OAK (formerly Penn Central)

[Pete]

There is a ton to be done to make this development ready in 60 days, but you can see great progress week by week.

I was told they have a tenant for the pavilion in the middle of the green space; I know it's a restaurant of some type and believe it will be new to the market. Should know more soon.

[warreng88]

There is a ton to be done to make this development ready in 60 days, but you can see great progress week by week.

I was told they have a tenant for the pavilion in the middle of the green space; I know it's a restaurant of some type and believe it will be new to the market. Should know more soon.

It wouldn't surprise me if it started with a "Sha" and ended with a "ke shack"...

[T. Jamison]

Price Edwards and Co indicated something similar their 2023 Year-End Retail Market Report.

Top 10 Retailers Likely to Enter the OKC Market in 2024
1. Shake Shack – The popular burger chain is pushing into secondary markets across the country. Would be popular destination in Midtown or Uptown.

[Pete]

[G.Walker]

Since they went ahead a built out a parking lot where the office building was supposed to go. Guess this means its dead, or it won't happen anytime soon.

[Pete]

Since they went ahead a built out a parking lot where the office building was supposed to go. Guess this means its dead, or it won't happen anytime soon.

Sorry Mr. Negative.

The parking lot was always planned and is temporary until the office building is constructed.

[ManAboutTown]

That apartment complex looks outstanding and I like how the parking garage is hidden from view.

[Pete]

Now that the landscaping is going in, this entire development looks very nice from ground level.

I'll try to get some of those shots soon.

[Mississippi Blues]

Since they went ahead a built out a parking lot where the office building was supposed to go. Guess this means its dead, or it won't happen anytime soon.

Because surface lots are so hard to build on.

[Pete]

And that parking lot has been roughed out for about 3 months as I've documented with hundreds of photos.

[warreng88]

Pete, from your understanding, what has to happen for that office to get built? A Percentage of pre-leasing? Are they just waiting for phase 1 to be filled in?

[Pete]

Pete, from your understanding, what has to happen for that office to get built? A Percentage of pre-leasing? Are they just waiting for phase 1 to be filled in?

I think they want to get the hotel, some retail, and a couple of restaurants open before the holidays.

I wouldn't be surprised if the office building starts next year, and they are making good progress on all the food/restaurants for the final phase.

[Plutonic Panda]

Sorry Mr. Negative.

The parking lot was always planned and is temporary until the office building is constructed.

do you think they will start on the next phase pretty quickly once they complete everything currently under construction?

[bison34]

do you think they will start on the next phase pretty quickly once they complete everything currently under construction?

Not Pete, but I'm assuming it will be based on leases for that building. Depends what their threshold is. I have clients that like a building to be 60% leased before they build, hoping to get that last 40% during construction.

[Pete]

The office building has always been "Phase II".

I was told they are close to moving forward with it. The most important part of that is a bunch more retail/restaurant space at ground level.

[Plutonic Panda]

Not Pete, but I'm assuming it will be based on leases for that building. Depends what their threshold is. I have clients that like a building to be 60% leased before they build, hoping to get that last 40% during construction.

Is there a WeWork in OKC? They tend to go in developments like this. They may be a good client to take up some space.

[Plutonic Panda]

The office building has always been "Phase II".

I was told they are close to moving forward with it. The most important part of that is a bunch more retail/restaurant space at ground level.

There’s a phase 3 and 4 as well, right?

[Pete]

Phase III will be the restaurants on the site of what is now the remnants of the Registry building.

[Plutonic Panda]

Phase III will be the restaurants on the site of what is now the remnants of the Registry building.

Got it. And then I guess phase 4 was me thinking the same ownership who is building this development just bought the property across Penn, right?

[warreng88]

For anyone asking when things are going to get built, this is from pete's post on page 21 on 2/15/22

[Plutonic Panda]

Thank you

[warreng88]

And the layout of what I posted obviously changed because pottery barn wanted their own space and I think there were only two “pads” for capital grille and RH and then Arhaus was added or just altered to have their own stand alone.

[Pete]

The layout has changed many times, based on shifting market conditions and actual leases they can generate.

But the office building and the development to the west were always going to be in later phases; that's never changed and we've been talking about this development for over five years.

[jn1780]

I guess the idea of leaving something a grass field for a little while freaks drivers out.

The Red Carpet will probably be demolished and turned into temporary parking while that new office/parking garage is under construction.

[Pete]

The Red Carpet will probably be demolished and turned into temporary parking while that new office/parking garage is under construction.

The Red Carpet property is tiny and Oak already has a deal with 50 Penn to use their parking as well as Crossings Church and the big parking garage is still not fully open.

They will let Red Carpet continue to operate until they are ready to build a restaurant (unknown exactly which).