1st Street Lofts Project Gets New Developer

Ross Group says it's taking over the 1st Street Lofts project in downtown Tulsa.

The company says it will begin work to finish the project this month, with completion set for Summer 2017.

The building is located near 1st and Cincinnati. Michael Sager began the original effort in 2007 to renovate the historic Jacobs Hotel into a 19-unit apartment building.

Ross Group bought it from Sager.

3/21/2007: Related Story: New Look For Historic Downtown Hotel

Ross Group says Miles & Associates are providing design services and AVB Bank will provide the financing. 

The project will include at least 22 loft-style apartments. Construction will begin on the 2nd through the 5th floors later this month. The total price tag is $6 million.

The hotel was built in 1916 right across from the train station. Sager said he bought the building in the late 1970s. When he began work on it about ten years ago, Sager said his team took all the bricks off the building and reinstalled them. 

The 1st floor was home to S & J Oyster Company, which closed a few weeks ago.