An Indianapolis-based developer with plans to build a 13-story residential tower and grocery store near the Tulsa Performing Arts Center downtown failed to meet his Friday deadline to close on the purchase of the property, a PAC official said.
Mark Frie, CEO of the PAC, said the PAC Trust would discuss the matter at its meeting Monday afternoon, but he provided no other details.
The PAC Trust and the developer, Flaherty & Collins Properties, have for years been working to develop the PAC-owned parking lot directly across Cincinnati Avenue from the Performing Arts Center between Second and Third streets.
The latest iteration of the proposed development called for a 20,000-square-foot supermarket, a 13-story residential tower, 478 parking spaces, 10,000 square feet of first-floor commercial and retail space, and an Origin Hotel — a boutique property with about 120 rooms.
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The PAC Trust in December agreed to give Flaherty & Collins until the end of June to close on the property, a deadline that was later extended to mid-September.
Frie said last week that failure to meet the 7 p.m. Friday closing deadline would render the trust’s contract with the developer “null and void” and trigger a period of time for the trust to respond — “which would get us to our board meeting.”
When the extension was granted, Ryan Cronk, vice president of development for Flaherty & Collins, told trustees the company would use the time to finalize construction documents, get city permits for the project and secure tax credits.
That way, Cronk told trustees, he would be ready to begin construction at the time he closed on the property.
He also announced that Flaherty & Collins had signed a lease with Oasis Fresh Market to operate a 20,000-square-foot supermarket as part of the $108 million development.
The city’s first Oasis Fresh Market opened in May 2021 at 1725 N. Peoria Ave., ending a yearslong effort by north Tulsa residents to get a grocery store that sells fresh fruits, vegetables and meats.
The grocery store and its owner, A.J. Johnson, have come under scrutiny in recent months.
Plans to expand the Oasis Fresh Market model stalled earlier this year after the state Legislature passed on a request for $30 million in American Rescue Plan Act funding.
The company’s plan to use the funds to build four more stores ran aground amid concerns regarding the nonprofit’s leadership structure.
The Tulsa PAC Trust has owned the proposed development property since 1977. In 2021, trustees voted to sell the land to Flaherty & Collins for $5.5 million.
Neither Cronk nor Johnson responded to calls for comment Friday.