BARTLESVILLE, Oklahoma - Bartlesville is a step closer to getting a new retail development.

The Bartlesville Development Authority on Wednesday approved moving forward with Silver Lake Village, which is expected to bring stores, housing and millions of dollars of tax money to town.

It's a major step forward. The project is one the Bartlesville Development Authority has been working on for several years.

One board chairman says it's perhaps the biggest news in Bartlesville retail in 50 years.

It will be built on a portion of land along Adams Blvd. and Silver Lake Rd. 

The plan includes 80,000-square feet of retail space, restaurants and an upscale  apartment complex.

A national developer has promised to invest $20 million for the project and the city would put up $4 million.

The city says national retailers will be going in, but can't say just yet which ones.

"It'll put us on par with retail offerings of surrounding communities… this is just the beginning," Bartlesville Development Authority Vice President Jarred Patton said.

Leaders say the retail stores would generate $800,000 to $900,000 in new sales tax revenue.

The project has one more step -- it must be approved by the city council in April.