Updates on Abundant Life Bldg (Tulsa Club moved to its own thread)

[TheArtist]

Let's check.  What building were you thinking of, CF?

lol

[Cats Cats Cats]

Meet the new owner... Same as the old owner?  Tulsa Club for Sale for $1.35 million.

He bought it a couple years ago for $460k.  Looked at some possibilities, decides his life is going in a different direction, and lists it for 3x what he paid.

Not sure if this has anything to do with the recently announced TIF decisions that didn't include the Tulsa Club: http://m.tulsaworld.com/opinionhomepage2/tulsa-world-editorial-downtown-tax-abatements-created/article_f93c4c41-ba3b-5d48-9cbc-57e1fb3d88cc.html?mode=jqm

BUT... At that price it sits for another decade.  A year ago he was the high bidder at 1/3 that price.  What has tripplee the value since?  Another building that will sit with a ridiculous price on it.

Oh gee..  This project isn't economically viable.. Better triple the price!  The city needs to put a huge tax incentive package together to make this project fly.  Lock property tax for 15 years?

[YoungTulsan]

The county should re-assess the property to 1.35 million and make him pay the taxes on that while it sits, then.

[BKDotCom]

Let's check.  What building were you thinking of, CF?

Perhaps the former "119 Downtown" project?
It had "banners" / large-window-stickers / whatever-they're-called's in the ground-floor windows

[saintnicster]

Abundant Life, Tulsa Club buildings remain closed
http://www.tulsaworld.com/news/downtown/abundant-life-tulsa-club-buildings-remain-closed/article_a5718efb-2c10-5aa2-9c73-60da2d7be9ed.html?mode=story

Not much has changed with the Tulsa Club and Abundant Life buildings: They remain shuttered, and they aren't likely to open soon.

But this much is different: The buildings are being kept up to city code enforcement standards — something that didn't always happen in the past.

Both buildings have come under new ownership in the last several years, and the new owners have taken steps to ensure that the buildings are secured and that potential code violations are addressed, city officials said.

"The owner (of the Tulsa Club) has added lighting, stairwell railings and corrected deficiencies related to elevator doors and shafts. Combustibles have been cleared from the building," said city spokeswoman Michelle Allen. "The owner has authorized city personnel to walk through the building to verify its condition, which will be scheduled in the near future."

Kevin Cox, field supervisor for the city's Working in Neighborhoods Department, said the walk-through will give city officials a chance to make sure the improvements have been made and to identify any new issues that might have arisen.

"The owner and his lawyer have been very cooperative," Cox said.

Josh Barret, president of Vespa Properties, purchased the Tulsa Club building, at 115 E. Fifth St., at a sheriff's sale last year for $460,000.

He had originally intended to repurpose the building into a combination of commercial, residential and event space at a cost of $15 million to $20 million.

But last month, Kate Thorp, a real estate broker with NAI Petrous, confirmed that the building is on the market again with an asking price of $1.35 million.

Thorp, speaking on behalf of Barrett, said an adjustment of strategy led to the sale.

"Due to the personal milestones in the owner's life, he's decided to pursue more passive investments that don't require as much time or direct involvement," she said.

Thorp said Barrett hopes to find a buyer who will carry on his desire to rehabilitate the building.

Neither Thorp nor Barrett returned calls for comment.

Meanwhile, redevelopment of the Abundant Life Building, 1720 S. Boulder Ave., is on hold as its new owners work through a legal claim on the property made by a former mortgage owner.

"It is going to take a long time to get through this," said Brian Freese, the architect on the project.

Freese is a principal in Boulder Green LLC, which purchased the building from David Horton Ministries. The legal challenge was filed by another party.

Freese said his original plans for the building — to turn it into luxury condominiums or a mixed-use development — remain the same.

"At present, our development plans remain the same," Freese said. "As soon as we have a clear title to the property, we will finish our design concept for luxury modern condominiums and ground floor retail and will seek investment partners."

The city has never considered demolishing the structures, in part because of the significant cost to do so, city officials have said.

[carltonplace]

I think this thread will be the longest living conversation on this forum. It will outlive all of us.

[saintnicster]

I think this thread will be the longest living conversation on this forum. It will outlive all of us.

It's this or "The American".  Pretty stiff competition, there.

[BKDotCom]

It's this or "The American".  Pretty stiff competition, there.

Tulsa Club will eventually be leveled.
Nothing will ever become of the American
1st street lofts will happen before the American

[TulsaGuy]

According to a post from Josh, seems someone was close to buying the Tulsa Club.  Anybody know who it was or who else has submitted offers and their plans?

The sale of the Tulsa Club Building was set for March 2015. The buyer decided to exercise their option to not close on the sale and forgo part of their earnest money. Although this is obviously not what I wanted, I appreciate that the terms of the sale contract were followed. I am currently working on other qualified offers.
I am very pleased to see other downtown projects moving forward.

- Josh

[PonderInc]

I go past the Tulsa Club building almost every day.  Admittedly, I'm usually on my bike or in a car going down Cincinnati, so I don't look up too much.  Today, I was walking down 5th street and I was shocked.  Has there been another fire recently, or has it been this bad for a while? 

[carltonplace]

more windows are knocked out every week it seems.  Not sure if the current sales price takes the rapid dramatic deterioration into account.

[Weatherdemon]

I go past the Tulsa Club building almost every day.  Admittedly, I'm usually on my bike or in a car going down Cincinnati, so I don't look up too much.  Today, I was walking down 5th street and I was shocked.  Has there been another fire recently, or has it been this bad for a while? 

Both buildings have come under new ownership in the last several years, and the new owners have taken steps to ensure that the buildings are secured and that potential code violations are addressed, city officials said.

Doesn't look to secured to me.

[sgrizzle]

My work faces the building. I was actually thinking it looked a little better.

[Conan71]

Take heart though.  The Mayo Hotel wasn't in much better shape when Brickhugger got ahold of it.

[swake]

Some actual good news.

The Ross Group purchases the Tulsa Club Building for $1.5 million.

http://www.tulsaworld.com/homepagelatest/tulsa-club-building-sells-to-ross-group-for-million/article_7fef4942-65f7-5125-a2f1-27f012fb0eb6.html