https://tulsaworld.com/news/local/apartments-coming-to-former-downtown-holiday-inn-developer-says/article_266eec50-dda6-11ee-85b9-a736d284fc0e.html?fbclid=IwAR0XeG0nn9m_Zj4TmHEqEBITcRlG03LQc9mNOnEe5PWkjJTZ8gL5tLTCG8sApartments coming to former downtown Holiday Inn, developer saysAKansas City-based real estate development firm has purchased the former Holiday Inn building downtown with plans to turn it into market-rate apartments.
ApartmentVestors recently closed on the purchase of the property on the northwest corner of Seventh Street and Boulder Avenue for $8.6 million, according to county records.
“It’s nice to be part of that movement of creating more housing downtown,” said Spencer Cullor, owner and principal of ApartmentVestors. “We see Tulsa downtown as a really core growth area for Tulsa.”
Plans for the West 7th Apartments call for completely renovating the 224-room hotel into 117 apartments comprising 55 one-bedroom, 40 two-bedroom and 22 junior one-bedroom units. The complex will include an underground parking garage, an outdoor grilling and lounge area, and a heated indoor/outdoor pool.
Cullor said the apartments are expected to open in approximately 18 months and that rental rates have yet to be determined.
“These will be middle of the road. They are not going to be the most expensive units downtown,” Cullor said. “But it is not going to be like affordable housing. Middle of the road, really nice amenities.
“It’s going to be a really, really cool product at the end for people to live and call their home.”
ApartmentVestors focuses on properties to which it can add value through renovations to “fulfill our mission of providing safe, affordable housing for people,” Cullor said.
Zach Molzer, director of business development, capital markets and acquisitions for ApartmentVestors, said work is already underway at the site.
“We’re trying to empty out the old hotel,” Molzer said. “Obviously there’s a lot of beds, mattresses and desks and all of that stuff. So we are actually donating all of that to Habitat for Humanity.”
ApartmentVestors operates throughout the Midwest. West 7th Apartments will be the ninth project the company has done in Tulsa. The company currently owns three multifamily residential properties in the city — Hideaway Cove, Tradewinds Villas and The Lodge.