OAK (formerly Penn Central)

[Rover]

Pete, do you know the demo plans for the rest of the old atrium office building? It would seem that from an access position it would be easier to build that site out prior to building the site immediately east of there (south of what is being built).

[Pete]

Pete, do you know the demo plans for the rest of the old atrium office building? It would seem that from an access position it would be easier to build that site out prior to building the site immediately east of there (south of what is being built).

They'll raze it when they start on future phases.

It's being used for construction offices and will be used for leasing as well: retail space, apartments and hotel events.

[Pete]

I live in the neighborhood south of Oak and yesterday on my daily walking loop I counted 15 dumpsters, which means 15 flip houses in progress.

15! That's a ton.

There have been a couple of tear-downs and rebuilds but I expect a bunch more. Already a lot of Air BnBs with more to come.

[Pete]

[G.Walker]

Went to Penn Square & Cheesecake Factory yesterday, and this looks much bigger in person, the massing against the expressway is crazy. Since the expressway is elevated right there, it looks bigger than it really is, height wise. Especially from Penn Square parking lot, as the mall sits lower.

[Pete]

[Pete]

In the last photo, you can see the Arhaus foundation just east of the apartments.

RH Gallery and Capital Grille will be starting soon.

[David]

The impact this has on the local skyline is quite a bit more than I was expecting, and the hotel isn't even done yet. How many floors to go before it tops out?

[Urbanized]

Drove past it yesterday for the first time in a few weeks and it was indeed impressive how much it has already changed the feel of that intersection and strip of Northwest Expressway.

[Pete]

It's going to be such a big deal.

They are having good success adding more national retail and restaurants, most new to the market. Should be more announcements soon.

[Pete]

[Laramie]

Nice development and pics, Pete, thanks for your continuous updates.

Attracting good high paying jobs to our city and making home ownership, leasing and renting affordable will
make OKC an attractive place to live and raise a family. IMO were are a very inclusive city.

Out commitment to investing in our schools thru bonds and higher teacher pay will pave the way in the holistic education
of our children.

All of this ties in with our Quality of Life goals and objectives. Making our city more cleaner with code enforcement will help
attract more business and corporate investment in our city.

[Pete]

OKC to get one of first new concept RH Gallery stores

Construction is moving quickly on the Oak project at NW Expressway and Penn.

In addition to the apartments, parking structure, hotel, and street improvements, work is set to start on 3 large new-to-market businesses: RH Gallery (formerly Restoration Hardware), Arhaus, and Capital Grille.

Final plans have been submitted for all three and they show the new RH Gallery will not only include a glass-enclosed rooftop restaurant with large outdoor spaces but that it will be one of the first of the new, sleeker RH Gallery concept stores.

The design of the 3-level store is more modern as RH Gallery plans to remodel all of its 70 stores nationwide.

Oklahoma’s first Capital Grille will feature a large patio facing south.

Upscale furniture and decor store Arhaus will also start soon on a 2-story store.

More announcements will be coming soon for additional new-to-market retailers and restaurants as the entire development continues to take shape, with a park-like common area to be surrounded by new businesses with several patios.

Future phases should include an office building, a food hall featuring local eateries, and a luxury cinema.

The Oak development group also recently acquired the Red Carpet carwash property. The carwash continues to operate as the developers contemplate future plans.

[David]

It's wild to think that as big of an impact this is having on the local skyline, we haven't even seen the real impact since the south building hasn't started yet.

[Pete]

Walking through my neighborhood this morning (south and west of Oak) I stopped to chat with a guy I see occasionally and he casually mentioned he is getting non-stop calls from people wanting to buy his house.

He lives a couple blocks west and a block south of Oak.

I mentioned elsewhere, there are at least 15 dumpsters (almost certainly flips) in the area between 39th & 50th and Penn & May.

[zefferoni]

This development looks great driving on I44 looking west (where all the semis crash when it rains). The building is framed right between the mall and Penn Place.

[Pete]

[Plutonic Panda]

Are we looking at a fall 2024 completion date?

[Pete]

Are we looking at a fall 2024 completion date?

I believe so.

[Pete]

I walked by there today and the signs say "Summer 2024".

They are moving fast but still have a ton of work, so it will be a race to be open that soon. I'm sure Arhaus, RH Gallery and Capital Grille all want to be open before the 2024 holidays.

[Plutonic Panda]

That’ll be nice. Christmas time in OKC next year will be pretty exciting as a lot of these big projects will be finished and who knows what’ll be announced by then.

[Mountaingoat]

Once they are done with OAK, maybe someone could talk them into a major redevelopment of Shepherd Mall!

[soonerguru]

Once they are done with OAK, maybe someone could talk them into a major redevelopment of Shepherd Mall!

This has been a dream of mine for a decade, for real. The Shepherd Mall location is a sleeping giant. It would be the most amazing, transformational multi-use location in the state if its redevelopment were executed skillfully. A true multi-use urban development with housing, retail, restaurants, office and other space such as education. It is an absolutely massive footprint in the central area of the city that is growing rapidly. It is a major potential catalyst to make OKC a next-level city and nothing to joke about at all, as I don't think you are doing here.

Also, once OAK is mostly done, it makes the redevelopment of the Shepherd Mall footprint all the more viable.

[Teo9969]

This has been a dream of mine for a decade, for real. The Shepherd Mall location is a sleeping giant. It would be the most amazing, transformational multi-use location in the state if its redevelopment were executed skillfully. A true multi-use urban development with housing, retail, restaurants, office and other space such as education. It is an absolutely massive footprint in the central area of the city that is growing rapidly. It is a major potential catalyst to make OKC a next-level city and nothing to joke about at all, as I don't think you are doing here.

Also, once OAK is mostly done, it makes the redevelopment of the Shepherd Mall footprint all the more viable.

I think Belle Isle + Penn Square fits that mold a bit better, but I bet if we compared addresses, we'd find the cause for our positions

[Teo9969]

I walked by there today and the signs say "Summer 2024".

They are moving fast but still have a ton of work, so it will be a race to be open that soon. I'm sure Arhaus, RH Gallery and Capital Grille all want to be open before the 2024 holidays.

They could have major finish work left for the hotel and apartments and still open the other 3 if they have the garage and common area complete.

Looks like they're gearing up for foundations on those 3 at any rate. I'd think those are 6-9 month projects given their much more approachable size and it looks like structural framing will be complete by end of July on everything that's already started.