Hanson brothers on LA King property on N. Main

[TulsaGoldenHurriCAN]

Update:

Tulsa Development Authority grants extension for Hanson family redevelopment project in Arts District

Thursday's action extends deadlines in the second amendment of the agreement, moving the initial design and planning phase of the project from Dec. 31, 2019, to June, 30, 2020, and the commencement of construction from July 1, 2020, to Jan. 1, 2021. The second amendment became effective March 7.

https://www.tulsaworld.com/business/tulsa-development-authority-grants-extension-for-hanson-family-redevelopment-project/article_cc0f9fd4-e17a-5835-9e50-b9784e30bbaf.html#tncms-source=infinity-scroll-summary-siderail-latest


The planning for this started around 2015. 4 years later and it looks like it might not start til late 2020. Such a great spot and a crucial spot for making the Arts District a vibrant walkable community.

[SXSW]

I'm okay with this, I think they have the vision and capital to make this work.  That is interesting about Davenport Lofts..

[Tulsan]

So I'm poking around on Loopnet and see that the parking lot south of the Brady Theater ("Block 39") is for sale: https://images1.loopnet.com/d2/CH0f3Brz4md8qPHQMc90nDpB_POi38vR7m7XoZ1H9uY/Block%2039%20Lot%20Flyer.pdf.

I wonder, who's selling? Turns out the current owner is Mayfield LLC. Sound familiar? That's the Hanson family entity that was supposed to develop the LA King property. But according to the Tulsa County Assessor, Mayfield LLC no longer owns LA King (320 N. Boston). On January 9, 2020, Mayfield LLC sold that property to WRT Realty and simultaneously took ownership of Block 39 in a transaction that looks like a land swap with cash component.

What's interesting to me is that Mayfield still owes $2,000,000 to the TDA. This note is due in full on its maturity date of 10/4/2022. There has been no public acknowledgment of the WRT land swap in the TDA minutes. I assume (hope?) the TDA is aware of the activity and is waiting to see what comes... but who knows.

Anyway, if you want to buy a full city block of Arts District parking, Hanson has one for sale.  But they don't have the LA King site anymore.

[SXSW]

Maybe they will just takeover the old Prairie brewery space?  Both the parking lot and LA King are great development sites

[LandArchPoke]

So I'm poking around on Loopnet and see that the parking lot south of the Brady Theater ("Block 39") is for sale: https://images1.loopnet.com/d2/CH0f3Brz4md8qPHQMc90nDpB_POi38vR7m7XoZ1H9uY/Block%2039%20Lot%20Flyer.pdf.

I wonder, who's selling? Turns out the current owner is Mayfield LLC. Sound familiar? That's the Hanson family entity that was supposed to develop the LA King property. But according to the Tulsa County Assessor, Mayfield LLC no longer owns LA King (320 N. Boston). On January 9, 2020, Mayfield LLC sold that property to WRT Realty and simultaneously took ownership of Block 39 in a transaction that looks like a land swap with cash component.

What's interesting to me is that Mayfield still owes $2,000,000 to the TDA. This note is due in full on its maturity date of 10/4/2022. There has been no public acknowledgment of the WRT land swap in the TDA minutes. I assume (hope?) the TDA is aware of the activity and is waiting to see what comes... but who knows.

Anyway, if you want to buy a full city block of Arts District parking, Hanson has one for sale.  But they don't have the LA King site anymore.

Interesting, I had noticed the lot for sale - it's pretty pricy on a per sq ft amount but there's a lot of potential with that site, would love to see Holberton expand north on to that lot and include some housing component with ground floor retail space.

Do you know what the $2,000,000 they owe to TDA is for? Wasn't there some sort of development agreement between them and the city too for other funds for the LA King site?

[shavethewhales]

That's unfortunate. I was looking forward to them getting something off the ground now that Davenport is wrapping up. The covid upheaval plus the long wait to get something off the ground must have killed their momentum. I'm not sure how much weight the Hanson brand is carrying anymore.

Would love to see a big mixed use take over the parking lot, but with the others that are currently under construction it will certainly be a bit before the market needs another big new building.