TULSA, Okla. – The town of McAlester is set to receive a major economic boost when it opens its largest mall this spring.
FOX23 spent time talking to Kirk Ridenour, director of economic development for the town of McAlester, Friday morning about the 200,000-square-foot mall that took seven years to build.
The $30 million development project is being undertaken by developer Burk Collins and Company, of Hurst, Texas.
The first anchor tenants to sign leases are Hobby Lobby, TJ Maxx and Ross.
Other retailers to sign leases include Rack Room Shoes, Five Below, Burke’s Outlet.
Other retailers are moving to outdoor plots, including Starbuck’s, Chick-fil-A and Burger King, as well as a T-Mobile store and a Tropical Smoothie Café.
The Shops at McAlester also attracted an Old Navy.
The City of McAlester and the County of Pittsburgh have worked out a Tax Increment Financing, or TIF, agreement with Burk Collins and Company to build and expand the mall.
In return, the developer will be able to collect the city and county’s share of sales tax revenue from retailers for five years, or until it recovers $5.5 million.
After that, the city expects the mall to generate $2 million a year in sales tax revenue for the city and $750,000 for the county.
Ridenour says it’s a lot:
“He has to make all these improvements from the start,” he said, “we don’t have the money, we don’t have the investment, and then he starts recovering his investment once those stores begin to generate.”
Hobby Lobby is the first anchor tenant set to open to the public on April 4, 2022.
Other retailers are expected to open in the coming months.
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