Atlas Life Building, to be hotel.

[Kenosha]

quote:Originally posted by DScott28604

You know, I'm getting sick and tired of having to go from news source to news source in Tulsa to try to get the whole story.

We go to the World and get bits of information, go to KOTV to get some additional bits, and possibly the Tulsa Business Journal for another bit or two.

What is really frustrating about this is that the Journal Record (or some other source) often has a MUCH more complete look at a story.

Take THIS story, for instance.  TW announced some things, and we had questions that were later answered by KOTV.

I just checked the Journal Record's website and found a very nice story that gives us a much better look at the developer and his plans for the building... MUCH more detailed. Why can't we have routine, comprehensive coverage? Does the World fear that if they let the whole story out at once, they can't write about it the next day to fill up space? [!]

Check it out:

quote:SJS to turn Atlas Life Building into $15 million flagship hotel
by Kirby Lee Davis
The Journal Record March 4, 2008

TULSA – Hotel operator SJS Hospitality LLC will pay about $15 million to transform downtown Tulsa's 95,000-square-foot Atlas Life Building into its flagship hotel, a 120-room Courtyard by Marriott.

The changeover will also give the skyscraper district a new restaurant and bar on the building's second floor, SJS operating partner Jeff Hartman said Monday, even as he assured Tulsa Press Club listeners that both the nonprofit club and the neighboring Atlas Grill restaurant would remain open for business.

"That's the key question everyone has asked us," Hartman said with a smile. "It wasn't really about the number of rooms."
Broken Arrow-based SJS paid $1.7 million to Kanbar Properties for the 86-year-old office tower in a deal brokered by Cecilia Wilkins of Tulsa's W3 Development LLC. Contractor Thomas Construction of Osage Beach, Mo., will to start work this summer to transform the 13-story structure, using plans by GH2 Architects of Tulsa. SJS partner Steve Ehrhardt expects the work to take 18 to 24 months.

While the Atlas Life provides an existing foundation to create the fourth hotel in the SJS chain, Hartman said his four-year-old company would face several challenges in adding hospitality infrastructure – plumbing, environmental system and other needs – while protecting the building's historic character, from the four-story neon sign to its molded lobby roof.
"We're not looking at any savings whatsoever," he said of the project, acknowledging new construction could deliver a similar-sized hotel at a potentially lower price.

For example, the company targets November completion for a $6.5 million, 92-room TownePlace Suites by Marriott alongside its Holiday Inn Express and Suites at the Bass Pro Shops development in Broken Arrow.

But Hartman said Atlas Life offers several factors that make it a "must-stay destination" for downtown leisure travelers, from its iconic architecture to its close proximity to the BOK Center arena, Mid-Continent Tower and Philtower.

"The return on the investment is about the same, if not better, because a property like this has that historical nature and concept that people will pay extra for," Hartman said, projecting room rates from $149 to $189.

Upgrading the building also involves added costs. Hartman said SJS would reduce the number of elevators from three to two, so that one shaft could accommodate a gurney.
"That alone is going to cost close to half a million dollars," he said.
Hartman projected asbestos removal will run about $160,000. GH2 architects also are developing plans for a stairway to extend from the first floor to the 12th.

But the biggest challenge could come from Thomas Construction having to do its demolition work and other retrofit needs limited to existing space, pouring its waste down chutes to dumpsters without blocking access to a building wedged between to high-rise towers. Hartman said SJS does not plan any new construction to expand the original, inverted T-shaped tower.
The new restaurant and bar will overlook Boston Avenue. Hartman said the concept paralleled Panera Bread eateries, providing breakfast, lunch and dinner options. As an added revenue source, SJS is working with Philtower owner Jim Hawkins to provide room service for the neighboring tower – and not just for the SJS outlet, but from others in the building. He said similar service for Mid-Continent tenants remained an option.

SJS is negotiating parking access to the Philtower parking garage.
"If that goes through, we will build a skywalk bridge from our second floor," he said.
As for its marquee, Hartman said SJS is looking at several options to broadcast itself but not interfere with the existing neon landmark, including a metal awning like the Mid-Continent employs.
"We are real sensitive to not putting a 40-foot sign on this building," he said.

That 40% Historic Tax Credit would go a looooooooong way towards mitigating those retrofitting costs.

[PonderInc]

quote:Originally posted by DScott28604
I just checked the Journal Record's website and found a very nice story that gives us a much better look at the developer and his plans for the building... MUCH more detailed.

Thank you so much for the Journal Record article.  I have been waiting to hear more details before weighing in.  My concerns (preserving the architecture, signage, the Atlas Grill and the Tulsa Press Club) were all answered by this article. (The TW article left me thinking: "Am I happy or afraid?  We need more information.")

I can now officially state: Yippee-kay-a!  What a great project for downtown.  Can't wait to see it move forward!  (And thanks, Journal Record.)

The Atlas Life Building is one of the buildings in Tulsa that I would chain myself to to protect.  Soooo glad to hear that the developer seems to respect the building, and appreciates that it's an irreplaceable treasure.  Go Tulsa!

[cannon_fodder]

The Journal Record has offices in the Atlas Life building.  No wonder they got the scoop!  [}:)]

[dsjeffries]

quote:Originally posted by cannon_fodder

The Journal Record has offices in the Atlas Life building.  No wonder they got the scoop!  [}:)]

Well, not only that, but the World keeps reporting (i.e., every article they've written about the project) that the building was sold for "an undisclosed amount", which isn't true.  The Journal Record not only had the amount for which it was sold, but also the name of the broker! [:O]

[Gaspar]

Hey!  This is great news!  Why the Tulsa world had to spin every article with a negative tone, I will never understand!

Actual Headline:
Building tenants told to relocate

We have too many mush-heads in Tulsa that are going to read this and go:

"Aww. . . how horrible, the big bad developer is going to put these poor people out on the street and they are going to go out of business and starve."

The tenants of this building signed leases with an understanding that their occupancy was temporary and dependent on a future sale of the building by Kanbar's group.  They were told that this was going to happen about 6 months ago and most were renting month to month.

Why coulden't the Tulsa World report good news with a happy and exciting headline like:  

Botique Hotel to Revive Historic Atlas Life Building

Hey Tulsa World, you guys are in some part responsible for setting the tone for our community.  How do you think a headline like this helps Tulsans?

[inteller]

because poo pooing downtown drives down property values which allows them to buy out more places and flatten them for surface parking like the skelly building.

[sgrizzle]

quote:Originally posted by inteller

because poo pooing downtown drives down property values which allows them to buy out more places and flatten them for surface parking like the skelly building.

They already owned the skelly building but it is getting more apparent that they poo-poo anything that is NOT from friends of theirs.

[TheArtist]

Yes I found the TW headline to be kind of "low life tabloid" myself. Shameful.

[inteller]

quote:Originally posted by TheArtist

Yes I found the TW headline to be kind of "low life tabloid" myself. Shameful.

i'm overjoyed that old money is losing its position of influence downtown.

[joiei]

quote:Originally posted by inteller

quote:Originally posted by TheArtist

Yes I found the TW headline to be kind of "low life tabloid" myself. Shameful.

i'm overjoyed that old money is losing its position of influence downtown.

never mind

[swake]

So the World says that the Atlas Building sold for $1.7 million and Kanbar bought it two years ago for $1.5 million. Kanbar got a nice 13% return on his investment in the building in just two years. This is good for him and for Tulsa has it would seem the run-up in downtown property values he created by buying all those buildings at once has not only held but values have increased even since then.

[cannon_fodder]

quote:Originally posted by swake

Kanbar got a nice 13% return on his investment in the building in just two years.

Assuming those numbers are right, that is a return of 6.25% per year.  Not bad in general, particularly not bad in the current real estate market, and CERTAINLY better than he would have enjoyed in most markets.  But after expenses he didn't make a killing (nor should you in 2 years).

[inteller]

kanbar basically got out from under that purchase.  Good for him, and good for tulsa as a renovated and heavily used Atlas Life building will bring value to all the surrounding properties.

If this building is renovated as well as the Humble Oil building in Houston was by Marriott, it will be a huge hit.  One difference down there though was that they made part of that building apartments.  It sure would be nice if they could do something similiar here.

[swake]

quote:Originally posted by inteller

kanbar basically got out from under that purchase.  Good for him, and good for tulsa as a renovated and heavily used Atlas Life building will bring value to all the surrounding properties.

If this building is renovated as well as the Humble Oil building in Houston was by Marriott, it will be a huge hit.  One difference down there though was that they made part of that building apartments.  It sure would be nice if they could do something similiar here.

The Atlas just isn't big enough for that, but that is the plan with the Mayo. The World said today it would have something like 72 condo and 100 hotels rooms.

[Gaspar]

quote:Originally posted by swake

quote:Originally posted by inteller

kanbar basically got out from under that purchase.  Good for him, and good for tulsa as a renovated and heavily used Atlas Life building will bring value to all the surrounding properties.

If this building is renovated as well as the Humble Oil building in Houston was by Marriott, it will be a huge hit.  One difference down there though was that they made part of that building apartments.  It sure would be nice if they could do something similiar here.

The Atlas just isn't big enough for that, but that is the plan with the Mayo. The World said today it would have something like 72 condo and 100 hotels rooms.

Anyone have news on when the Mayo is supposed to be finished?  I would love to see it!!