Downtown Development Overview

[swake]

I will vote against any tax increase for this project.

It will likely be that the city funds for the project will be from a TIFF on the site of the new hotel and there will be no vote of the people and no tax increase. Just a redirect of the onsite generation of property and sales taxes. Just like what OKC did for the Omni hotel there. Like what was done for Santa Fe Square and Tulsa Hills.

Sorry Dude

[DowntownDan]

I will vote against any tax increase for this project.

Are you against taxes going toward it, or are you against the very concept of a convention hotel in Tulsa? If the latter, I'm curious as to why?

[Tulsadude]

Are you against taxes going toward it, or are you against the very concept of a convention hotel in Tulsa? If the latter, I'm curious as to why?

I am against taxes.

[Red Arrow]

I am against taxes.

Nobody likes taxes but we do have some expectations from government that need funding.  Where to get that is always a recipe for heated discussions.

Having said that.... the Tulsa County Assessor has made it clear, the intention is to keep Fair Cash Market Value (FCMV) of properties well above the taxable value to insure a 3% (with Homestead) or 5% (without Homestead) increase in property taxes in perpetuity.

[Tulsadude]

Nobody likes taxes but we do have some expectations from government that need funding.  Where to get that is always a recipe for heated discussions.

Having said that.... the Tulsa County Assessor has made it clear, the intention is to keep Fair Cash Market Value (FCMV) of properties well above the taxable value to insure a 3% (with Homestead) or 5% (without Homestead) increase in property taxes in perpetuity.

Everyone is against property taxes.

[ELG4America]

Everyone is against property taxes.

I'm not. Land taxes are one of the most economically efficient taxes. Though I think we should reduce or eliminate taxation on improvements and focus instead mostly or entirely on the value of the underlying land. Thus, providing incentive to increase the economic impact of valuable land (like a downtown corner) or sell to someone who will.

[shavethewhales]

The Tulsa World is now confirming what Tulsan said earlier about the old Holiday Inn being converted into apartments.

[brettakins]

https://tulsaworld.com/news/local/apartments-coming-to-former-downtown-holiday-inn-developer-says/article_266eec50-dda6-11ee-85b9-a736d284fc0e.html?fbclid=IwAR0XeG0nn9m_Zj4TmHEqEBITcRlG03LQc9mNOnEe5PWkjJTZ8gL5tLTCG8s

Apartments coming to former downtown Holiday Inn, developer says

AKansas City-based real estate development firm has purchased the former Holiday Inn building downtown with plans to turn it into market-rate apartments.

ApartmentVestors recently closed on the purchase of the property on the northwest corner of Seventh Street and Boulder Avenue for $8.6 million, according to county records.

“It’s nice to be part of that movement of creating more housing downtown,” said Spencer Cullor, owner and principal of ApartmentVestors. “We see Tulsa downtown as a really core growth area for Tulsa.”

Plans for the West 7th Apartments call for completely renovating the 224-room hotel into 117 apartments comprising 55 one-bedroom, 40 two-bedroom and 22 junior one-bedroom units. The complex will include an underground parking garage, an outdoor grilling and lounge area, and a heated indoor/outdoor pool.


Cullor said the apartments are expected to open in approximately 18 months and that rental rates have yet to be determined.

“These will be middle of the road. They are not going to be the most expensive units downtown,” Cullor said. “But it is not going to be like affordable housing. Middle of the road, really nice amenities.

“It’s going to be a really, really cool product at the end for people to live and call their home.”

ApartmentVestors focuses on properties to which it can add value through renovations to “fulfill our mission of providing safe, affordable housing for people,” Cullor said.

Zach Molzer, director of business development, capital markets and acquisitions for ApartmentVestors, said work is already underway at the site.

“We’re trying to empty out the old hotel,” Molzer said. “Obviously there’s a lot of beds, mattresses and desks and all of that stuff. So we are actually donating all of that to Habitat for Humanity.”

ApartmentVestors operates throughout the Midwest. West 7th Apartments will be the ninth project the company has done in Tulsa. The company currently owns three multifamily residential properties in the city — Hideaway Cove, Tradewinds Villas and The Lodge.

[shavethewhales]

Baron's is now open. It's much fancier than I thought it would be. Most entrees are north of $30. Reservations are "recommended" heavily. I'm curious how well they'll do. We already have several higher-class dining options downtown and it doesn't seem like there's a huge market for that here, but what do I know.

The VA hospital continues to take shape, and Western Supply is well off the ground and running now, so at least we have two big projects still going downtown at the moment.

The two projects on either side of the Blue Dome both seem to be advancing well. The old Rose Pawn is still full of junk, but there were people in there last week with the door propped open so I assume they are still working on cleaning it out. The new building has completed the slab pour and I assume walls are going up this week.

Anyone notice they added the sign to Santa Fe Square? It looks snazzy. Can't wait for that thing to be done. I love that they left an opening for a walkway through the middle.

There's also a new Coney Place that took over from the Wiz - haven't tried it yet but it's on the agenda this week.

[Urban Enthusiast]

Anyone notice they added the sign to Santa Fe Square? It looks snazzy. Can't wait for that thing to be done. I love that they left an opening for a walkway through the middle.
 

Yes, I did.  It does look snazzy!

[DowntownDan]

The Santa Fe Sq. sign can be seen from the 7th street off ramp going south. I bet it'll look great at night.