36th Street North Corridor Development Delayed as Parties Wait for City to Finalize Taxing District
It will take a little bit longer for work to begin on a three-phase, nearly $76 million project slated for the 36th Street North corridor.
The Tulsa Development Authority approved an updated terms sheet with developer Alfresco Group LLC that will move the start of construction back from Oct. 1, 2020, to Jan. 1, 2021, with completion pushed back a month to July 1, 2022.
The other two phases of the total 500-acre entertainment, retail and residential project will also be delayed.
The project has $15.5 million in assistance committed to it from a North Tulsa tax increment financing district the city has yet to finalize.
"So, that’s something that, really, is not the — the developer’s not dragging his feet on it. It’s just that’s the timing that’s going to be necessary to permit him to begin construction," said TDA General Counsel Jot Hartley.
Alfresco Group also tweaked some of its plans, including scaling back parking garages and cutting the number of multifamily housing units in a future phase almost 20%. There are no changes to the financial arrangements.
"The total financial assistance is consistent, the total investment is consistent, and, of course, if they don’t make the investment and generate the increment, they don’t receive the assistance," Hartley said.
The first phase of the project is a boutique hotel with 9,000 square feet of retail space.