The City of Broken Arrow is now the official owner of a 90-acre field between Aspen and Olive avenues south of Florence Street.
Mayor Debra Wimpee says they have big plans for the $5 million purchase.
"This will be the future site of our Innovation District, which will be a mixed-use featuring residential, commercial and educational components while focusing on high-paying career opportunities. Keep in mind, this is an investment into the future of Broken Arrow. So, we don't have plans to break ground just yet," Wimpee said in a video posted by the city.
Broken Arrow officials announced their intent to buy the property in March and signed the closing papers on Friday. The Innovation District has been in the works since early 2017, and voters approved $9 million in bonds in 2018 for infrastructure needed to support it.
"The Innovation District will be a collaborative effort alongside developers, local businesses, the Broken Arrow Economic Development Corporation, the City of Broken Arrow and our educational partners to recruit businesses to our city, provide support and create a pipeline to keep our locally grown, talented individuals right here in BA," said City of Broken Arrow Economic Development Manager Jennifer Rush.
Several city and industry representatives traveled to Greenville, South Carolina, last month to get a close look at its innovation hub. BA Chamber and Economic Development Corporation President and CEO Jennifer Conway said that will help in the development of the Innovation District.
"It is a huge undertaking, but one we are confident will rival innovation districts in cities across our country," Conway said.
No tenants for the Innovation District have been announced yet.