Operating Trust Says Sale Of Tulsa PAC Parking Lot Still In The Works
The Tulsa Performing Arts Center trust still intends to sell its parking lot at Third Street and Cincinnati Avenue to a developer for a retail and residential project anchored by a full-service grocery store.
Indianapolis-based Flaherty and Collins is still interested in the $5 million purchase, which it’s been chasing for about five years. Not much has changed in their proposed build, though they’re now considering a hotel component in addition to apartments. PAC CEO Mark Frie said the nearby Hyatt and other downtown hotels have been good partners, but something right across the street could them market packages to traveling patrons.
"We attract people from all over Oklahoma, but also we have season ticket buyers from Missouri, Arkansas, Kansas. And when they come in, they make a weekend of it, and that just helps the economy. So, having another hotel option's always great," Frie said.
Current plans include the grocery store, more than 200 apartment units and a 450-space parking garage. Frie is hopeful the sale can be finalized early next year.
"We recognize how important that property is not only for us and our future, but for the future of Tulsa to be able to activate that surface lot into something that's going to be vibrant right next door to us is a win-win for everyone," Frie said.
The sale has had several stops and starts since the PAC Trust first considered it in 2016. Reasor’s used to be attached as the grocer, but has since pulled out of the project. The number of apartments and parking spaces has been whittled down from earlier proposals.