Tribune Lofts may become condos
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The Tribune Lofts building, constructed in 1922 to house a newspaper, is located at 20 E. Archer St.
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By ROBERT EVATT World Staff Writer
12/4/2007
Converting the downtown apartment building at
a cost of $6 million is beginning to take shape.
Tribune Lofts, downtown's first
modern apartment development
this decade, may soon be converted
into tenant-owned condominiums.
Steve Ganzkow, vice president of
Tribune Lofts developer American
Residential Group, said his company has started marketing the 35
units for purchase and will convert
the building to condos at a cost of $6
million once 60 percent of the space
is reserved.
"We're hoping to have at least
that amount reserved by the first
quarter of 2008," he said.
If the conversion is successful,
Ganzkow said, American Residential has preliminary plans to construct a $10 million, 40-unit companion building in a parking lot
immediately to the west.
Ganzkow said converting
the Tribune Lofts building,
constructed in 1922 and listed
on the National Register of
Historic Places, was always a
possibility for the building.
But first, they had to get people living downtown.
"It's been our goal all along
to introduce the product as a
rental so people could see
what urban living was all
about," he said.
"Now we want
to prove that people really
want to own their units."
After converting the former
home of The Tulsa Tribune at
20 E. Archer St. to lofts in 2001
at a cost of $4.5 million, a
healthy number of people
gave living there a try. Ganzkow said the area's job cuts in
2002 caused problems, but oc
cupancy has typically hovered
around 90 percent.
American Residential had
considered changing the
building to condos for some
time. It was legally prevented
from doing so until the end of
2006, however, since the company had accepted $700,000
from the Tulsa Development
Authority for the original renovation.
Now that the company is
free of the restriction, it's
pushing ahead with its plan.
American Residential has
just started actively marketing
the condos but already has received four serious inquiries,
Ganzkow said. "The initial response has been pretty satisfactory."
Units ranging from 750 to
2,300 square feet would sell
for $175 per square foot -- or
$200 per square foot should
the new owner want upgraded
finishings -- for a total estimated price of between
$131,250 and $460,000, Ganzkow said.
Current residents of Tribune Lofts would be asked to
vacate should the company secure enough reservations,
though Ganzkow said he has
consulted with the residents
on the project throughout its
planning.
"Most of the current residents would qualify as owners, based on their incomes,"
he said.
When Tribune Lofts is fully
converted, American Residential will begin development of
the tentatively named Tribune
II.
The five-story building
would combine 5,250 square
feet of office space with a community area on the first floor,
a covered parking garage and
a mix of one- and two-story
condos ranging from 980 to
2,200 square feet on the remaining levels.
Assuming the Tribune Lofts
conversion begins shortly after the first quarter, construction on Tribune II would begin
in June at the earliest.
Ganzkow, whose company
also spearheaded the 159-unit
Renaissance Uptown apartment complex at 11th Street
and Denver Avenue, said
downtown condo developments would be easier to fund
than apartments, since the
units are pre-sold. He predicts
that more may follow in Tulsa.
"Some of the other lofts in
development may convert to
condos also," he said.
"There's always going to be a
balance of rental projects and
ownership in thriving downtown areas."
He said Renaissance Uptown is not a candidate for
condo conversion.
Robert Evatt 581-8447
robert.evatt@tulsaworld.com