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April 15, 2024, 02:24:38 am
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Author Topic: Santa Fe Square on the big surface parking lot in the Blue Dome...  (Read 185362 times)
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« Reply #345 on: September 08, 2022, 10:42:54 am »

The parking lots are fenced off and Crossland Construction is mobilizing to build the multifamily portion of the project.  Good to see another massive surface lot bite the dust.  This will have a huge impact on the Blue Dome District and along Elgin. 
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shavethewhales
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« Reply #346 on: September 08, 2022, 11:26:40 am »

Yeah I noticed a week or two ago they had signs in the elevator telling guests that the parking lot would close this week. I agree that this part of the project in particular will probably have the biggest impact to the blue dome district that we've seen yet. Filling a massive parking hole, adding new retail, and adding new bodies that will keep the area supported and even more vibrant. It'll finally feel like an actual district and not just a clump of a scattered bars with a barren wasteland in the middle.
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LandArchPoke
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« Reply #347 on: September 08, 2022, 10:00:13 pm »

Looks like they posted earlier today on LinkedIn they have formally closed on the construction loan and full construction starts next week.

Hopefully we'll get some news on The Annex project in the next few months and see ground breaking on it early next year (hopefully) - they would stagger the starts between these two that by the time Santa Fe is close to finishing lease up the Annex would be coming online.
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« Reply #348 on: September 09, 2022, 08:44:05 am »

Looks like they posted earlier today on LinkedIn they have formally closed on the construction loan and full construction starts next week.

Hopefully we'll get some news on The Annex project in the next few months and see ground breaking on it early next year (hopefully) - they would stagger the starts between these two that by the time Santa Fe is close to finishing lease up the Annex would be coming online.

I've heard a spring start for the Annex (260 units) and an early summer start for Western Supply (320 units), but those won't be turning over until 2025.  Santa Fe will be turning over units in spring 2024.  The only 2023 turnover I'm tracking will be ARCO with 80 units, followed by Sinclair with 70 units in early 2024.
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LandArchPoke
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« Reply #349 on: September 09, 2022, 10:15:13 am »

I've heard a spring start for the Annex (260 units) and an early summer start for Western Supply (320 units), but those won't be turning over until 2025.  Santa Fe will be turning over units in spring 2024.  The only 2023 turnover I'm tracking will be ARCO with 80 units, followed by Sinclair with 70 units in early 2024.

I think Santa Fe Square is going to be 190 units right? Or am I thinking wrong on that. I think the View was leasing between 20-30 units a month so Santa Fe will take somewhere around 8-10 months to stabilize. So, with the Annex starting a bit later into next year there shouldn't be a huge gap in when new units are on the market.

The supply downtown has been fairly erratic which can be good/bad - it's helped push rents up a lot in the last few years. The View stabilized somewhere around $2.20 per sq. ft. average for the entire property which is pushing rents near feasibility for non-wood construction and the Annex should really help there too for showing feasibility for high-rise apartments.

Do you know if much of Western Supply is going to be dedicated to workforce/affordable housing? Originally I think they had planned for somewhere around a quarter to half the unit to qualify as workforce housing in the 80-120% of area median income limits. Last I had heard of that was several years ago and I know they've changed around the design since then.

Construction in the urban core is really going to need a significant push if rents are going to stay somewhat reasonable now that Tulsa Remote is going to about 1,000 people per year and 70-80% of them are living downtown or within 2-miles of downtown. We really probably need at least 500 market rate units a year downtown, probably more. Affordable housing there's still a huge gap in demand, we could use at least 2,000-3,000 units downtown and near downtown. Most of the THA properties near the urban core have 300 people + wait-lists.
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« Reply #350 on: September 09, 2022, 01:21:12 pm »

I think Santa Fe Square is going to be 190 units right? Or am I thinking wrong on that. I think the View was leasing between 20-30 units a month so Santa Fe will take somewhere around 8-10 months to stabilize. So, with the Annex starting a bit later into next year there shouldn't be a huge gap in when new units are on the market.

The supply downtown has been fairly erratic which can be good/bad - it's helped push rents up a lot in the last few years. The View stabilized somewhere around $2.20 per sq. ft. average for the entire property which is pushing rents near feasibility for non-wood construction and the Annex should really help there too for showing feasibility for high-rise apartments.

Do you know if much of Western Supply is going to be dedicated to workforce/affordable housing? Originally I think they had planned for somewhere around a quarter to half the unit to qualify as workforce housing in the 80-120% of area median income limits. Last I had heard of that was several years ago and I know they've changed around the design since then.

Construction in the urban core is really going to need a significant push if rents are going to stay somewhat reasonable now that Tulsa Remote is going to about 1,000 people per year and 70-80% of them are living downtown or within 2-miles of downtown. We really probably need at least 500 market rate units a year downtown, probably more. Affordable housing there's still a huge gap in demand, we could use at least 2,000-3,000 units downtown and near downtown. Most of the THA properties near the urban core have 300 people + wait-lists.

Santa Fe is 184 units, all market-rate no workforce housing.  The View has 202 units with 40 units dedicated to workforce housing; they are currently 91% leased after fully opening in May.  

Western Supply is GKFF so it will be mostly dedicated to their affiliated programs like Tulsa Remote, Atento, TFA, etc.  Not exclusively but a significant portion.  

You also have the Pivot Project/CMSWillowbrook project at Cameron & Boulder that plans to add 88 market-rate apartments that would also likely be a 2023 start and late 2024/early 2025 turnover.  That's right around 1,000 new units delivering by 2025 if all of these current projects get built.


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ComeOnBenjals
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« Reply #351 on: September 14, 2022, 11:26:32 am »

Asphalt is starting to be removed... bye bye surface lot! Cheesy
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D-TownTulsan
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« Reply #352 on: September 14, 2022, 12:36:59 pm »

Any pictures of the progress for this? I feel left out down here in Dallas lol
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shavethewhales
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« Reply #353 on: September 14, 2022, 01:01:29 pm »

This one has a webcam: https://manhattanconstructiongroup.com/manhattan-construction-company/resource/santa-fe-square-tulsa-oklahoma-webcam/

One of these days I need to get out and walk around downtown again and get some updated photos of all these projects we've been following. Unfortunately a lot of them are very slow to finish off. The Greenwood building for example still has some scaffolding up and the bottom floors are empty even though the building opened back in late spring. The former WPX HQ still has some fencing up around it, but at least the main sidewalk is almost done. Davenport STILL hasn't finished the sidewalk in front as of a week or two ago, but they had at least poured some of it finally. On and on it goes...
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LandArchPoke
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« Reply #354 on: September 21, 2022, 02:59:02 pm »

Some pictures







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ComeOnBenjals
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« Reply #355 on: September 22, 2022, 02:02:15 pm »

Taken today:

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shavethewhales
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« Reply #356 on: October 27, 2022, 02:17:52 pm »

Anyone else watching the webcam and notice two large holes on the East and West sides of the building today? Sometimes windows break during construction but seeing two giant holes appear at once is odd...
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Rattle Trap
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« Reply #357 on: October 27, 2022, 05:32:34 pm »

Anyone else watching the webcam and notice two large holes on the East and West sides of the building today? Sometimes windows break during construction but seeing two giant holes appear at once is odd...

The building was vandalized last night. Someone broke windows and did some more damage inside. Not sure on the extent yet.
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tulsabug
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« Reply #358 on: October 28, 2022, 11:31:03 am »

I'm surprised they didn't have security there at night.
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ComeOnBenjals
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« Reply #359 on: November 01, 2022, 08:33:58 am »

https://tulsaworld.com/business/local/santa-fe-square-office-complex-filling-up-quickly/article_277208d4-5469-11ed-8a04-c333216916e6.html

According to the article, all but one of the offices floors has been leased, occupancy expected in Februrary. Apartments finished sometime in 2024.
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