“Everyone recognizes that both of these proposals are just fabulous,” said TDA Chairman Roy Peters. “We want to take a little more time to make a decision. We’ve asked the city staff ... to give us an economic impact study of both proposals. We’d like to have those before we make a decision.”

Smith, a Tulsa native and Booker T. Washington High School graduate, already has a $21 million proposal pending to redevelop the Morton Hospital site at Greenwood Avenue and Pine Street.

Smith said Tuesday that project is waiting for city approval of the final plans to move forward.

The B.C. Franklin Building proposal is for 147,850 square feet of office and retail space, 26,250 for retail, food and beverage, and 17,400 in banquet and meeting space. The cost is projected to be a little over $50 million, although Smith said he expects it will be closer to $42 million.

About 60 percent would be financed through debt, Smith said, and 40 percent of the space would have to be leased in advance for the project to go forward.