Housing for seniors in need: Tulsa agency takes next step in $53M redevelopment of Pioneer Plaza

The Tulsa Housing Authority announced Tuesday that it has closed the financing for redevelopment of its Pioneer Plaza property, an 11-story high-rise apartment community north of downtown.

Providing housing for extremely low-income tenants who are elderly or have a disability, the redevelopment will extend the useful life of the building at 901 N. Elgin Ave., officials said. The property, built in 1969, was added to the National Register of Historic Places last year.

Aaron Darden, Tulsa Housing Authority president and CEO, said: “The financial closing and $53 million redevelopment of this historic building is a milestone for the investment in housing for persons who would likely be experiencing homelessness without this apartment community. This project proves that with the right team and funding partners, Tulsa can make impact investments to provide housing that is deeply rent-subsidized for those who need it most, and THA is ready to lead that effort.”

The project will include the redevelopment of all 191 units in the building, with the addition of 10 new ones for a total of 201 rent-subsidized apartments. It will also include new community spaces for residents, a renovated entryway lobby and a commercial kitchen to expand social services provided to tenants.

THA officials said project financing was made possible through low-income and historic tax credits from the Oklahoma Housing Finance Agency, along with national housing trust funds and tax-exempt bonds.

Deborah Jenkins, OHFA executive director, said: “The recent housing study shows that more housing of this kind is needed in Tulsa, and THA has taken the lead to ensure the community’s needs are met. The Oklahoma Housing Finance Agency is proud to have partnered in their revitalization of this historic building providing affordable housing to our most vulnerable populations.”

Pioneer Plaza was the first low-income senior housing project built for THA after the agency was established in 1966.

A fire at the tower in May 2022 forced residents on multiple floors to be temporarily relocated.

THA officials said they assembled a national team to bring the project to financial closing, including legal and financing experts at Ballard Spahr and CSG Advisors and funding partners at RBC Community Investments and M&T Realty Capital Corp.

“This project is a case study of affordable housing finance at its very best,” said Nicole Graham, CEO of CSG Advisors. “From the very beginning, the project was facing an uphill battle — including a flood, a freeze and a fire — but the team kept going, steadfastly making things work, and ultimately finding a way to finance this much-needed project that will improve the quality of life for residents for many years to come.”

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