Development Agreement Approved for New Downtown Apartments
Western Supply will add 320 units for current and incoming downtown workforce
Tulsa, Okla | June 22, 2023 – Today, the Tulsa Authority for Economic Opportunity Board of Trustees approved a development agreement to support the creation of a new talent village. George Kaiser Family Foundation (GKFF) submitted plans to build Western Supply, a $114 million housing development on the northwest corner of the Tulsa Arts District.
“Earlier this year, a citywide housing assessment revealed that there is demand for over 12,000 housing units in Tulsa. Projects like Western Supply are critical to rapidly addressing this demand as we seek to ensure access to quality, safe, affordable housing for all residents,” Mayor G.T. Bynum said. “We are grateful for GKFF’s commitment to building vibrant and inclusive public spaces and ensuring this project includes a substantial set-aside for units serving working Tulsans.”
Named after the former tenant at 424 N. Boulder, Western Supply is a 320-unit, multi-family project that will provide both workforce and market-rate units to entrepreneurs, adult students, teachers, artists, young professionals, AmeriCorps members and Tulsa Arts District employees among others. Construction on the 413,000-square-foot, 7-story building is expected to begin in July and be completed in approximately 30 months.
“We are very excited to see this project come to fruition. By utilizing Tax Increment Financing (TIF), we were able to work with GKFF to bring 80 affordable workforce housing units to this beautiful and significant development,” said Casey Stowe, senior vice president of finance and real estate for PartnerTulsa. “Mixed-income projects such as Western Supply are key to addressing the significant housing shortage we are seeing at all income levels across Tulsa.”
Through the TIF district, taxes generated by the development will support the affordable workforce units, ongoing public improvements, streetscaping and parking.
“We’re thankful to the City of Tulsa and PartnerTulsa for their partnership and support of Western Supply. The financial support of the TIF helped make this project possible,” said Josh Miller, senior program officer for GKFF. “Our hope is this investment will further strengthen the economic and cultural vibrancy and inclusivity of the Arts District.”
Renderings are available here.
PartnerTulsa is the City of Tulsa’s economic development Authority that streamlines and strengthens Tulsa’s economic development efforts through the merging of the Mayor’s Office of Economic Development (MOED), Tulsa Industrial Authority (TIA), Tulsa Parking Authority (TPA), and Economic Development Commission (EDC) into a single, enhanced Public Trust. Partner Tulsa (aka TAEO) is governed by a thirteen (13) member Board of Trustees and provides staffing for and oversees the operations of the Tulsa Development Authority (TDA). For more information about PartnerTulsa, visit www.PartnerTulsa.org.
About George Kaiser Family Foundation
George Kaiser Family Foundation (GKFF) is a charitable organization dedicated to breaking the cycle of poverty through investments in early childhood education, community health, social services and civic enhancement. Based in Tulsa, Oklahoma, GKFF works primarily on initiatives developed in collaboration with Tulsa-based direct service organizations. For more information about the George Kaiser Family Foundation, visit GKFF.org.