OAK (formerly Penn Central)

[Pete]

Penn Square is still very full and active.

These developments will likely feed off of each other.

[Plutonic Panda]

Penn Square needs a remodel I think.

[chssooner]

Simon never invests in Penn Square. It could be expanded or remodeled extensively. But nah, they want to leave it how it is.

[Rover]

Simon never invests in Penn Square. It could be expanded or remodeled extensively. But nah, they want to leave it how it is.

Simon is an A rated REIT and one of only about 3 really viable in the shopping center space. They are a very good operator and actually make money. They have plenty of money to make changes and improvements where they believe warranted and where they can get return on their investment. If there are things that are lacking here it is likely due to the local manager for Simon. He's been here a long time.

[soonerguru]

When was the last time Penn Square was renovated? To quote Cher from Clueless, it's screaming for a makeover.

[OkieBerto]

Noticed yesterday that they have closed the roads where they plan to start the construction on 50th!

[Pete]

This is looking east along 50th to the east of Youngs:

[Pete]

[Pete]

Walked around this site yesterday and they still haven't removed the overhead utilities, so they have some work to do before 50th is realigned. Since there are a bunch of lines and poles, not sure that is going to happen fast enough to start on the apartments and hotel this summer as they had hoped.

It also occurred to me that one of the main reasons they aren't completely demolishing the Registry at this point is so they can use it for construction and leasing offices. Typically, apartments and hotels set up leasing offices and even models so they can hit the ground running when the buildings are complete.

Also, they will have a bunch of retail space and pad sites so I bet they have their commercial leasing offices in that building as well.

[tvkokc]

Walked around this site yesterday and they still haven't removed the overhead utilities, so they have some work to do before 50th is realigned. Since there are a bunch of lines and poles, not sure that is going to happen fast enough to start on the apartments and hotel this summer as they had hoped.

It also occurred to me that one of the main reasons they aren't completely demolishing the Registry at this point is so they can use it for construction and leasing offices. Typically, apartments and hotels set up leasing offices and even models so they can hit the ground running when the buildings are complete.

Also, they will have a bunch of retail space and pad sites so I bet they have their commercial leasing offices in that building as well.

They can start moving dirt and doing some underground utility work even with the existing poles in place if they're not serving to any customers. I've had several projects where OGE took forever to remove their service poles.

[Teo9969]

What a relief this project was not stalled out by Covid. If this development is super successful I would think that the Penn Square/Belle Isle/Classen Curve area could be poised for hundreds of millions of dollars in development before 2050.

[Pete]

Walked through the area this morning and they are working away on the various utilities running through the property.

[Pete]

[chssooner]

Aside from the hotel being a Tapestry Collection hotel, are there any inkling of some tenants coming here? This is the kind of development that upscale retailers love. Just curious.

Thanks all!

[Richard at Remax]

Aside from the hotel being a Tapestry Collection hotel, are there any inkling of some tenants coming here? This is the kind of development that upscale retailers love. Just curious.

Thanks all!

It would probably never happen but it would be so cool to see Eataly here

[progressiveboy]

It would probably never happen but it would be so cool to see Eataly here

This would be a good catch for OKC! The location in NorthPark Mall in Dallas is always busy! For this development, maybe a Crate and Barrel, Restoration Hardware, Eatzi's, Shake Shake for new to market business!

[HangryHippo]

It would probably never happen but it would be so cool to see Eataly here

Preach!

[Roger S]

100% agree on Eataly..... Stumbled across the one in Dallas while furniture shopping and spent about 3 hours in there.

[Pete]

Aside from the hotel being a Tapestry Collection hotel, are there any inkling of some tenants coming here? This is the kind of development that upscale retailers love. Just curious.

Thanks all!

They are working with several retailers that would be new to the market.

But as far as I know, no leases signed as of yet.

[HOT ROD]

Like!

[Pete]

[chssooner]

So what will be the next step? I don't think we will see cranes here quite yet, right?

[Pete]

They still have to deal with all the overhead utilities and realign NW 50th.

Then will come the apartments and hotel.

[HFAA Alum]

I know that overhead takes months to do, considering the number of companies that are involved. It took months just to get the work done on getting our power lines underground. The other utilities are still overhead even now, and they started that process in March of this year with the anticipation of beating the hurricane season.

Having that said, is there a set time frame for the companies to have this done, is there a deadline or is it not so much of a rush to get it done? I'm just asking for curiosity's sake.

[Pete]

The developer had told me they hoped to have all the prep work done in time to start work on the apartments by the end of the summer.

Based, on how things have been going, I wouldn't be surprised if that has slipped a bit.

They also have to get a bunch of easements cleared. This is a really complicated project.