OAK (formerly Penn Central)

[metro]

While driving by yesterday (Thursday). I noticed they have started tearing down the building on the SW Corner of Penn & Expressway. I believe this was the old Salvation Army regional offices. This is also the rumored site of where the Container Store was going to go back before the crash of 2008 when Chesapeake was doing a bunch of retail expansion in the area, (Classen Curve, etc.). Does anyone know what the latest on this property is?

[OKCisOK4me]

Idk.... but I do know it was the HQ for Oklahoma Feed the Children, not SA.

[metro]

Idk.... but I do know it was the HQ for Oklahoma Feed the Children, not SA.

As I previously stated and Pete clarified, it indeed was SA. FTC HQ and trucking facilities have been on N. Meridian for many many years.

Anyhow, Pete, I'll try to snag pictures the next time I drive by. I actually might have one on my phone, but it's not the best based on where I stopped at the light.

[Pete]

It was the Salvation Army when Chesapeake bought it several years ago. It has not sold; at least the sale has not been recorded by the Assessor.

Chesapeake also owns all the 10 homes on Barnes directly behind (west) of this property. In all, they've paid $3.7 million for just under 3 acres.

Before the homes could be incorporated into some sort of commercial development, they would have to be rezoned.

[progressiveboy]

Good prime location for redevelopment! High profile intersection. Interesting to see what will eventually be developed on this spot. I hope they are able to incorporate those trees into the development. OKC is notorious for mowing down trees in the name of progress.

[progressiveboy]

I saw on the OKC building permits that a application was approved on 03/24/17 5101 N. Penn for demolition of this building. There is also scheduled a home at 5100 N Barnes is scheduled as well for demolition. It shows the application owner is Veritas development with a Suburban Tulsa address. Maybe Pete would care to chime in and see what is scheduled to be developed? Very prime location!

[Brett]

I drove by the location and noticed the removal of the decorative blocks that were used to screen the windows. I'll keep an eye out if they bring in a grapple and front end loader for major demolition.

[baralheia]

If it's the same Veritas Development Partners as in this article, it sounds likely to be a retail strip center, likely anchored by a Starbucks: https://www.questia.com/newspaper/1P...oper-plans-two

[Pete]

New commercial development planned for Penn & NW Expressway

Demolition started today on the southwest corner of Pennsylvania and NW Expressway to make way for a new commercial development.

Tulsa developer Ryan McNeil acquired 3.26 acres from Chesapeake Energy in February of 2016 for $4.1 million and recently received approval to rezone for commercial use.

A preliminary master plan shows three buildings on the site with an new entry and exit directly from NW Expressway.

McNeil has developed several Starbucks and the center building appears to for that Seattle company, with a drive-thru.

Chesapeake had acquired 9 homes on either side of Barnes Avenue north of 50th plus the former Salvation Army building (1955) for a total of $3.7 million between 2011 and 2013.

[Colbafone]

They're already about a quarter of the way through demolition. It's going down fast today.

[progressiveboy]

As I mentioned prior, I hope their able to incorporate those beautiful trees into the development, however I am not holding my breath?

[Spartan]

This is pretty bad. Surprising for such a prime site to see such a cheap development, really speaks to where the OKC commercial market is.

Tearing down 9 residential units and a significant office building for three retail pads and a sea of parking.

[Pete]

The site plan I posted is very preliminary and was intentionally vague and plain, as is often the case with a PUD.

Hope to have more details soon.

[Spartan]

Which is funny because with a PUD, the zoning is the adopted site plan.

Even from a preliminary review, there has to be a higher and better use for land that must cost at least 150K per unit. Even though that Belle Isle neighborhood is pretty middle income, those lots are smaller than usual so the land value should be decent.

[Pete]

No, the PUD is just a set of broad guidelines and once approved, the developer can build freely as long as they stay withing the parameters.

[Spartan]

No, the PUD is just a set of broad guidelines and once approved, the developer can build freely as long as they stay withing the parameters.

Also known as land use zoning

[Pete]

Heard from a reliable source that one of these buildings will be a Chuy's.

[sbs]

Awesome news. Can't believe they are just now putting their first location in OKC.

[Pete]

Great write-up on the mid-century building that was recently demolished on OKC Mod Squad:

http://okcmod.com/?p=14229

[Pete]

Pretty much a goner:

[HangryHippo]

I'm a little bummed about the loss of this building. It was pretty cool.

[Brett]

I noticed that sod was laid over the barren ground. I'm guessing that the development of the site has been pushed back.

[Pete]

I noticed that sod was laid over the barren ground. I'm guessing that the development of the site has been pushed back.

Yeah, nothing seems to be happening here.

They also own all the homes on Barnes to the west and I recently noticed they have been actively trying to rent them.

[T. Jamison]

They also purchased the Registry building in March of 2017 for $5,600,000 or $53.58/sf of gross building area.

[T. Jamison]

On further examination, it looks as though McNeill also purchased Penn Park Office Complex in February of 2017 as well as the Registry in late March of 2017. It looks like they had to put up nearly $2,000,000 in cash to buy these properties, which may or may not explain the slowdown of development on the corner. My assumption is, they may be cash light at the moment and are staying on the conservative side. Office doesn't seem to be Veritas Developments' modus operandi. McNeill seems to be more of a retail developer, so these may be holds while they develop the corner. The properties are on a 2 year (Penn) and a 5 year (Registry) note. Once the balance is paid off and the corner is stabilized, I could see Veritas applying for two new demolition permits. Definitely something to keep an eye on. I wouldn't be surprised to see them acquire additional properties between now and then.

Below are the properties McNeill owns.