The Streets of West Pryor development has gained approval from the city. A preliminary development plan and a series of economic development incentives received positive votes from the city council at their Dec. 18 session.
The mixed-use development is slated to include two multifamily residential developments: a 4-story apartment complex featuring retail and restaurants on the first floor and a 4-story senior living facility featuring a pickleball court. It will also have a 105-room hotel, a grocery store, sit-down and drive-thru restaurants, a medical office, and other commercial uses.
The project will span 73 acres near NW Pryor Road and Lowenstein Drive. It will total nearly 200,00 square feet of residential and commercial space with an estimated development cost of $178.6 million.
The city council approved the preliminary development plan for the project with a unanimous vote.
The developer, Drake Development, is requesting a series of economic development incentives to help fund the project. Tax increment financing (TIF), Chapter 100 financing, and a community improvement district (CID) all received votes in favor from the council. Together, these funding mechanisms are projected to save the developer approximately $36 million, or 20 percent of the projected overall cost.
The remaining project cost will be funded by the developer (with an estimated $61.8 million) and the tenants of the completed development (an estimated $80.8 million).
Councilmember Bob Johnson, citing the lack of quality jobs that will result from the project, voted against all four incentive ordinances. Councilmember Rob Binney joined him in voting against the CID and an ordinance that will activate the collection of TIF revenues. Councilmember Phyllis Edson also voted against the CID.
All councilmembers were present at the meeting.