120 new Brady District Lofts + retail

[Gold]

Let me see if I understand this -- they plan on using street parking across the street from the ballpark?  And they plan on selling these units to Okies?

[xx(]

[safetyguy]

quote:Originally posted by cannon_fodder

quote:Originally posted by brunoflipper

call me when they break-ground...

BUT, if following development in Tulsa has taught me anything - it's don't get your hopes up until ground is at least broken.

Developers need to think about Toby Keith's song, A Little Less Talk and A LOT more action.... They can talk a big game, but executing a plan is a different thing!!

[dsjeffries]

The Journal Record has a much more in-depth article about the development.  Here's the last half:

quote:...Wilkins estimated their prices could range from $135 to $140 per square foot.

"From a personal perspective from my own business, this is often what I hear persons say they want," said Teresa O'Rourke, owner of O'Rourke Real Estate Corp. of Tulsa and a real estate agent for 120 Brady Village. "I used to manage sales at the Village at Central Park (a brownstone project just east of downtown). I would say probably 70 percent of the foot traffic we had in there were interested in lofts."

The value of parking

Downtown condominium and loft projects have gained momentum since the Philtower successfully converted nine floors into condominiums two years ago, at a cost of $3.2 million. Vision 2025 funds have advanced three downtown Tulsa residential projects, including the $38 million relaunch of the Mayo Hotel with an apartment arm, and Michael Sager's $3 million renovation of the 1916 Jacobs Hotel site into the First Street Lofts.

"I think people are going to be driving less and less in the future," said O'Rourke, pointing to rising gasoline prices. "It's all about lifestyle. People want that type of lifestyle where they can walk to places. They just don't want to be stuck out in the middle of nowhere anymore and drive."

Some people question the extent of such housing demand, or the long-term investment value such properties will offer in this era of slowing home sales.

The trailblazer among Tulsa's downtown projects, the Tribune Lofts, recently put on hold for a year plans to convert its leased units into for-sale condominiums. Officials cited a lack of demand from current tenants to buy their spaces. But Tribune developer American Residential Group still has long-range plans for building a five-story condominium project beside the existing structure.

Wilkins does not see this placing a handicap on 120 Brady Village.

"I kind of like their new strategy," she said of ARG's plans. "Keep Tribune one as rentals, build new lofts as owners."

O'Rourke said some would-be Tribune buyers decided against the move due to existing parking arrangements - an issue 120 Brady would address with secure, covered parking.

"With the project opening in 2010 and all the projects that downtown has going toward it, and the fact that nationwide people are flocking in the cities, I would be pretty comfortable in speculating that the resale value will go up," she said of their units.

Retail interest

Wilkins said the 120 Brady Village project now stands in its marketing and financing stage, which the developers hope to finish by August. By then she expects GH2 to finalize cost projections.

"The architects figure it will take another three or four months to finalize documents," she said.

They hope to start construction by the summer of 2009, if the weather does not duplicate heavy late-spring rains seen the last two years.

"We have homes that we have been trying to start for the last three or four months," she said of the primary business line for W3 and Novus, residential housing construction.

With projections of construction taking eight to 10 months, that would allow 120 Brady Village to open its doors in early 2010.

Wilkins has nine individuals or small businesses lined up to invest in the project, with $2.9 million in pledged funds. With construction costs estimated at $16 million to $20 million - "We're hoping in '09 something will level off," she said of construction inflation - Wilkins intends to start the project with 20-percent equity, or 40 percent if she secures early pre-leasing activity on The Shoppes.

She has already held discussions with a local retail interested in 6,000 square feet, and a national shop interested in 4,000 square feet. Others also have expressed interest.

"If needed, we could add an office component, but that would only be if we could only obtain a solid lease," she said.

[TheLofts@120]

Just to start out, let me say hello to all, it's great to be able to break into the goings on and all the buzz with downtown revitalization that is taking place within these forums!

It's especially exciting to see the buzz and even the questions that have been posted regarding our proposed project.  We have been working on it for quite some time and we hope in the end, it meets and even exceeds the expectations that you as potential buyers and proponents of downtown revitalization and development want to see.

Just a few quick answers to some of the questions I've seen so far and hope this is of help and interest.  

1 - I'm happy to say, this is in no way a diversionary tactic to sell the East End nor a pipe dream.  What it is is a grass roots endeavor by many local small business owners and investors to design, build and sell something that will help build upon the  critical mass that can drive downtown revitalization.  

2 - The design is just that, simple, not overpowering and we wanted to keep it that way to draw upon the influences of the area and not disturb it with something that doesnt belong.  We will be refining the concept in the coming months as we gather both public opinion and buyer interest.  All is a part of keeping the development costs manageable so that buyers will be able to afford these units first and foremost and take pride in the fact that they will own rather than rent.

3 - Third and lastly for now, let me just say that this development was in the planning phases long before rumors of the ballpark location began and is completely independent of either the ballpark or the proposed Greenwood Chamber development, either of which we would love to see but are not dependent upon.  We feel this is an excellent location with whatever may go in or around the area.  This helps build upon the existing Brady District and provides the very necessary residential component to drive new retail and commercial to the area and help it grow.  

We hope as we get closer that you will support the endeavor, spread the word and certainly provide any feedback you feel as necessary...after all, any development in downtown, let alone Tulsa, is a reflection upon its citizens and we encourage all to participate.  Thank you for your comments, I hope to read many more.

If you would like to contact me, please feel free to email me at theloftsat120@yahoo.com.  Our website is under development with new emails to follow and I will keep you informed as we progress.

Thanks again.
Will

[RecycleMichael]

$135 a square foot looks good.

Can I lock into that price?

[inteller]

oh I just love it how these developers come out of the woodwork when their projects are getting criticized.  You guys really need to get a "could give a ****" attitude like Bumgarner and some of the other mainstay cronies.

[we vs us]

quote:Originally posted by inteller

oh I just love it how these developers come out of the woodwork when their projects are getting criticized.  You guys really need to get a "could give a ****" attitude like Bumgarner and some of the other mainstay cronies.

You, sir, should stop pissing in the punch. We're pretty lucky that developers bother to post here at all, much less take the time, like Will, to address specific questions and concerns.  It ain't like he just posted his sales brochure.  He read the thread and tried to answer questions we'd asked.  That's worth a point or two in his favor, I dare say.

[cannon_fodder]

+1 Wevus.

I've never read a positive post by Inteller, so criticism from him is fairly worthless.  

Glad to hear this project is more than a pipe-dream. I can't wait for it to get off the ground.

[TheLofts@120]

Be sure to catch the replay of the 10:00PM newscast for Channel 8 for more information regarding this project and more Brady District development stories.

Thanks

[Conan71]

Don't pay attention to the resident ***hole Will.  He's on his period 28 days a month.

Thanks for signing up and setting the facts straight.  More developers should care what the public thinks and seek their input.  I wish you all the best.

[TheArtist]

So whats up with this?

http://www.tulsaworld.com/news/article.aspx?articleID=20080713_11_A4_spancl177563

Why would the city or anyone involved with this ballpark be against this development going in there? It seems like the perfect development for that area. I have been wondering why nobody involved with the ballpark has been mentioning this development. Seems to me they would be touting it as a great deal, a compliment to the ballpark, with the city leaning over backwards to help.

[booWorld]

quote:Originally posted by TheArtist


Why would the city or anyone involved with this ballpark be against this development going in there? It seems like the perfect development for that area.

An explanation is offered in this article in today's Tulsa World.

The backers of the stadium want control of the surrounding properties.

[waterboy]

If there is one thing I've learned from living here a half century its what you've just written. The people who run this joint want control over anything that looks promising. They don't care about details like someone else had a good idea, took a risk and trusted what their local government said. Someone other than the name brands had a good idea, pursued it in a professional and reasonable way but is going to get steamrollered by an authority. Nothing new here other than fresh meat.

[TheArtist]

You would think that what they want to control, is bringing in EXACTLY what these developers are planning. Unless they have other developers lined up perhaps? That want every inch of that property. Cause otherwise its just insane.

Despite the control nut conspiracy theory, I think there must be something else going on here.

[cannon_fodder]

I'm with Artist on this one.  120 had already started moving on the deal with a great idea.  Now it will fit in nicely with the ballpark and really jump start development around it.

It seems like poor dealing to attempt to screw someone who was willing to gamble on the area without the stadium.  It seems they want control for financial reasons.  The rent from the properties they control will help fund the venture and now that the stadium is going in they can command more rent.

Just doesn't seem right to me.