ZYX2
08-02-2011, 05:20 PM
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.
http://s1111.photobucket.com/albums/h478/120development/
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.
http://s1111.photobucket.com/albums/h478/120development/