New Midtown Plaza Development
This is old news, but a new development on the east side of Sycamore Square is being planned. It will include office space, retail, and a high rise apartment complex similar to Regency Towers. This is located within the Arts District.
Before the apartment complex is built, the developer will see how leasing is going at the new Legacy Summit Apartments.
Here's the article:
Darren Currin
The Journal Record (Oklahoma City, OK)
While much of the focus on redevelopment in downtown Oklahoma City over the past several years has been largely focused on the eastern portion of the area where Bricktown and Deep Deuce are located, real estate developer Rick Dowell has been working diligently to do his part on improving the western portion of downtown.
This week, Dowell reached an important milestone with the raising of a 65-foot clock tower that will serve as the centerpiece for his Midtown Plaza development.
"The clock tower really isn't just a clock tower, it's the main sign to identify the development," he explained.
Located at the northeast corner of NW Fourth Street and Walker Avenue, the tower was built by Dowell's own construction staff. The clock was purchased from Cincinnati-based Verdin Co., the same company that is producing the commemorated clocks that are being erected all over the state to celebrate Oklahoma's upcoming centennial celebration.
The raising of the clock tower comes at a key time for Dowell's development, which consists roughly of 8 acres of vacant lots, empty buildings and other commercial property that stretch along N. Walker Avenue between Dean A. McGee and NW Sixth Street. Midtown Plaza also encompasses an area of the Arts District and a portion of midtown to the north.
Dowell noted that he is in the midst of renovating the 164,407 square feet of existing space that is located within the development. In addition, several office and retail tenants have already begun leasing space in those buildings whose upgrades have been completed.
While a majority of Midtown Plaza will cater towards office tenants, Dowell added that there will be some spaces dedicated for retail use including a 10,000-square-foot building that will be constructed in the development.
In addition, Dowell plans to add an addition 15,000 square feet of space in the 400 N. Walker building.
"Once we are completed, we will have a total of 185,000 square feet of commercial space," added Dowell.
The final phase of Midtown Plaza, according to Dowell, will be a high-rise apartment complex that will consist of around 250 units.
"Our plan is to build a building about the size of Regency Tower," explained Dowell.
However, Dowell said that construction on the apartment tower will probably not start for at least a year, allowing the developer time to see how well the market reacts to Mike Henderson's Legacy Summit at Arts Central apartment complex that will be constructed west of Walker between Robert S. Kerr Avenue and NW Fourth Street.
"We won't entertain the project for about a year," he explained. "If they (Legacy Summit) are not having any problems and there is still demand out there for apartments, then we will do ours."
Once the residential phase is completed, Dowell expects the Midtown Plaza development will consist of around 400,000 square feet of commercial and residential space.
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