News Release
ENTERPRISE BUILDING RE-DEVELOPMENT POISED TO MOVE FORWARD
Contact: Will Wilkins, 918-902-0760 - For Immediate Release
August 2, 2011
Tulsa, OK – The re-development of the Enterprise Building, located on the Northwest corner of 6th Street & Boston Avenue in downtown Tulsa, is poised to move forward if successful in its bid to acquire some of the available $3 million being distributed through the Tulsa Development Authority in its most recent Request for Proposal for downtown housing projects.
Since being purchased by David Sharp last February, the development team has finalized the construction documents, received construction bids, secured a general contractor and contingent financing for a significant portion of the adaptive re-use project. When completed, the Enterprise Building will be converted into a $10.8 million mixed-use residential, office and retail development consisting of 77 residential rental units, 13,500sf of light office and almost 7,500sf of retail.
Based on the published criteria set forth in the Request for Proposal by the Tulsa Development Authority, the developer is confident that all the criteria have been met to provide an excellent, quality driven project that will bring much needed, more affordable housing to the downtown market. The developer also feels that it stands a good chance to receive some funding as the project is ready to commence with redevelopment immediately. It is the hope that this project will also encourage further economic growth and development within the IDL and particularly the immediately surrounding area, where restaurants, hospitality and services have begun to spring up along the Boston Avenue corridor.
Due to the current state of the economy and a more restrictive lending environment, the development had fallen behind due to the developer's other endeavors until the opportunity to apply for Third Penny Sales Tax funds was announced to provide funding assistance for residential projects located within the Inner Dispersal Loop. David Sharp has engaged in redeveloping his properties in the Brady Arts District, opening up new retail opportunities, as well as finalizing plans to begin development of a new 106-room Fairfield Inn, also to be located in the Brady Arts District.
Interior and exterior renderings of the project are attached.
For further information, please contact:
Will Wilkins, 120 Development Group LLC at 918-902-0760
(http://i1111.photobucket.com/albums/h478/120development/4.jpg)
(http://i1111.photobucket.com/albums/h478/120development/5.jpg)
(http://i1111.photobucket.com/albums/h478/120development/SWview1.jpg)
(http://i1111.photobucket.com/albums/h478/120development/tenantentry.jpg)
(http://i1111.photobucket.com/albums/h478/120development/lobby2.jpg)
Other images can be found at
http://s1111.photobucket.com/albums/h478/120development/ (http://s1111.photobucket.com/albums/h478/120development/)
Woo wooooooo!
Can't wait to see this happen! The Renderings look amazing!
Way to go Will! Glad to see this building being adapted. Good view of my old high school.
Where will tenants park?
Great News! Can't wait to see this happen.
fantastic news.
looks great
been wondering what the status was.
Quote from: AquaMan on August 02, 2011, 05:53:47 PM
Way to go Will! Glad to see this building being adapted. Good view of my old high school.
Where will tenants park?
Parking? We don't need no steenking parking! We will walk, bike, take the bus, and light rail when it's available!
Quote from: Conan71 on August 02, 2011, 07:45:32 PM
Parking? We don't need no steenking parking! We will walk, bike, take the bus, and light rail when it's available!
Uh, oh...you just triggered the wrath of Kraut...
Sorry, couldn't resist...
Congratulations on your progress! It looks excellent!
Also: thanks for posting your releases here. It's very nice to be thought of as people who need to be in the loop.
They must have meant Southwest corner, the Northwest corner is the IDL.
Hey, at least it's an Acorn-free part of downtown ;D
Quote from: patric on August 02, 2011, 11:30:31 PM
They must have meant Southwest corner, the Northwest corner is the IDL.
Hey, at least it's an Acorn-free part of downtown ;D
no, it's the NW. I'm thinking you google mapped it and it was showing that wrong spot, because that's what it did to me. :o
Everyone should know where 6th and Boston is
(http://maps.google.com/staticmap?center=36.15105,-95.98880&zoom=15&size=400x325&maptype=mobile&markers=36.15105,-95.98880,red&sensor=false)
Edit: hmm... my image doesn't appear to be appearing...
So when will we know who gets the third penny sales tax? (If that was in the article and I missed it opps)
Exciting news however I don't want to get to excited until we know that.
Nice! I like the renderings.
So, did you get asked by the committee to come back for an interview, Will?
Thank you all for the compliments. We believe we have designed a very unique and resource friendly project, paying attention to every possible detail we could think of while still ensuring we offered an affordable alternative to downtown's current new residential rental projects. We anticipate being able to offer more square footage and amenities than our competitors.
Because of eveyone on this forum's active interest in downtown and its revitalization, I believe it is important to keep you all abreast of our efforts on all fronts, including projects and leasing. After all, you are the ones that make downtown work :)
To answer some of the questions posed:
Kenosha - We have not heard a thing from the TDA or their review committee and are not sure what to make of that. We are hopeful that we provided a thorough and complete package that required little, if any, additional information on the project. I certainly hope this project is given its fair consideration as we are eager to start. If you have seen the scoring criteria in the RFP, we believe we have matched every factor.
Godboko71 - It is anticipated that the TDA will make final selection August 11.
Aquaman - If the project moves forward, we are working on a long term lease agreement with a nearby parking garage to afford every one bedroom unit a single parking space and every two bedroom unit to have 2 parking spaces.
Quote from: patric on August 02, 2011, 11:30:31 PM
Hey, at least it's an Acorn-free part of downtown ;D
Ooooh, I take that back;
Second and third-floor tenants are screwed if they wanted a nighttime view, or the ability to sleep at night without their bedroom being lit like a billboard. No way would I want those right outside my window.
Ive seen a lot of downtown development tinkering with more resident-friendly streetlights (and about anything might be better than those "Acorn" glare-bombs), so maybe there's hope if you start planning now.
Other than that, the renderings are very attractive.
Unfortunately we fell short in some regard according to this article posted by the Journal Record this afternoon. We will regroup and attempt to find alternative means of financing to move this project forward, hopefully in the near future. Will keep you posted.
Five projects vie for downtown Tulsa Development Authority funds
by Kirby Lee Davis
Published: August 4th, 2011
TULSA – Over the next week the Tulsa Development Authority will weigh five finalists for $3 million in downtown housing assistance from the city's third penny sales tax program.
The city drew 13 responses from its May 27 request for proposals, TDA Downtown Housing Task Force Chairman Roy Peters said Thursday.
On Monday, Peters said the nine-member task force screened out seven proposals based on their readiness to go forward, their financial resources, experience in the field and demonstrated quality of the project.
After reviewing the six remaining proposals Tuesday and Wednesday, Peters outlined their plans for the TDA Thursday. In executive session the authority determined one of the finalists did not qualify for funding. That left these five apartment proposals, three plotting renovations of existing buildings and two new construction projects:
• East End Village LLC, led by Travis Skaggs. He requested $1 million, or $18,900 per housing unit, to be spent toward remodeling the former Bill White Chevrolet block between Elgin and Frankfurt avenues into 53 apartments.
• TDL NOW for Vandever Lofts, led by Mayo Hotel and Detroit Lofts developer John Snyder. Snyder, who has left a "For Sale" sign on the skyscraper district's Vandever Building over the last quarter, requested $925,000, or $23,125 per unit, toward renovating the former department store into 40 apartments.
• TDL NOW for YMCA Lofts, also led by Snyder. This proposal requested $1.99 million, or $29,000 per unit, to renovate downtown's historic YMCA building into 82 apartments. Snyder would also need to buy the building.
• Nelson and Stowe Development, led by Casey T. Stowe and Elliot Nelson. This proposal requested $3 million to build a new, 142-unit apartment complex east of the Blue Dome district.
• GreenArch LLC, led by Kajeer Yar. This proposal sought $2 million, or $28,600 per unit, to build a 68-unit apartment complex just south of the Greenwood district.
"The developers for the most part were focusing on smaller apartment units, heavily favoring one-bedroom and efficiency apartment units," Peters said.
Only one of the rejected projects was directly identified Thursday, a proposal by River City Development to transform the former Arco Building into 68 apartments. The others will be identified next week.
"We've determined today that this River City Development project isn't a qualified project because they don't have site control of the building," Peters said.
The River City move marked a shift from their year-ago proposal to redevelop the Fifth and Cincinnati building as for-sale condos. Peters said River City officials announced the change in their presentation before the task force Wednesday.
Another rejection came to light through its own public relations gambit. On Tuesday, the 120 Development Group put out a press release saying David Sharp's year-old mixed-use redevelopment proposal for the Enterprise Building was ready to go forward if it received funding from the TDA.
"We like the Enterprise project," said Peters on its not making the final list. "We like other projects that didn't get selected. But just from a practical standpoint, when we went through the evaluation of all these projects, we thought these five were more viable."
Peters stressed that these projects could still proceed without public funding.
"I too believe some of those projects will move forward without the TDA funds," said Darla Knight, the Tulsa market representative for the Norman-based multifamily brokerage Commercial Realty Resources Co. "The Mayo, Philtower, and Tribune Lofts all have rents exceeding $1.20 per square foot. More housing opportunity is another step forward for our downtown."
The TDA's original 13 proposals had requested a total of $21 million. The five remaining finalists sought a total of $8.9 million.
Since the TDA has only $3 million to distribute, Peters acknowledged the authority will have to weigh not only the best value for the public funds, but also how much funding a project may need to proceed.
"It's hard," said the former president of the Oklahoma Manufacturing Alliance. "You're just really trying to spread the public money to the best, most viable projects, and in order to do that we probably couldn't fund everybody at the level they've asked for. We're just trying to figure out at what level this public money would allow the developer to move forward with the good projects."
Peters said all of the requests represent just a fraction of their total project costs, many of which remain in the development stages.
"My hopes are that several that are not on this short list will still go forward," he said. "In the long list we had three that wanted all $3 million."
Peters said he came through this process feeling very good about downtown housing demand.
"One of the results of this process has been revelation, at least on my part, that there is a lot of interest in living downtown," he said after the TDA meeting. "We've learned from the projects that were previously funded with public money that it has generated a lot of enthusiasm for living downtown. That's going to help our retail prospects going forward, it's going to help our restaurant prospects going forward and it's going to support big projects like the BOK Center and the ballpark, because people are living here, can walk and be involved in the community."
Complete URL: http://journalrecord.com/2011/08/04/five-projects-vie-for-downtown-tulsa-development-authority-funds-real-estate/
Darn it, I was thinking for sure you would get it. I hope you are able to find the rest of the financing. (I think yours was better prepared than many of these, but that may have been the very reason you were not awarded these funds.) Thank you for keeping all of us on here posted, and I look forward to hearing more good news on this project in the near future.
I would also like to add that some of these other ideas sound really exciting as well, espescially the one for 142 apts in the Blue Dome. I would really like to see all these developments happen. (I had no idea there was so much planned) Someday...
PS. Will, any idea on when we will see the Fairfield Inn and Suites starting?
Ugh, really sorry to hear the news. How long is the payback of the 3 mill, or how long until they are able to do another round? At least it is good news for all, even other potential developers for regardless of who is chosen, the more revitalized and thus desirable downtown becomes, that in itself ups the chances and demand for everyone elses developments. Keep on truckin.
As for those other developments on the list. Not knowing anything more than what is in the article, it would at first glance seem that the one Elliot Nelson development of 142 units would get you the most new units downtown. On the one hand you hate to put the funds into only one development, but with the 3mill limitation and the other options they have listed, you can still only pick 2 and also end up with slightly less units. Not an ideal choice to have to make either way.
On another note. I want to thank Will and his efforts to help the Tulsa Art Deco museum find a space for our first home. Not gonna say too much right at this moment, but looks like later this month we may be signing a lease for a little starter space. Once we do, you all will be the first to know all about it. And we likely wouldn't be in this very fortunate situation without Will and his help. It was quite nice to hear from Will and see how he took time out of his schedule to call people, make appointments, get me in different spaces to show them to me, coordinate meetings with different property owners, and answer e-mails... all just out of kindness and wanting to help make a positive difference downtown.
Thank you very very much. :)
Hope these projects help. I have some reservations.
Sure looks like a hand out .... but then how do you spur development in an area of little residential demand?
Quote from: Teatownclown on August 05, 2011, 12:22:29 AM
Hope these projects help. I have some reservations.
Sure looks like a hand out .... but then how do you spur development in an area of little residential demand?
You spend millions and millions building roads and highways out into the middle of fields, then eventually expanding the roads and intersections and highways, then money putting in sidewalks and utilities, etc. Oh wait a minute thats the suburbs. Oh wait a minute we already have roads downtown. Interesting thought on 5th street, (Mayo Hotel and lofts, Mayo Building, Vandever Lofts, Philtower Lofts and potential for a lot more) hundreds and hundreds of homes plus businesses, hotels, etc. and not one new street having to be built or widened or maintained. Is that any way to grow a city I ask you? What ever will we do with the extra money we would save if we kept that kind of madness up?
Do you think that just maybe Will Wilkens history with the city and TDA hurt (killed) this project's chances of getting city funding?
Quote from: swake on August 05, 2011, 08:47:42 AM
Do you think that just maybe Will Wilkens history with the city and TDA hurt (killed) this project's chances of getting city funding?
The thought crossed my mind. Think long and hard before you strike that match.
What is the total revolving downtown housing development fund between 3rd penny, bond issues, federal funds controlled by the TDA and V2025?
I also wonder how much is allocated, and what is in the payback stages.
Vandever and YMCA could probably get additional Historic Preservation adaptive reuse funds.
Quote from: carltonplace on August 05, 2011, 10:03:43 AM
What is the total revolving downtown housing development fund between 3rd penny, bond issues, federal funds controlled by the TDA and V2025?
I also wonder how much is allocated, and what is in the payback stages.
Vandever and YMCA could probably get additional Historic Preservation adaptive reuse funds.
Aren't the Historic tax credit funds on moratorium? At least on a state level?