Wiggin Properties is under contract to purchase Downtown Tulsa’s Arco Building and is planning to repurpose the 63-year-old property as a rental apartment complex, the Tulsa World reports.
Located at 119 East 6th Street, the six-story, 133,000-square-foot Arco Building is currently owned by Kanbar Properties. River City Development had previously planned to buy the asset and convert it to condominiums under the name 119 Downtown.
Oklahoma City-based Wiggin now plans to transform the property into a apartments with ground-floor retail space. Although Wiggin has not yet secured funding, Emily Rohleder, vice president of Wiggin’s Tulsa office, told the World the developer has selected a contractor and architect and expects construction to start by June.
Rohleder added that the Arco’s structure and historic nature attracted the developer to the property. The exact number of apartments is still undetermined. Wiggin is seeking prospective tenants for the ground-floor retail space.
Wiggin has previously transformed the former Mayo Building, located at Fifth and Main streets, into the Mayo 420 apartment complex, which also houses the Downtown Milwaukee YMCA. However, Rohleder said Mayo 420 will not serve as the model for the Arco’s makeover, as Wiggin wants the Arco to have its own character.
Photo Courtesy of: www.tulsaproperties.com