New Developments (Tuscana, Quail Springs Ranch, Outlet Shoppes)

[PokeFromOk]

Reading the Anthropologie thread got me wondering what the progress was on these large developments that we announced in 2008. Does anyone have any information on these three and how likely are these three to becoming reality at some point?

Thanks.

[mugofbeer]

I would imagine pretty much dead, dead and dead for the time being because of the poor economy and the difficulty of getting financing for any projects of this type.

[okcpulse]

I would imagine pretty much dead, dead and dead for the time being because of the poor economy and the difficulty of getting financing for any projects of this type.

Actually: Tuscana: on schedule (per conversation with owner), Quail Springs Ranch: dead, and outlet Shoppes: delayed.

Tuscana, however, has been reworked to start residences first then retail. Earthwork and infrastructure is done. Streetwork is underway.

[mugofbeer]

Actually: Tuscana: on schedule (per conversation with owner), Quail Springs Ranch: dead, and outlet Shoppes: delayed.

Tuscana, however, has been reworked to start residences first then retail. Earthwork and infrastructure is done. Streetwork is underway.

Maybe I'm mistaken on which project Tuscana is. Can you clarify its location?

[metro]

north of Quail Springs mall and yes it is underway

[mugofbeer]

OK. It's where I thought but last time I was up there, I didn't see any dirt work. Glad to see there is still some development going on.

[okcpulse]

It's a decent-size development in scope. Dirt work is complete and infrastucture installation was done afterward.

[mugofbeer]

I knew a lot of the dirt work had been done but I didn't see any new work. Anyway, OK>

[warreng88]

Here is the thread on the Outlet Shoppes:

http://www.okctalk.com/okc-metro-are...0-council.html

If you look at post #179, that is where the more recent updates start.

[onthestrip]

Ill be anxious to see how the retail portion of Tuscana turns out. Hopefully they can do it right and attract some good tenants. However, I still think it would have been better if it was located adjacent to Memorial.

From what I hear the outlet center is pretty close to being able to start. Apparently they have plenty of leases in place and financing is close to being secured.

[Spartan]

north of Quail Springs mall and yes it is underway

Tract homes are underway.

NONE of the retail that was proposed a few years ago is going to come to fruition. But it's okay, we still have Memorial Road and Quail Springs Mall for all our shopping.

[circuitboard]

Tract homes are underway.

NONE of the retail that was proposed a few years ago is going to come to fruition. But it's okay, we still have Memorial Road and Quail Springs Mall for all our shopping.

Will they look like this, with the hills in the background and everything?

http://upload.wikimedia.org/wikipedi...h_San_Jose.jpg

[shane453]

There is no indication from the signage around Tuscana that they have changed their plans toward tract housing- The renderings shown on billboards at the major entrances to the project still show the original renderings. At least a few of the major streets through the development are finished, from what I can tell driving by on 150th.

[Spartan]

Yeah but the only portion they have any plans to complete any time soon is the lower-density housing portion of the project. And yeah, the houses will look similar to the ones in San Jose on that wiki page posted by circuitboard, believe it or not. They'll be nice houses. But come on, hotels, condos, retail, galore.. aint happenin. Maybe in the future, but right now it looks like a long shot.

[mugofbeer]

Yeah but the only portion they have any plans to complete any time soon is the lower-density housing portion of the project. And yeah, the houses will look similar to the ones in San Jose on that wiki page posted by circuitboard, believe it or not. They'll be nice houses. But come on, hotels, condos, retail, galore.. aint happenin. Maybe in the future, but right now it looks like a long shot.

I agree. Especially off Memorial and with the economy we're likely to have over the next 3-5 years I don't see much hope for true quality hotels and retail.

[okcpulse]

Tract homes are underway.

NONE of the retail that was proposed a few years ago is going to come to fruition. But it's okay, we still have Memorial Road and Quail Springs Mall for all our shopping.

Spartan, I spoke with the owners. The retail is still going to happen, beginning in late next year depending on how many stores they sign.

[MikeOKC]

Spartan, I spoke with the owners. The retail is still going to happen, beginning in late next year depending on how many stores they sign.

Sounds like a delay to me. Housing first? Really? In Oklahoma City where there's a glut of housing in N/NW OKC? I see these lifestyle centers go up all over the country and they don't start off with housing, especially now. Tuscana would be great as it was originally presented. At one time, I still had high hopes, but I'm hearing (from this same person, I'm sure) nothing but words and more words. I see a scaled back development that looks nothing like what was originally planned. Just my opinion.

[metro]

Spartan, I like how you pick and choose who you quote. You ignore okcpulse who gave way more details, but you use my quotes that I answered the question asked of location and if it is dead or not to make it seem like I'm stupid. Maybe your vision from Canada is blurred. It may not be full fledged underway (which no one is claiming), but it's underway nonetheless and not dead dead dead like a poster above mentioned.

[okcpulse]

Sounds like a delay to me. Housing first? Really? In Oklahoma City where there's a glut of housing in N/NW OKC? I see these lifestyle centers go up all over the country and they don't start off with housing, especially now. Tuscana would be great as it was originally presented. At one time, I still had high hopes, but I'm hearing (from this same person, I'm sure) nothing but words and more words. I see a scaled back development that looks nothing like what was originally planned. Just my opinion.

You can believe that but the layout hasn't been altered at all. Just what's going to be built first. The retail portion was ready when the recession hit, so retailers were paranoid to sign... anywhere in the country.

Conroe, TX outlets got tennants because they signed before the recession hit, and construction was already under way.

[progressiveboy]

Spartan, I spoke with the owners. The retail is still going to happen, beginning in late next year depending on how many stores they sign.

I have my doubts too! OKC is dead retail wise

[Spartan]

Spartan, I spoke with the owners. The retail is still going to happen, beginning in late next year depending on how many stores they sign.

I'll just say this. Pulse, you should be commended for taking the initiative to contact Larry Owsley (assuming that's who you talked to).

I have been following downtown OKC development like a rat on a cheeto and I've been let down more times than I can recall. If I cared any more about downtown OKC development I would have become a very, very bitter person by now. The only thing that's keeping me tuned are the public sector projects and Devon Tower..still waiting for the private sector to put their money where their mouth was on MAPS 3. I say that as one of MAPS 3's biggest advocates..

OKC has deficiencies that make it underwhelming compared to almost any major city in certain areas and retail has been the biggest deficiency it's had for a while, bigger than other areas. I want to be wrong.. but when I hear "depending on how many stores they pre-lease" or anything with the word "pre-lease" in it.. usually it hasn't turned out well for OKC.

[flintysooner]

Before the recession it was possible to get 100% financing with letters of intent from national credit tenants for less than 50% of GLA. During the recession there was no financing. Now it is still very much a big if for 60% financing excluding land with 60% GLA or better with actual leases in hand.

Anyone with sufficient cash to build without borrowing is finding better opportunities.

Investors that were looking at real estate development are demanding very high cap rates as in 12 or 13% or better. At the other end tenants are demanding very low lease rates. That makes a gap that is almost impossible to bridge.