarb said.

"It's about having development complementary of each other rather than being built in isolation, which is the history of this city," he said.

"That is why you hire one consultant to look at everything. They then create a mosaic so when you step back from the canvas you see how it all should look," he said.

The Tulsa World's map includes the former Towerview site.  I thought the owner was holding that property.  Has the City acquired it?

As part of the RFP for development of the property, including the Towerview location and the area around it, the City had included a purchase price for the Towerview property.

There was only one respondent that was made public. Their idea stunk...

I don't know whether the owner of the property, at this time,  is the City or the other individual.

You could look it up at land records.

[carltonplace]

TDA pushes back. Looks like they are trying to protect their empire.

Tulsa World

Gilliam said having the authority contract with the consultant might work, "but how do we plan this so that it doesn't choke us out?"

[brunoflipper]

quote:Originally posted by brunoflipper

you don't go with local guys because they're "locals" when you're doing a project of this scale... you go national/international...  these guys are the real deal when it comes to "master planning"...

my bad... i was totally confused... this is not the comp plan... these are just real estate developers who will get paid if they sell these properties or not... this deal stinks, bad.

[Conan71]

quote:Originally posted by brunoflipper

quote:Originally posted by brunoflipper

you don't go with local guys because they're "locals" when you're doing a project of this scale... you go national/international...  these guys are the real deal when it comes to "master planning"...

my bad... i was totally confused... this is not the comp plan... these are just real estate developers who will get paid if they sell these properties or not... this deal stinks, bad.

So, I'm vindicated? []

Tulsa World says the tab for these guys is $375K.

That's what, about $1.5mm in the last year for out of state "consultants" on city real estate dealings.

I do get the point that TDA would recover their cost (nearly half their annual budget) when properties sell, and this might be a step in the right direction to get serious development going with a company with national connections for marketing.  Still, there are quite a few commercial real estate people in this market capable of turning those properties, if there's any demand.

CB Richard Ellis is an excellent example of a national outfit with a strong local presence, so that some of that money might get recirculated in the local economy.

[MichaelC]

I don't care who develops it, just that it's developed.  Preferably, developed well.

If you build it, I will come.  

Mind out of the gutter Conan.

[brunoflipper]

quote:Originally posted by Conan71

quote:Originally posted by brunoflipper

quote:Originally posted by brunoflipper

you don't go with local guys because they're "locals" when you're doing a project of this scale... you go national/international...  these guys are the real deal when it comes to "master planning"...

my bad... i was totally confused... this is not the comp plan... these are just real estate developers who will get paid if they sell these properties or not... this deal stinks, bad.

So, I'm vindicated? []

Tulsa World says the tab for these guys is $375K.

That's what, about $1.5mm in the last year for out of state "consultants" on city real estate dealings.

I do get the point that TDA would recover their cost (nearly half their annual budget) when properties sell, and this might be a step in the right direction to get serious development going with a company with national connections for marketing.  Still, there are quite a few commercial real estate people in this market capable of turning those properties, if there's any demand.

CB Richard Ellis is an excellent example of a national outfit with a strong local presence, so that some of that money might get recirculated in the local economy.

in this case, yes... i thought these guys were doing the comp plan... i was confuzzled...

[TheArtist]

Sounds like that if TDA hasnt done the job, take some of their funds for a time and let someone else have a go at it. What could hurt? Paying that sum year after year to TDA apparently hasnt worked.

[carltonplace]

TDA has been sitting on these sites forever and the only recent development they've approved is the Greenwood deal (but not after giving the developer a really hard time). Now they are sore because someone will take their property and shop it around. I bet any RFP that comes through from a JLL deal will get rejected out of spite.

I don't get it, it's in their name: Tulsa Development Authority...develop something already. $375,000 is nothing compared to what these properties could produce given the right plan.

Another thing that Himlefarb is quoted as wanting from Jones Lang Lassalle is cohesion between the properties. We don't see the TDA offering that.

[brunoflipper]

fine let lasalle try and move them but let them get paid on commission... not up front...

[Rico]

quote:Originally posted by TheArtist

Sounds like that if TDA hasnt done the job, take some of their funds for a time and let someone else have a go at it. What could hurt? Paying that sum year after year to TDA apparently hasnt worked.

>insert "Tulsa Metro Chamber" in place of "TDA"<

Hasn't stopped either one of them yet...[}:)]