A major development in Tulsa's downtown got another green light today.
The Performing Arts Center agreed on plans to develop a full city block.
At 2nd and Cincinnatti, over to Detroit, down to 3rd, a parking lot is to be replaced with an apartment building, grocery store and parking garage.
The center held onto an important piece of property — their parking lot — while downtown blossomed around it.
Now it's one of Tulsa's largest undeveloped blocks of land that is surrounded by growth.
The business district, the Blue Dome and East Village are all next door.
"Our biggest regret is that it's taken so long to get here, but we have done our due diligence, and as a public trust, we're positive about the direction, because we've turned over every stone to consider what's best for the city, the PAC and the PAC trust," said Ken Busby of PAC Trust.
The PAC Trust agreed Thursday on final contract language that has the PAC selling the land, but carefully restricting its use.
The plan is for a developer to build a 32,000-square-foot grocery store, a 240-unit apartment building, and a 600-car parking garage.
Several small stores will be on street level.
The sale price is $5.5 million.
The project will take about two years to build.
The PAC trustees worked out the final contract language that defines the development, and gives the PAC the first chance to buy it back.
"We feel very positive. The grocery store, the first floor retail, the apartments and the parking garage, will all be developed," Busby said.
The earliest timeline for groundbreaking would be early next year.
The PAC Trust was also concerned about parking for PAC events, but with the additional parking inside the project, they expect to have even more than what's available now.