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November 22, 2019, 08:49:17 am
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Author Topic: PAC Trust selects developer  (Read 54189 times)
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« Reply #270 on: October 03, 2019, 06:44:04 pm »

With Tulsa's growth at only about 2 to 2.2% on average, I'm not sure where everyone seems to think all these new projects will find residents or new commercial tenants right now.  I'd be playing it safe too if I were a developer.  If Tulsa could simply latch on to something that would drive more new high paying jobs to town, it might experience 4-8% growth which would justify more of these developments.

Downtown is a different market though, it's the only concentrated urban district in the metro capable of building high density residential and commercial projects.  So even while demand is relatively low it is pretty much concentrated downtown.  I see it somewhat similar to the situation in Chicago where the overall city has been losing population for years if not decades but downtown and surrounding neighborhoods are healthy and attracting new residents and commercial projects.  Agree though we would likely see a lot more projects if there were more better-paying jobs which is what initiatives like GKFF bringing the Holbertson School and TU developing the Cyber District are aiming to achieve.
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Conan71
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« Reply #271 on: October 03, 2019, 07:21:08 pm »

Downtown is a different market though, it's the only concentrated urban district in the metro capable of building high density residential and commercial projects.  So even while demand is relatively low it is pretty much concentrated downtown.  I see it somewhat similar to the situation in Chicago where the overall city has been losing population for years if not decades but downtown and surrounding neighborhoods are healthy and attracting new residents and commercial projects.  Agree though we would likely see a lot more projects if there were more better-paying jobs which is what initiatives like GKFF bringing the Holbertson School and TU developing the Cyber District are aiming to achieve.

I just left a much longer post on the Downtown Development thread.  I've wondered if Tulsa was just too far behind others in reinvesting in downtown, but that's really not an entirely true statement since the Williams Center and PAC were built in the mid-1970's.  I think the failure then was there were so many other derelict properties in the Brady and Blue Dome and other parts of downtown and little other investment that's what stifled Tulsa's overall growth.  Tulsa was also building a lot of Class A space out south at a rapid pace in those days and that did help spur suburban growth, I'm sure.

Perhaps if more new housing and entertainment venues had followed those developments and more renovation for downtown Class A office space, Tulsa could be in a different position these days.  The Williams Center and PAC in the mid '70's should have helped spur the kind of secondary investment that the BOK Center seems to have helped catalyze.  No idea if it was indifferent land owners holding out for major gains in the distant future or what happened with the lack of spark there for secondary investment or at least renovation.  Peter Mayo's acquisition of the Brady Theater (nee: Tulsa Municipal Theater) was right in that time frame and I think David Sharp may have been quietly buying up property in the area at that time but it was at least another five to ten years before anyone seemed interested in trying to get some businesses going in the near area, in those properties.
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"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first” -Ronald Reagan
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