Make room for some upscale downtown living.
That seems to be the mantra of Price Family Properties, whose newest multifamily project, 111 Lofts, will include some units larger than many suburban homes.
The conversion of the former 10-story office building at 111 W. Fifth St. will house 69 apartments, nine of which will contain three bedrooms and range from 2,600 to 2,800 square feet. Completion of the project is expected in June.
“My parents moved downtown almost two years ago, and they love it,” Price Family Properties President Jackie Price Johannsen said of her parents, Stuart and Linda, relocating to the Transok Building. “…We’re taking a big gamble on these nine units being attractive to either a young professional couple or an older retired couple or a couple with a kid or two.
“We’ve had an interest from all of those groups. Once people start realizing the options are there, they will start coming down here more.”
The real estate company will be seeking historic tax credits to revamp the building, which was constructed in 1921 and placed in the National Register of Historic Places in 1982.
“PFP is delighted to be repurposing this beautiful, historic building for use over the next century,” said Stuart Price, the firm’s chairman.
The largest units — two of which already are pre-leased — will be on the second, ninth and 10th floors and start at $4,000 a month. Floors three through eight will be a mix of studio, one-bedroom and two-bedroom units ranging from $700 to $1,700.
“The smaller units, obviously, are attractive to everyone, it seems, because every apartment building downtown is full,” said Johannsen, who recently led the Tulsa World on a tour of the complex with sisters and PFP team members Nikki Price and Stephanie Price Brown.
The building’s atrium is topped by a skylight, and the 111 Lofts’ open concept will feature custom cabinets, wood floors, quartz countertops and stainless-steel appliances.
Two restaurants are being targeted for the ground floor, and the basement will be home to a gym.
“People want to be able to walk to work and walk to restaurants,” Nikki Price said.
Initially named the Petroleum Building, the structure was among three built along Fifth Street by John and Cass Mayo, the other two being the Mayo Hotel and Mayo Building. The Petroleum Building was so named because the majority of its early tenants were linked with that industry during the Oil Boom years.
It housed the Mayo Furniture store for more than 50 years, and Cass Mayo maintained offices in the building until his death in 1949.
Later renamed the Grantson Building, the structure underwent a $4 million renovation in the early 1980s, according to newspaper archives.
Arvest Bank is the lender on the 111 Lofts project, which is being designed by Hoefer Wysocki of Kansas City, Missouri. General contractor is Stava Building Corp.
“There is an energy focused around 111 Lofts,” Stava Building Corp. President Curt Hellen said in a statement. “Stava is thrilled to partner with Price Family Properties on this historic renovation.”