OAK (formerly Penn Central)

[Pete]

^

Thanks, I'll take some new drone photos.

They now have all their financing in place and all their anchor tenants secured. With most of the site work completed, we should see rapid vertical construction from here on in.

[W8N2SKI]

They now have all their financing in place and all their anchor tenants secured. With most of the site work completed, we should see rapid vertical construction from here on in.

Do you know if we should expect to hear any more tenant announcements in the near future?

[Pete]

[BoulderSooner]

great to see this go vertical

[ChrisHayes]

Which building is the tower crane going to be for?

[Pete]

Which building is the tower crane going to be for?

The Hotel.

[Brett]

I'm amazed how fast the construction is taking off!

[ksearls]

Crane is up!

[David]

I was slightly surprised going home the other night that the crane was visible from south of I-44.

[Pete]

I was slightly surprised going home the other night that the crane was visible from south of I-44.

This area is somewhat of a high point; from here south there is a gradual slope.

[Pete]

The four rows of columns (last photo) are for the parking garage.

This project is changing almost daily now.

[Richard at Remax]

I can't remember, is this project getting any kind of subsidies?

[Pete]

I can't remember, is this project getting any kind of subsidies?

No.

They asked but the city declined.

[soonerguru]

No.

They asked but the city declined.

Wow. That's unfortunate. This is exactly the kind of game-changing retail investment that will raise OKC's profile and quality of life.

I remember when we handed out money to Bass Pro Shops, lol. NOT a game changer and clearly never would be.

[Pete]

Unless you are a big-box retailer, an employer or are in/near downtown, the city isn't interested.

Even Uptown was turned down when they wanted help building a parking structure.

[Just the facts]

Wow. That's unfortunate. This is exactly the kind of game-changing retail investment that will raise OKC's profile and quality of life.

I remember when we handed out money to Bass Pro Shops, lol. NOT a game changer and clearly never would be.

Why is it unfortunate? Incentives should be used for projects that aren't viable without them. The fact that this IS viable without incentives is a pretty good sign for OKC.

BassPro got incentives because Clay Bennett was involved with Bass Pro thru Gaylord Entertainment at the time.

[Teo9969]

Why is it unfortunate? Incentives should be used for projects that aren't viable without them. The fact that this IS viable without incentives is a pretty good sign for OKC.

BassPro got incentives because Clay Bennett was involved with Bass Pro thru Gaylord Entertainment at the time.

Also speaks to how vibrant this particular area is. The idea Strawberry Fields could need significant subsidies and this project is on its own speaks very highly to the value of the area from Founders to Penn Square to Belle Isle/Classen Curve to Nichols Hills Plaza.

[BoulderSooner]

\
BassPro got incentives because Clay Bennett was involved with Bass Pro thru Gaylord Entertainment at the time.

link?

[Dob Hooligan]

link?

Not to go too far into the ditch ,but, I kinda recall it was the Gaylords were opposed to Bass Pro because they had an ownership position in Academy Sports & Outdoors?

[Just the facts]

Not to go too far into the ditch ,but, I kinda recall it was the Gaylords were opposed to Bass Pro because they had an ownership position in Academy Sports & Outdoors?

The Gaylords (Bennett's wife) owned 33% of Bass Pro through Gaylord Entertainment. They sold the final 13% in 2007.

https://www.nashvillepost.com/busine...d%20Ole%20Opry.

For full disclosure I can't verify they owned 33% at one time, but they certainly owned 13%.

[gjl]

Pete what do you estimate the altitude your drone is at when you take typical pictures like these? And does anyone ever question what you are doing?

[chssooner]

The Gaylords (Bennett's wife) owned 33% of Bass Pro through Gaylord Entertainment. They sold the final 13% in 2007.

https://www.nashvillepost.com/busine...d%20Ole%20Opry.

So for a guy named "Just the Facts" you infer a lot and try to stretch things that aren't factually and directly connected. Nowhere does that say they got incentives because Bennett's wife owned Bass Pro...you are implying something, and it is going directly against your username. Please change it, or find some actual facts to support your claim ��

[soonerguru]

I would argue that 50th and Penn is near downtown. It is smack dab in the middle of the inner city and it is the city's most important retail destination.

As to JTF's point, I agree that this is financially viable. But, could it have been kickstarted sooner with incentives? Could there have been more added to the development with incentives? We don't know that.

My point was that this particular development is going to be raising the retail profile of the city, making it an even more important retail destination. And, making OKC a better place to live for prospective transplants. The lack of amenities like this in the past cost OKC corporate relocations. For those reasons, this would seem to be a great candidate for that kind of investment from the city.

[Pete]

It's funny after 30 years and billions in public and private investment, downtown is still the only place where incentives are "needed".

IMO, it's a simple case of creating a huge pot of money through TIF's, setting a precedent by giving dozens of developments free money, and then the entire thing becoming an endless circle.

[soonerguru]

It's funny after 30 years and billions in public and private investment downtown is still the only place where incentives are "needed".

IMO, it's a simple case of creating a huge pot of money through TIF's, setting a precedent by giving dozens of developments free money, and then the entire thing becoming an endless circle.

Bass Pro was among the first recipients. I remember reading the articles about the city largesse at the time and shaking my head. Remember, the argument for the incentive then was to "kick start" retail in Bricktown. A large boat and tackle shop was going to "kick start" retail?

The city has better people working in retail development now and the Chamber is much more sophisticated than it used to be. But, few people who understood retail believed Bass Pro would kick start anything.