A groundbreaking ceremony on Thursday, Aug. 7, at 10 a.m. will celebrate the start of construction at Hackberry Market, a new 211,000-square-foot retail development, bringing several sought-after retail brands, including Home Depot, Hobby Lobby, TJ Max, and Burlington to south Broken Arrow.

The Broken Arrow Economic Development Authority has 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 just over 30 acres at the northeast corner of Aspen Avenue (S. 145th E. Ave.) and Tucson Street (121st Street), south of the Creek Turnpike, and behind the Warren Theater.

The development team and their retail and restaurant owners and operators are making a $98 million investment to construct the retail and service industry space, including over 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 provide development financing assistance to offset the significant infrastructure and utility improvements, such as water, sewer, streets, stormwater, and landscaping, that are necessary to support the development.

Assuming a complete build-out, preliminary sales projections anticipate the Hackberry Market Project will generate approximately $120.5 million in sales and use tax TIF revenues during 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, which in part benefit Broken Arrow Public Schools and other entities, will also be unaffected. Additionally, throughout the duration of the TIF, it is worth noting that this 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.”

Chris Challis, President of Sooner Investment, added: “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. 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.”

A view of the site of the future Hackberry Market located at the northeast corner of Tucson Street and Aspen Avenue.