In Progress

Evans-Fintube Redevelopment

Evans-Fintube, a former industrial site in the Greenwood District, is a 9-acre site owned by the City of Tulsa. PartnerTulsa is leading efforts alongside the City to redevelop the property into a destination, mixed-use project that represents community desires and needs with the goal of creating community wealth-building opportunities. 

Following a 2-year community-led process, PartnerTulsa and the City of Tulsa announced on June 8, 2023 that negotiations for redevelopment of the Evans-Fintube site will not be pursued with Team Alchemy or Be Good Development Partners due to the Team’s failure to maintain qualification for selection as the Master Developer in accordance with the requirements of the Evans-Fintube Request for Proposals issued on September 8, 2021. 

The City of Tulsa and PartnerTulsa remain committed to the redevelopment of the site that involves community input and brings economic opportunity to North Tulsa.

Click here, to see the June 2023 announcement that next steps are being evaluated in Evans-Fintube Redevelopment.

4/25/22 2:01:57 PM — Drone imagery of Tulsa, Oklahoma. Photo by Shane Bevel

Project Overview

Learn more about the Evans-Fintube Redevelopment below.
Phase 1
Market Study and Feasibility Analysis
(Fall 2020-Spring 2021)
HR&A Advisors conducted stakeholder outreach and conducted a study of the market to understand priorities for development and potential uses based upon current and future market demand.
Phase 2
Request for Qualifications
(Spring-Summer 2021)
PartnerTulsa, with support from HR&A Advisors, received seven (7) proposals to an initial RFQ soliciting interest from qualified firms for redevelopment of the site. Four (4) teams were advanced to the RFP phase.
Phase 3
Request for Proposals
(Fall 2021-Winter 2022)
Three (3) teams submitted proposals, with two (2) advancing to final interviews and a presentation to community stakeholders.
Phase 4
Developer Selected
(May 2022)
On May 10, 2022, Team Alchemy was selected as the Master Developer of the site.
Phase 5
Request for Project Documentation Submitted to team Alchemy (February 7, 2023)
PartnerTulsa submitted a Request for Project Documentation to Team Alchemy following receipt of notice from Co-Developers J.E. Dunn Capital Partners and Grayson Capital that both had withdrawn as development partners in the project. Team Alchemy currently has a deadline of June 1, 2023 to complete and submit the Request for Project Documentation.
Phase 6
Notice provided to Team Alchemy that further negotiations will not be pursued (June 8, 2023)
PartnerTulsa and the City of Tulsa provided formal notice to Team Alchemy and Be Good Development Partners due to failure to maintain qualifications for selection as the Master Developer.
Phase 7
Evaluation of Next Steps, Outreach, and Engagement (June 2023 – March 2024)
The City of Tulsa and PartnerTulsa will conduct additional community outreach and engagement, and evaluate development potential of the Evans-Fintube site based upon current local, regional and national market conditions and trends.
  • Evans-Fintube Community Meeting Questions & Comments
  • Summary of Material Changes to Development with Be Good Development/Team Alchemy
  • Detailed Timeline of Negotiations
  • Documents
Evans-Fintube Community Meeting Questions & Comments
4/25/22 2:01:57 PM — Drone imagery of Tulsa, Oklahoma. Photo by Shane Bevel

On June 14, PartnerTulsa hosted a Community Update Meeting for the redevelopment of the Evans-Fintube site. Here are the questions and comments submitted by the community and PartnerTulsa’s responses.

 

Summary of Material Changes to Development with Be Good Development/Team Alchemy

Upon selection of Team Alchemy, PartnerTulsa immediately initiated contract negotiations. PartnerTulsa held regular, bi-weekly working calls with Team Alchemy (represented by Be Good Development Partners and JE Dunn Capital Partners/Greyson Capital) advancing contract negotiations for a Redevelopment Agreement and TIF Agreement. The following actions resulted in material changes to development plans.

  • In December 2022, the critical gap in negotiations revolved around the development team’s provision of a viable draft of Exhibit D, which defines the Community Benefits to be delivered by the project. 
  • In late January 2023, PartnerTulsa was informed that JE Dunn Capital Partners and Greyson Capital were withdrawing from the project and severing ties with Be Good Development Partners. 
  • Team Alchemy received a 120-day extension to respond to a Request for Project Documentation and was encouraged to find a new co-development partner matching the resources of its original co-developers. 
  • On June 1, 2023 at 4:03 p.m. Be Good Development Partners delivered by email, a response to PartnerTulsa’s Request for Project Documentation which did not include the requested data or information to confirm that Team Alchemy and/or Be Good Development Partners meets the requirements outlined in the RFP. Specifically, Be Good Partner’s submission to the RFD did not include information which allowed us to verify:
  • The lead or co-lead development partner has successfully completed at least 2 projects of greater than $40 million in value.
  • [The project has] secured at least 60% of their capital stack for their proposed Phase I, or commitments of at least $18 million.
Detailed Timeline of Negotiations
2022
May 10 City of Tulsa, PartnerTulsa, Selection Committee announce Team Alchemy as Master Developer for the site
May 17 PartnerTulsa begins to schedule bi-weekly project meetings with the Team
May 27 In-person kickoff meeting with PartnerTulsa and the Team
June 3 PartnerTulsa offers to reduce purchase price by the pro-rata reduction in lot size
June 21 Initial site tour of the building
June 23 Initial draft of MOU circulated
June 29 Project meeting between Team Alchemy, OSU-Tulsa, PartnerTulsa
July 14 Request for the Team’s legal entity information (not provided)
August 5 Initial Term Sheet circulated
August 15 Term Sheet bifurcated into Redevelopment and Financing components
August 22 Sample redevelopment Agreement provided to Team Alchemy
August 30 Sample Redevelopment Agreement review
September Continued meetings among full team (Alchemy, PartnerTulsa, Counsel for both parties)
October 11 Additional Term Sheet revisions; Initial Redevelopment Agreement and Financing Agreement provided to Team Alchemy
October 21 Additional revisions to Redevelopment Agreement and Financing Agreement
October 26 Rezoning Hearing, Urban & Economic Development Committee of Tulsa City Council
November 2 City Council vote for rezoning application approval
November 7 Meeting to discuss TIF agreement with the full team
November 8 Transmittal by PartnerTulsa attorneys of latest version of Redevelopment Agreement and Access Agreement allowing Team Alchemy to access the site without COT approval
November 9 Transmittal by PartnerTulsa attorneys of draft Deed
November 14 Transmittal by PartnerTulsa of sample Bond documents; Transmittal by PartnerTulsa attorneys of latest version of Redevelopment Agreement
November 16 City Council vote for Zoning change Ordinance approval
November 17 PartnerTulsa request to highlight Team Alchemy in the upcoming newsletter, photo shoot with Michael Collins and Franchell Abdalla coordinated
November 30 Transmittal of Exhibit D by Team Alchemy (Exhibit D outlines the community wealth-building, community ownership aspects of the project)
December 5 Photo shoot with Michael Collins and Franchell Abdalla canceled due to scheduling conflicts with Team Alchemy, shoot rescheduled to the end of January
December 14 Acknowledgement by Team Alchemy that major revisions are necessary to Exhibit D
2023
January 5 Suggested revisions/direction transmitted by PartnerTulsa to Team Alchemy on needed modifications to Exhibit D
January 24 Greyson Capital notifies PartnerTulsa that it will not be a Development partner on the Evans-Fintube project
February 1 JE Dunn Capital Partners notifies PartnerTulsa that it will not be a Development partner on the Evans-Fintube project
February 2 PartnerTulsa notifies Be Good Development Partners of its intent to grant a 30-day review to assess the status of the project and the project team and request additional information
February 6 Meeting with the Selection Committee, Be Good Development Partners, PartnerTulsa to discuss next steps
February 7 Letter to Be Good Development Partners extending the 30-day review period to 120-days (June 1 deadline) to allow Be Good Development Partners time to replace the experience, pre-development capital, and development expertise lost by the withdrawal of Greyson Capital and JE Dunn Capital Partners
February 21 Meeting with PartnerTulsa and Be Good Development Partners to fully explain what information is requested in the Request for Project Documentation and why
March No contact from Be Good Development Partners regarding Request for Project Documentation
April No contact from Be Good Development Partners regarding Request for Project Documentation
May 3 PartnerTulsa sends a reminder email to Be Good Development Partners of the June 1 deadline to provide information
May 10 Be Good Development Partners asks to present project update to the TAEO Board of Trustees
May 12 Be Good Development Partners sends an email to PartnerTulsa saying that Be Good is talking to two potential partners; PartnerTulsa is not allowed to contact the partners
May 15 Be Good Development Partners meets with Kian Kamas and Councilor Vanessa Hall-Harper
May 19 Be Good Development Partners holds a meeting with some members of the Leadership Team and PartnerTulsa.  At the meeting it was stated that a co-developer with the required experience will not be secured by the June 1st deadline
May 25 Be Good Development Partners presents to Tulsa Authority for Economic Opportunity Board of Trustees
June 1 Be Good Development Partners submits response to Request for Project Documentation
June 8 PartnerTulsa and City of Tulsa announce termination of negotiations due to Team Alchemy and Be Good Development Partners’ failure to maintain qualification for selection as the Master Developer in accordance with the requirements of the Evans-Fintube RFP issued September 8, 2021
Documents

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Casey Stowe
SVP, Finance & Real Estate casey@partnertulsa.org (918)-269-0543