North Tulsa Neighborhood Groundbreaking

Tuesday, March 20th 2007, 7:07 pm

By: News On 6

Progress continues in a redeveloping area of Tulsa. The mayor and city developers broke ground on a new neighborhood Tuesday. The development is located on North Cincinnati and Oklahoma Street. News On 6 anchor Jennifer Loren reports itâ€™s a project the mayor hopes will bring even more opportunities to Tulsa.

The development of most Tulsa neighborhoods don't start off with a ceremonial groundbreaking, but this one is special to city officials. The Tulsa Development Authority bought the land on North Cincinnati more than 10 years ago and recently chose Oltman Homes to redevelop it.

"So this is a new day for this neighborhood,â€ said Mayor Kathy Taylor. â€œIt is a new start and a new face and it's well time. It's past time and it's an exciting beginning for families to feel safe and proud in owning their homes in this beautiful area of Tulsa."

The new neighborhood will be gated and will include 33 homes and a park. The homes will be between 1,300 and 1,700 square feet with prices between $120,000 and $130,000. Mayor Taylor hopes the homes' affordability will increase the city's value.

"We know that stable neighborhoods and the development of affordable housing is imperative for us to encourage people to live in our community, spend money in our community, attend our schools and work in our community," she said.

The project is expected to take three years to complete and have a finished redeveloped value of $4.8 million. City developers say other recent developments in that area have helped to keep housing starts on the rise in north Tulsa.

Bank of Oklahoma has agreed to offer permanent financing for the homes through its zero down homeward bound program. Buyers who meet certain requirements may finance up to 103% of the purchase price with no mortgage insurance.