Press Release - ENTERPRISE BUILDING RE-DEVELOPMENT POISED TO MOVE FORWARD

[TheLofts@120]

News Release
ENTERPRISE BUILDING RE-DEVELOPMENT POISED TO MOVE FORWARD
Contact: Will Wilkins, 918-902-0760 - For Immediate Release

August 2, 2011

Tulsa, OK – The re-development of the Enterprise Building, located on the Northwest corner of 6th Street & Boston Avenue in downtown Tulsa, is poised to move forward if successful in its bid to acquire some of the available $3 million being distributed through the Tulsa Development Authority in its most recent Request for Proposal for downtown housing projects.

Since being purchased by David Sharp last February, the development team has finalized the construction documents, received construction bids, secured a general contractor and contingent financing for a significant portion of the adaptive re-use project. When completed, the Enterprise Building will be converted into a $10.8 million mixed-use residential, office and retail development consisting of 77 residential rental units, 13,500sf of light office and almost 7,500sf of retail.

Based on the published criteria set forth in the Request for Proposal by the Tulsa Development Authority, the developer is confident that all the criteria have been met to provide an excellent, quality driven project that will bring much needed, more affordable housing to the downtown market. The developer also feels that it stands a good chance to receive some funding as the project is ready to commence with redevelopment immediately. It is the hope that this project will also encourage further economic growth and development within the IDL and particularly the immediately surrounding area, where restaurants, hospitality and services have begun to spring up along the Boston Avenue corridor.

Due to the current state of the economy and a more restrictive lending environment, the development had fallen behind due to the developer’s other endeavors until the opportunity to apply for Third Penny Sales Tax funds was announced to provide funding assistance for residential projects located within the Inner Dispersal Loop. David Sharp has engaged in redeveloping his properties in the Brady Arts District, opening up new retail opportunities, as well as finalizing plans to begin development of a new 106-room Fairfield Inn, also to be located in the Brady Arts District.

Interior and exterior renderings of the project are attached.

For further information, please contact:
Will Wilkins, 120 Development Group LLC at 918-902-0760











Other images can be found at
http://s1111.photobucket.com/albums/h478/120development/

[ZYX]

Woo wooooooo!

Can't wait to see this happen! The Renderings look amazing!

[AquaMan]

Way to go Will! Glad to see this building being adapted. Good view of my old high school.

Where will tenants park?

[TheArtist]

 Great News!  Can't wait to see this happen. 

[BKDotCom]

fantastic news.
looks great
been wondering what the status was.

[Conan71]

Way to go Will! Glad to see this building being adapted. Good view of my old high school.

Where will tenants park?

Parking? We don't need no steenking parking! We will walk, bike, take the bus, and light rail when it's available!

[Hoss]

Parking? We don't need no steenking parking! We will walk, bike, take the bus, and light rail when it's available!

Uh, oh...you just triggered the wrath of Kraut...

Sorry, couldn't resist...

[youtube]http://www.youtube.com/watch?v=wRnSnfiUI54[/youtube]

[we vs us]

Congratulations on your progress!  It looks excellent! 

Also: thanks for posting your releases here. It's very nice to be thought of as people who need to be in the loop.

[patric]

They must have meant Southwest corner, the Northwest corner is the IDL.
Hey, at least it's an Acorn-free part of downtown 

[LeGenDz]

They must have meant Southwest corner, the Northwest corner is the IDL.
Hey, at least it's an Acorn-free part of downtown 

no, it's the NW. I'm thinking you google mapped it and it was showing that wrong spot, because that's what it did to me.

[BKDotCom]

Everyone should know where 6th and Boston is

Edit:  hmm... my image doesn't appear to be appearing...

[godboko71]

So when will we know who gets the third penny sales tax? (If that was in the article and I missed it opps)

Exciting news however I don't want to get to excited until we know that.

[Dana431]

Nice!  I like the renderings.

[Kenosha]

So, did you get asked by the committee to come back for an interview, Will?

[TheLofts@120]

Thank you all for the compliments.  We believe we have designed a very unique and resource friendly project, paying attention to every possible detail we could think of while still ensuring we offered an affordable alternative to downtown's current new residential rental projects.  We anticipate being able to offer more square footage and amenities than our competitors.  

Because of eveyone on this forum's active interest in downtown and its revitalization, I believe it is important to keep you all abreast of our efforts on all fronts, including projects and leasing.  After all, you are the ones that make downtown work  

To answer some of the questions posed:

Kenosha - We have not heard a thing from the TDA or their review committee and are not sure what to make of that.  We are hopeful that we provided a thorough and complete package that required little, if any, additional information on the project.  I certainly hope this project is given its fair consideration as we are eager to start.  If you have seen the scoring criteria in the RFP, we believe we have matched every factor.

Godboko71 - It is anticipated that the TDA will make final selection August 11.

Aquaman - If the project moves forward, we are working on a long term lease agreement with a nearby parking garage to afford every one bedroom unit a single parking space and every two bedroom unit to have 2 parking spaces.