Sovereign Bank

[Pete]

Don't know the name of the bank, but a new 3-story building is planned for NW Expressway between Penn and May.

There are a few largely vacant buildings on the site. There are huge set-backs all along NW Ex due to highway easements.

[ManAboutTown]

Very cool. It's likely to be Regent Bank, which currently leases space in 50 Penn Place, or Great Plains Bank, which has grown its Oklahoma City market rather quickly.

[okatty]

Not Great Plains - they have the NE corner at Memorial and MacArthur (just south of Gaillardia) which has been approved for a 3 story building. Planning in the works.

[David]

Will this sort of development be required to do sidewalks along NW Expressway? There's no sign of them in that site design but it's also fairly early.

[Pete]

Will this sort of development be required to do sidewalks along NW Expressway? There's no sign of them in that site design but it's also fairly early.

Yes.

Sidewalks are required for all new construction.

[ManAboutTown]

Not Great Plains - they have the NE corner at Memorial and MacArthur (just south of Gaillardia) which has been approved for a 3 story building. Planning in the works.

Very good to hear. I had not heard this but have a couple good friends who work there and am happy for them.

[DowntownMan]

Very cool. It's likely to be Regent Bank, which currently leases space in 50 Penn Place, or Great Plains Bank, which has grown its Oklahoma City market rather quickly.

Regent is building or going in the space up at 2ndstreet and 35. Are they big enough to need that space plus this? So makes me think it’s not them.

[ManAboutTown]

Regent is building or going in the space up at 2ndstreet and 35. Are they big enough to need that space plus this? So makes me think it’s not them.

I spoke with a friend who works there and it's definitely not Regent.

[GaryOKC6]

It is First National Bank & Trust Co. currently located at 3030 N.W. Expressway, Suite 130

[Pete]

It is First National Bank & Trust Co. currently located at 3030 N.W. Expressway, Suite 130

Thanks Gary.

[IKnowThings]

Yes.

Sidewalks are required for all new construction.

By default they are only required by ordinance along major and minor arterial streets (Class 1 and 2 streets). They are typically included in Plats, Puds, and Spuds, but are not required to be. There are still a few that don't get them included but usually only in rural areas. It's easier to get approval from planning if the sidewalks are included. That being said, we should see the city re-working all the zoning in a few years so that might change.

[TheTravellers]

By default they are only required by ordinance along major and minor arterial streets (Class 1 and 2 streets). They are typically included in Plats, Puds, and Spuds, but are not required to be. There are still a few that don't get them included but usually only in rural areas. It's easier to get approval from planning if the sidewalks are included. That being said, we should see the city re-working all the zoning in a few years so that might change.

Sorry for the diversion, but is the city *actually* going to work on zoning, and if so, why and what are they going to do?

[IKnowThings]

Sorry for the diversion, but is the city *actually* going to work on zoning, and if so, why and what are they going to do?

They are finishing up new sign ordinances right now. Then they are going to start work on simplifying the zoning. The plan is still in discussion from what I'm told, but they expect to combine many of the different zoning classes. I've heard there might be as few as 6 zoning classes. Not sure what the exact breakdown will be or who they are modeling this after.

[TheTravellers]

They are finishing up new sign ordinances right now. Then they are going to start work on simplifying the zoning. The plan is still in discussion from what I'm told, but they expect to combine many of the different zoning classes. I've heard there might be as few as 6 zoning classes. Not sure what the exact breakdown will be or who they are modeling this after.

Thanks, hopefully it'll be form-based or at least partially that way. I'll have to email my councilman to get some info...

[Pete]

Sovereign Bank has closed on this property and is proceeding with plans for a 3-story building.

No permits filed as of yet. The buildings on the site have been completely empty for a while.

[G.Walker]

And they say the Oklahoma city office market is hurting post-covid. This is the most new office space construction being developed in Oklahoma City at once in a long time.

[G.Walker]

https://www.oklahoman.com/story/busi...y/70158881007/

[CitySooner]

And they say the Oklahoma city office market is hurting post-covid. This is the most new office space construction being developed in Oklahoma City at once in a long time.

A lot of this new construction is being built for tenants already lined up for the space. It will be telling to see how it goes for the landlords that will need to backfill space being vacated by said tenants. "Flight to quality" as the buzzword goes...

[G.Walker]

Office space is office space. And per the article, this is office space in addition to what they already have to accommodate the new 90 employees they will have from the merger, so they won't vacating anything.

[soonerguru]

I work for a small business that is growing fairly rapidly. We are entirely remote currently, but have been scouting office spaces in anticipation of future growth.

Granted, we don't have deep pockets and we are somewhat miserly as we are a startup, but we are consistently surprised how expensive commercial rents are. I'm sure they're cheap compared to other cities of course but it's not as easy as one may think to find quality commercial space at a reasonable rate in OKC.

[stlokc]

That seems like a lot of land for one 3-story building.

The lot looks to be the same size as the lot across the street that hosts two much-taller towers.

[bombermwc]

20k ft per floor isn't particularly large. If this is Fist National from Union Plaza like many articles are saying (rebranding), then they have about 19k right now on the first floor. It's just in this weird disconnected way across the lobby from itself on both ends of the building. If they add any space at all, then they could easily take up at least half of that second floor. So to be honest, they aren't adding very much new space to the market, and it's most likely going to be subdivided for something like 5k ft spaces.

[Pete]

Demolition permits have been filed for one of these buildings.

There haven't been any building permit applications, so they may be planning just to scrape the site for now.

[BDP]

Demolition permits have been filed for one of these buildings.

There haven't been any building permit applications, so they may be planning just to scrape the site for now.

I think we recently discussed this property in the OAK thread. I think if the apartments at OAK are successful, this would be a good spot to add more. And I'd imagine any decent restaurant mix would work almost anywhere on northwest expressway.

The bank concept that started this thread isn't all that exciting at this point, but at least it's not 4 vacant buildings on a stretch of road with a lot of traffic.

[Pete]

Since Sovereign bought what was Union Plaza just blocks away, I doubt they will develop this for their own use.

But it's a great piece of property and half of it has never been developed.

All types of possibilities.