OAK (formerly Penn Central)

[Pete]

We are WAY off-topic here.


Back to discussing the OAK development...

Should have some new announcements soon as they continue to sign up impressive retail and restaurant tenants.

[stlokc]

Thanks, Pete! Looking forward to the announcements and as always grateful for the forum you provide and the ways you move us back into the right lanes!

[Pete]

[Ryan]

What is the building with the stairwell/elevator shaft going to be?

[Pete]

What is the building with the stairwell/elevator shaft going to be?

In the second photo above, the elevator shaft near the crane is for the Lively Hotel.

In the third photo, it is for apartments.

[warreng88]

On the last picture, on the far northwest side of the apartments, there is metal framing instead of stick framing. Is that for retail or for maybe apartment common areas? I haven't seen a level by level footprint of the apartments is why I am asking.

[Pete]

On the last picture, on the far northwest side of the apartments, there is metal framing instead of stick framing. Is that for retail or for maybe apartment common areas? I haven't seen a level by level footprint of the apartments is why I am asking.

The metal framing is to support high ceilings and clear spans in the lobby.

[chssooner]

On the last picture, on the far northwest side of the apartments, there is metal framing instead of stick framing. Is that for retail or for maybe apartment common areas? I haven't seen a level by level footprint of the apartments is why I am asking.

On this same picture, there is also construction in front of the parking garage (east side). Are these more apartments, or mixed-use?

[Pete]

On this same picture, there is also construction in front of the parking garage (east side). Are these more apartments, or mixed-use?

Apartments over retail.

That section will front the small park which will be between the apartments and hotel.

You can see that building on the right side of this rendering:

[BoulderSooner]

still want that plaza facing restaurant on the south side of the development to be shake shack

[chssooner]

Apartments over retail.

That section will front the small park which will be between the apartments and hotel.

You can see that building on the right side of this rendering:

Ah, ok. Perfect! Thanks Pete!

I'm excited for more announcements, and I'm sure they will be either new to market, or concepts that will crush it here.

[Ryan]

They’re putting up a second tower crane when I drove by about an hour ago.

[Pete]

They’re putting up a second tower crane when I drove by about an hour ago.

It's for the parking garage.

They are probably using pre-fab panels for the garage structure so it should start to come together pretty quickly.

[taha]

do we have any idea what they plan to do with carwash site down the line? probably housing? thanks for the pictures by the way.

[Pete]

do we have any idea what they plan to do with carwash site down the line? probably housing? thanks for the pictures by the way.

It will likely be another restaurant and/or retail store. But I'm sure they want to mostly finish OAK first.

[HFAA Alum]

Seeing the rendering, this is really bringing out the verticality of the area. If more developments like this pop up, not even something this big, but more like a few more 5-6 story developments, this could end up being a secondary or tertiary core. This area is really going to be popping in about twenty years.

[David]

Pretty fantastic seeing the two tower cranes on the site today when I was driving home from work.

[Pete]

[catch22]

So cool! Thanks for the updates Pete

[chssooner]

I truly hope this spurs renovations and new, more upscale tenants for Penn Square Mall.

They can work together, but Simon hasn't seemed to care too much about PSM in a long, long time.

[Pete]

^

Penn Square is in the process of adding Urban Outfitters and much more elaborate Altar'd States, has recently added Hollister andseveral new food options and remains almost fully occupied and extremely busy.

In recent years they've added the Container Store, Whiskey Cake and Cheesecake Factory.

Not sure how much more is realistic.

[jn1780]

It's for the parking garage.

They are probably using pre-fab panels for the garage structure so it should start to come together pretty quickly.

The tower crane actually suggests they will be using it to lift rebar and forms for concrete. Prefab concrete panels are too heavy for a tower crane. This is a good thing as it means higher quality of construction.

[chssooner]

^

Penn Square is in the process of adding Urban Outfitters and much more elaborate Altar'd States, has recently added Hollister andseveral new food options and remains almost fully occupied and extremely busy.

In recent years they've added the Container Store, Whiskey Cake and Cheesecake Factory.

Not sure how much more is realistic.

I guess I have always had hopes of getting a Nordstrom in there, or an upscale wing, something like the Roseville Galleria. Those wings were all the rage 10 years ago. Or even a lifestyle component (granted, hard to do at PSM).

I am not saying it isn't successful or busy, just seems it never got the love it deserved 10-15 yars ago when other malls were getting expansions and upscale wings.

[Pete]

Almost no malls are expanding these days and those that haven't already closed are generally suffering.

Penn Square is by far the most successful mall in the state and the future looks stable.

They will eventually have to do something with JC Penney as that store is nearly empty these days. They could look at doing a full-on theater complex with more auditoriums and more amenities. But for now, they are pretty much fully occupied.

OAK and Classen Curve will continue to be the choice among upscale retailers as increasingly, they are seeking locatins outside malls. And both those developments are doing incredibly well.

[fromdust]

The tower crane actually suggests they will be using it to lift rebar and forms for concrete. Prefab concrete panels are too heavy for a tower crane. This is a good thing as it means higher quality of construction.

They can lift 20 tons. How much do these panels weigh!?