Condo construction: Groundbreaking for The Centennial on the Canal set for today
by Kevan Goff-Parker
The Journal Record
8/9/2006


Journal Record Photo
OKLAHOMA CITY – When developer Randy Hogan envisions the completion of the highly anticipated The Centennial on the Canal, a $15 million exclusive residential loft and retail project in Bricktown, he said he sees people framed by a “true urban setting.”

“What drives me is the ability to see that big vacant piece of land a year from now, with people framed by the Centennial Plaza to the right, the Harkins Theatre as a backdrop, Sonic and the (John Q.) Hammons hotel on the east and with the AT&T Bricktown Ballpark to the north,” Hogan said. “It will make for a better atmosphere, and every direction you look, that will be our site plan come to life.”

He said following the groundbreaking at 10 a.m. today at the future location of the 80,000-square-foot The Centennial, on the corner of Reno Avenue and Mickey Mantle Drive, he anticipates the first two floors to be complete about this time next year, followed by the three stories of residential lofts that he hopes will be finished by mid-fall next year.

Hogan said key tenants of The Centennial’s retail space already include the Kingpin Bowling Lounge and Starbucks and he has received interest from other retailers for the remaining street-level 12,000 square feet of retail space. The one- to two-bedroom condos are for sale at $305,000 to about $600,000.

“We feel they will go pretty quick,” Hogan said. “We typically start marketing our projects a couple of months into getting the project started.”

He said there are 2,400 free parking spaces for people who frequent Lower Bricktown’s retailers, and residents of The Centennial will enjoy underground parking and elevator access to their condos. As for a much-needed full-scale grocery store, Hogan said he believes a “really cool hybrid deli market” concept could be successful in the area.

“For a full-blown operational grocery store, I believe that has a three- to five-year window, but a hybrid deli market could happen much quicker,” he said.

Hogan, president of Hogan Property Company Investments LLC and a principal in Stonegate-Hogan, said The Centennial on the Canal has already sold close to $8.5 million of its property in recent months.

Gary Gregory, senior adviser at Sperry Van Ness, said The Centennial has already sold 20 of its 30 loft units.

“We only have four of the two-bedroom units and six one-bedroom units left,” Gregory said. “As far as presales go, I’ve been in the real estate business 20 years, and I’ve never seen anything like it. This property has the best location in the downtown Oklahoma City area for high-end residential.”

He said high-income individuals are buying the condos.

“Based on our location, we’ll have people who have downtown interests not just in entertainment, but people who work in downtown who are moving from exclusive homes and whose children have gone on to college – people who are not subject to living near their children’s school and who want to be in an entertainment district with all the restaurants and fun,” Gregory said.

He said The Centennial’s future exercise facility and rooftop entertainment area have both received warm receptions from prospective buyers.

“People are attracted to water and to people,” Gregory said. “This development is going to be a historic event for the Oklahoma City area. It signals a rebirth of the central core of Oklahoma City as a residential venue, and it is the perfect year for this to happen considering Oklahoma’s upcoming centennial celebration. Now we plan on having a perfect venue to watch the fireworks to celebrate the state’s centennial in 2007.”