The Tulsa Premium Outlets are in the construction stage just months after developers committed to a site in Jenks.
The 340,000-square foot project is expected to open in spring 2021.
"This outlet mall ’s going to be huge for Jenks. It’s going to bring new jobs, new sales tax revenue for us. We’re also excited it’s going to bring more people into town to enjoy our aquarium, our riverwalk and our downtown area," said Jenks Mayor Robert Lee.
Simon Outlets CEO Steve Yalof said the shopping center will cost around $80 million but would not have happened without local buy-in.
"So, when siting a new shopping center, the big three rules of real estate always apply. That’s location, location, and location," Yalof said. "But in Jenks, the other big three, which aren’t often appreciated, they do as well. And that’s cooperation, partnership and speed."
The outlet mall has been in the works since 2015, but Simon Premium Outlets had to change sites, picking a location near the Creek Turnpike and Elm Street just last August.
Jenks built a new segment of road with bond funding and voters approved incentives through a tax increment financing district for the outlets.
"The total amount of the TIF is about $80 million, and Simon expects to recover somewhere between $15 million to $17 million through the TIF. And what they’ll be repaid for is public infrastructure," said Jenks City Manager Chris Shrout.
With additional funds from captured sales tax revenue, Simon Outlets will be repaid a total of $30 million for building new public infrastructure like roads that connect the mall to other, existing roads.