Share “Uptown Grocery Co. plots new location in...”

Uptown Grocery Co. plots new location in The Village

The development will benefit from a 12-year tax increment financing from The Village.
by Brianna Bailey Modified: June 5, 2014 at 10:00 pm •  Published: June 4, 2014
Advertisement

Uptown Grocery Co. will build a new 55,000-square-foot store on N May Avenue near Britton Road on the site of a long-vacant car dealership with the help of incentives from The Village.

The Village has created a 12-year tax increment financing district for the vacant lot where the new retail development will be built to help developer Esperanza Real Estate with construction costs for the new grocer.

Esperanza, the property division of Oklahoma City-based Buy For Less, which also owns the Uptown Grocery brand, will reap $350,000 in incentives from The Village TIF district to offset land acquisitions costs for the project. The developer will also get 25 percent of the new sales tax revenues generated from the development for up to 12 years thereafter, said Bruce Stone, city manager for The Village.

The Village projects the new development will generate as much as $750,000 a year in new tax revenue for the city.

City officials moved to have the area declared an urban renewal zone several years ago, giving them the opportunity to offer incentives to redevelop the area.

This store will be the second Uptown Grocery in the metro. Uptown, a division of Oklahoma City-based Buy For Less, opened its first store in Edmond in 2012.

“We could not have gotten a better business than a grocery store, because (it’s) got to be one of (the) highest generators of sales tax — and probably this is the last chance to get a grocery store in The Village because there’s just no place to put one,” Stone said. “It will really transform the entire area and help attract other businesses.”

Continue reading this story on the...

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Cops Can Force You To Unlock Phone With Apple Touch ID, Judge Rules
  2. 2
    Arizona School Board Votes To Get Rid Of Textbook Pages That Discuss Abortion
  3. 3
    Stillwater near-beheading suspect has family history of homicide
  4. 4
    Rubik's Cube, Ninja Turtles up for Toy Hall of Fame
  5. 5
    Stylish smog masks hit the runways
+ show more