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River Spirit Casino Gets Makeover As Part of $335M Margaritaville Renovation

21 Jun 2014, 3:42 am

By Gabriel Circiog, Associate Editor

Prudential Detrick Realty recently reported that the River Spirit Casino is undergoing a full renovation which will cost between $15 million and $20 million.

The popular five-year-old attraction is located just south of 81st Street and Riverside Drive at Casino Drive in South Tulsa. The makeover of the 330,000-square-foot building is part of the $335 million expansion of Margaritaville along the Arkansas River.

Highlights of the project include a 500-key resort hotel, an improved riverside jogging trail  and an expanded parking garage.

The project’s first major announcement is a commitment for a 24-hour Johnny Rockets restaurant, which will also be the first location in the state for the burger chain.

“The renovation of the River Spirit Casino is going to bring more life into the space to attract guests from all over the state,” Sally Jo Dierker of Prudential Detrick Realty said in a statement.

City economic development measures are helping attract home buyers in increasing numbers and helping create a well-balanced market with increasing values.

Image Courtesy of: www.schulershook.com



RADCO Pays $6M for 142-unit M-F Asset in Jenks

13 Jun 2014, 5:05 pm

By Gabriel Circiog, Associate Editor

In a $6 million, off-market deal, RADCO Cos. has acquired Southern Slope, a 142-unit apartment community in Jenks.

Located at 4334 East 66th St., the asset is the second acquired by the Atlanta-based company in the Tulsa metropolitan area. In January, RADCO bought the 284-unit Ashford Overlook at West 61st Street and South 33rd West Avenue in Tulsa. RADCO’s multi-family portfolio now includes more than 6,000 units.

Southern Slope, which will be rebranded Ashford Ridge, was acquired from the lender. Raymond Lord and Benjamin Davis of NAI Commercial Properties arranged the transaction, which was financed through a combination of bridge debt and private equity.

Completed in 1983, the property comprises 10 buildings on a 10-acre site and offers an equal number of one-bedroom and two-bedroom floor plans. RADCO plans to upgrade the units and overhaul the complex’s exterior and amenities.

“I believe in the Tulsa market, which I see as underserved,” said RADCO CEO Norman Radow in a statement. “RADCO appreciates the importance of the Jenks school district, which ranks as the best in the state.” Radow added that the property is the closest apartment complex to St. Francis Medical Center, the state”s largest medical facility.

 



P&H Properties Acquires Land in Broken Arrow for Retail Development

8 Jun 2014, 3:07 am

By Gabriel Circiog, Associate Editor

The Broken Arrow city council recently approved the $3 million sale of a  6.2 acres site on Tiger Hill to P&H Properties L..L.C.

Tulsa World reports that the Tiger Hill site had been included in a tax-increment financing district around three years ago and city officials had been anticipating  a development that would feature three or four restaurants. However efforts since 2012 to lease the land have failed, as local and national retailers expressed a preference to buy rather than lease the site.

The city has spent about $1 million to prepare the northern base of Tiger Hill for development and city councilors agreed in December to look into the possibility of selling the land. Local officials teamed up with six real estate brokers to find potential buyers but according to a memo to city councilors only P&H Properties expressed interest in acquiring the land.

P&H Properties also purchased, about a year and a half ago, Hillside Crossings. According to Rob Phillips of P&H Properties, the close proximity of the Hillside Crossings and Tiger Hill sites will help to market the properties together.

In other local real estate news, the Tulsa World reports the historic Sinclair Building, located at 6 East Fifth Street in downtown Tulsa, could soon be up for auction. According to court documents, the building’s owner, C.J. Morony, owes more than $272,000 in fees, taxes and penalties to two creditors. Tulsa County District Judge Carlos Chappelle issued a final judgment last week against Morony, authorizing the city of Tulsa and the Central Park Owners Association Inc. to proceed with the sale of the property at a sheriff’s auction.



Promise Hotels, Ross Group Break Ground on Holiday Inn Express and Conference Center in Claremore

30 May 2014, 3:54 pm

By Gabriel Circiog, Associate Editor

Tulsa-based Promise Hotels and The Ross Group recently started work on their fifth joint-venture project, a new Holiday Inn Express and conference center in Claremore. Project and city officials attended a ground breaking ceremony at 1400 West Country Club Lane.

Tulsa World reports the $7.5 million adaptive reuse project of the former Thunder Bowl will feature an 80-room Holiday Inn Express and a 15,000-square-foot conference center. The city has approved a $675,000 tax-increment financing district to help finance the $1.5 million convention center, according to City Manager Jim Thomas.

City officials and the business community advocate the development of additional hotels and convention space so that Claremore can compete more effectively for business meetings and other events. The new facilities are also expected to attract more restaurants and help diversify the local economy.

The new conference center will offer nearly 8,000 square feet of meeting and event space, and the banquet hall will have a capacity of 420. According to Paresh Patel, president and CEO of Promise Hotels, the new hotel and convention center will create up to 35 jobs. The project is expected to open next March.

In other development news, KOCO Oklahoma City reports that the Central Edmond Urban Development Board recently approved construction of a 15,000-square-foot mixed-use building at 108 North Broadway. According to Edmond City Planner Jan Fees, the new construction will feature retail on the ground floor and office space on the top floor. Approval by the Edmond City Council is pending.

Rendering Courtesy of www.promisehotels.com



TwinRock Partners Pays $16.5M for Tulsa M-F Complex; Rogers State Breaks Ground on $11.5M Student Housing Project

24 May 2014, 1:19 am

By Gabriel Circiog, Associate Editor

TwinRock Partners acquired the Copper Mill Apartments in Tulsa, from Trinity Multifamily for $16.5 million theTulsa World reports.

Located at 7110 South Granite Ave., the 544-unit property was built in 1978 and extends across more than 24 acres. The property was purchased by Fayetteville, Ark.-based Trinity Multifamily in 2005 for $12.5 million, according to Tulsa County land records.

According to Raymond Lord of NAI Commercial Properties, who arranged the sale along with Benjamin Davis, Copper Mill wasn’t being actively marketed but Newport Beach, Calif.=based TwinRock was seeking properties in Tulsa. TwinRock plans at least $2.25 million in renovations and has selected Lynco Properties of Tulsa to manage the property.

In other real estate news, Tulsa World reports that Rogers State University has broken ground on University Village C, an $11.5 million student housing project that will be able to accommodate more than 300 students. Scheduled to open by fall 2015, it will become the third housing complex on campus and its 312 beds will bring campus housing capacity to more than 800.

According to RSU President Larry Rice, the new complex will help meet growing demand for on-campus housing. During  the past three years, waiting lists for the available units has increased to around 150 students. The new three-story red-brick building will be located next to the two existing student housing compleses and will offer kitchen and laundry facilities on the main level. Common amenities will include a fire pit and gas grills. Each floor will also include three study areas and three lounges.

Photo Courtesy of: www.twinrockpartners.com



AC Development Breaks Ground on M-U Stonebridge Village Project; Hunt Properties Starts Work on Shawnee Marketplace

18 May 2014, 5:18 am

By Gabriel Circiog, Associate Editor

Local officials and developers recently gathered for the groundbreaking ceremony of the Stonebridge Village development in Enid, Okla.

The Enid News and Eagle reports Waukomis native Gene Anderson and his company, AC Development, have started ground work at the site located at the northwest corner of Cleveland and Chestnut. The Stonebridge Village project will feature commercial spaces, single-family homes and a gated apartment complex.

Brent Kisling, executive director of Enid Regional Development Alliance, said Enid needs at least 400 owner-occupied homes, which could be absorbed into the marker within a two-year period. Stonebridge Village will offer 71 single-family homes, which have been described as Texas Hill Country style. Situated on a 15-acre lot, the upscale gated apartment complex will feature 200 apartments and will be developed and managed by Tulsa-based Vector Cos. AC Development will build around 85,000 square feet of retail, office and medical space.

In other development news, The Shawnee News-Star reports construction is expected to begin soon on the Shawnee Marketplace. Dirt work has already begun on a parcel of land around Interstate 40 and Kickapoo Street, the future site of the new $20 million retail development.

Developed by Hunt Properties Inc., the first phase of the project calls for 125,000 square feet of retail space on 16 acres and will bring six retailers to the city of Shawnee. Upon completion of Phase 2, the retail development will feature a total of 400,000 square feet of retail space and is expected to generate annual sales of around $30 million and to bring between 600 and 800 new jobs to the area.

The development is going to be the second biggest in Pottawatomie County history, and the city of Shawnee and Pottawatomie County commissioners have signed incentive agreements in order to bring the development to the city. As many as $1.25 million in economic development funds has been approved by county commissioners for the development, and the city has agreed to offer a sales tax rebate of as much as $3.75 million.

Photo courtesy of Enid Regional Development Alliance via www.facebook.com/eniddevelopment



Inland American Plans 23,000-Square-Foot Expansion at Tulsa Hills Shopping Center

10 May 2014, 2:37 am

By Gabriel Circiog, Associate Editor

Tulsa Hills Shopping Center is set to undergo a 23,000-square-foot expansion which is scheduled to be completed by November.

Located at 7336 South Olympia Avenue West, the 451,009-square-foot property is anchored by Target and Lowe’s. When Oklahoma City-based Sooner Investment Realty and Collett & Associates of Charlotte, N.C., announced the %60 million project in 2005, it was set to be the biggest retail development to open in the area since Woodland Hills Mall in 1976. The $60 million project opened in 2008 and in 2010 Inland American Real Estate Trust Inc. acquired the property for $54 million.

According to recent news from Tulsa World, Oak Brook, Illinois-based Inland American will construct the new building to match the existing center’s design. The new construction will be situated in the south part of the shopping center and will feature Jersey Mike’s Subs, Lane Bryant, Versona Accessories and another tenant which will be announced this summer.

In other development news, The Enid News and Eagle reports that Enid Mayor Bill Shewey highlighted the city’s $1.4 billion development pipelinw in his annual state of the city address. Projects will include a $1 billion expansion of Koch Nitrogen’s plant and Northstar Agri Industries’$200 million canola processing plant. Shewey also referred to new housing and the recent openings of several retail outlets.

Photo Courtesy of: www.inland-investments.com



Tulsa Wins State’s First Costco; Watermark Cos. Breaks Ground on M-F Complex in Glenpool

2 May 2014, 9:17 pm

By Gabriel Circiog, Associate Editor

Costco is coming to Oklahoma. By the summer of 2015, the warehouse club plans to open its first location in the state at 103rd and Memorial in Tulsa. The announcement follows more than two years of work from city officials and CBRE Group Inc. to court the popular retail chain.

“To have Costco in the Tulsa market is a homerun for our city as the lifeblood of core services for cities across the state are based on retail sales and sales tax,”  Tulsa Mayor Dewey Bartlett said in a statement. “This development should add to Tulsa’s tax base and continue our mission of bringing jobs and opportunities to Tulsans.”  .

Costco is expected to use the City of Tulsa’s retail incentive policy for infrastructure improvements. The store is scheduled to open by summer 2015 and is expected to employ 200 people upon opening.

In other real estate news, Tulsa World reports that Watermark Companies has broken ground on Grandview Heights, one of the largest housing developments in Glenpool’s history. Located across the street from Glenpool’s city hall and convention center, the multi-million apartment complex will offer 348 units with 9-foot ceilings and spa-like baths, said Watermark Principal Matt Guse.

The apartment complex will be walking distance from Wal-Mart, QuikTrip and several restaurants in the expanding Southwest Crossroads development at U.S. 75 and 121st Street.

Logo Courtesy of: www.costco.com



Cherokee Nation Entertainment to Break Ground on Casino, Hotel in Roland

25 Apr 2014, 9:51 pm

By Gabriel Circiog, Associate Editor

Cherokee Nation Entertainment will break ground April 29 on the new Cherokee Casino & Hotel in Roland. The 170,000-square-foot venue will will feature a six-story, resort-style hotel with 120 guest rooms and convention space. It will replace the casino and hotel that Cherokee Nation has operated on the site since 1990.

The facility will feature 850 electronic games, table games and a private High Limit poker room. Guests will be able to choose from two dining venues, a grab-and-go café and a Las Vegas-style buffet. In addition to expanded gaming options, guest will also be able to enjoy a cocktail and live music.

Originally known as Cherokee Nation Bingo Outpost, the property has become one of the region’s leading entertainment venues. The 50,000-square-foot property features 600 electronic gaming machines, eight poker tables, seven table games and a 24-hour diner. Cherokee Casino Roland, located off Interstate 40 and U.S. Highway 64, employs 320 people.

Bill John Baker, principal chief of the Cherokee Nation, and Shawn Slanton, CEO of Cherokee Nation Businesses and Cherokee Nation Tribal Councilors, will attend the groundbreaking ceremony.

In healthcare property news, OU Medical Center, Oklahoma’s largest hospital, has recently announced the addition of a multimillion-dollar heart, vascular and electrophysiology facility. The 20,000-square-foot cardiac catheterization and electrophysiology laboratory features five rooms and state-of-the-art technology for fast and efficient treatment.

M. Dewayne Andrews, senior vice president and provost executive dean of the OU College of Medicine, said in a statement: “The creation and opening of this advanced care center is another demonstration of the commitment of OU Medicine and its partners to becoming the premier destination for health care in Oklahoma and this region. This enhances opportunities to bring discoveries of new treatments to the patients we serve.”

Image Courtesy of: Cherokee Casino Roland via www.facebook.com/CherokeeCasinoRoland



Starwood’s Aloft Brand Debuts in Oklahoma City

21 Apr 2014, 4:42 am

By Gabriel Circiog, Associate Editor

Starwood Hotels & Resorts Worldwide Inc. has introduced Oklahoma City to its Aloft brand with the recent opening of the Aloft Oklahoma City Downtown – Bricktown. The hotel is the brand’s third in Oklahoma and joins two Alofts in Tulsa.

Situated in the revitalized Bricktown district, within a new mixed-use development, the new hotel features 134 loft-like guest rooms and is owned by New Century Investments. Brian McGuinness, senior vice president, Specialty Select Brands for Starwood, said in a statement: “We are proud to launch Aloft in Oklahoma City’s popular entertainment district, where we provide an atmosphere tailored to the next generation of travelers complete with authentic, modern design, innovative programming and live music performances at the W XYZ bar.”

Aloft Oklahoma City Downtown-Bricktown is located at 209 North Walnut Avenue within the Deep Deuce and Bricktown Entertainment Districts, two blocks from the heart of downtown and minutes away from Will Rogers World Airport.

On the top floor, the hotel offers close to 8,000 square feet of flexible meeting space with panoramic views of the city and a three-level W XYZ bar. Guests will be able to opt for one of the ten suites, all with Jacuzzi tubs, or for the two-story presidential suite with nearly 2,000 square feet of living space.

“We are thrilled to partner with Starwood Hotels to bring Aloft to Bricktown, the city’s leading destination for shopping, dining and entertainment,” Jim Thompson, owner of New Century Investments, said in a statement.”Aloft Oklahoma City Downtown-Bricktown will resonate with youthful travelers as well as area professionals with its distinctive urban style and social atmosphere.”


Image Courtesy of: www.starwoodhotels.com