Glimcher

[Rover]

I don't get it, are you objecting to having the quiet zone extend to Wilshire? It really seems like a non issue.

[Teo9969]

I don't get it, are you objecting to having the quiet zone extend to Wilshire? It really seems like a non issue.

I just don't see anyway you could get that from what he wrote?

Just to add another dimension, especially as we're talking about a true mixed-use development in the works here, I wonder to what extent this neighborhood also benefits from the quiet zone.

Either Spartan's really really bad at English or this means he thinks it's a good thing...

[LakeEffect]

Well it's included in the quiet zone anyway, oddly enough.

It's included because it's already a "quiet zone." The BNSF line has no crossings from N 16th to Wilshire; inclusion in the federally designated quiet zone ensures that this already-horn free area would remain so if some crossing were to be added. Additionally, a quiet zone must be at least one mile long per the Federal requirements; the longer the designation, the better.

Ok, back to Glimcher.

[bchris02]

I wonder when we will hear the next big tenant announcements. Ruth's Chris and Trader Joe's are apparently a strong possibility. Urban Outfitters might also be a good tenant. They are owned by the same parent company as Anthropologie so it would make sense for them to go in the same development.

[dankrutka]

A friend told me (I can't confirm) Urban Outfitters is opening in Tulsa's Utica Square so maybe they're expanding into both Oklahoma markets.

[Spartan]

It's included because it's already a "quiet zone." The BNSF line has no crossings from N 16th to Wilshire; inclusion in the federally designated quiet zone ensures that this already-horn free area would remain so if some crossing were to be added. Additionally, a quiet zone must be at least one mile long per the Federal requirements; the longer the designation, the better.

Ok, back to Glimcher.

This is great information, I haven't actually been involved with a quiet zone as you have, so I appreciate your perspective as always. Yes, back to Glimcher.

[Pete]

This doesn't sound like any major development is imminent:

the company would eventually look to develop its Oklahoma City shopping centers into some type of mixed-use project.

However, right now the company is focused on selling off from $200 million to $300 million in other real estate in its portfolio, before reinvesting the proceeds into other assets.

Developer hasn't set timeline for land in Oklahoma City | News OK

[Spartan]

It sounds like they are realizing the magnitude of the scope of work needed, especially when they talk about placemaking and connectivity. This is a daunting task.

[Urbanized]

^^^^^^^

I found it especially encouraging that he mentioned "mixed use" and "sense of place," which he acknowledges that it currently lacks. It's a huge thing to get a national player and industry leader of this caliber to tackle our retail shortcomings, and this site presents an incredible opportunity to do something special. It might take a while to do it right, but I'm very optimistic about this.

[Pete]

The company could eventually look to develop housing or office space on the site, Lindimore said.

One distinct possibility is that they just lease up the 3 existing shopping centers than build housing and office space on the empty parcels.

When they say mixed-use, they all likely referring to the entire group of properties, not necessarily that they'll include retail in new construction.

[Urbanized]

^^^^^^^^^

Seems like an unlikely possibility though, since their first strength is retail and they likely understand the market is under-served in that area. Also, if they do housing and office, its value will be bolstered by a physical connection to market-leading retail and entertainment.

[Pete]

The problem they face is there is no way to bridge the three existing retail developments, so you would effectively be creating a fourth that would also be disjointed.

No one is walking from one end of Classen Curve to the other, let alone from CC to the Triangle; and NH Plaza might as well be on another planet. So you build another retail center in the middle and there is still no easy way to move between these four completely separate developments.

Their plan might be to create density through office and housing to feed the existing retail centers and concentrate in leasing those up. Still huge amount of vacancy at NH Plaza.

I hope that they do not take this approach but I'm starting to see this as an increasingly likely outcome, especially given the high demand for office space.

[adaniel]

I think those empty areas would be prime property for upscale dense housing, maybe townhomes or patio homes. I could see a lot of Nichols Hills empty nesters wanting to downsize.

Please, please, please no more "office condos." They may be tempted given how low office vacancies are in that area, but those things have spread like the plauge in North OKC.

[Pete]

I'm almost certain the old Kensington Apartments site on the west side of Grand will be high-end townhomes. Have heard they have already drawn up preliminary plans.

Not sure about the remainder of the empty parcels.

[betts]

I'm almost certain the old Kensington Apartments site on the west side of Grand will be high-end townhomes. Have heard they have already drawn up preliminary plans.

Not sure about the remainder of the empty parcels.

If you don't have the 80 year old NIMBYs jettisoning it like they did Aubrey's plans for the Plaza and the smaller lot development that was supposed to be developed from the estate on 63rd. They're vocal and the NH City Council is unwise enough to listen. Interestingly, I don't think a single lot has sold on the redesigned development with bigger lots.

[Bellaboo]

Sold out -

Oklahoma business briefs for Sept. 17, 2014 | News OK

[bchris02]

I wonder if or how this will affect their plans for Classen Curve and NHP.

[Pete]

At the very least, it at least partially explains why they have been moving so slowly with any new development.

[Spartan]

They still own underutilized assets.

[HangryHippo]

Well, this move kind of sucks. I had high hopes for Glimcher.

[Bellaboo]

Well, this move kind of sucks. I had high hopes for Glimcher.

Not sure if it really changes too much.

[Pete]

Researching this a bit more:

1) Washington Prime is a spin-off from Simon, the largest retail investor and developer.
2) Washington Prime is for all their "strip centers'; i.e., everything but their enclosed malls.
3) The two Glimcher malls will go to Simon, the rest to this new entity (WP Glimcher)
4) The Glimcher CEO will remain and WPG will be located in Columbus, the current HQ for Glimcher
5) I think this just brings more resources to bear for their existing properties; more capital and more leasing power and reach

[Spartan]

This article in the Cbus paper has some good insight that corroborates that this just raises capital for Glimcher's vision (although ignore Chris Boring who knows absolutely nothing):
Mall owner Glimcher being sold, but HQ will stay here | The Columbus Dispatch

[Rover]

If you don't have the 80 year old NIMBYs jettisoning it like they did Aubrey's plans for the Plaza and the smaller lot development that was supposed to be developed from the estate on 63rd. They're vocal and the NH City Council is unwise enough to listen. Interestingly, I don't think a single lot has sold on the redesigned development with bigger lots.

This location is in OKC, not in Nichols Hills. It is south of 63rd, West of Grand.

[bchris02]

Are there any updates on this? Are plans for Classen Curve and NHP currently completely stalled? How long before we start to see movement?