OKLAHOMA CITY - A new development in northwest Oklahoma City is getting a big time neighbor.
After years of rumors and failed negotiations, it seems this time it's the real deal.
Costco is coming to town.
The first Costco warehouse opened in Seattle, Washington in the 80s. It grew to be one of the largest retailers in the world.
According to our partners at OKC Talk, the City of Oklahoma City lured the company here with a sales tax rebate of up to $3 million if they meet their targets. The deal is similar to the one Cabela’s made with the city.
Several city staff confirmed the deal.
Costco will be built east of the growing Chisholm Creek development. Nearby businesses are excited about their new neighbor.
"I think Costco being across the street from Chisholm Creek, everything already going on at Chisholm Creek, it's just going to increase the momentum and traffic for the area,” said Whitney Rainbolt, a spokesperson for the Chisholm Creek development.
The membership-based warehouse store is similar to a Sam's Club.
The retail giant already has locations all over the world including the U.K., Australia and Japan. A Tulsa location opened in 2016.
"Costco has been looking in the Oklahoma City market for about five years off and on. They actually looked at Oklahoma City before Tulsa. Tulsa jumped ahead of us. Then, they put Oklahoma City on hold,” Rainbolt said.
The City of Oklahoma City confirmed with News 4 they have been talking to Costco for the past three years. There were earlier rumors Costco wanted to move into Quail Springs Mall.
According to OKC Talk, the agreement is pending site engineering and more negotiations with the city, but this is a big step forward and one that could help bring more business to the area.
"New national tenants that come to Chisholm Creek, they always want to know who's around them and who's the traffic generators,” Rainbolt said.
OKC Talk also tells News 4 sales tax incentives must be approved by both the OKC Economic Development Trust and City Council first, which could happen later this month.
We reached out to Costco who said it’s against policy to comment on future Costco warehouses.
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