Riverwalk Crossing now has financing in place for a 164,000 square foot second phase.
Financing Announced for Riverwalk Crossing
Tulsa Business Staff
1/11/2007
Metropolitan Capital Advisors, Ltd. has arranged both construction financing and mezzanine loan for the Riverwalk Crossing Shopping Center Phase II. Riverwalk Crossing, billed as Tulsa's premier lifestyle entertainment destination, is a two phased project with the first phase consisting of 125,052 SF and the second of 164,000 SF.
MCA arranged the financing on behalf of Jerry R. Gordon Development.
The recently completed phase I has proved to be highly successful. The current occupancy is at 95 percent with prospects for the remainder of the unleased space. Phase II is currently pre-leasing and has a ground lease to Lone Star Steakhouse and has another pad site under contract with Hampton Inn.
MCA placed the Mezzanine Loan with O.R.D.A. Corp. and the Construction Loan American National Bank.
Metropolitan Capital Advisors specializes in the exclusive representation of investors, developers and property owners in the real estate capital markets. The firm completed over $750,000,000 of debt and equity transactions during 2006.
This is good news!
Right now Riverwalk is only half a "destination"
But Lone Star?
Mezzanine loan defined (//%22http://en.wikipedia.org/wiki/Mezzanine_loan%22) - I guess the gist = "high risk"
Any news on what may be planned for the expansion, which direction will the expansion go...to the north? My wife and I really enjoyed the Cabana at Los Cabos during the summer when we lived there but we moved before we could really try out many of the other places. How is Tsunami doing in that part of town?
The expansion goes North of the Movie theater. And I am glad he got the financing. I will look forward to strolling along the full thing when its done. Would love to eventually see some mid level to high rise condos go in behind the riverwalk right up next to the berms where the homes are now. As that area evolves and becomes denser it will become a nice anchor for that part of the river and Jenks.
quote:
Originally posted by BKDotCom
But Lone Star? [
I think Lone Star Steakhouse is a good choice for the development. It seems to be a well-run national chain that fits in price and quality with what is already at the Riverwalk. The entire development is becoming more of a family destination and having this located near the theater makes sense.
They make a decent steak and kids eat free on Tuesdays.
I like that Lone Star has locations all over America, but none in Texas.
Being one of the few females (and hence shoppers) on the board, I hope the next phase includes a higher ratio of shops to food. I took my mother-in-law there over Christmas, and we really enjoyed it (not the first time). But we both commented that we had finished going through all of the stores in only about an hour. Honestly, I am not a big shopper, but I know how it works--you need two or three hours worth of shopping, then someplace to have lunch. Women are your biggest costumers, and they are less likely to go someplace just for the restaurants.
I believe a bookstore (barnes & noble?) is planned. Bookstores consume a lot of time so really add the feeling of their being "more" shopping.
Books a Million....a real stellar retailer....
Bookstore would be good, but, IMO, women who spend countless hours shopping are not the same as those who spend hours in bookstores. I don't mean anything derogatory, and honestly I don't like to spend much time shopping. But I know those who do--who love nothing better than to spend an entire day walking from store to store, buying stuff that they don't really need.
Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.
quote:
Originally posted by Wrinkle
Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.
Would this authority have that much scope? Or are you just being snarky?
quote:
Originally posted by waterboy
quote:
Originally posted by Wrinkle
Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.
Would this authority have that much scope? Or are you just being snarky?
Not being more than normal snarky.
ANY river development, within Tulsa County, would have to have Authority approval once established.
If it involved public funds/funding of any kind, then a County-wide vote of (God forbid) the public.
quote:
Originally posted by waterboy
quote:
Originally posted by Wrinkle
Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.
Would this authority have that much scope? Or are you just being snarky?
The developer already owns the land and the land is already zoned correctly.
quote:
Originally posted by swake
quote:
Originally posted by waterboy
quote:
Originally posted by Wrinkle
Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.
Would this authority have that much scope? Or are you just being snarky?
The developer already owns the land and the land is already zoned correctly.
We know 'ownership' isn't a criteria around here. But, if he can get it done before the Authority forms, he has a chance.
I dislike the idea of a new commission that answers to the county dictating what we can do with our portion of the river. The only benefits would be synergy with other river projects in the county, inclusion in a county wide river master plan and the potential for county wide sales tax funds for any public pieces. But why would Owasso residents with their currently robust sales tax base want to help pay for river development? Ideal river developement for the suburbs is going to be much different than what will work for us. Plus, the extra layer of bureaucracy would tend to be antithetical to developement IMO. The people that live near and play on their prospective portions of the river will hopefully know what works best for them.
quote:
Originally posted by carltonplace
I dislike the idea of a new commission that answers to the county dictating what we can do with our portion of the river. The only benefits would be synergy with other river projects in the county, inclusion in a county wide river master plan and the potential for county wide sales tax funds for any public pieces. But why would Owasso residents with their currently robust sales tax base want to help pay for river development? Ideal river developement for the suburbs is going to be much different than what will work for us. Plus, the extra layer of bureaucracy would tend to be antithetical to developement IMO. The people that live near and play on their prospective portions of the river will hopefully know what works best for them.
I have never been a supporter of authority setups as they exist now. It tends to create kingdoms with little emperors who are untouchable, but require public funding. That said, the plans emerging have widespread effects outside of their own areas. The Channels plan backed up the river to damn near the dam!
That means that there will be controversy and squabbles between neighboring community developments. The decisions made could end up in court or serving small powerful group needs. There needs to be some sort of "larger vision" to sort through the clutter and it would make sense that it be a county organism.
Due to there only being 3 county commissioners, an advisory group comprised of people who actually know something about the river (rather than knowing someone in the government) could actually increase the speed of development while reducing conflict.
Waterboy, there is no one else on this forum whose opinion on the river I value as much as yours (and you stand in some impressive company).
You make some valid points, but assuming that the Channels plan is dead and that future development (with the exception of the Corps and INCOG approved low water dams) will be proposed for the existing banks, I don't foresee that river communities would advocate development that would impact their neighbors. I could be wrong. There could be a group of well leveraged and motivated beavers planning to build a damn in whitewater park.
Should there be a master plan for the river that pinpoints where and outlines what to build? Sure. We already have a loose blueprint for that. Do we need a countywide commission to muddy the already murky water? H to the no.
I am not completely disagreeing or agreeing that a new river authority is needed.
But Waterboy and I both served on the Arkansas River master plan technical committee that reviewed The Channels. From that experience I think there should be some group that does a more-in depth review than the planning commission, INCOG and the city or county commission normally does.
Developments will potentially compete with each other for public dollars and things like the location of low water dams can make or break a developer as well.
I don't know if the current make-up of RiverParks has the expertise to oversee complex development packages and a City of Tulsa Authority could be in conflict with the wants of an upstream or downstream community. The future needs are probably going to be more like the Port of Catoosa Authority than of a park authority.
I think the discussion of an trust authority that could see the needs of the entire river through this part of the state is needed. Such an authority could be a great thing or could be a unnecessary layer of bureacracy and inside dealings. I don't know which, but the idea is worth discussing.
Thanks for your confidence guys. It seems the sticking point is the power such a group would wield. No one wants to see another layer of bureacracy that does just enough to justify its existence and slows the process of development with arrogance, all the while asking for more funding. (pointing no fingers here...honestly)
Is there some form of quasi-governmental entity that would serve in a more advisory role to the county? Seems like v2025 had something like that. This advisory board could be designed to filter incoming plans, offer criticism of such to help match the master plans. Taking plans through the process like the Channels review is slow and unwieldy to me.
So the crux is; how does one form a county controlled over sight committee that is not demagogical but invites the public opinion and blessing of all interested parties (read: all cities in the county that are situated on the river and support from those without proximity). This entity should create development opportunities rather than hinder them, but should be able to veto development that is contrary to the benefit of all. Unlikely.
The thing is that the county and the cities have all adopted the INCOG plan as the working diagram. Is it perfect? Of course not, but at least its a starting point. The public was invited to weigh in on this plan, I gave my feedback and I'm certain you guys did too. I'm not willing to hand the river over to "representative" government so they can give it to an "impartial" committee to tell me what I want.
Sorry for highjacking the riverwalk thread.
One thing I think the Channels did was make people reconsider the INCOG plan. I think a lot of people realized that the INCOG plan was, well, a bit short sighted and small minded, at least for the area nearest downtown. Sorry if that sounds harsh, don't know how else to say what I am trying to get at.
Once river development really hit the table and different views and possibilities were presented...it became obvious the Incog plan wasn't going to be sufficient. Especially for major urban style development along the river near Tulsa's core. The Incog plan was thinking along the lines of something like the Riverwalk for that area, but then people started to realize that what we decide to do now will influence the future and that we need to be planning far far ahead for eventual development like "this" to be able to evolve 50 to 100 years from now.....
(http://img81.imageshack.us/img81/5849/seinexz4.jpg)
And going from practically nothing to "that" will take some know how, expertise, and definitely intentional planning. You don't want to build a bunch of stuff then have to tear it all out 20 30 years from now because you want to go to the next level. There are questions that need to be answered before ANY development happens, Like,,, Are we going to harden the shoreline in that area? Should whatever is developed in that area then have consistent set backs so that each development flows and works together (like the shops on Brookside) How far from the river should development be? How high is the water going to be? Where should the parking be? etc. Where is the public space going to be? I think there should be a classic 6 story rule for whatever is built right on the west side of the river between the 21st and 11th st bridges. We need to take a breath, figure out where we really want to go with river development, and then lay the proper foundations for it. Hopefully that breath won't take too long, I wan't something to start happening soon lol.
quote:
Originally posted by carltonplace
So the crux is; how does one form a county controlled over sight committee that is not demagogical but invites the public opinion and blessing of all interested parties (read: all cities in the county that are situated on the river and support from those without proximity). This entity should create development opportunities rather than hinder them, but should be able to veto development that is contrary to the benefit of all. Unlikely.
The thing is that the county and the cities have all adopted the INCOG plan as the working diagram. Is it perfect? Of course not, but at least its a starting point. The public was invited to weigh in on this plan, I gave my feedback and I'm certain you guys did too. I'm not willing to hand the river over to "representative" government so they can give it to an "impartial" committee to tell me what I want.
Sorry for highjacking the riverwalk thread.
For the most part I like the INCOG plan. But it is just a framework. The visioning process should be ongoing not frozen in time, initiated back when people weren't even sure we would do anything more than talk. Also, no slam on them, but INCOG is not a driving force for development. Miller has stepped up to take leadership and could provide that force. A small task force of representatives from each affected function (fire, safety, public works, hydrology etc.) could quickly determine a plans feasibility and encourage or discourage it and refer to authorities.
I think you laid out my thoughts in your first two sentences. Could be I'm naive though.
quote:
Originally posted by pmcalk
Being one of the few females (and hence shoppers) on the board, I hope the next phase includes a higher ratio of shops to food. I took my mother-in-law there over Christmas, and we really enjoyed it (not the first time). But we both commented that we had finished going through all of the stores in only about an hour. Honestly, I am not a big shopper, but I know how it works--you need two or three hours worth of shopping, then someplace to have lunch. Women are your biggest costumers, and they are less likely to go someplace just for the restaurants.
Im with ya on board! Im a lady and "We" do need more shops at least more than an half an hour worth!
I see JG got his new financing. Looks weird to me. $43 million on less than 300,000 sq. ft.?
I wonder who did the appraisal work. But I really wonder about the lender.....
$143 a square foot isnt a dubious amount for the type of construction he is doing. He isnt just building a large box, but actually have some architectural elements to it. That money also has to pay for the massive parking lots and the sewer expansion (which, as I understand it, the city isnt paying for... unlike "major retailers" that get such things handed to them).
Anyway, I enjoy that place. Jenks got lucky that someone had a vision and turned it into a success. I hope all goes well. Private development that seeks to incorporate the river - who'd a thunk it (other than half the other cities in the world).
quote:
Originally posted by cannon_fodder
$143 a square foot isnt a dubious amount for the type of construction he is doing. He isnt just building a large box, but actually have some architectural elements to it. That money also has to pay for the massive parking lots and the sewer expansion (which, as I understand it, the city isnt paying for... unlike "major retailers" that get such things handed to them).
Anyway, I enjoy that place. Jenks got lucky that someone had a vision and turned it into a success. I hope all goes well. Private development that seeks to incorporate the river - who'd a thunk it (other than half the other cities in the world).
Believe me, lots of other people thought about it here. That piece of land was privately owned and in the right place at the right time. There isn't much privately held land in the Tulsa portion of the river. The RPA hasn't been able to develop what they own due to numerous elements not present in the Jenks deal. I love the idea of private land developed under the auspices of an authority that provides some boundaries. Riverwalk didn't fall under that framework. If Jenks was really so smart and the demand was great for that type of development, they would have duplicated the feat by now. Money would be chasing the idea, not being begged for.
quote:
Originally posted by aoxamaxoa
I see JG got his new financing. Looks weird to me. $43 million on less than 300,000 sq. ft.?
I wonder who did the appraisal work. But I really wonder about the lender.....
It isnt just about the square feet. Imagine what the cost of those pavers versus a typical sidewalk must cost. Then the outdoor fireplaces, benches, fountains, railings, etc. I think its great that someone is doing something a step above the usual strip mall thing. I work in many high end homes. The trim in a room can easily cost waaaay more than the studs and sheetrock, the actual structure. Details can get ya. We complain and gripe about how cheaply or average most developments are. Its an above average risk he is taking to do this in an above average manner. Seems to me if we want above average development to happen more in this area, this "experiment" had better work. If other developers see that putting the extra effort and touches into a development doesnt pay out in the end, they wont take the risk to do it and we will just keep seeing same ol same ol and complaining about it.
Know some business owners in Riverwalk that are still owed thousands of dollars in tenant development monies. Perhaps the developer can get them paid now.
quote:
Originally posted by citizen72
Know some business owners in Riverwalk that are still owed thousands of dollars in tenant development monies. Perhaps the developer can get them paid now.
What are "tenant development monies"?
It is monies given to a tenant by a landlord to assist them in modifying a space to satisfy their business profile requirments. Many times the tenant will do the improvements and then collect monies from the building owner as the owner's part of the modification costs.
I'm surprised nobody's jumped on this thread.
Phase 2 to include loft apartments (//%22http://www.riverwalkcrossing.com/NewsChannel8News.htm%22)
The biggest "complaint" has been the lack of a grander multi-use vision.
Looks like that's been answered.
quote:
Originally posted by BKDotCom
I'm surprised nobody's jumped on this thread.
Phase 2 to include loft apartments (//%22http://www.riverwalkcrossing.com/NewsChannel8News.htm%22)
The biggest "complaint" has been the lack of a grander multi-use vision.
Looks like that's been answered.
I would've posted but I was amd at myself for recording the news to watch the story. After the teaser about "a hotel, a national restaurant and stores" I was expecting exciting news. Didn't know the story was made entirely of pronouns.
My, how the mighty have fallen. Not a major scoop since we knew this was coming.
QuoteOne year after the original suit was filed, RiverWalk Crossing has officially entered foreclosure.
Judge Rebecca Brett Nightingale of Tulsa County District Court ruled in favor of American National Bank of Texas in their claim that current owners RWC Management Inc. failed to repay $28.3 million in three loans linked to the property.
RiverWalk Crossing, which has been operating under receivership since February of last year, will soon be auctioned off at a sheriff's sale.
The suit had also named Jerry Gordon, original owner and builder of RiverWalk's 125,000 square-foot first phase, as a defendant because of his capacity as guarantor on the first two loans of $17.5 million and $10.4 million granted in 2008.
RWC took out a third loan for $305,393 in 2010.
The city of Jenks has a lien against RiverWalk Crossing of $1.32 million, which was recorded in 2009. Colburn Electric LLC, Aircomfort Inc., Mullin Plumbing Inc. and Hangman Corp also have liens against the property.
The foreclosure sale will first cover payment of the loans as well as sale costs, and if any money is left over after that they will be applied to the liens.
RiverWalk Crossing continued to operate after it was put into receivership last February, with Gail Fair of Property Client Services in Tulsa the receiver.
Tenants in foreclosed properties can legally continue to do business, although Fair was not available to elaborate on future plans for the property.
Current retail tenants were open for business Wednesday, though their numbers have thinned -- the only businesses left on the ground floor of the main part of RiverWalk Crossing are Los Cabos, The Melting Pot, The Mansion, The Cigar Box, Marble Slab Creamery and Photographic Designs by Rachel Williams.
RiverWalk Movies, which was constructed next to the main part of RiverWalk Crossing, is also open.
Carrie Williams, owner of the RiverWalk Crossing Marble Slab Creamery since it opened six years ago, said she first noticed a serious slowdown in foot traffic in 2009, when Gordon sold his remaining stakes in the center to David Salomon of Orda Corp., owner of RWC Management.
Things got worse when American National Bank filed suit.
"We had a good month the first month after that hit, but then people started assuming all the stores were closed," she said. "People would call us to see if we're still open."
Williams said business is very seasonal, though the busy summer months generated enough money for Marble Slab Creamery to survive the lean winter months. She guessed that other businesses weren't so lucky.
The latest casualty was Gina & Guiseppe's Italian Ristorante, which closed earlier this month.
Williams said that Property Client Services had been doing a good job of maintaining the property and had added security.
Though retail tenants are largely scarce, the office space on the second floor of two of the three buildings in the main section are mostly occupied.
Tom Nilsson of Nueterra HR Solutions said his business has been doing well since opening in the former management office of RiverWalk Crossing two years ago.
"We don't have clients that come up, so it's pretty nice," he said. "Plus the view here is beautiful."
Jennifer Tanner, office manager at RiverWalk Dental Spa, said her company is also doing well, though the retail slowdown has had some impact.
"We really relied on people being able to see us when they're out there," she said. "Now we're mostly relying on word-of-mouth."
Tanner said she believes the center can still succeed.
"If they can get some brand-name businesses down here, it can do well," she said.
Williams said she's also optimistic.
"We're hoping that once this place gets a new owner, things will pick up," she said.
Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20120215_32_0_Oneyea884106
Cause when I think 'night on the town', I think jenks...(vomit)
Quote from: jacobi on February 15, 2012, 05:54:30 PM
Cause when I think 'night on the town', I think jenks...(vomit)
Where in that article (or anywhere) does anyone say come to Jenks (or Riverwalk Crossing) for a night out on the town?
Anyone remember seeing ads for the place? Where? Promotions? Other than Los Cabos on a TV ad? It was just another local shopping center in a small town that thought it was the center of the universe.
Hope it lands in the hands of someone with some marketing savvy.
Quote from: AquaMan on February 15, 2012, 06:31:46 PM
Anyone remember seeing ads for the place? Where? Promotions? Other than Los Cabos on a TV ad? It was just another local shopping center in a small town that thought it was the center of the universe.
Hope it lands in the hands of someone with some marketing savvy.
Actually, they did some marketing with it with their music series during warm months. At one point there was more advertising pointed that way, but I suspect not much for the last few years. I think the problem is, old farts like you and I weren't their perceived primary demographic, so that might be why you never heard more about it ;)
As a seasoned old fart (don't think too much about that) welcome to the fold. Know anything much about this Facebook thingy?
Quote from: AquaMan on February 15, 2012, 06:52:04 PM
As a seasoned old fart (don't think too much about that) welcome to the fold. Know anything much about this Facebook thingy?
LOL, on there every day.
Quote from: Conan71 on February 15, 2012, 07:20:37 PM
LOL, on there every day.
You only think you're a SOF. You're really still a young guy.
;D
Quote from: Red Arrow on February 15, 2012, 07:39:11 PM
You only think you're a SOF. You're really still a young guy.
;D
I bet he tweets. Oh, yeah, he's a tweeter...and I don't mean no "Rockin' Robin" kind of tweeter. :D
Quote from: AquaMan on February 15, 2012, 07:45:50 PM
I bet he tweets. Oh, yeah, he's a tweeter...and I don't mean no "Rockin' Robin" kind of tweeter. :D
Actually, I've never gotten into the Twitter. I don't think the world wants to know about my every move and thought.
Quote from: Conan71 on February 16, 2012, 01:09:38 AM
Actually, I've never gotten into the Twitter. I don't think the world wants to know about my every move and thought.
I'm on Twitter, but I don't tweet or 'twoop'...
I use it mainly to follow the likes of Marshall. Eric is always tweeting stuff. I don't have enough time in a day to type the 140...LOL.
Quote from: Conan71 on February 16, 2012, 01:09:38 AM
Actually, I've never gotten into the Twitter. I don't think the world wants to know about my every move and thought.
I use it as a source for news. I've tweeted 18 times but I read hundreds of tweets a day.
The teens I know on twitter have 2500 to 8000 tweets under their belts. It's definately used to communicate by the millenials and younger more than us Boomers and X'ers.
Quote from: Townsend on February 16, 2012, 09:59:19 AM
I use it as a source for news. I've tweeted 18 times but I read hundreds of tweets a day.
The teens I know on twitter have 2500 to 8000 tweets under their belts. It's definately used to communicate by the millenials and younger more than us Boomers and X'ers.
That begs a question: I was born in 1965, so I'm not a boomer and I've never heard of my ilk referred to as gen-x either. What am I?
Quote from: Conan71 on February 16, 2012, 10:42:57 AM
That begs a question: I was born in 1965, so I'm not a boomer and I've never heard of my ilk referred to as gen-x either. What am I?
13th generation.
Quote from: Conan71 on February 16, 2012, 10:42:57 AM
That begs a question: I was born in 1965, so I'm not a boomer and I've never heard of my ilk referred to as gen-x either. What am I?
A "tweener".
Quote from: Conan71 on February 16, 2012, 10:42:57 AM
That begs a question: I was born in 1965, so I'm not a boomer and I've never heard of my ilk referred to as gen-x either. What am I?
according to the Strauss-Howe generational theory, you are a 13th generation (aka generation x):
http://en.wikipedia.org/wiki/Strauss-Howe_generational_theory#Generational_archetypes_and_Turnings
Quote from: dioscorides on February 16, 2012, 11:32:03 AM
according to the Strauss-Howe generational theory, you are a 13th generation (aka generation x):
http://en.wikipedia.org/wiki/Strauss-Howe_generational_theory#Generational_archetypes_and_Turnings
B...bu...but, I was never a fan of Lilith Fair and never went to Lollapalooza
Quote from: Conan71 on February 16, 2012, 11:46:43 AM
B...bu...but, I was never a fan of Lilith Fair and never went to Lollapalooza
perry farrell was born in 1959 and sara mclachlan in 1968. i don't know if that really means anything, i just thought i would post it. though perry farrell is actually a boomer, i guess it shows that the early gen-xers were performing at lilith fair and lollapalooza. trent reznor was born in 1965.
I was born in 1964 and feel no generational connection to Boomers or Gen Xers, although I did attend Lollapalooze in 1995. Hence, "Tweener."
Quote from: DTowner on February 16, 2012, 03:01:07 PM
I was born in 1964 and feel no generational connection to Boomers or Gen Xers, although I did attend Lollapalooze in 1995. Hence, "Tweener."
i went to lollapalooza in 1996 (the heavy metal one). it was the only time i got to see the ramones and soundgarden and was a week before my wedding. i got a horrible sunburn that was still visible in my wedding pictures. i was supposed to go in 1997 in dallas, but got irritated with my travel mates and jumped ship in norman. ahhh, memories.
Quote from: aoxamaxoa on January 24, 2007, 04:13:59 PM
I see JG got his new financing. Looks weird to me. $43 million on less than 300,000 sq. ft.?
I wonder who did the appraisal work. But I really wonder about the lender.....
You got that right! ;)
Write it down....and it's still overpriced. Jinx.