New group puts forth plan for East VillageAn ambitious redevelopment proposal for the east side of downtown is in the works.
Local developers behind the project — called Talaas, a derivative of the Creek Indian word for Tulsa — say they believe the estimated $400 million, mixed-use redevelopment could become another critical link in the efforts to revitalize downtown.
Talaas would encompass about 49 acres bounded by U.S. 75 to the east, the Blue Dome District to the west, Sixth Street to the south, and the Greenwood District to the north.
It's not the first large mixed-use redevelopment proposed for the area commonly known as the East Village, but those who are familiar with Talaas say it has the potential to be the one that sticks.
"Tulsans have invested a lot in the downtown area with the BOK Center and ONEOK Field, along with what is going on in the Brady and Blue Dome districts, and we believe this would be the connectivity that further ties everything together," said Chuck Tollefsen, the founder of Formaation LLC, which conceived Talaas.
Formaation is teaming up with Matrix Architects and Flintco Construction, two local firms that were involved with the BOK Center, and Gensler, a global architecture, design, planning and consulting firm with its headquarters in San Francisco.
Although a range of affordable to luxury residential lofts and brownstones would dominate Talaas, other elements proposed within it include office and retail space, a boutique hotel, a grocery market fed by local gardens, a small entertainment area and meandering green space.
Another proposed feature is a streetcar that would stretch along Second Street, linking Talaas to the BOK Center.
Although city approval would be needed for installation of the needed rails, the developers would pay the estimated $7 million cost, and the streetcar would be free to ride.
Site competitionBefore Formaation can proceed, it needs to acquire all of the land it wants for the project, including several parcels owned by the Tulsa Development Authority.
Formaation isn't the only group interested in the authority's properties, which include a large parcel where the vacant Hartford Building sits at Second Street and Greenwood Avenue, along with parking areas to the east and north.
There also are two smaller vacant areas to the south — one directly across the street between Second and Third streets, and the other at Third Street and Frankfort Avenue.
The Ross Group, a general contractor, wants to purchase and reconstruct the Hartford Building as a certified "green" 60,000-square-foot building that would house 100 employees.
Land Legacy, a nonprofit organization, wants the authority's two smaller vacant sites south of Second Street for an urban park.
The three entities are to present their plans to the authority Thursday.
Tollefsen said that if the authority chooses Talaas, he would encourage Ross Group and Land Legacy to participate in it.
The Ross Group declined comment, but Land Legacy Executive Director Robert Gregory said his group was very interested in working with Formaation to accomplish his group's goal of providing urban parks.
A master-plan approach: Tollefsen said Talaas was the only one of the prospects that offers a design scheme for the entire redevelopment area.
County Commissioner Karen Keith, who is spearheading an effort for a new $50 million juvenile justice center campus on the west side of downtown, said she was excited about Talaas.
"My hope is that the authority considers a master-plan approach to the redevelopment of that area, versus just piece-mealing it together," she said.
Keith believes that Talaas brings "the real ability to make this happen in a cohesive manner that creates this wonderful urban neighborhood," she said.
Creative financing: Tollefsen said funding for Talaas would not take the typical path in which the developer attempts to finance the full $400 million.
Instead, the group will finance the project in pieces, using federal incentives to lower costs, he said.
"I'm very familiar and have been successful for the past 25 years in obtaining these government-backed loans," he said.
Some of the incentives can cut costs by 25 percent for commercial structures, he said.
When the 60 percent reduction in energy costs is added, "it makes good economic sense" for investors, he said.
Formaation also would seek tax increment financing for seven years to start the project. Downtown TIFs have historically run for 15 years.
A TIF district allows a city to capture increased tax revenues from the district to fund public improvements to enhance reinvestment and spur redevelopment in the district.
"Our success is going to come from our ability to lower cost by blending these traditional federal government financing programs with the uniqueness of this urban development," Tollefsen said.
Something for everyone: Although Talaas will have some residential and commercial space for lease, the rest of the project will encourage ownership, Tollefsen said.
He stressed that it would have lofts, with affordable rents that would cater to students and service workers, and higher-end brownstones, for purchase by professionals and empty-nesters, who no longer want to have to maintain a home and a yard.
The project also incorporates parking, Tollefsen said. Subsurface parking is planned for office and residential space, with street parking for easy access to retail space.
Tollefsen said the project also was designed to attract small businesses that would like to own their property, while leaving room for larger commercial and entertainment venues.
"Basically, we have the master plan and design elements of how the pieces fit together," he said.
"We act as the catalyst, and it's Tulsa business owners and residents that pull it together."
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