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Tulsa authority approves up to $2.1M in TIF aid for 80-unit downtown apartment project
Summary
The Tulsa Authority for Economic Opportunity approved up to $2.1 million in tax-increment financing (TIF) assistance for a new 80-unit apartment building near the BOK Center that includes a 16% workforce housing set-aside.
The Tulsa Authority for Economic Opportunity on Thursday approved a development and financing assistance agreement that could provide up to $2,100,000 in tax-increment financing assistance to a downtown apartment project by D Flats LLC.
The project, presented by developer Steven Watts of Rose Rock Development Partners and introduced to trustees by agency staff, is a roughly $28 million mixed-use building at Third and Denver with integrated parking, rooftop amenities and 80 apartment units. The developer said 16% of units — about 13 apartments — will be set aside as workforce housing targeted at rents tied to 80% of area median income.
Watts said the building will include two concrete decks for parking, wood framing above and integrated parking access from Third Street and Cheyenne Avenue. "It will have plans to have a rooftop amenity, and it will be about 16% set aside for workforce housing," Watts said, identifying himself as a real estate developer with Rose Rock Development Partners.
Board members asked several technical questions about the affordability mix, the TIF term and the financing need. Watts said the workforce units reflect the project's financing constraints and current construction costs, and that the developer needed a lengthy TIF reimbursement period to meet debt-service coverage requirements. He described the assistance term as a 17-year schedule that effectively nets to about 56% of project value after customary administrative set-asides.
Trustees moved, seconded and approved the agreement by roll call. Staff said the developer expects a roughly nine- to 12-month period to finish design and permitting before breaking ground, assuming prompt progress on permits and financing.
The authority's minutes show the board approved the motion; staff said the financing assistance is intended to close the developer's gap to make new construction feasible in downtown Tulsa.
