An Oklahoma City developer is proposing to convert a downtown Tulsa parking lot into a roughly $51 million project anchored by a four-star hotel, apartments and parking lot.
Pivot Project Development presented the plan Thursday at a meeting of the Tulsa Authority for Economic Opportunity, which approved the sale of land at 311 N. Boulder Ave. and a redevelopment deal through WPA Development Partners Inc.
WPA is a joint venture between Pivot Project and its contract partner CMS Willowbrook, said David Wanzer, co-founder and chief financial officer of Pivot Project.
“We really specialize in urban core redevelopment projects,” Wanzer said. “We saw this opportunity for this site right in the middle of the arts district. … We like to try to make positive changes on the buildings we renovate, the blocks we develop on, the neighborhoods we develop in. This site aligns perfectly with our core values as a company.
Developers plan to invest about $26 million in the 90-room boutique hotel, $15 million in 88 apartments and $10 million in the 200-space parking lot, Wanzer said. A total of 20,000 square feet of commercial space is also part of the project.
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After the parking lot is completed, the Tulsa Authority for Economic Opportunity, which was renamed PartnerTulsa on Thursday, will purchase the garage, leasing 88 spaces from the developer for hotel guests and apartment residents.
PartnerTulsa will realize at least $2,244,870.26 from the sale of 311 N. Boulder Ave. and will pay a maximum of $7,150,526 for the new parking garage, off the land, according to the agreement.
“It’s going to be fantastic for the Arts District,” said Casey Stowe, senior vice president of PartnerTulsa. “This is an exciting project for the region and for Tulsa.”
Construction on the project is expected to begin in August 2023 and take 18 to 25 months to complete, Wanzer said.
“This is a very unique project, a partnership between a municipal entity and a private company,” said A. Craig Abrahamson of PartnerTulsa. “I hope it will be a great success and a model for future development.”
The apartments will be located above the garage podium and commercial space between the garage area and the hotel. The hotel will have a rooftop bar and the multi-family component will also have a rooftop recreation area.
The designer will be architect Chris Pardo of Palm Springs, Calif., Wanzer said, adding that this is Pivot’s first project in Tulsa.
“We really wanted to bring a really dynamic mix to what is a crucial neighborhood intersection,” he said. “We think a small boutique hotel also made sense, especially with the Cain Ballroom closing and the OKPOP Museum opening.
“The multifamily also makes sense in this neighborhood. People want to live here. And it was really important to anchor the three sides of the site with shops on the ground floor to activate the street. »
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