OAK (formerly Penn Central)

[chssooner]

Also, with WFH really not going to be as full-time going forward as people thought, this is a perfect location for companies to locate in OKC. Just an absolutely awesome project!

[Pete]

I believe the office space at 50 Penn stays very full.

This area is just a great location for just about everything (hotel, retail, restaurants, theater, apartments, office).

[Pete]

[catch22]

Very exciting. This could very quickly become the anchor to a small urban pocket in the city outside of downtown.

[Soonerinfiniti]

[QUOTE=Pete;1221700]I believe the office space at 50 Penn stays very full.

Looks like 50 Penn Place reports over 90% occupancy. What I wonder is: how much space will be downsized upon renewal? I see that anecdotally, but haven't seen a dramatic increase in office vacancy...yet.

[BG918]

Who is building the multifamily portion already under construction?

[Pete]

Who is building the multifamily portion already under construction?

This is the developer:

https://mintwoodre.com/

[sooner88]

This is the developer:

https://mintwoodre.com/

Based on the signage around the OAK it looks like CMSWillowbrook is the construction company.

[soonerguru]

This is the developer:

https://mintwoodre.com/

Their residential buildings look so much nicer than the standard we are seeing in OKC right now.

[soonerguru]

They aren't f-ing around here. Good to see!

[David]

Their residential buildings look so much nicer than the standard we are seeing in OKC right now.

The examples on their website are certainly nice looking. Hopefully this won't be their last development in OKC.

[Pete]

Note the packed parking lots at Penn Square and Belle isle Station -- pretty strong for late January.

[David W]

[/QUOTE]

developer lied to me, on 52nd they said they were going to put in a cul de sac by law a firetruck has to turn around, what they added is an easement turnaround, and I noticed one house has no driveway cause of the street drains

[Pete]

developer lied to me, on 52nd they said they were going to put in a cul de sac by law a firetruck has to turn around, what they added is an easement turnaround, and I noticed one house has no driveway cause of the street drains

[Pete]

developer lied to me, on 52nd they said they were going to put in a cul de sac by law a firetruck has to turn around, what they added is an easement turnaround, and I noticed one house has no driveway cause of the street drains

The developers own that house with the blocked driveway. Doesn't appear that anyone is living there, just an old truck in the drive.

I suspect it will be demolished to provide the turnaround.

[josefromtulsa]

Its crazy how the dimensions of fire trucks has literally altered our cities. We have all these road width and turning radii requirements in case a fire truck has to fit in an emergency. Majority of the calls fire trucks respond to are assistance calls and car wrecks not actual fires.

[Dob Hooligan]

Its crazy how the dimensions of fire trucks has literally altered our cities. We have all these road width and turning radii requirements in case a fire truck has to fit in an emergency. Majority of the calls fire trucks respond to are assistance calls and car wrecks not actual fires.

I think when they invest multi-millions dollars they want to make sure a fire truck can quickly access the property.

Unless you developing Gaillardia :-)

[David W]

The developers own that house with the blocked driveway. Doesn't appear that anyone is living there, just an old truck in the drive.

I suspect it will be demolished to provide the turnaround.

Pete, Oak Land and Development own a lot of houses on 50th, 2 on Youngs, and a lot on 52nd, I would say they are going all the way to Youngs, you can see it all at Oklahoma County Assessor do a map search, but that turnaround is in place, I wrote to them never got a reply!

[Pete]

[Pete]

Press release:

********

OAK Announces Hotel Flag, New Renderings
Introducing Lively Hotel: a new hotel experience by Hilton™, coming to OAK, a vibrant mixed-use district rising in Oklahoma City

OKLAHOMA CITY (Feb. 13, 2023) – OKC-area native Ryan McNeill of Veritas Development today announced Lively Hotel, a 132-key boutique hotel concept by Hilton™, will join the community at OAK, the 20-acre mixed-use district rising at 5101 North Pennsylvania Avenue in Oklahoma City. Dallas-based Gatehouse Capital will develop Lively Hotel in partnership with Veritas. With site work underway, vertical construction of the mixed-use community began last week and ahead of schedule.

Designed as OAK’s “living room,” Lively Hotel is an original concept and part of the Tapestry Collection by Hilton™, a gathering of original upscale hotels. As Oklahoma’s first Tapestry Collection hotel, Lively Hotel will feature 132 rooms; a 3,050-square-foot bar and restaurant; an elevated amenity deck with a 2,400-square-foot outdoor bar and activated pool area; a fitness center; and over 2,600 square feet of meeting space. The scissortail, the state bird of Oklahoma, is the leading design inspiration for the hotel (a rendering can be found here).

“Lively Hotel is a testament to our belief in a ‘new luxury’ that defines itself with ease and energy,” said Penn Collins, President and CEO for Gatehouse Capital. “Historically, Gatehouse’s most successful projects have been lifted by both brand affiliations and partnerships. The firm’s work in concert with Hilton, Veritas, and OAK’s tenants promises to bring not only a new hotel product to Oklahoma City, but an entirely new experience to the region. Benefitting from the amenities provided by this placemaking development, Lively promises to offer both an elevated destination for visitors and a fabulous perch atop OAK for local guests as well.”

At the ground floor, the hotel will feature 13,500 square feet of retail space. Open Realty’s Michael Nagy and Chris Speciale are already in talks with several new-to-market brands for the retail space, with plans to announce concepts in the coming months. Nelson Worldwide is the hotel architect; Sarah Pickard of Pickard Design Studio is the interior designer. Vincit Constructors, the general contractor, and Valor Bank, the lending partner, are both based in the Oklahoma City area.

“Within the past two years, Oklahoma City has seen an impressive tourism rebound,” said Zac Craig, President of Visit Oklahoma City. “In 2021, we welcomed 21.4 million visitors with an economic impact of $3.8 billion. We're excited for OAK to begin taking shape, and know that the mix of top-tier retailers, restaurants, and now, Lively Hotel, will be a significant draw for new visitors, further enhancing Oklahoma City's offerings as a destination.”

The hotel news comes on the heels of several major retail announcements, including RH’s Design Gallery, a new concept encompassing three levels and featuring a Rooftop Restaurant and Garden, Wine Bar, in-house Interior Design Firm and more. Arhaus, a premium home furnishing brand known for its globally inspired, artisan-crafted furniture and decor, will open a 17,000-square-foot space to showcase its products and design services. Upscale steakhouse Capital Grille will open its first location in Oklahoma in a 10,000-square-foot space. Additional retail announcements are planned for later this spring.

The OAK community also encompasses 320 multifamily homes, developed in partnership with luxury multifamily housing developer Mintwood Real Estate. The first-of-its-kind multifamily experience for Oklahoma City will feature curated interior finishes and best-in-class amenities designed for residents seeking a walkable urban lifestyle.

“With vertical construction now underway, finalizing the development partner and concept for Lively Hotel is an important milestone that brings us one step closer to creating a best-in-class mixed-use experience at OAK,” said McNeill. “We have the right partners in place to develop a truly integrated destination, complete with a dynamic retail mix, unique hospitality offering, activated patios and greenspaces, and miles of connected sidewalks.”

McNeill is joined by Everett Dobson and the Dobson family as partners in the multi-phase project.

To learn more, visit oakokc.com and follow the project on Facebook, Twitter and Instagram.


###


About OAK:
Nestled within a city on the rise, OAK is a new type of community unlike anything in the region, destined to change the way life is lived in Oklahoma. OAK is Oklahoma City’s comfortable, walkable mixed-use development where more than two miles of sidewalks weave together first-to-market retailers, restaurants with rooftop dining, Class A office space, luxury residences, a boutique hotel, and a central greenspace that is the heart of a district unfurling with opportunity. Here, sprawling live oak trees stretch upward to invite a region, a city and a community to an invigorating weekday-to-weekend destination where living, creating, playing and working in one connected environment is always in full bloom. To learn more about OAK, visit www.oakokc.com and follow on Twitter, Facebook and Instagram.

About Veritas Development:
Veritas Development is a commercial real estate firm that has developed and acquired over 500,000-square-feet of Class A retail, office and hospitality space. Ryan McNeill, founder of Veritas, is credited with spearheading these efforts and is currently applying a New Urbanist approach to OAK, a dense 20-acre experiential mixed-use development in Oklahoma City. The McNeill family has been part of the Oklahoma community for generations, and has interests in banking, oil and gas, and other real estate investments.

About Gatehouse Capital
Founded in 1997, Gatehouse Capital is a nationwide hotel development firm based in Dallas. Since its inception, the firm has developed more than $700 million of hotel projects with more than $400 million of projects in its current development pipeline as of Q1 2023. Gatehouse, led by Penn Collins, has
developed and maintains a focus on high-barrier projects to develop a true sense of place through the confluence of design, branding, and partnerships. The company currently operates both a lifestyle development and a medical hospitality development platform, seeking to take the principles of hospitality to new realms of health, leisure, and wellness.

About the Dobson Family:
The Dobson family, co-investor in OAK, has been in business in Oklahoma for 85 years and is represented by Everett Dobson. The Dobson family investments include Dobson Fiber, a 5,000-mile fiber optic transport company based in Oklahoma, Oak Tree National golf course in Edmond, Oklahoma and the Oklahoma City Thunder NBA basketball team. The Dobson Family Foundation is also very active in Oklahoma supporting many local non-profit organizations.

About Mintwood Real Estate:
Mintwood Real Estate, founded in 2018 in Dallas, Texas, builds forward-looking and valuable mixed-use and multi-family communities. Mintwood and its entrepreneurial team create distinctive, institutional-quality products that seek to redefine experiences for neighborhoods and their residents. The Mintwood team has built more than 4,000 residential units and more than half a million square feet of retail throughout Texas and across the nation, in addition to facilitating multiple acquisitions, dispositions, and re-zoning successes. To learn more about Mintwood, visit www.mintwoodre.com.

Open Realty
Michael Nagy and Chris Speciale with Open Realty advise on the retail leasing assignment for OAK.

[chssooner]

Nice! Love getting new hotel flags in OKC!

[BoulderSooner]

Pete is the building that is now on the renderings west of the apts new ??

thanks

[Pete]

Pete is the building that is now on the renderings west of the apts new ??

thanks

That's always been shown on the renderings and site plan; the look has evolved over time.

[W8N2SKI]

Just noticed that the sky crane for the hotel is going up today. Construction is moving quick here.

[chssooner]

So many cranes! Hopefully we will get some in downtown for Boulevard Place soon. I've all but given up hope on Alley's End.