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Developers Vying For Downtown Redevelopment Funds

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TULSA, Oklahoma -

One million dollars is on the table from the Tulsa Development Authority.

The money is part of a sales tax fund voters approved in 2001, which is specifically for downtown residential development.

Three developers, with very different projects, are vying for the funding.

Developer Shaun Bhow gave News on 6 a tour of the almost completed Hartford Building office space near 2nd and Greenwood in downtown Tulsa.

"Ideally I would like to have between two and four users in the building," said Bhow.

But it is the second phase of this project where they hope to use that $1,000,000.

A concept including 4 floors of apartments - smaller and affordable - with retail on the bottom.  A brand new building on the same three acres as the office building in downtown's East Village.

A campus feel, Bhow calls it.

Bhow says "this fund would make a huge difference in being able to provide a huge sense of arrival and beautiful structure in downtown that might not happen if we don't have that opportunity."

Steven Watts, from Addax Development, is also looking to use the downtown housing funds to renovate the former Adams Hotel.

Watts plans for 60 apartments and says that $1,000,000 will allow them to offer affordable rents.

"We are targeting work force housing, so we're going after teachers, policeman, firefighters so they can afford these types of apartments," said Watts.  "They will be more pricey without that million dollars.  They will be more market rate."

The third proposal comes from a group named Carpathia, made up of a number downtown developers.

They're not disclosing anything on their planned apartments until a public presentation Thursday.

The Tulsa Development Authority is expected to make a decision on Thursday.

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