$38 million development being proposed across from BOK Center

[BigTulsa]

I believe this is a long time coming.

Tulsa World: $38 million development being proposed across from BOK Center

[metro]

Also saw the article yesterday where there is nothing to do near the BOK, the only restaurant nearby closed. This would be a good boost to the BOK district if it comes to fruition.

[metro]

Here is the pic of the proposed development:


An architect's rendering of an aerial view of proposed One Place development showing proximity to BOK Center.

[Karried]

Nice!

[Midtowner]

If Tulsa is anything like OKC, the final development will end up being much smaller and barely having any resemblance to the original proposal.

[fromdust]

If Tulsa is anything like OKC, the final development will end up being much smaller and barely having any resemblance to the original proposal.

lets hope theyre not like okc.

[john60]

The design seems to be very good--designed as a "shortcut" for pedestrians to get to BOK Center. Being able to funnel pedestrians through a pedestrian-friendly zone that includes mixed use stuff is something that we don't really have. No one really parks their car and passes retail/restaurants all the way up to Ford Center. Its a lot of walking next to busy streets/backs of buildings.

Doesn't KC kind of have a similar concept with the Power and Light district? I've never really seen it, but from what I've heard its kind of similar; it was built alongside the Sprint Center at the same time. I wonder how well that recently developed "built from scratch" concept is working right next to their arena.

I've also never been to BOK, but is this development in an area of downtown that will make it possible for it to be active on non-event nights? I guess it doesn't really have much competition...

[BigTulsa]

The design seems to be very good--designed as a "shortcut" for pedestrians to get to BOK Center. Being able to funnel pedestrians through a pedestrian-friendly zone that includes mixed use stuff is something that we don't really have. No one really parks their car and passes retail/restaurants all the way up to Ford Center. Its a lot of walking next to busy streets/backs of buildings.

Doesn't KC kind of have a similar concept with the Power and Light district? I've never really seen it, but from what I've heard its kind of similar; it was built alongside the Sprint Center at the same time. I wonder how well that recently developed "built from scratch" concept is working right next to their arena.

I've also never been to BOK, but is this development in an area of downtown that will make it possible for it to be active on non-event nights? I guess it doesn't really have much competition...

Actually, the Blue Dome District does give it some competition, but why would it have to compete? It's an enhancement. Anything that gets people downtown throughout the week is a good thing, no matter what city you live in.

[warreng88]

Developer targets Tulsa arena traffic
by Kirby Lee Davis
The Journal Record May 8, 2009
TULSA – Bob Eggleston faces a race against time.

The Tulsa Development Authority agreed Thursday to a 21-day negotiation period with Eggleston for his investor group to buy about 1.5 acres at Third Street and Denver Avenue, a prime spot facing the BOK Center arena entrance.

With that and other lands on the block at his disposal, Eggleston hopes to raise One Place, a projected $38 million to $44 million complex mixing retail, office, lofts and a hotel.

That multilevel project would mine commercial opportunities relatively untapped since the 18,000-seat arena opened in September.

But even if the partnership One Development LLC reaches an agreement with the TDA, that still puts the project three or more years away from opening – a long lag time when trying to change instilled consumer habits against shopping and dining downtown.

Some restaurant operators have grumbled about concert-goers spending little money during their downtown visits. One restaurant that opened last year, anticipating strong BOK Center business, has already closed.

“Sometimes they come here, sometimes it is not so good,” said Mariana Rojas, who with her husband, Guillermo, moved their Latin grill Casa Laredo to the Adams Hotel Building in September, just a block away from the Vision 2025 arena.

With a national recession slowly creeping into the Tulsa economy, some analysts fear the arena’s novelty and curiosity factors could fade within consumers over those three construction years, returning a sense of routine and indifference.

“Traditional retail doesn’t work there,” analyst Bob Parker said of modern downtown environments. “There’s too many alternatives closer to where they live. And you can’t just live off of the one or two events, that big concert every month.”

Eggleston understands the challenge. As the former construction director on the BOK Center, he often wondered why no developer moved on his targeted lot.

“You have to create a critical mass to keep people downtown,” Eggleston said. “One restaurant does not do that.”

By mixing residential with restaurants, retail, office and hospitality, Eggleston said One Place will create a self-sustaining synergy that may capitalize on potential arena business.

The project would benefit from several other downtown residential efforts coming online during his construction period, along with the renovated Tulsa Convention Center and the Oneok Field ballpark to debut next year.

Parker said those steps could sustain and build downtown momentum for a project like One Place.

“I don’t think it’s much of a risk at all,” said Ben Edwards, a consultant to Eggleston who also worked with him on the arena. “The Blue Dome District shows the market and the need. People are just a little bit hesitant to step out in a downtown that has been vacant for so long.”

After considering this development for months, Eggleston gathered support in January from a variety of financial and business leaders, including multifamily developer Leinbach Properties, Hilton Hotels, hotel financier American Liberty Hospitality, Miles Associates, Cooper Construction Estimating and D.P. Consultants. A PowerPoint presentation by Eggleston cited financial backing from a local development consortium and other team members.

“This is a local deal,” he said, explaining how he obtained financial commitments so rapidly. “This is not outside investors.”

Cheyenne Development, which Eggleston has a stake in, bought one of the two buildings on the targeted block, the two-story Tulsa Vision Builders site.

Eggleston said Concorde Development of Oklahoma, which owns the former Towerview apartment property, has pledged to participate in One Place or sell that building.

Both existing structures would be torn down for One Place.

Eggleston made his first presentation to the Tulsa Development Authority two weeks ago, offering several letters of support to verify his financial backing.

One Development proposed a $1.5 million purchase price for the TDA property, with the authority making the site shovel-ready before transferal.

Eggleston projects it will take One Development a year or more before workers may break ground. He projected construction would take two more years after that.

The design remains fluid, with Eggleston offering only general outlines of what One Place could offer. His PowerPoint touted a development with a 120-room hotel, 40-plus lofts, 15,000 square feet of office and retail space.

But as he discussed One Place, he mentioned how certain elements could change dramatically depending on market demand. With all the restaurant interest already drawn, he speculated Thursday that retail space could grow to 20,000 square feet or more.

“You can’t have a project until you own the land,” he said with a smile.

That’s where time factors in to Eggleston’s plan. Although construction inflation stabilized this year, Eggleston expects it to return with a fury, perhaps raising his budget $1 million annually.

“All of these things take a lot of time,” said Parker, vice president of retail for GBR Properties of Tulsa. “That two- to three-year time frame, while it takes long, is pretty realistic.”

While he understood the challenges seeking to arena customers, Parker suggested the consumer spending slowdown probably played a role in restaurant traffic concerns. With the ballpark coming online, he said downtown restaurants and retailers could garner more excitement.

Parker said the mix of residential, service retail and hospitality could make One Place a starting point for redeveloping the BOK Center district.

“If they can tie all that in, something like this could lead to something real finally getting done,” he said.

“Just the fact that someone can announce this, this year, in this economy, is pretty optimistic,” said Parker. “There’s not a lot of communities that could even try to pull off something like this right now.”

Stepping aside on this one

With her son-in-law involved in Cheyenne Development, Tulsa Mayor Kathy Taylor has formally notified the city of Tulsa city clerk of a potential conflict of interest with anything involving Cheyenne and the One Development proposal across the street from the BOK Center. Taylor said she would refer any issues involving the project to Amy Polonchek, her chief of staff.

The Journal Record - Article

[bombermwc]

Isn't this like the 3rd or 4th project someone has tried to put together for this lot?

[BG918]

Not only is one of at least 3 different proposals, it's basically the same one presented the first time. It will be interesting to see if it works out this time. Reminds me of the corner canal lot in Bricktown; amazing location, promising proposals, but still just a grass lot (in Tulsa's case a full block of surface parking).

[TulsaRobert]

I'll see if I can find the article again, but I very recently read that this project was still in progress and working with TDA.

[TulsaRobert]

Tulsa World

"A proposal to create a $38 million mixed-use concept called One Place would place a new hotel across the street from the BOK Center, residential units, retail space and entertainment venues.

One Place was announced in May by One Development, though the entity is still trying to acquire land for the project from Tulsa Development Authority.
"

[metro]

I hope it works out for Tulsa. Also, cool to see the Mayo and Atlas Life being turned into hotels.

[TulsaRobert]

Just wanted to give an update about this:

Tulsa downtown One Place project progressing

TDA finally approved the project (they're notorious for dragging their feet at times!).

[Urban Enthusiast]

Yay, I hope this project comes to fruition! It certainly is a much better use of that block than what is there now.

[metro]

Cool, would be nice to have some life breathed into downtown Tulsa.

[TulsaRobert]

Well, for a long time, there was a "wait-and-see" attitude from investors and developers in downtown Tulsa that nearly killed it while people waited for someone to make a move. Hopefully, now that this project (along with the ballpark, the residential conversions, the activity in Blue Dome and Brady) are starting, it will provide enough assurance to existing investors in the area to begin moving towards actually doing something with their properties.

[circuitboard]

Only 38 Million? I am little skeptical of the quality of this project, usually projects of this side including a hotel, usually get near 60-80 million.

[circuitboard]

Only 38 Million? I am little skeptical of the quality of this project, usually projects of this side including a hotel, usually get near 60-80 million.

Wow, typo side=size

[Oil Capital]

Only 38 Million? I am little skeptical of the quality of this project, usually projects of this side including a hotel, usually get near 60-80 million.

Yeah, I've been wondering a little about that price tag too.

[Swake2]

The amount of the project is between $38 and $44 million, and the reason the cost isn't more is because this isn't a major convention center hotel, it's only going to be about a 200 room Hilton hotel.

I think the city is still wanting a larger hotel to be on the old city hall site connected to the convention center

[Oil Capital]

The amount of the project is between $38 and $44 million, and the reason the cost isn't more is because this isn't a major convention center hotel, it's only going to be about a 200 room Hilton hotel.

I think the city is still wanting a larger hotel to be on the old city hall site connected to the convention center

Actually, 150 rooms. And it's a "Hilton urban hotel" whatever the hell that means. ;-)

[ZYX2]

Bidding is underway for this project currently. No groundbreaking date has been released, but I assume no more than 3 months. http://www.tulsaworld.com/articleima...ePlace0915.jpg

[Dustin]

Very cool project! Good for Tulsa!