Black Wall Street Square Development to Move Forward Following Passage of Development Agreement

Black Wall Street Square Development to Move Forward Following Passage of Development Agreement

1/28/2022

This week, the Tulsa Development Authority (TDA) approved the contract for sale of land for private redevelopment with Boomtown Development Co. - a move that paves the way for the development of a 24 single-family, owner-occupied townhome unit complex to be known as Black Wall Street Square.

Developers say the project, which will be located on the northeast corners of MLK Jr. Blvd. and E. Reading St., is inspired by Tulsa's past and incorporates a Brownstone architectural style seen in the 1920's era Greenwood/Black Wall Street District.

"This project is a prime example of our commitment to ensure we have quality housing for all Tulsans as outlined by our Affordable Housing Strategy," Mayor G.T. Bynum said. "I think this development pays homage to our past while championing quality housing and homeownership opportunities in North Tulsa."

The development will consist of 16 affordable units (1,152 sq. ft.) and eight market rate units (1,382 sq. ft.), many of which will have views of Tulsa's downtown skyline.

"As Tulsa wrestles with the issue of quality, affordable housing, I am excited about this development in North Tulsa," District 1 City Councilor Vanessa Hall-Harper said. "I am very pleased that the Black Wall Street Square development is being led by a local Black-owned developer, Terry McGee. I am also thankful for the partnership of Boomtown Development on this project. They have put together an excellent project that will be an asset to the community."

"For several years, we've seen the need show that new construction and affordable housing units can co-exist," McGee Enterprises Builder, Developer, and Entrepreneur Terry McGee said. "This project is evidence of TDA, Team Boomtown Development, and the City of Tulsa working collaboratively to create a thoughtful, unique and inclusive project that honors the history and needs of the area."

"Much thanks to Councilor Vanessa Hall-Harper who walked door to door to see what her constituents wanted - and a big thanks to TDA Director Casey Stowe for his help in the facilitation of the TDA RFP selection process," McGee added.

Through the planning process on this project, Green Country Habitat for Humanity's sister nonprofit, Boomtown Development Co., and co-developer, McGee Enterprises Inc., developed a mixed-income concept that provides affordable and market-rate pathways to homeownership in the same development.

"With the rapid increase in home prices throughout Tulsa, more and more families are finding that homeownership is now out of reach," Boomtown Development President Vicki Jordan said. "Our community is in desperate need of safe, affordable and quality-built workforce housing, and Black Wall Street Square is a direct response to that issue."

"Drawing inspiration from Greenwood's historic past, we are hopeful that Black Wall Street Square will be the first of many new large-scale residential developments in North Tulsa and will be an important catalyst for future public and private investment in the community," Jordan added."

Project construction is scheduled to begin within a year and project completion is expected within a year after the commencement of construction.

"TDA and TAEO are proud to partner with Terry McGee and Boomtown Development and we're excited to see this project move forward," TDA Chair Steve Mitchell said. "The redevelopment of vacant, single-family lots into quality, for-sale housing is a core strategy for TDA and TAEO, and we look forward to many more such projects in the future."

For more information about the project and to see renderings, visit: https://www.blackwallstreetsquare.org/

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