OAK (formerly Penn Central)

[David]

Building permits have been filed for the first phase of this project, which will consist of 320 apartments, 20,000 square feet of retail space on the ground floor, and a large parking structure in the center.

The developers have acquired an additional 12 homes that will be demolished. 9 homes have already been razed.

Love to see forward motion on this.

Will that require the 50th realignment out to Penn be finished?

[Bowser214]

Wow this residential design puts all the other ones to shame! So glad to see some movement on this!! And they have balconies!!!

[BoulderSooner]

home run ..

[Jake]

Neat! Figured this was a Covid casualty.

[Pete]

Will that require the 50th realignment out to Penn be finished?

Yes.

50th will curve to the south and then connect to the existing traffic signal that also serves 50 Penn Place.

[soonerguru]

Awesome news, but does this mean that phase one is only a parking garage?

[LocoAko]

Fantastic! So happy this is moving forward.

And right on the Penn/NW Expy BRT stop. Depending on how the rest of the development plays out regarding amenities I have to imagine this may be a popular destination for those commuting to downtown..

[Pete]

Awesome news, but does this mean that phase one is only a parking lot?

No.

They will build the apartments and retail around the garage once it is constructed. Similar to Canton (formerly Residences at Classen Curve).

[fromdust]

My prediction: Phase 1 is as far as it ever goes.

[Pete]

My prediction: Phase 1 is as far as it ever goes.

I'll take that bet.

They have a ton of money sunk into this project and it's a fantastic location.

[soonerguru]

Wow this residential design puts all the other ones to shame! So glad to see some movement on this!! And they have balconies!!!

Agreed

[soonerguru]

No.

They will build the apartments and retail around the garage once it is constructed. Similar to Canton (formerly Residences at Classen Curve).

That makes sense, and it also makes sense they would sequence it that way. Sorry for the dumb question.

[fromdust]

I'll take that bet.

They have a ton of money sunk into this project and it's a fantastic location.

I hope I'm wrong! I love the design and location, but I feel burned with other high dream projects being watered down, half ass, or not even brought to light with just an empty lot to show for it.

[G.Walker]

My prediction: Phase 1 is as far as it ever goes.

It's always easier to get financing and investors for housing. People will always need somewhere to live.

The hard part is financing and investors for office development, because if you don't have a anchor tenant ready to go, its a hard sale.

[AP]

Looks like there will be a new street connecting to NW Expressway? Am I reading that wrong?

[BoulderSooner]

Looks like there will be a new street connecting to NW Expressway? Am I reading that wrong?

looks like "oak street"

[poe]

This looks top-notch! Hopefully some of the retailers that have closed in OKC recently may return with this project, but I know that may be a long shot. It would be nice to have a good mix of national, regional, and local tenants.

[Plutonic Panda]

https://www.oklahoman.com/story/news...ng/5573697001/

[Pete]

https://www.oklahoman.com/story/news...ng/5573697001/

Steve Late-meyer with his usual copycat story (behind a paywall, no less) 3 days after he reads it on OKCTalk.

[Bellaboo]

I like that Latemeyer... lol

[Midtowner]

I'll say it here now. I expect that these grandiose plans will never come to fruition and the best we'll see on this corner are some four-story, wooden-frame apartments built to fall apart after about 20 years. But they'll keep the TIF money.

[chssooner]

I'll say it here now. I expect that these grandiose plans will never come to fruition and the best we'll see on this corner are some four-story, wooden-frame apartments built to fall apart after about 20 years. But they'll keep the TIF money.

You're a ray of sunshine on a cloudy day...

[Plutonic Panda]

You're a ray of sunshine on a cloudy day...

I mean if you want to base it off of OKC's track record how is he wrong? I will say I believe this development will move forward. Once office workers come back(I'm not fully buying the whole work from home is the future thing though I am sure it will play a bigger role than it used to) and retail expands again other parts of this will come together. I wonder if anywhere around the country has started construction a new lifestyle center mall that wasn't U/C before COVID hit.

[G.Walker]

The housing, hotel, and retail will be built. This is a good location, and high incomes surrounding.

The hotel & apartment industry in OKC is booming.

Now the office phase of this project, meh, that's a toss up, lol.

[Pete]

I'll say it here now. I expect that these grandiose plans will never come to fruition and the best we'll see on this corner are some four-story, wooden-frame apartments built to fall apart after about 20 years. But they'll keep the TIF money.

There is no TIF money.