Construction on the $50 million South Village River Park will begin in the fourth quarter of 2008, said Bixby developer Tim Remy.
“This will be a lifestyle center where people can live, there, eat and play,” Remy said. “The great thing with our development is we have the park next to us with splash pads, ball fields, batting cages plus soccer fields.”
The 20-acre lifestyle center will include a hotel, multi-use buildings and shopping, office residential and entertainment and public use, according to a Mickey Webb, Bixby city manager. The river development project will be east of Memorial Drive south of the Arkansas River.
The infrastructure for the development, which is still in the planning stages, will take a year to complete, Remy said.
“I do not even plan on starting construction until I finish Regal,” Remy said.
The Remy Cos., a subsidiary of Interstate Construction Co., is developing the 26-acre, $50 million Regal Plaza at 105th Street and Memorial Drive. The project includes 130,000 SF of retail space and will be anchored by the 4,200-seat, 165,000 SF SpiritBank Event Center. The opening of the Regal will be in about 15 months, or the fall of 2008, Remy said.
Regal Plaza will also include a 102-room Hampton Inns and Suites. The hotel is being built adjacent to the Palazzo Shopping Center and will include and indoor swimming pool and sauna.
The Spirit Bank Event Center will include 25,000 SF of retail space alongside 35,000 SF of luxury office space.
Development of the Arkansas River inspired Remy to buy and the land about a year ago.
The park is south of the planned development. The existing jogging trail will run in front South Village. It connects with Washington Irving Park north of the river.
“The setting seemed right on this piece,” Remy said. “It is a good way to bring in new retail to the downtown area of Bixby.”
North Bixby, from 101 Street to the river, is “growing fast and furious,” he said. “But south Bixby, in the downtown district, could use some new retail.”
The Bixby City Council will consider the plans over the next two weeks, he said.
The council will discuss a 10-year, 1-cent sales tax rebate, which will equal $5 million, to the Remy Cos. The rebate will help pay for the construction, operation and maintenance of the lifestyle center.
“The the council is on board with this,” Remy said. “We are trying to get this plan in motion.”