Mayo Hotel Lofts

[SXSW]

I was looking for some info. on the lofts planned for the Mayo Building at 5th and Main when I found this:

Mayo Lofts

Does anyone know of any progress being made on the Mayo Lofts, the ones proposed for the Mayo Hotel (not the Mayo Building)?  I know the current owners renovated the ground floor into event space and had lofts planned for all of the upper floors.  I also heard they want to turn the top two floors into more event space and an upscale restaurant.  That would be awesome!

[MichaelC]

More at Tulsa World

quote:An $11.2 million project to convert seven upper floors of the former Mayo Hotel into 70 loft apartments will begin after the first of the year, the building's co-owner Tori Snyder said Wednesday.

Construction on the Mayo Lofts project is expected to take 18 months.

The Tulsa Development Authority approved a resolution this week that will provide $884,000 in interest-free funds to help the project close on a loan, Snyder said. The amount is part of $4.9 million in Vision 2025 funding allocated to the project. The owners are putting up the remaining $6.3 million.

Although the process is slower than hoped, Snyder said she was glad to get the authorization for the funding.

"This is a huge thing. This is allowing us to start the project," she said.

Abandoned for 20 years, the Mayo Hotel, 115 W. Fifth St., seemed destined for the wrecking ball until June 2001, when the Snyder family purchased it for $250,000.

"We just bought it to save it, really. It's a huge part of Tulsa's histo ry," Snyder said.

She hopes the loan can be completed by the end of this year.

"This is exciting to finally get moving on this historic building," she said. "We already have 30 people that have contacted us and are serious about renting a loft."

The funding for the renovation includes historic tax credits that require that the apartments not be sold for five years, Snyder said. The lofts will be rented before they eventually become available for ownership, she said.

[Renaissance]

That's great news.  The rub in all these sorts of projects lies in the funding.  Not the grants, but the nitty-gritty bank loans.  Now that the financing is locked up, this thing is as good as done.  Very exciting.

[USRufnex]

http://www.ktul.com/news/stories/1206/380070.html

Mayo Hotel Renovation To Include Loft Apartments  
Thursday December 14, 2006 7:31pm   Reporter: Elizabeth Kinney   Posted By: Kevin King  
 

quote:
Tulsa - Tulsans could soon make a major landmark their home. The Mayo Hotel is adding 70 loft apartments. Money from Vision 2025 is helping fund the renovations, one of several residential projects downtown.

Vision 2025 allocated 9-point-3 million dollars to add housing downtown. So far, plans for four residential developments are underway. One of those is the Mayo Hotel. They hope to start renovation in January. But, once all of these apartments are ready and people move in, downtown is missing some basic necessities the residents will need.

Jacob Ide works at one of downtown's newest developments, Topeca Coffee Company in the Mayo Hotel. He also lives downtown, too. But, after work?

"It's a ghost town," he says.

To get food, the nearest grocery store is miles away. Even restaurants aren't always an option.

"There's a lot of the restaurants that are open for lunch, but not for dinner," he says. "Downtown proper, around the area of the main mall, there are no restaurants that are open after five."

Jacob says he likes living and working downtown. But, he says Tulsa is missing some of the basics.

"Basic necessities," he says. "Getting out to the outlying areas. Mass transit is a real issue."

Now with more apartments planned for downtown, that means more people with nowhere to go. The Mayo hotel owners say that's not a problem.

"Eventually, once people come down here, that will come after we have people living here," says Macy Snyder.

Shops, restaurants and urban living. Snyder hopes the Mayo's development spurs more downtown growth.

"It will be great for the pride of Oklahoma and the community to have the Mayo Hotel alive and running again," Snyder says.

Jacob agrees. He says the Mayo is part of a downtown tradition it's time to revisit.

"We've got to make sure to have independent, local places with local people to flavor the city with it's own flavor. We have to preserve the Tulsaness of Tulsa."

Tulsa over one-third of the money will come from Vision 2025. But, the Mayo doesn't get the money until they finish the renovations, then turn in the receipts. The whole project will cost 12-million dollars.

The Mayo will still host events in the main lobby once the lofts are finished. The next big event is the Governor's inaugural ball in January.