Mixed-Use Affordable Housing Project Starts in Greenwood
- Jul 23, 2012
More than 80 years after the last new development in Tulsa’s historic Greenwood district, construction is under way on a $9.5 million mixed-use affordable housing project called GreenArch.
Tulsa World reports GreenArch LLC, a development team that includes Greenwood Community Development Corp. and the Hille Foundation, expects to complete the project within the next year. In addition to 70 affordable residential units, the property will offer nearly 9,500 square feet of retail space.
Located across the street from ONEOK Field, on the southwest corner of Archer Street and Greenwood Avenue, the new development will feature studios, one-bedroom and two-bedroom apartments, which will range in size from 700 to 1,300 square feet. Six of the 18 two-bedroom units will be live/work units for artists and craftsmen, while another six will be two-level. Rents are estimated at about $1 per square foot.
GreenArch representatives are in discussions to lease the retail space to a regional restaurant group, said Reuben Gant, executive director of the Greenwood Chamber of Commerce.
Kajeer Yar, counsel for the Hille Foundation, said the GreenArch development stands apart from other Downtown projects because it will use no grants, tax incentives or other public funds. Bank financing will cover about 86 percent of development costs; the HIlle Foundation, a private, locally based development organization, will supply the balance.
Rendering Courtesy of: GreenArch,LLC Facebook Page.