LARGE mixed-use development planned for Riverside Parkway near River Spirit Casi

[BKDotCom]

https://tulsaworld.com/news/local/government-politics/article_23aec991-a9a2-441b-9035-85b99e09fee6.html#tracking-source=home-top-story

The Muscogee Nation received approval Monday to move forward with plans to seek financial incentives from the city to build a 37-acre mixed-use project on the east side of Riverside Parkway near the River Spirit Casino.

Preliminary conceptual plans for the project, known as Riverline, call for spending approximately $400 million in private dollars to build 213,800 square feet of retail space and 780 multifamily units.

During a meeting of the Local Development Act Review Committee, members voted unanimously to recommend approval of the Southern Villa District Economic Development Project Plan, which would include a three-phase tax increment finance district within the boundaries of the project.

TIFs allow governmental entities to use a portion of property taxes and/or sales taxes generated within the district to invest in infrastructure, providing an incentive for private investment.

The TIF recommended for approval Monday would include property and sales tax collections and would run for no more than 25 years or until revenues reach $425 million, whichever comes first.

The recommendation now goes to the Tulsa Metropolitan Area Planning Commission, which must determine whether the project plan is consistent with the city's comprehensive development plan. It will then go to the Tulsa City Council for its approval.

Jason Salsman, press secretary for the Muscogee Nation, said the tribe was pleased with Monday's vote.

"We're excited to see the progression of our development on Riverside continue and even more pleased to join with our partners to show how we can work together in a unique way to stimulate growth and commerce in the local economy," Salsman said.

Erran Persley, the city's economic development director, said that "for me, the most important thing to recognize is that we're talking about an area that used to be a trailer park with low value to the city and turning it into something that's going to be a mixed-use development that's going to generate sales tax revenue that builds and supports the city for years to come."

"It's taking something that wasn't valuable and making it a very valuable asset for the city," Persley said.

The development property is not part of the casino. It starts across the street from the southern entrance of the casino parking lot and extends south nearly to where Riverside Parkway and 91st Street intersect.

The tribe is partnering with Rainier Development Co. on the project.

The construction schedule presented to the Development Act Review Committee shows work on Phase 1 of the project beginning at the north end of the property in 2026. It would include 282 multifamily units and 120,000 square feet of high-end retail.

Phase 2 of construction is anticipated to include 252 multifamily units and 48,500 square feet of retail and, at the far south end of the property, 246 multifamily units and 26,000 square feet of retail space.

City Councilor Anthony Archie, who represents the district in which Riverline would be constructed, chaired the Local Development Act Review Committee meeting Monday.

"I went to ORU. I spent a lot of time at the corner of 81st (Street) and Lewis (Avenue)," Archie said. "I used to work at the Hilton Hotel, as well. I've just seen it economically struggle for the last 10 years."

"This partnership with the city of Tulsa, Partner Tulsa, the Muscogee (Creek) Nation, represents the economic engines being turned on. It represents housing and retail. And my desire is for our local businesses to experience economic uplift from this."

The proposed project, if approved, would help advance another south Tulsa development — construction of the south Tulsa/Jenks Dam.

In December 2022, the Muscogee Nation signed a memorandum of understanding with Jenks, Tulsa and the Indian Nations Council of Governments in which it pledged $8,192,000 for maintenance of the dam contingent on the execution of a development agreement for the Riverside Parkway project.

According to the MOU, the Muscogee Nation would provide the funds "from various sources, contingent on execution of a Development Agreement."

City officials stressed, however, that the proposed Southern Villa TIF does not include the proposed south Tulsa/Jenks dam site, and that revenue generated by the TIF would not be used by the tribe to maintain the dam.

A city spokesperson said the project is still in the early design and feasibility stage.

"We should have more information to share early next year after we receive the initial deliverables and updated cost estimates from our engineering firm," the spokesperson said. "It's important to note that the city of Tulsa is just one piece of this joint project between the city of Jenks, the Indian Nations Council of Governments and the Muscogee Nation."

"This project will be a true catalyst for the area, transforming it with much-needed housing and introducing high-end retailers and amenities that have been missing here for too long," said Mike Dickerson, senior vice president of incentives and municipal relations for Partner Tulsa. "By expanding local retail options, we'll keep more of our community's spending here at home rather than losing it to other cities."

[dbacksfan 2.0]

So they now own both sides of the river and a moving forward with the second low water dam/lake on the river.

Remember Golf Suites vs One Fire/Muscogee?

https://www.tulsanow.org/forum/index.php?topic=21999.0