Von Maur Eyes 2014 Opening at Quail Springs Mall for First Oklahoma Store

By Gabriel Circiog, Associate Editor

In the latest indication of the Oklahoma City area’s retail revival, Von Maur Department Stores has picked the city as the site of its first location in the state. The upscale retail chain plans to open a 150,000-square-foot store at General Growth Properties Inc.’s Quail Springs Mall in the fall of 2014.

This summer Von Maur will begin renovating the store’s future site, a two-level building formerly occupied by Sears. Antiques, original artwork, piano music and the chain’s signature brick façade will characterize the new store.  Elsewhere in the nation, Von Maur plans new stores in New York and Alabama.

Von Maur’s announcement follows numerous other signs of the metro region’s retail rebound. Last year Dick’s Sporting Goods opened four stores, two in Oklahoma City and one each in Moore and Midwest City, according to a report on the store opening from the Greater Oklahoma City Chamber of Commerce. In the past few years established and new-to-market restaurants and retailers have arrived, including Genghis Grill, Smashburger and GolfSmith.

Also in 2012, Horizon Group Properties completed a 27,800-square-foot addition to Outlet Shoppes at Oklahoma City only 15 months after opening the center’s first phase. A second expansion is on the way, according to the Chamber of Commerce.  

Job growth and the increase in sales tax collections continue to boost the local economy. Collections in December increased 9.9 percent year over year. For 20 of the past 24 months, Oklahoma City’s unemployment rate has been the lowest in the country, the Chamber of Commerce reported.

Paycom Plans $11.8M Expansion of W. Memorial Rd. Headquarters

By Gabriel Circiog, Associate Editor

Paycom plans to break ground next month on an $11.8 million expansion of its Oklahoma City headquarters, the payroll and human capital management technology company said on Feb. 13. The addition would augment the 90,000-square-foot headquarters that Paycom opened at 7501 West Memorial Rd. in Aug. 2011, which is expected to reach capacity late next year.

City officials are weighing a proposal to provide $1.25 million in economic development incentives in connection with the expansion, newsok.com reported. Paycom estimates that the expanded headquarters will house nearly 700 workers.

The incentive package would follow a 2010 agreement under which the city approved $2 million worth of incentives and Paycom promised to create 492 new jobs. Since then, Paycom has created 186 jobs, the company said in a statement. The company will be eligible for the new incentives after it has fulfilled its prior job-creation commitment, Brent Bryant, manager of the city’s economic development program, told newsok.com.

“Paycom’s growth is further proof of Oklahoma City’s progression,” commented Oklahoma City Mayor Mick Cornett said. “These additional, well-paying jobs will have a major impact on our increasingly diverse economy. They are a great example of how a company can thrive in this market.”

Based on capital investment, state and local taxes as well as average first-year wages of close to $40,000, Paycom’s expansion will have an estimated economic impact of $143 million over the first five years. “Our growth is a testament to our focus on customer service and developing innovative solutions to streamline the HR process,” said Paycom CEO Chad Richison.”

Photo Courtesy of: www.paycomonline.com

St. Anthony Advances $83M Plan for MidTown Expansion, New Mustang Medical Campus

By Gabriel Circiog, Associate Editor

St. Anthony Hospital is moving ahead on plans to expand its MidTown home and create a new facility in Mustang at a total cost of $83 million, okc.BIZ reports.

According to Joe Hodges, the regional president of SSM Healthcare, St. Anthony’s owner, the $53 million expansion plan for the MidTown campus is the largest in the hospital’s history. Designed by the REES architectural firm, the expansion will comprise 125,000 square feet and will feature four patient-care floors, a rooftop heliport and an underground parking structure.

The first phase of the project calls for the addition of surface parking in order to free up space for the new structure bordered by N.W. Eighth and Ninth streets and Dewey and Walker Aves. Groundbreaking is scheduled for next month and completion is expected by fall 2014.

In Mustang, St. Anthony intends to partner with Miller Neff Development on 90,000-square-foot medical campus. Situated at the intersection of State Highway 152 and Sara Road, the new campus will cost an estimated $30 million. St. Anthony Healthplex Mustang will feature a full-service emergency room and will be similar to the facility St. Anthony opened in south Oklahoma City last year. Architectural and engineering services for the project will be provided by Jason Givens with Miller Architects Inc.

Rendering Courtesy of St. Anthony Hospital Facebook Page: www.facebook.com/saintsok

Legend, Maco Development Break Ground on Senior Projects

By Gabriel Circiog, Associate Editor

Legend Senior Living has broken ground on a $13 million senior living center in Tulsa Hills, its third such facility in the Tulsa metropolitan area. The 86-unit facility will specialize in assisted living and memory care, Tulsa World reports.

The 478,000 square feet facility will feature an 18-apartment section dubbed The Reflections Memory Care Residence, dedicated to residents with impaired memory, according to the World. Construction is expected to be complete in early 2014.

Amenities will include a theater, private dining room, kitchen, a massage and therapy room and an activity room. The company recently completed the construction of its second assisted living center in Tulsa, the Legend at Mingo Road.

In other senior living news, Tulsa World reports that Clarkton, Mo.-based Maco Development Co. has broken ground on Northwind Estates, a $5.5 million senior living complex in north Tulsa. Upon completion, the property will feature 60 apartment units for independently living lower-income seniors, according to Jason Maddox of Maco Development Co.

Northwind will consist of 10 six-unit clusters and an 11th building that will house an office, laundry facilities and a community area. The complex will include one- and two-bedroom units varying in size from 752 to 984 square feet. Units will rent for prices ranging from $460 to $550.

Logo Courtesy of Legend Senior Living

Haley Group Picks Up 223-Unit M-F Complex in $51M Portfolio Buy

By Gabriel Circiog, Associate Editor

In a $51.2 million deal, Haley Real Estate Group has acquired a portfolio of four multi-family properties that includes Park Place Apartments, a 223-unit complex in Oklahoma City. Also included in the sale were Oakbrook Apartments in Jackson, Miss., The Hamlins at Cedar Creek Lake near Dallas/Fort Worth and Nantucket Harbor in Shreveport, La.

Located at 215 NE 28th St., Park Place is adjacent to the State Capitol and is 10 blocks north of the University of Oklahoma Health Sciences Center. The four-story property features one-, two-, and three-bedroom units and is slated for a major renovation this year.

The purchase by Omaha, Neb.-based Haley expands its portfolio by around 1,000 units, bringing its holdings to 44 properties and more than 10,000 units. The company also plans to implement a $12.4 million capital improvement program for its new assets.

“Building our portfolio with strategic investments is a high priority in today’s current markets,” commented Doug Hastings, senior vice president of property management for DEI Communities, Haley’s property management affiliate. “We are committed to growing our brand while simultaneously providing residents with a comfortable living environment to call home. We believe the planned renovations to each property will not only deliver measurable ROI but will provide a greater sense of community to our residents and the thriving neighborhoods where our properties are located.”

Photo Courtesy of: www.parkplaceokc.com

Inland American Buys Rockwell Plaza in Oklahoma City

By Adrian Maties, Associate Editor

Inland American Real Estate Trust, Inc. has acquired its sixth retail property in Oklahoma City, the 254,690-square-foot Rockwell Plaza, the Chicago-based REIT announced Jan. 9. According to The Oklahoman, Rockwell Plaza fetched $31 million for an affiliate of Rockwell Acquisitions Inc. as part of a two-property transaction.

Located at the intersection of Northwest Expressway and Rockwell Avenue, Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. A nearby Target shadow-anchors the center.

“Rockwell Plaza in Oklahoma City offers many attractive features that played a key role in our interest in the property. First, the center’s location at the intersection of Northwest Expressway and Rockwell Avenue allows for exposure to more than 66,000 vehicles daily,” Jeff Manno, vice president of acquisitions for Inland American, told CPE. “In addition, approximately 161,000 residents live within a five-mile radius and over 500,000 consumers live within a 20-minute drive of the center, making the buying power in the region exceptional.”

Inland American purchased Rockwell Plaza as part of a $94.7 million deal that also included Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio. CPE’s Keith Loria has more on this story here.

“These properties are a terrific addition to our retail portfolio and match our long-term strategy of investing in multi-tenant, necessity-based retail properties,” Manno said. “Both assets are dominant retail properties in their areas, with diverse tenant mixes and strong demographics to position them for future growth.”

Elsewhere in the Oklahoma City market, Inland American owns 240 Penn Park, Memorial Square, University North Park, Silver Springs Pointe, and The Shops at Moore. CPE’s Barbra Murray reported on the acquisition of The Shops at Moore on Dec. 28. 

Heritage Trust Proposes $13.7M Makeover for Oklahoma City’s Journal Record Building

By Adrian Maties, Associate Editor

Downtown Oklahoma City’s Journal Record Building may get a $13.7 million makeover, The Oklahoman reports. The makeover is part of a proposal submitted on Jan. 7 by Bond Payne, co-chairman of Heritage Trust Co., to the Oklahoma City Cultural and Industrial Facilities Trust.

Heritage was the sole bidder responding to a request for proposals issued by the city trust, offering $1.74 million for the six-story property, which has been largely vacant for almost two decades. In April 1995, the Journal Record Building was significantly damaged in the bombing that destroyed the nearby Alfred P. Murrah Federal Building. Payne hopes the redevelopment can be completed by the 20th anniversary of the bombing in 2015.

Located at 621 N. Robinson Avenue, the Journal Record Building was constructed in 1923 and designed by the prominent local architectural firm of Layton, Hicks and Forsyth. During the past 90 years it has been variously known as the Law Journal Record Building and the India Temple Shrine Building. In March 1980, it was added to the National Register of Historic Places.

Following the 1995 bombing, the city acquired and repaired the Journal Record Building before turning it over to the Oklahoma City Cultural and Industrial Facilities Trust. Part of the building is now owned by the Oklahoma City National Memorial and one floor is being leased to the Memorial Institute for the Prevention of Terrorism. Both organizations have reportedly endorsed the project.

The space up for sale includes the ornate entrance facing Robinson Avenue. If Payne’s proposal is approved, the historic façade would be restored and the remaining available space would be converted into offices. Urban Realty Partners would develop the project, which would be designed by Smith Dalia Architects of Atlanta and Oklahoma City-based Butzer-Garder Architects. The renovation would add almost 55,000 square feet of Class A office space to the Central Business District, of which Heritage Trust itself would occupy 20,000 square feet.

Payne asked the city for tax increment financing, both for the renovation and for the construction of a garage and ground-floor retail on the former site of the YMCA building located just southeast of the Journal Record Building.

 Photo credit: Google Maps

Resource Real Estate Opportunity REIT Buys 216-Unit M-F Asset

By Gabriel Circiog, Associate Editor

The Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate Inc., has acquired Park Forest Apartments, a 216-unit asset in southeastern Oklahoma City.

Built in 1974 on an 8.4-acre site at 4328 Southeast 46th Street, the community comprises 27 buildings containing more than 158,000 rentable square feet.

Featured amenities include a fitness center, playground, swimming pool and clubhouse and leasing office. Residents benefit from easy access to a nearby major shopping center, Midwest Regional Hospital, Oklahoma City Community College, Boeing and Rose State College, as well as the state’s largest employer, Tinker Air Force Base.

Park Forest Apartments, a distressed real estate-owned property, is characteristic of the assets targeted for acquisition by Resource Real Estate Opportunity REIT. The firm plans to upgrade the complex significantly in order to stabilize occupancy and create positive cash flow.

In other development news, the Stillwater NewsPress reports that Epworth Living could break ground on a $65 million continuing care retirement community in Stillwater early next fall. Epworth Living canceled plans to develop The Ranch on a 40-acre site in southwest Stillwater earlier this year due to preexisting water pressure problems. Since then, U.S. Rep. Wes Watkins and his wife, who have been planning to sell their home and 55 acres to move into The Ranch upon completion, have reached an agreement in principle to offer a donation/land transaction package that would enable Epworth Living to build The Ranch in northern Stillwater.

The southwest Stillwater designs have been modified by the design and engineering teams to fit the new property and Epworth Living is negotiating the rezoning, annexation and permitting process.

Photo Courtesy of: www.priceedwards.com

Wiggin Plans M-F Makeover for Downtown Tulsa’s Arco Building

By Gabriel Circiog, Associate Editor

Wiggin Properties is under contract to purchase Downtown Tulsa’s Arco Building and is planning to repurpose the 63-year-old property as a rental apartment complex, the Tulsa World reports.

Located at 119 East 6th Street, the six-story, 133,000-square-foot Arco Building is currently owned by Kanbar Properties. River City Development had previously planned to buy the asset and convert it to condominiums under the name 119 Downtown.

Oklahoma City-based Wiggin now plans to transform the property into a apartments with ground-floor retail space. Although Wiggin has not yet secured funding, Emily Rohleder, vice president of Wiggin’s Tulsa office, told the World the developer has selected a contractor and architect and expects construction to start by June.

Rohleder added that the Arco’s structure and historic nature attracted the developer to the property. The exact number of apartments is still undetermined. Wiggin is seeking prospective tenants for the ground-floor retail space.

Wiggin has previously transformed the former Mayo Building, located at Fifth and Main streets, into the Mayo 420 apartment complex, which also houses the Downtown Milwaukee YMCA. However, Rohleder said Mayo 420 will not serve as the model for the Arco’s makeover, as Wiggin wants the Arco to have its own character.

Photo Courtesy of: www.tulsaproperties.com

Jenks City Council Greenlights 260-Unit M-F Complex

By Gabriel Circiog, Associate Editor

The Jenks City Council recently paved the way for a proposed 260-unit multi-family project on South Elm Street by approving a zoning change from commercial to residential use, The Tulsa World reports.

The complex planned by Tulsa-based Case & Associates would be the city’s largest and would help ease its tight apartment market.

Situated in the 300 to 400 block of South Elm Street, the proposal has drawn considerable support from elected officials and senior staff. City council member Lonnie Sims termed the location ideal for an apartment complex. Robert Bell of the city’s planning department said the property will support the retail venues in the area. The complex would border a convenience store, a bank, a supermarket, the Jenks levee and Park West.

Scott Case of Case & Associates reported that pricing and unit configuration will be similar to the company’s Nickel Creek complex near the Tulsa Hills shopping center in southwest Tulsa.  The project will feature one- to two-bedroom flats with prices ranging from $750 to $1,200 a month.

In accordance with to city requirements, the development will be gated and fenced. The developer will build a public road over the Jenks levee, which will connect to Beaver Street and a new road to access Elm Street.

Case & Associates has been an active player in the Tulsa multi-family market of late. The company is developing the Cascata Apartments, a 286-unit apartment project located at 81st Street and Mingo Road. In a $31.8 million deal, Case recently sold the Villas at Bailey Ranch apartment complex to Chicago-based Trilogy Real Estate Group.

Logo Courtesy of: www.caseusa.com

Guthrie Green Enhances Brady Arts District With Open Space

By Gabriel Circiog, Associate Editor

Brady Arts District, the Tulsa neighborhood where residential projects, hotels, restaurants, cultural and entertainment venues are sprouting up, has a new addition: Guthrie Green, an $8 million park that opened last month on the former site of a truck-loading facility.

Named for iconic musician and Oklahoma native Woody Guthrie, the project created a 2.7-acre community gathering space that is bounded by Brady, Cameron, Boston and Cincinnati streets. The design by Sausalito, Calif.-based SWA Group incorporates interactive fountains, an outdoor stage, vine-covered “green rooms,” a multipurpose lawn and an 11,200-square-foot café pavilion.

“The project shows the power of parks to make downtowns more enjoyable and reverse urban decline, which is so important for regional cities like Tulsa,” commented Elizabeth Shreeve, an SWA principal.

Guthrie Green also incorporates extensive sustainable features. Flynt & Kallenberger and James Bose of Oklahoma State University devised a “geo-exchange” system  using technology provided by Rygan Corp. A grid of 120 geothermal wells extending 500 feet deep provides heating and cooling to the park’s café pavilion and restrooms, as well as to 120,000 square feet of nearby space used by non-profit organizations.  Photovoltaic panels on the pavilion roof supply power for the building’s heat pump system. The project received a $2.5 million grant through the American Recovery and Reinvestment Act of 2009, as well as other state and local funding. Other sustainable features include low-power LED lighting and two bio-retention swales that collect and filter storm water and re-charge the local aquifers.

Guthrie Green is part of the George Kaiser Family Foundation’s $113.5 million public-private investment in the district, which has been enlivened with galleries, museums and nightlife. The historic Tulsa Paper Company building has been transformed into the Woody Guthrie Center, which houses the Woody Guthrie Archives and a variety of nonprofit arts organizations.

Kinslow, Keith & Todd Architects designed Guthrie Green’s structures and Wallace Engineering provided structural and civil engineering. Manhattan Construction Co. oversaw construction in conjunction with Stonebridge Group and Tulsa Industrial Authority.

Image Courtesy of: www.swagroup.com

Osler Building Heads for Makeover as an Ambassador Hotel

By Gabriel Circiog, Associate Editor

The historic Osler Building will reopen next year as a boutique hotel under the Ambassador flag, NewsOK.com reports. Ambassador Hotels is on track to close on the acquisition of the seven-story property next month and start renovations soon afterward. Located at 1200 N. Walker, the Osler Building has been empty since MidTown Renaissance Group acquired the property in 2006.

MidTown Renaissance  originally planned to convert the Osler Building into a multi-family property, but the Osler’s tight, U-shaped floor plans and column spacing pose challenges for multi-family conversion, explained Chris Fleming, a MidTown Renaissance partner.

When it opens late next year, the hotel will offer 54 guest rooms, a ground-floor restaurant, a rooftop bar and a courtyard and pool on the east side of the property. New stairway and elevator towers will permit a better use of the building’s floor plates. Coury’s plan eliminates the multiple kitchens requuired for an apartment complex, and generally offers a better fit for both the building and the community, Fleming added.

Coury opened the first Ambassador Hotel in Tulsa in 1999, and in 2006 acquired the Colcord, a Tulsa office building, which he converted into a boutique hotel. The Colcord Hotel was sold to Devon Energy Center in 2008 and since then, Coury has branded each new property as an Ambassador.

The second Ambassador Hotel opened in Kansas City’s Power and Light District following an $11 million renovation of the 96-year-old Grand Bank Building. A 117-room Ambassador  in Wichita is scheduled to open next month. Signature features of the properties include restaurants operated in house rather than by outside vendors.

Photo Courtesy of: www.ocgi.okstate.edu

Rosemont Realty Buys 1 MSF of Office Space at Warren Place

By Gabriel Circiog, Associate Editor

Rosemont Realty L.L.C. has acquired two office towers in Tulsa, adding more than 1 million square feet of Class A office space to its portfolio.

Located at 6100 South Yale, One Warren Place and Two Warren Place are part of the 52-acre Warren Place complex and were acquired from Miami-based Parmenter Realty Partners for an undisclosed amount. The two office buildings are currently 96 percent leased.

“Rosemont is strategically entering the Tulsa market with the acquisition of One Warren and Two Warren,” commented Daniel Burrell, CEO of Santa Fe, N.M.-based Rosemont Realty. “Tulsa’s fast-growing energy and natural gas sectors, along with its increasingly diverse local economy, makes this a compelling investment opportunity for the company.”

Completed in 1987, the 487,085-square-foot Two Warren Place is the largest suburban office building in Oklahoma. At 20 stories and  466,424 square feet, Warren Place, built in 1983, is the state’s second-largestsuburban office building.

Photo Courtesy of: www.warrenplace.net

Trilogy Acquires 408-unit M-F Complex in Owasso for $32M

By Gabriel Circiog, Associate Editor

Chicago-based Trilogy Real Estate Group has purchased the Villas at Bailey Ranch, a 408-unit apartment complex in Owasso, for $31.8 million.

Located at 8751 N. 97th East Avenue, the asset was acquired from Tulsa-based Case & Associates. The deal was the third Class A apartment transaction of $25 million-plus in the Tulsa area this year.  Andy Burnett, David Burnett and Justin Wilson of Sperry Van Ness/William T. Strange & Associates arranged the transaction. Riverstone Residential Group will manage the property.

The property traded for $77,941 per unit at a 6.4% cap rate. David Burnett commented: “The sub-7% cap rate represented a strong price for the seller while the lower-than-average sale price per unit was enticing to the buyer. Both parties came out ahead in this transaction and the population growth in Owasso should lead to strong rental growth in the years ahead.”

Villas at Bailey Ranch complex consists of 180 one-bedroom apartments and 228 two-bedroom units and was built in three phases from 1998 to 2004. Residents have access to such upscale amenities as a swimming pool, a Jacuzzi, a fitness center and a picnic area with barbecue grills.

The property features 346,402 of leasable square feet and was approximately 95% occupied at time of closing. “There are only a handful of newer properties in Owasso and the arterial access and proximity to the golf course make Villas at Bailey Ranch well-positioned to continue 95% + occupancy,” said Andy Burnett.

Villas at Bailey Ranch is Trilogy’s second major multi-family purchase in the state of Oklahoma. The investor group also owns Villas at Countryside in Moore as well as apartment complexes in Colorado, Arizona and Minnesota.

Photo Courtesy of: www.villasatbaileyranch.com

$36M M-F Project Under Way on Old Mercy Hospital Site

By Gabriel Circiog, Associate Editor

Developer Gary Brooks has broken ground on a $36 million upscale multi-family project on the former Midtown site of Mercy Hospital, newsOK.com reports. Scheduled for completion in 2014, The Edge at Midtown will feature 250 apartments.

If it comes to fruition as expected, the project will complete a process that has endured several false starts since 1988. That year, the city acquired and cleared the site at NW 13^th St. and Walker Avenue. Originally Nicholas Preftakes proposed an apartment complex on the site, but it failed when the Oklahoma City Urban Renewal Authority turned down his request to purchase the duplexes across the street. That property was deemed blighted at the time but has since then been redeveloped into offices. In 2008, the agency tapped Chuck Wiggin to build a $62 million, 109-unit complex on the site, but the credit crunch scuttled that project.

Brooks was selected in Aug. 2011 after the proposal was reviewed by the architectural firm RTKL and approved by the Downtown Design Review Committee. The Edge project was designed by Bedford, Texas-based GTF Design, and the general contractor is Lewisville, Texas-based N.E. Construction. Crain Mortgage and the U.S. Department of Housing and Urban Development provided financing.

In other local news, okc.BIZ reports that entrepreneur and developer Chris Johnson plans to renovate a vacant 6,968-square-foot warehouse at 229 E. Sheridan, which he acquired in April for $500,000.  Johnson, CEO of USA Screen Printing and Embroidery Co., plans to renovate the 60-year-old  property. He is betting on the property’s close proximity to the planned Hilton Garden Inn and Homewood Suites to help attract a national tenant.

Case Breaks Ground on $22M Southeast Tulsa M-F Complex

By Gabriel Circiog, Associate Editor

Case & Associates Properties Inc. recently broke ground on a 286-unit apartment project at 81st Streetand Mingo Road, in Tulsa, Tulsa World reports.

Dubbed Cascata Apartments, the $22 million project is scheduled for completion next year. Case’s new project marks something of a departure from its recent strategy of developing on the edges of the metropolitan area in locations with relatively inexpensive land prices, such as Broken Arrow, Owasso and near Tulsa HIlls shopping center. Company vice president Scott Case explained that higher rents and occupancy in southeast Tulsa will offset the increased development costs.

Strong leasing activity at its newly developed suburban properties is also prompting Case to keep building. Occupancy at the 316-unit Tuscany Hills complex near Tulsa Hills and at the 228-unit Park at Coffee Creek in Owasso quickly reached around 93 percent.

The Cascata Apartments will feature units ranging in size from 789 to 1,176 square feet that will rent for about $1 per square foot. With a design incorporating Tuscan and Mediterranean elements, Cascata will include 28 apartments placed over garages.

Logo Courtesy of: www.caseusa.com

One Place Tower Tops Out as Spring Completion Approaches

By Gabriel Circiog, Associate Editor

Mayor Dewey Bartlett, project officials and city business leaders gathered on Oct. 4 to mark the topping out of One Place Tower, the 18-story Class A Downtown office building,  Tulsa World reports.

Located across the street from BOK Events Cener, the $120 million project will encompass 300,000 square feet of Class A office space, 25,000 square feet of retail space and a four-story parking structure upon completion next spring. Tom Maxwell, CEO of project contractor Flintco Cos., noted that the topping out coincided with the 10th annniversary of the property’s anchor tenant, Denver-based Cimarex Energy Co.

 Designed by Miles Associates, One Place Tower is the centerpiece of a planned mixed-use complex that will occupy an entire square block. Last month, Northwestern Mutual began moving in to an adjacent five-story companion building.

One Place L.L.C., the project’s developer, is working to secure financing for future phases, which may include a 120-key hotel and about 45 lofts and flats, a spokesperson for the company reported. In May, the Tulsa Development Authority gave the developers a two-year extension to Dec. 31, 2016 to finish the project.

Rendering Courtesy of: www.milesassociates.com

OU Strikes Deal to Buy 700 KSF Research Park from Foundation

By Gabriel Circiog, Associate Editor

The University of Oklahoma is under contract to buy the Presbyterian Health Foundation’s 700,000-square-foot research park in Oklahoma City, NewsOK.com reports. Terms have not been disclosed, but the deal is likely to close in six to eight months, said Carl Edwards, chairman of the foundation’s board.

“This sale will advance the groundwork established by the Presbyterian Health Foundation to further medical research in Oklahoma to save and enhance human life,”  Edwards remarked.

Situated just west of the University of Oklahoma’s Health Sciences Center, the research park  “will continue to be one of Oklahoma’s major engines for economic growth and resource for learning, discovery and innovation in today’s knowledge-based, technologically driven, global society, commented David Boren, the university’s president.

 Located at 655 Research Parkway, west of Lincoln Boulevard, the research park features biomedical research lab and office space, supported by state-of-the-art communications and infrastructure. Occupancy is nearly 90 percent, Edwards reported. The research park’s 36 tenants represent  the life sciences, institutional, educational and government sectors.

Edwards explained that the sale will allow Presbyterian Health Foundation to resume its practice of awarding grants. PHF has provided about $100 million to health-related organizations. However, costs associated with the research park, combined with fallout from the recession, have forced the foundation to put its grant program on ice for the past several years.

 “This transaction furthers the shared goal of OU and the Presbyterian Health Foundation to grow biomedical research in our state to benefit health care in Oklahoma and nationwide,” observed Dewayne Andrews, the Oklahoma University Health Sciences Center’s senior vice president and provost.

 Photo Courtesy of: www.phfresearchpark.com

Crowne Plaza Brand Returns to Tulsa

By Gabriel Circiog, Associate Editor

The Crowne Plaza brand has returned to Tulsa with the conversion of a Hilton into the Crowne Plaza Tulsa – Southern Hills, Tulsa World reports.

Located at 7902 S. Lewis Ave., across from Oral Roberts University, the 11-story hotel is already operating under the new name. The Crowne Plaza Tulsa – Southern Hills is independently owned by McSam Hotels and operated by Packard Management Group, under a license agreement with a company in the InterContinental Hotels Group.

The 286-room hotel is situated close to U.S. Highway 75 and Interstate Highway 44, as well as to various businesses, including CitiPlex Towers, Oral Roberts University and Northern Santa Fe Railway. “We’re pleased to bring the Crowne Plaza brand to the Tulsa area, especially in such a convenient location for business travelers,” said Gina LaBarre, vice president of Americas brand management for IHG, in a press release. “There are several major employers in the area that will benefit from the meetings-savvy products and services that only a Crowne Plaza can provide.”

Felicia McGee, general manager, said: “A significant investment is being made to make the hotel ready for business and leisure travelers who expect an upscale Crowne Plaza experience. The hotel is great for business and leisure travelers, with upgraded guestrooms and amenities that provide a comfortable, relaxing stay.”

The hotel features a total of 286 guestrooms, including one presidential suite and six junior suites. Hotel amenities include complimentary wireless Internet access in guest rooms, a fitness center, a business center and an all-seasons indoor pool.

The Crowne Plaza brand had previously been licensed locally to a downtown hotel operated by Ascension Hotels of Donaldson, La., which entered into foreclosure and was acquired by Argonaut Private Equity, an investment arm of the George Kaiser Foundation, in 2010 for $11 million. The downtown hotel was converted to the Hyatt brand as part of the purchase.

Photo Courtesy of: www.ichotelsgroup.com

Clear Edge Filtration Headed to New HQ; Hilton Tower Rises

By Gabriel Circiog, Associate Editor

Clear Edge Filtration Inc. will move to a new 175,000-square-foot headquarters at the Greenhill Distribution Center industrial park in early 2013. The new facility will accommodate the industrial process filtration system company’s plans to increase its Tulsa-area workforce to 180 people.  

Tulsa Mayor Dewey F. Bartlett Jr. commented,  “The manufacturing sector continues to be a major driver in Tulsa’s economy, and we are excited that Clear Edge Filtration is constructing its new global headquarters and creating more jobs for our region.” 

 Located near U.S. 169 and 46th Street North, Greenhill Distribution Center is a 292-acre master-planned industrial park being developed by Trammell Crow Co. an independent affiliate of CBRE Group Inc. Tulsa International Airport is one mile east of the property, and the Port of Catoosa is four miles to the west. Clear Edge Filtration will join such tenants as Walvoil Fluid Power Corp. and American Tire Distributors.

In Okahoma City, Raymond Managment Co. has kicked off construction of a 155-key Hilton Garden Inn and a 100-key Homewood Suites by Hilton. The two properties will share a single tower in the Bricktown entertainment hub and will be near Bricktown Ballpark, Cox Convention Center and Chesapeake Energy Arena, home of pro basketball’s Oklahoma Thunder.

Each hotel will feature a distinct lobby, registration area and guest room décor. Shared spaces will include a pool, 6,000 square feet of meeting space, an exercise room, laundry facilities and administrative offices.

Renderings Courtesy of: www.cbre.us and www.hgibricktown.com