Red Carpet property sells for record price (https://www.okctalk.com/content.php?r=871-Red-Carpet-project-sells-for-near-record-price)

In what may be the highest price ever paid per square foot of land in Oklahoma City, the developers of OAK at NW Expressway and Penn have purchased the Red Carpet carwash property on the southeast corner of that same intersection.


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The sales price was $2.2 million for under a half acre which equates to over $5.5 million per acre and $127 per square foot.

The new owners plan a commercial development on the corner to complement their broader OAK project.

Red Carpet will continue to operate for the foreseeable future so please continue to give them your business; there is no timetable for future development.

The intersection has become the hottest retail area in the state, as Penn Square continues to thrive with near complete occupancy and large crowds.

OAK has announced plans for Capital Grill, a 3-level Restoration Hardware and a large Arhaus as well as more retail and restaurants to come. A large luxury apartment complex and upscale hotel are also currently under construction.



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Although the property is small, the developers have likely worked out a deal with 50 Penn Place to use part of their parking, which is largely used just to the south (along Penn).

Interesting development. What a transformation this is going to be for Northwest OKC.

There is still so much available land and inappropriately scaled land usage along the Expressway. This creates a canvas for creative infill development. And, one can only imagine how the BRT will impact that infill along the Expressway and all along Classen to downtown.

The apartment development is so key to all of this, too. I can imagine even more mass residential being constructed along this artery.

Very curious what they could be planning there, small restaurant maybe?

Fantastic news! Anything they put there will be better than the eye sore of a car wash that's currently there.

Have to think with this purchase price, it will be a taller building/development they add here to compliment OAK.

Have to think with this purchase price, it will be a taller building/development they add here to compliment OAK.
Yeah, I am having a difficult time thinking of what could go here to get an ROI on that kind of investment. Seems you would have to go somewhat vertical.

I have heard it may be a retail/restaurant combo.

Likely candidates are Pottery Barn which I understand has elected not to renew their lease in PSM or William Sonoma which left the mall after serious issues with flooding.

Not sure about the restaurant but I'm sure it would be another big name that could afford to pay the freight.

Once this and OAK are fully built out it seems logical that 50 Penn Place would receive a renovation and maybe it’s parking condensed into structured so the surface lots can be developed.

It would make a lot of sense for a developer to assemble the 4 properties on the NW corner of NW Expressway and Penn.

Currently, there is a vacant bank building on the hard corner, a non-descript Talbott's to the west, BOK to the north, and an empty former Pier One to the north of that.

Given the high value of all this real estate, it's easy to envision a project where they pull all four of those buildings down and then build something new, possibly integrating Talbott's and BOK. They could even extend farther north and incorporate the Diamonds Direct property.

Place structure parking along the western edge of these assembled lots, then have a 2- to 3- level commercial development facing NW Ex and Penn.


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Regarding 50 Penn, what I would do is move Belle Isle Brewery and then take the western section and build it out towards Penn with a big glass storefront.

It would be a wicked location for a multi-level Central Market or Eataly.

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^^^ yep my thoughts exactly! So much potential here. This area will become unrecognizable by 2030.

It would make a lot of sense for a developer to assemble the 4 properties on the NW corner of NW Expressway and Penn.

Currently, there is a vacant bank building on the hard corner, a non-descript Talbott's to the west, BOK to the north, and an empty former Pier One to the north of that.

Given the high value of all this real estate, it's easy to envision a project where they pull all four of those buildings down and then build something new, possibly integrating Talbott's and BOK. They could even extend farther north and incorporate the Diamonds Direct property.

Place structure parking along the western edge of these assembled lots, then have a 2- to 3- level commercial development facing NW Ex and Penn.


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This is a great idea. Especially with two of these sitting empty (pier one and Verizon). This could make this a better use of the prime location. I expect something like this to eventually happen.

can't believe the amount of negative comments on instagram regarding the future development of this lot. okc doesn't even have enough traffic to warrant the complaints. there are usually multiple routes to get where you're going thanks to the grid system, and any you can get through any backed-up light by waiting a couple minutes. seems like people want this city to be stuck in the 80s forever. im excited for this area

can't believe the amount of negative comments on instagram regarding the future development of this lot. okc doesn't even have enough traffic to warrant the complaints. there are usually multiple routes to get where you're going thanks to the grid system, and any you can get through any backed-up light by waiting a couple minutes. seems like people want this city to be stuck in the 80s forever. im excited for this area

I’m always surprised at the traffic comments. Have these folks never left OKC? They should go drive through Dallas or Atlanta for a few days and report back with their findings.

can't believe the amount of negative comments on instagram regarding the future development of this lot. okc doesn't even have enough traffic to warrant the complaints. there are usually multiple routes to get where you're going thanks to the grid system, and any you can get through any backed-up light by waiting a couple minutes. seems like people want this city to be stuck in the 80s forever. im excited for this area

I am so with you on those points. We live in Venice and drive all around for a radius of 4-5 miles, and we can *always* get around construction (of which there is a ton of around us right now, crazy) or accidents, grid system is wonderful! There are intersections and streets we just avoid at certain days/times, but there's almost always a parallel way around them.

Fantastic news! Anything they put there will be better than the eye sore of a car wash that's currently there.

That's probably the main reason they bought it. Of course, when you spend that much money for a small piece of land, your kind of obligated to due something with it. Hopefully, there is a plan to do something with some of 50 Penn Places parking.

It would make a lot of sense for a developer to assemble the 4 properties on the NW corner of NW Expressway and Penn.

Currently, there is a vacant bank building on the hard corner, a non-descript Talbott's to the west, BOK to the north, and an empty former Pier One to the north of that.

Given the high value of all this real estate, it's easy to envision a project where they pull all four of those buildings down and then build something new, possibly integrating Talbott's and BOK. They could even extend farther north and incorporate the Diamonds Direct property.

Place structure parking along the western edge of these assembled lots, then have a 2- to 3- level commercial development facing NW Ex and Penn.


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Pete, do you know if the dollar tree is still moving into the Pier 1 building?

Pete, do you know if the dollar tree is still moving into the Pier 1 building?

They filed plans some time ago then did nothing and now there is a for lease sign on the building, so the assumption is they will not be going forward.

If things keep going the way they are now, we might end up looking at the NW Expressway having a second skyline for OKC. This development is adding some much needed density to an area already needing to update to the current demand. So you might as well densify the area even more considering all of the residential properties there. It'll also provide for some good long-term resale value as well, just as long as the current bevy of homeowners are willing to either be compensated fairly or be relocated to the new residence all while being temporarily relocated on the producers' dime.

Considering the suburban sprawl growing northward, it's fair to say that it's high time to up the residential density of this area. Besides, suburbs do nothing but depreciate over time, values fall as repair grows frequent, and businesses don't want to wallow in tax sties (which is what happens after ten to twenty years). Then you have population changes, demographic migrations, and businesses shuttering through the passage of time. Building up in this section would prove to be beneficial in the fact that the amenities are coming more frequently to this area. The mall is nearby also, there's the strip mall next to it, and then there's the Classen Curve just a few blocks away. And I know we can just build houses all day because of how much available land there is in the city, but there comes a point where you'll be so out and away that you'll have to deal with an increased commute, a longer distance to travel, and even less stable amenities for the long-run.

This area has plenty of potential, and a number of buildings that could be filled with business opportunities should the area reflect the demand for them. I'd say let's make the push and try to encourage higher density to remove footprint and collective visual degradation.

^

There have been tons of renovations and housing infill on either side of NW Expressway, all the way out to about where it intersects with NW 63rd.

The commercial development is more obvious but there has been tons of new/renovated housing with much more to come.

I chose to buy a house near OAK long before I knew about that development because it's such an obviously great place to be. Easy to get anywhere, all the good grocery stores and shopping are nearby and I can be downtown in under 10 minutes.

And a reminder that Tiffany not only completely renovated but built an extension. The same was in progress at the old Hilton Inn NW but that seems to have come to a halt, as the owners can't seem to get their act together. The former Lakeshore Tower is being renovated. Founders Tower was converted to residential.

Expect this trend to continue. It's a great area for people who want to be near the city core but don't want or can't afford the historic neighborhoods just to the south. I love to walk through those neighborhoods but prefer a 1-story ranch house with a large yard, which is exactly what I have.

There have been absolutely tons of renovations and flips in my neighborhood and really all along that NW Expressway corridor. Belle Isle and just west of there has become downright expensive. Glenbrook is through the roof.

The area is only going to become more appealing with OAK and the continued commercial development. I love where I live.

Yeah, I am having a difficult time thinking of what could go here to get an ROI on that kind of investment. Seems you would have to go somewhat vertical.

Hotel.

Do we know how deep the pockets are that this development group has access to?

Although the property is small, the developers have likely worked out a deal with 50 Penn Place to use part of their parking, which is largely used just to the south (along Penn).

The parking garage(s) across the street would also readonably support whatever structure ultimately ends up here.

Would be a dream come true to see a true mixed use structure: bottom 2 levels retail, next 2 floors of office, 6-10 stories of living units.

Do we know how deep the pockets are that this development group has access to?

Pretty deep and with great credit.

The money behind this is Everett Dobson of Dobson Communications.

Deep, deep pockets.

I think they have handled this whole process as well as I've seen any developer handle anything in OKC. Obviously we'll need to see the final product in 2024/25, but they've paced this well and put together solid plans, gone and gotten great name tenants. Their success or lack of it for Oak will be one of the most consequential things to happen in OKC in the 2020s. So far, we have no reason to suspect they won't crush it, and it's generating a pretty amazing excitement. Glad I live a mile away lolol

^
Ryan McNeil is the guy doing all the work and he's done a great job.

Mutiple meetings with the surrounding neighbors, worked very closely with the city and planning department, systematically acquired and assembled a bunch of homes and separate properties, landed some great anchors.... On and on.

It's taken a decade of hard work and perseverance.

I have a pretty good idea of some additional tenants and people will be excited.

Pete I can't wait to hear the next set of new tenants! So exciting!

The money behind this is Everett Dobson of Dobson Communications.

Deep, deep pockets.
Yes, and the other two are very experienced pros. Good team.

Im actually really glad to see this place finally purchased. I realize you said that its not closed yet, but it's been a dump for 20 years. Long overdue for something to spruce it up or even better, replace it.

Im actually really glad to see this place finally purchased. I realize you said that its not closed yet, but it's been a dump for 20 years. Long overdue for something to spruce it up or even better, replace it.

The sale has closed, there is just no timetable for when the new construction will happen.

I would think in the next couple of years.

Plans have been filed for a parking variance. Site plan shows one large restaurant where Red Carpet currently sits and another much smaller (maybe a Starbucks?) to the south.

Not sure of the restaurant planned for the corner, but at 10,200SF it will be quite big; roughly the same size as Capital Grille directly across the street.



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Sweet.

Any word on when they would start work? I like that red carpet, but can easily go to the one on May instead.