Tulsa City Council Approves $2.8 Million Loan for Downtown Apartment Project

The Tulsa City Council has unanimously approved a $2.8 million loan to support the construction of a new seven-story, 80-unit apartment tower in downtown Tulsa. The development, known as ‘3 and D Flats,’ will be located on the northeast corner of 3rd and Denver streets.

Project Details

The loan, which carries a six-year term and a 6% interest rate, is expected to be repaid with interest. The developers, Rose Rock Development, are required to set aside 13 of the 80 apartment units as affordable housing. These units will be financially accessible to individuals earning between 20% and 80% of the Area Median Income, which translates to annual incomes ranging from $18,000 to $48,000 for a family of four in Tulsa.

Additional Features

In addition to residential units, the ‘3 and D Flats’ development will feature parking facilities and commercial space on the first two floors of the seven-story tower. This project aims to enhance the downtown area by providing more housing options and contributing to the local economy.

Community Impact

The approval of this loan reflects the city’s commitment to fostering development and revitalization in downtown Tulsa. By incorporating affordable housing into the project, the city addresses the need for diverse housing options that cater to a wide range of residents.

For more information on this development, residents can contact the Tulsa Economic Development Department or visit the city’s official website.