Four new downtown loft projects - Vision 2025
http://www.tmcnet.com/usubmit/-visio...10/1446930.htm
Vision money funds lofts: Four downtown buildings will be renovated to hold residential units.
(Tulsa World (OK) (KRT) Via Thomson Dialog NewsEdge) Mar. 10--More than 160 residential units will be created in four downtown buildings with the help of $10 million in Vision 2025 funds, Mayor Bill LaFortune announced Thursday.
The sites include the historic Mayo Hotel, 115 W. Fifth St.; Mayo Building, 424 S. Main St.; and Transok Building, 2 W. Sixth St.; and a building in the Blue Dome District at 310 E. First St.
"Downtown Tulsa is coming back, and coming back strong," LaFortune said. "These are exciting times as we see so many public and private revitalization efforts under way."
The funds were set aside to boost the number of downtown residential units from the current 900. Market studies have shown a demand for 600 to 800 more.
Vision 2025 originally devoted $9.3 million to downtown housing, but the sales tax is generating additional money that can be put toward the effort, officials said.
Ten proposals totaling $33.2 million were submitted by developers to the Vision 2025 Housing Fund Committee, which worked to determine where the money would have the most impact, Downtown Tulsa Unlimited President Jim Norton said.
Final approval of the selections came Thursday from the Vision 2025 Oversight Committee and the mayor.
"It was a difficult job because all of the proposals were very creative," Norton said. "It would have been great to have been able to fund them all."
Those that did receive money will be required to pay it back over time so that it can be reallocated to future downtown housing developments, Norton said.
The projects did not receive the full amount of funding requested but enough to get them going.
The Tulsa Development Authority is beginning contract negotiations with the developers, who have been awarded a funding range that will be pinpointed to a specific amount.
The Mayo Hotel: Developer Mayo LLC requested up to $8.4 million but will receive between $4.7 million and $4.9 million, which will go toward creating 70 lofts on floors seven through 18.
Listed on the National Register of Historic Places, the Mayo Hotel was once hailed as the finest in Oklahoma and was the tallest building in the state.
Dating back to 1924, it hosted such guests as Charlie Chaplin, Mae West, Charles Lindbergh, John F. Kennedy and Elvis Presley before closing its doors more than two decades ago.
In recent years, the grand lobby and mezzanine have been renovated, and this project is continuing that effort.
The original proposal called for 118 lofts that would be between 700 and 3,060 square feet and rent for $700 to $3,060 per month. There are plans for new elevators, a revamped Crystal Ballroom and a rooftop bar.
The total cost of the full project is estimated at more than $21 million.
The Mayo Building: Developer Chuck Wiggin through Mayo Redevelopment LP requested $4.5 million but will receive between $2.8 million and $3 million, which will go toward creating a portion of the original 94-loft plan. The exact number is being determined.
The design calls for one- and two-bedroom units ranging from 600 to 2,000 square feet, with ground-floor commercial outlets such as the current tenant, Billy's On the Square restaurant. Monthly apartment rent would be $650 to $2,400.
The total cost of the full project is estimated at $15.1 million. The building was constructed in 1910 and expanded in 1917.
The Transok Building: Investors Henry Kaufman and Maurice Kanbar through Navajo Properties LLC requested $2 million but will receive between $1.3 million and $1.5 million to pursue their 52-loft plan.
Formerly known as the Public Service of Oklahoma Building, this art deco structure, which was completed in 1929, is listed on the National Register of Historic Places.
The lofts are expected to range from 752 to 1,450 square feet, with rent priced between $940 and $1,812.50 per month.
Sager said there is enough funding to move ahead with the full 16-unit proposal.
The lofts will be marketed as "creative spaces for creative people" and range from 678 to 1,883 square feet and rent for between $700 to $2,100 per month.
The bottom two floors will be commercial space.
The total project cost is estimated at $2.8 million.
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Brian Barber 581-8322
brian.barber@tulsaworld.com
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