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Developer Steve Easley details Aspen Ridge expansion, says he will invest about $11.5 million in a hotel
Summary
At a Broken Arrow EDA meeting, Oak Trust Development's Steve Easley outlined a package of retail, five new restaurants, apartments and a planned hotel investment of about $11.5 million at Aspen Ridge, and said a land sale is scheduled to close at roughly $29.50 per square foot.
Steve Easley, introduced by Economic Development Director Jennifer Rush as a representative of Oak Trust Development, told trustees that Aspen Ridge is drawing strong retail interest and that his team plans additional investment in the project.
"I am personally going to invest about $11,500,000 into that," Easley said, describing a hotel to be located on the former Core Church frontage and noting the development team has selected a management team for the property. He told the board five more restaurants are committed and that Brookshire and Reesers stores already open at the site are meeting expectations.
Easley said a land sale tied to the project is expected to close in March at about $29.50 per square foot. He also said apartment construction should begin soon: "you'll start seeing that. It's pretty much done. So that will move forward in the next 60, 90 days," he said, and predicted dirt could be turned by spring or summer.
During his presentation, Easley described permitting and easement hurdles his team has worked through, including negotiations to have an easement removed by Crown Castle that he said almost jeopardized a deal. He credited the project's progress to a continued public-private partnership and named several staff members he said helped the effort.
The developer declined to make an immediate public announcement about certain prospective tenants, saying he would share details with council members individually rather than in group email. City staff reminded trustees that emails to council members are public records, a caution Easley acknowledged.
The presentation drew brief praise from trustees and no formal vote. Jennifer Rush introduced the item and remained in the meeting during the update; no new approvals or funding decisions were made at the meeting.
What's next: Easley said his team would circulate lists of prospective tenants to the council privately and that construction milestones for apartments and site work should appear in coming months.
