Downtown Development Overview

[swake]

OG&E possible one tower headquarter development.        The original four planned towers (Clayco development) has been put on hold.

Depressing oil prices has put on hold 4 towers (25-26 stories) proposed by OKC OG&E corporation who planned a development on the demolished Stage Center site  (included in the above link video).  OG&E (Oklahoma Gas & Electric) will probably have to settle for one tower instead of 4 (2 office towers/2 residential towers); those will probably be scrapped.

This entire project has been scrapped. OG&E is taking possession of the land and isn't building anything right now.

[erfalf]

This entire project has been scrapped. OG&E is taking possession of the land and isn't building anything right now.

Just saw that. I've heard it called the "Pei Plan Part 2". Honestly Tulsa has come out better than OKC in every regard when it comes to demolishing history.

[cannon_fodder]

That move by OG&E is dirty, glad their rate hike was denied.  They were granted permission to destroy a treasure with assurances that they were going to build something new and shiny, then, after tearing down the building, told the City they would only build new and shiny if they were given $100,000,000 or they'd leave an empty lot.  That's called blackmail.


Re Bank of Oklahoma (really BOKF), they are highly exposed to the energy industry. 19% of their outstanding loans are related to the energy sector. However, they also have 100 years of experience with the booms and busts of the energy cycle - and often come out stronger as their direct competition takes a beating. Do accomplish this they avoid lending to the energy services sector, which rapidly lose money in a downturn. They also capped collateral at $85 a barrel - still a stiff loss if they have to take control, but not near the exposure of $145 BBL that many Texas banks face. Finally, they are conservative on their reserves... which is what gives them the position to continue buying the competition. At the moment, they have $2.5B in energy exposure and cash of $3.2B.

Certainly the energy crash is a cause for concern, but in the past this has ended well for BOKF.

http://www.fool.com/investing/general/2015/02/17/10-banks-with-significant-exposure-to-the-oil-indu.aspx

I don't share the same optimism for Williams. Tulsans have heard the "significant presence" speech before.

[Laramie]

This entire project has been scrapped. OG&E is taking possession of the land and isn't building anything right now.

You're correct, Swake.  The latest I've heard is that are going back to square one; meanwhile, green space will go in place.   OG&E currently has its employees scattered over multiple building sites.  Their goal is to build that new headquarters.

OKC still have a downtown central park, cable street car system, new convention center & conference hotel to build as apart of the MAPS III initiative ($777 million public works and redevelopment plan).  Let's hope they can get it right.

Stage Center (damaged by flood waters) was demolished to make room for the OG&E headquarters.  The energy companies are experiencing an economic downturn.

Let's hope the economies in Tulsa & OKC can rebound; both cities are much more diversified than the 80s bust.

Tulsa has managed to maintain many of its iconic historic structures; whereas, OKC has lost many jewels like the old Criterion Theater, Baum Building and Biltmore (Oklahoma) Hotel.

Criterion Theater, gone but not forgotten...

[hello]

Tulsa has managed to maintain many of its iconic historic structures

Not really.

[Bamboo World]

Tulsa has managed to maintain many of its iconic historic structures...

That depends on which are considered to be "iconic."  The Ritz and Orpheum theatres are gone.  Hotel Tulsa and the Bliss Hotel are gone.  The Coliseum burned down.  The Brown-Dunkin building is gone.  The Medical Arts, Halliburton-Abbott, and Genet Furniture buildings are all gone. 

In the twelve-block area between Archer and 3rd, Boulder and Cincinnati, only two significant historic buildings remain, and those twelve blocks were once the heart of Tulsa.

[heironymouspasparagus]

Continental Theater is gone.

[cannon_fodder]

Skelly Building is gone.

[Laramie]

Mayo Hotel would be considered historic & iconic.  Love the art decor & facade of that building, a true landmark.

 

[Bamboo World]

Mayo Hotel would be considered historic & iconic.  Love the art decor & facade of that building, a true landmark.

Agreed: The Mayo Hotel is iconic & historic.

Others:  Mid-Continent Tower, Philtower, 320 S Boston bldg, Boston Avenue Methodist Church.

[TheArtist]

Mayo Hotel would be considered historic & iconic.  Love the art decor & facade of that building, a true landmark.

 

It's not Art Deco (or art decor)  it's Beaux Arts, kind of an "imperial Rome" touch to its features.

[Laramie]

It's not Art Deco (or art decor)  it's Beaux Arts, kind of an "imperial Rome" touch to its features.

Beaux Arts? Thanks for the history injection.  Okay, neoclassical architectural style (Imperial Rome); anyway the Mayo is impressive. Really fascinated with many of the structures in Tulsa; especially, the older style buildings.  Philbrook Museum (one of my favorites) and the beautiful Tulsa Rose Garden.

Tulsa has always given me that eastern port city feel.  Peoria street has always been festive as you enter Tulsa; especially in the late 70s.  Has that close knit community feel; people take pride with the upkeep of their homes & lawns.

Really miss seeing the old Camelot Inn--attended a number of conferences there.

Holy Family Cathedral; attended many Sunday Mass services there, largest Roman Catholic Cathedral in the OKC Archdioceses.

Trying to read up on some of the postings on this thread.  Seems there are a host of knowledgeable posters that really love & believe in Tulsa.

[cannon_fodder]

Tulsa does have many fantastic buildings left. Unfortunately, we hold the distinction of destroying the most art deco buildings in the world and for having the worst surface parking lot deserts downtown.  Seriously, we won an award for that.

Focus on the positives!  We have many neat buildings left and some of those surface lots are turning into new condos, hotels, and office buildings!

[Laramie]

Tulsa does have many fantastic buildings left. Unfortunately, we hold the distinction of destroying the most art deco buildings in the world and for having the worst surface parking lot deserts downtown.  Seriously, we won an award for that.

Focus on the positives!  We have many neat buildings left and some of those surface lots are turning into new condos, hotels, and office buildings!

How unfortunate...   That award belongs to Oklahoma City!

OKC's Deep Deuce area where greats like Jimmy Rushing, Charlie Christian and the infamous Blue Devils band called home; also encounters with legendary performers like Duke Ellington, Ella Fitzgerald and Count Basie is totally an unrecognizable district today.  Deep Deuce was comparable to Tulsa's Greenwood district.

We should have gotten that award        

[TulsaGoldenHurriCAN]

Some good news and an update to newly renovated office space:

First Presbyterian's 8:10 Building in demand in downtown Tulsa

http://www.tulsaworld.com/business/realestate/first-presbyterian-s-building-in-demand-in-downtown-tulsa/article_fbe1e41f-efcf-5f4b-b5ce-4ffb86cee907.html

The biggest downtown Tulsa speculative office renovation project in years didn't come from a traditional developer or a real estate investment trust. It came from a church.

Bob Pielsticker, a broker with CB Richard Ellis in Tulsa, said First Presbyterian's transformation of the Avanti building at 810 S. Cincinnati Ave. into the 8:10 Building turned out better than anyone expected, since it's already 80 percent occupied. "We're a year and a half ahead of where we thought we'd be," Pielsticker said.

Today, the six-story building is now full aside from a 2,401-square-foot suite on the first floor and the 14,364-square-foot fourth floor, which is still being completed. Architecture, engineering and construction management firm Cyntergy was the first to move in late last year, followed by accounting firm Eide Bailly.
Pielsticker said a 5,290-square-foot suite on the first floor was just leased this month, although the tenant isn't ready to be identified.
Steve Caldwell, director of operations for First Presbyterian, said the strong interest required the church to put more resources into the $6 million renovation faster than anticipated.
"Our leasing went so well, it outpaced our funding," he said. "We needed to pursue improvements for tenants."
The 8:10 Building, named after the Bible verse Nehemiah 8:10, is now the fourth major property owned by the church. Beyond the original church building at 709 S. Boston Ave., the church purchased the Bernsen Community Life Center immediately to the west in 2002 and the Powerhouse building east of the church in 2006.
Although First Presbyterian's previous acquisitions helped the church expand its own services — and in the case of Bernsen Community Life Center, provide affordable office space for nonprofit agencies — the 8:10 Building is different in that it's purely an investment, Caldwell said.
"It's a mission endowment for the church," he said.
Caldwell said that when First Presbyterian purchased the vacant building in February 2013 for $2.1 million from Kanbar Properties, church officials retained Cyntergy to help develop a new direction for the building.
One year later, the project wasn't speculative any longer, as Cyntergy signed up to be the first tenant, said Ken Hirshey, senior principal and chairman of Cyntergy.
Hirshey said the firm found plenty of good potential options when its lease at the 320 S. Boston Ave. Building came up, but the potential perks of 8:10 were too good to pass up.
"We were able to design our own space, and the fact that the profits from the rent goes to good causes was a factor," he said.
Tom Goekeler, a partner with Eide Bailly, said the 8:10 Building was a happy find when Eidge Bailly merged with Sartain Fischbein & Co., and the combined 70 employees needed a bigger footprint.
"Even though we needed more space, the idea of this building was perfect," he said.
Inspired by the building's past as a Studebaker dealership, Cyntergy and the church decided to gut the building and give it an open, warehouse feel that tenants could fill in as they wished.
But removing decades of paint wasn't easy, Pielsticker said.
"We had to use a pecan shell water blast to remove it," he said.
The exterior now features large banks of open windows throughout, including on the lower levels. Cyntergy took one of the suites to use as a common gathering area, complete with a kitchenette, televisions, couches and banks of tables with troughs that can hold beer bottles, Pielsticker said.
"Sometimes people drive by and wonder if this is a sports bar," he said.
While Eide Bailly designed their space with a clean, traditional look, Cyntergy went with exposed ductwork and clusters of wires in metal frames, open common areas and exposed raw concrete support pillars.
Even with the recent additional expenses needed to accommodate the influx of tenants, Caldwell said he expects the building will generate money for the church this year.