The City of Tulsa signed a 30-year lease with USA BMX, which will relocate its headquarters from Arizona to the historic Greenwood District.
Tulsa Mayor GT Bynum said a fraction of the Evans-Fintube building will be demolished to make way for the new USA BMX headquarters.
The city is working on the design now and expects to start construction by the end of the year.
Some of the buildings will be redeveloped for private use and the mayor says there's already business interest.
The historic site, which used to be a steel manufacturing facility, will be preserved and currently covers 22 acres.
Tulsa has been a favorite for BMX riders for years now. Tulsa has been the host of the USA BMX Grand Nationals at the River Spirit Expo for the past 20 years.
Mayor Bynum says USA BMX is very excited to contribute to Tulsa's growth.
"They've seen Tulsa's rebirth over the last 20 years," Bynum said. "They first started coming here and where we are today it's a very different city, and they're excited by that. They want to play a part in it."
The project will cost about $15 million to build.
It's money from "Vision Tulsa" which is a sales tax package that voters approved in 2016.
The city hopes to open the new headquarters in 2019 with construction starting this fall.