Oklahoma Factory Shoppes - I40 & Council

[CCOKC]

Drove by there about 15 mins ago and there is nothing happening yet.

[Jesseda]

but that was 15 minutes ago, things might have changed since then!!!! just kidding, thanks for the info, I wonder when they will break ground for this

[metro]

Go back one page and read the article folks, supposed to start in late 2008......

excerpt

City Council OKs $8M in incentives for outlet mall
Journal Record
May 7, 2008


"The mall’s construction is scheduled to begin Nov. 30 and be completed within a year."

[LIL_WAYNE_4_PREZIDENT08]

What are they gonna be doing for these four months????

Why do they want to work in the cold?

[okcustu]

I'm disappointed no polo

[Timv]

If they routinely contract with a specific national construction firm, they may have to work around previously scheduled work. In that same frame, Oklahoma isn't exactly cold, so a Northern firm can be at maximum capacity by building in more temperate climates in the winter and leave the frozen tundra work for summer. I worked construction in the north when I was younger. You could work year round, but all digging and foundation work had to be done before winter set in.

If they don't use the same company routinely, they'll need time for bidding at the very least.

T

[Okiekim]

This is going to be great! Someone mentioned the outlet mall in Allen, TX. It's one of the best and this sounds very similar. I can't imagine how much money this will keep in our state. I bet Gainesville is sweating it a little.

Ann Taylor, Calvin Klein...it's like a little slice of heaven on I-40.

[ultimatesooner]

This is going to be great! Someone mentioned the outlet mall in Allen, TX. It's one of the best and this sounds very similar. I can't imagine how much money this will keep in our state. I bet Gainesville is sweating it a little.

Ann Taylor, Calvin Klein...it's like a little slice of heaven on I-40.

last time I went to the Gainsville stores ~2 yrs ago, it seemed like half of the stores were out of business or having a going out of business sale

[metro]

Gainesville is nothing like it used to be, as ultimatesooner said, it's almost completely out of business and the stores that remain, I don't know who shops at those stores. Big Dog Clothing?? Honestly? I have never seen anyone wear their clothing yet they have an outlet store in every outlet mall it seems. Grapevine Mills is MUCH closer to DFW and has MUCH more selection. With gas prices rising, I see the outlet malls continuing to locate to metropolitan areas instead of on highways outside metro areas.

[Okiekim]

Exactly. This might just be the final nail in the coffin.

[metro]

Not surprised, I knew something would delay this project further........



Construction is being delayed on what would be the first outlet mall built in Oklahoma in a decade. The 90-store mall features a "racetrack” design and is expected to generate 1,000 retail jobs with an annual payroll of $18.72 million. RENDERING PROVIDED BY THE CITY OF OKLAHOMA CITY

Citing economic uncertainty, construction of a proposed $50 million factory outlet mall in west Oklahoma City is on hold until early 2009.

Michigan-based Horizon Group entered into an agreement with Oklahoma City in May that called for the city to spend $2.3 million on infrastructure for the site at Interstate 40 and Council Road and sales tax rebates of up to $550,000 a year over a decade as reimbursements for actual marketing expenses.

Construction was originally set to start by July, but Assistant City Manager Cathy O’Connor said Thursday the developer has notified the city the project is on hold "to see what the market will do.”

"It’s not anything about this local market, and if a project like this is going to happen, it will happen in Oklahoma City as opposed to anywhere else,” O’Connor said. "It’s really about the uncertainty in the financial markets rather than what’s going on in Oklahoma City.”

Plans sent to city

Developer Tom Rumptz, senior vice president at Horizon, said the outlet mall, originally set to open by fall, 2009, will now likely open by mid-2010.
Rumptz said the project is still solid, with California-based Cousins Properties providing financing and Timberlake Construction signed to build the mall. Rumptz said building plans have been sent to the city’s building permit office for review.

"It’s a macroeconomics issue,” Rumptz said. "The credit markets and financial markets are every unsettled ... Cousins Properties is committed to the project and they have committed the funding. We expect to proceed by the first half of next year.”

Rumptz said the national economy favors factory outlet malls, and he said Oklahoma City remains an attractive retail market.

"We’re very optimistic as to where we are today,” Rumptz said. "We have never wavered on the Oklahoma City market.”

It’s a macro-

economics issue,”

Developer Tom Rumptz

More Infooutlet mall snapshot →Outlet malls nationwide: 217.
→Outlet malls built between Jan. 1, 2007, and April 1: Three, including the Outlet Shoppes at El Passo developed by the Horizon Group.

→Total outlet chains: 305.

→Total outlet stores: 11,546.

Source: Shopping Centers Today Magazine



--------------------------------------------------------------------------------
comments Are Delays Good?
Alison Oshel, director of community development at the Greater Oklahoma City Chamber, said Thursday at least two other major retail projects are on hold — but not because of financing problems or concerns about the economy.

Oshel said some developers are holding off until spring to begin construction after hearing from architects that labor and material costs are expected to drop "dramatically” because of slowdowns elsewhere.

"On the coasts they’re dropping construction all together.

"I’m not hearing capital has dried up here — a lot of people still have their financing in place,” Oshel said.

City retail sales tax reports, meanwhile, that spending is still above levels for the same period for last year, but spending growth is slowing

[Kerry]

Cousins Properties might be in a little trouble. They are based out of Atlanta and they have suspended several project there as well.

Cousins Properties down 7.7% in Q3 - Atlanta Business Chronicle:

[metro]

Kerry, the article states Cousins is based out of California. Perhaps it is a different REIT?

[jbrown84]

Not surprised, I knew something would delay this project further........

No it's not surprising, but I wouldn't fault OKC in any way. The economy now has slowed retail expansion dramatically. I don't think the city has done any of the infrastructure improvements yet, so we won't be out anything in the event it doesn't happen.

[Kerry]

Kerry, the article states Cousins is based out of California. Perhaps it is a different REIT?

I think the article is wrong. They are based out of Atlanta. They do have operations in California and the office responsible for project might be in California, but the parent company is in Atlanta. However, I'll check again just to be sure.

OK - I checked again and they are based in Atlanta.

[Steve]

I got wrong info on Cousins hq. Sorry about that. Doing the best I can in the current situation.

[metro]

No it's not surprising, but I wouldn't fault OKC in any way. The economy now has slowed retail expansion dramatically. I don't think the city has done any of the infrastructure improvements yet, so we won't be out anything in the event it doesn't happen.

Never faulted the city for this one, I agree, it's the national economy/credit market crisis, heck the article stated that.

[bluedogok]

I guess Cousins can't get the financing for it at this time, it doesn't surprise me, most of our projects are stalled right now because of the credit markets.

[metro]

This was a quick update:


The Outlet Shoppes development gets partner
Journal Record
November 13th, 2008

According to a press release on Marketwatch.com, Atlanta-based Cousins Properties Inc. will form a joint venture with Horizon Group Properties Inc. “to pursue the planned development of The Outlet Shoppes,” a massive planned outlet mall in western Oklahoma City.

From The Journal Record on May 7:

Rosemont, Ill.-based Horizon plans to build a minimum of 340,000 square feet of space near Interstate 40 and Council Road at an initial investment of about $50 million, city officials said. Depending on the success of the center, another 75,000 square feet could be added later.

From the press release released today:

…based on the results of the holiday selling season and the continued interest of retailers — construction on the project would begin in spring of 2009 with a July 2010 opening. Horizon Group is overseeing development, management and leasing of the project.

Included in the release is what could be the world’s longest sentence

- a contingency statement stating that it may or may not actually happen - “Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk.”

These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements.

[Blairman]

has anybody driven by lately ?? has any dirt been moved ???

[fromdust]

talked about here.
Economy slows local development - KFOR
http://www.okctalk.com/okc-metro-are...elopments.html

[onthestrip]

Not dead, just on hold

[theilluminatedfirefly]

It's been talked about so long with nothing happening I'm definitely in the "I'll-believe-it-when-I'm-shopping-in-their-stores" category.

[BricktownGuy]

I have spoken to the Developers.... its still going to be built.

[GWB]

I have spoken to the Developers.... its still going to be built.

Any idea when?