By John Dobberstein, Editor
Development proposals are continuing to come in for undeveloped land in south Broken Arrow, with the latest possibly bringing restaurants and a hotel across from the Aspen Ridge development.
The Broken Arrow Economic Development Authority approved the sale of 14.6 acres on the west side of Aspen Avenue, north of the Creek Turnpike, to Mohr Acquisitions for $2 million as part of an Economic Development Agreement with the Authority.
The development will sit across the street from the Reasor’s grocery store and several other tenants, and be located just south of Broken Arrow Fire Department Station 2.
No retailers have been formally announced yet. But Mohr plans to build a restaurant — a Texas Roadhouse was mentioned specifically — or an alternative brand-name tenant with a minimum of 8,000 square feet. Mohr also agreed to develop a minimum of 20,000 square feet of additional retail and commercial space.
Rob Solls, director of retail investments and acquisitions for Mohr, told the City Council the concept for the site includes a sit-down restaurant and a “suites” type hotel in the rear of the property, with three pad sites for development closer to Aspen. An extra ingress/egress point is being added to ensure BAFD vehicles do not get stalled leaving the station on Norfolk Drive.
Solls said attracting a big-box retailer or large tenant on the Aspen site isn’t out of the question, but he believes most of those prospective developers are now more interested in the development tracts near the former Warren Theater owned by The Signorelli Co., the the firm that brought The Shops at Aspen Creek.
Broken Arrow Assistant City Manager Norm Stephens said discussions about various proposals for the Aspen property have lingered for 18 months before Mohr came forward with a project the city could accept.
The decision to sell the valuable land to Mohr rankled Steve Easley of OakTrust Development, the firm developing the Aspen Ridge project.
“I think it’s a horrible deal. I think it’s the wrong use, I think it’s the wrong time, and I think it’s the wrong price,” Easley told the City Council. He did not say if OakTrust was bidding on the land but revealed that a number of developers were putting proposals together for that parcel “to bring something to south BA that you can’t put anywhere else.”
Easley said the valuation on the 14-acre parcel was $3 per square foot, and he has been selling some of his parcels in the area for $16 to $20 a square foot. He said the city should be getting at least $9 a square foot.
Easley asked the City Council to table their decision for at least a month and wait to see if a big retailer could be lured to the site. “We can get a Texas Roadhouse, a McDonalds and a cheap hotel anywhere in that area,” Easley said.
City Manager Michael Spurgeon said he respected Easley’s opinion but disagreed with his statements. Spurgeon hinted there are more development proposals lining up for other parcels in south Broken Arrow that will bring sizable retail development.
He added that there were negotiations with two developers over the Aspen property and one of them informed him the Aspen property would not ultimately work for them.
Some City Councilors said the transaction, while welcome, was also a bit awkward.
“I don’t like being put in a position where I feel like we’re being pushed to make a decision quickly,” said Ward 3 City Councilor Christi Gillespie. “I realize this (project) has been a long discussion and we’ve not had anything happen, and that’s why we’re here now. This is why the government shouldn’t own land. But we do.”
At-Large City Councilor Johnnie Parks said it’s not ideal for the city to be buying and selling property and having to also approve the zoning and project plans along with it. But he did make a motion to sell the property that was seconded by Ward 4 Councilor Lisa Ford.
Mohr Acquisitions is a subsidiary of Mohr Capital, a private commercial real estate investment company with a focus on office, industrial, healthcare, hospitality, retail and ground leases. Mohr Capital has been active in Tulsa, acquiring 20 acres last year to develop a 50,000 square-foot build-to-suit for specialty outdoor retailer REI called Tulsa Marketplace.
Tulsa Marketplace is located at the northwest corner of 71st and Elwood and is expected to be completed in Spring 2024. With this deal, REI will open its second Oklahoma location as an anchor tenant in the shopping center. Additionally, five national credit restaurant and retail concepts will be developed there.
Solls predicted south Broken Arrow will see more interest from national retail groups as Aspen Ridge and the surrounding parcels get developed.
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