BROKEN ARROW, Okla. — A groundbreaking ceremony was held for the new Hackberry Market retail development that will bring brands such as Home Depot, Hobby Lobby, TJ Max and Burlington to south Broken Arrow.
This 211,000-square-foot retail development will bring more jobs, shopping and dining to south Broken Arrow, the announcement read.
According to the City of Broken Arrow, the Broken Arrow Economic Development Authority entered into a public/private partnership agreement with Hackberry Market, LLC, an affiliate of Sooner Investment Development Company, LLC, and their Omaha, Nebraska-based partner Lockwood Development to develop more than 30 acres at the northeast corner of Aspen Avenue (South 145th East Avenue) and Tucson Street (121st Street), south of the Creek Turnpike and behind the Warren Theater.
Developers, retail and restaurant owners and operators are making a $98 million investment to construct the retail and service industry space, the announcement read.
According to the City’s announcement, the space will include “200,000 square feet of anchor retail buildings and five outparcels for additional retail and food service space with over $100 million in annual sales projected from the development.”
“A development like Hackberry Market is a big WIN for everyone in the City of Broken Arrow,” said Mayor Debra Wimpee. “Not only will it meet our residents’ demand for additional retail and dining options, but the tax revenue helps fund our Police, Fire, streets, and all of the infrastructure that makes Broken Arrow the BEST place to live in Oklahoma and the 12th Best Place to live in the entire country! It doesn’t happen without amazing developers like Hackberry Market, LLC, who have incredible vision for growth.”
A sales tax-only TIF, Increment District No. 6, will help pay for major infrastructure and utility upgrades like water, sewer, roads, stormwater systems, and landscaping needed for the new development, the City of Broken Arrow said in the announcement.
If the project is fully built, early estimates suggest the Hackberry Market Project will bring in about $120.5 million in sales tax revenue over the 25-year term of the TIF district.
Though TIF No. 6 will only capture incremental sales tax revenues, existing baseline taxes are unaffected. Ad valorem taxes that support Broken Arrow Public Schools and other services will stay the same, the announcement read.
Throughout the duration of the TIF, the announcement read, the development is projected to generate $27.4 million in additional non-TIF ad valorem taxes.
“First off, I want to personally thank Hackberry, LLC., Sooner Investment Development Company, and Lockwood Development for investing in our city and providing our citizens with job opportunities as well as additional retail, dining, and entertainment options that will improve life right here at home,” said City Manager Michael Spurgeon. “Secondly, the City Council should be commended for their vision and willingness to establish TIF District No. 6 to assist Hackberry LLC, with the infrastructure improvements necessary to build a project of this magnitude.”
“Lockwood Development and Sooner are grateful to work with our retail anchors who see the value in the Broken Arrow community and want to be part of its quality growth. Hackberry Market would not be possible without these great retailers,” Chris Challis, President of Sooner Investment, added. “Just as important to the project’s success is the City Council’s leadership and City Staff’s professionalism throughout the process. These developments are difficult to prepare in this economic climate; we would not have reached this point without the City’s steadfast support and partnership every step of the way.”
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