Tulsans now have a glimpse of what a proposed downtown parking garage and retail space could look like.
A rendering of the 500-slot garage and 3,000 square feet of initial retail space is included in a mayor’s recommendation to the Tulsa Development Authority to award $1.67 million for the First Place LLC project at Fourth and Main streets.
The redevelopment agreement, which the TDA is scheduled to vote on Thursday, would provide First Place a six-year exemption on local property taxes and allow it to repay the loan over a 12-year period, documents show.
The city has one Tax Incentive District covering real estate within the Inner Dispersal Loop, the interstate highways surrounding downtown. The garage is projected to cost about $13 million, according to a building permit.
“We are really progressing toward what will be a public-private partnership and delivering a much-needed infrastructure project that includes 519 parking spaces and retail that will include a 3,000-square-foot plus restaurant at one of the most important intersections at Fourth and Main,” Stuart Price, developer of the project, said Wednesday morning in a telephone interview.
Cyntergy is the architect for the project and Nabholz is the general contractor, Price said. Construction is set to take nine to 12 months, he said.
“This project is the first step towards providing first-class parking options for the multitude of companies that are moving downtown at lightning pace to be part of the resurgence and vibrancy of Tulsa’s downtown community,” Price said.
The TDA approved a Downtown Development Redevelopment Fund committee request to negotiate a redevelopment request with First Place LLC in October 2015. After working toward a resolution, Mayor G.T. Bynum approved terms he sent to the TDA on Aug. 28.
Those terms include the 3,000 square feet of immediate retail space on the ground floor, with provisions for future retail. The project also must maintain access via the tunnel system to Main Park Plaza Garage.
Fencing had recently gone up around the area, which is home to Tulsa’s Bertoia Fountain. Price is donating the fountain to the Tulsa City-County Library System, which plans to do some restoration work on the fountain before displaying it at the newly renovated downtown library at Fifth Street and Denver Avenue.