North Tulsa is expected to become home to a $200 million mixed-use development in the next five years, with developers planning a medical facility, apartments and co-working space.
Peak at Parkway would cover 40 acres east of the Tisdale Highway between Apache and Pine Streets. The intention is to transform a part of town developers have described as historically neglected.
“The interest of this area has really gone up as this area has fought for development for a long time,” William Tisdale, one of the project developers, said.
Tisdale and his son Deuce have been working on the project for nearly two years. Their company, Twenty20 Management, initially planned for it to encompass 18,000 square feet. Over time, the vision has expanded to 60,000.
The project will be built in three phases, with the first one featuring a 30,000-square-foot medical facility, a town hall, farmers market, an eyewear provider, co-working space and food service.
The medical facility is one of the project’s key pillars and aims to address the lack of healthcare options in the area. North Tulsa is home to specialty clinics like the OU Wayman Tisdale clinic, but doesn’t have an inpatient hospital.
“We’re focused on bringing a primary care-facing model to our development and wrap it around mental and behavioral health so people are not having to be directed all over town for services,” Tisdale said.
Tulsa’s equality indicators report notes the average north Tulsan only lives for 3.3 more years once they reach the age of 66, compared to nearly 13 years for south Tulsans.
The second phase will be a mixture of duplexes and quadruplex housing for people earning up to 80% of the area’s median income. Next up will be luxury downsized living for smaller families at market rate. By the time the project is complete, there will be about 700 residential units.
Tisdale said they’ve spent about $2 million getting the project off the ground and they are about a month away from getting the infrastructure development plan approved by the city.
“It’s a sizable (development, investment and commitment) to the community, not just of north Tulsa, but (all of) Tulsa,” Tisdale said.
How the financing works
Peak at Parkway is banking on public and private funding. The project plan authorizes up to $86.2 million through four Tax Increment Financing districts across the 40 acres. Tulsa City Council must approve the districts before they’re activated.
The financing tool allows a portion of new tax revenue generated within the district to be reinvested back into what was built.
The plan authorizes $28.78 million for public improvement and infrastructure and $57.5 million for development financing assistance. The project plan estimates $105.2 million will be generated in incremental revenue. Each district could operate for up to 25 fiscal years following activation.
Tulsa planning commissioners approved the TIF plan during its Wednesday meeting.
“We want to not only capture what is needed, but we also want to show there’s room for growth as well, because we want to make sure that the community sees the benefit of economic development that is actually looking for the growth in the community,” Deuce Tisdale said.
The pair’s goal is to break ground by the end of October, pending approval by Tulsa City Council. If everything goes accordingly, the first phase is expected to be finished by the first quarter of 2028. The entire project could take between three to five years to complete.
Peak at Parkway is the latest in a number of developments planned for the area. In the last couple of weeks, Black Wall Street Square opened applications for its first set of townhomes, Tulsa Housing Authority added 70 new units at The Landing at 36N and Habitat for Humanity began construction on 10 single family homes.
Ismael Lele is a Report for America corps member and writes about business in Tulsa for The Oklahoma Eagle. Your donation to match our Report for America grant helps keep him writing stories like this one; please consider making a tax-deductible gift of any amount today by visiting this link.
