Tribune Building to Remain Apartments

Plans to convert the Tribune Lofts, 20 E. Archer St., into condominiums have been placed on hold, according to officials of American Residential Group, the developers of the project, due to lack of interest from potential buyers.
The building contains 35 units on six floors and features units ranging in size from 704 to 2,288 SF. The units include polished concrete floors, exposed brick walls and 10 to 14 foot ceilings as well as rooftop observation deck and controlled access covered parking.
The conversion was to cost American Residential Group $6 million and plans had called for the conversion of the units to condos once American Residential had pre-sold 60 percent of the space. As apartments, the space is currently 85 percent occupied.
The upscale Brady District complex, which was completed in 2001, hoped to follow the Philtower building and Philtower LLC, which renovated and sold nine floors of the downtown building as for-sale living spaces.
Officials said they plans to reintroduce the conversion plans again in 2009, once the substantial amount of downtown and Brady District construction has been completed. Currently under development in the area include a $20 million, 50,000-SF media center being built by Griffin Communications, the Tulsa Arts Coalition building and a joint Brady District project by the Gilcrease and Philbrook museums. The area could also include a $30 million mixed-use Greenwood Chamber of Commerce development and a downtown Driller Stadium.
Built in 1924 by Charles Page, the Tribune building served as home to the Tulsa Tribune until 1942 and was largely unused after 1971. American Residential Group opened the renovated building to tenants in the fall of 2001.
ARG also owns and manages eight upscale apartment communities including Tulsa’s Renaissance Uptown, Lincoln Park, Lincoln on Memorial, Woodland Park, Memorial Creek, and Villas on Memorial.

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