The Bartlesville Development Authority (BDA) is injecting new life into revitalizing a long-dormant development project in town.
On Monday, the BDA board voted to execute a purchase contract and provide $95,000 in non-refundable earnest money for approximately 15.52 acres of land located at the southeast corner of Adams Boulevard and Lake Village Trail, also known as Silver Lake Village Phase II.
This land was previously slated for development in 2016, with plans to include an Academy Sports + Outdoors and other smaller stores. However, the project did not proceed after Academy Sports + Outdoors withdrew following an economic downturn, leaving the land undeveloped.
Chris Batchelder, Vice President of Business Development at the BDA, explained that this acquisition will start the process of rekindling a development opportunity.
"The BDA is in exploratory discussions with real estate developer Sooner Investment about additional retail development on the 15 acres just east of Silver Lake Village along the Adams Blvd. frontage," Batchelder said. "As 'step one' for any substantive conversation about potential development requires control of the subject property, we have taken steps allowing for BDA to purchase this land within the next 12 months.
The recent BDA agreement secures the land for 12 months, allowing for a comprehensive evaluation and negotiations with the developer. If everything goes according to plan, the BDA will purchase the property for $1,859,739.
"Sooner can now present the opportunity to national retailers, confident that the proposed site is available at a known cost," he added.
Batchelder noted that activity could be visible on the property as Sooner Investment conducts due diligence evaluations to determine engineering requirements and development costs.
Batchelder mentioned that the types or brands of retailers that might be involved in the development are entirely at Sooner Investment's discretion and are currently unknown.
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