metro
03-07-2008, 08:29 AM
Retail project planned for northwest metro
The Journal Record
March 7, 2008
OKLAHOMA CITY – A retail development project is planned for a relatively lonely stretch of Northwest Expressway in the far northwest section of the Oklahoma City metro area. But the developer is anticipating an influx of rooftops, as well as further commercial development in the next few years.
Colony Pointe Plaza, with a price tag of about $2.5 million, is set for about 3 acres near the northeast intersection of Northwest Expressway and North Piedmont Road, and will be the first retail development in the immediate area. The site is in Canadian County, has a Yukon address and falls within the Piedmont school district.
The ownership and development group is See-Markum Group LLC, led by Cathy Jo See and Tracy Markum. See, CEO and vice president of the Mustang-based See Companies, said the center will consist of two buildings, for a total of more than 21,000 square feet of retail space. One building will have about 8,000 square feet and a second will have just over 13,000 square feet.
The center, at 13100 Colony Pointe Dr., will also offer an ownership opportunity for tenants. “You can actually buy your space or lease it out,” See said. The real test of the project, set for completion in August, will be luring tenants and setting the lease and sale rates for the available space. See said the lease rate is expected to be about $14.50 a square foot, while she plans to sell the space for about $145 a square foot.
Stuart Graham, with CB Richard Ellis Oklahoma, said Yukon and Piedmont have benefited from an increase in housing as people have headed west in the past few years.“She’s on the leading edge,” he said. “Those rates may seem high at first, but the area is coming if they are patient. They are the first ones to extend that way with that level of investment in retail.” Graham said several factors have, and will likely continue, to increase growth in those areas.“Obviously with the Kilpatrick Turnpike expansion over the last ten years it has really pushed that growth out further to the west,” Graham said. “The growth out there is really an extension of the city expanding out that way.”The Canadian County Web site shows the county has seen growth over the last decades from 56,260 residents in 1980 to 87,697 in 2000. The county includes Mustang, Yukon, El Reno and Piedmont. The development is just south of Piedmont.
In a 2006 report from the Oklahoma Department of Commerce, it stated Piedmont led cities statewide in growth with a population in the 1,000 to 10,000 range, with growth of 28.4 percent. The 2000 census showed a population in Piedmont of 3,650 with that number expected to reach about 5,000 by 2006.
See said the center hopes to draw from the west side of the metro area as well as north and west catching traffic into Oklahoma City from El Reno and Kingfisher.
Housing is also present in the area with the potential for hundreds more rooftops planned in the next few years. See said a recent traffic count conducted at the intersection near the site already counted about 24,000 cars a day. The buildings will be stone and brick with black wrought iron awnings and lamps.
The architect for the project is Crafton, Tull, Sparks & Associates Inc.See and Markum’s husbands, Derek See and Tracy Markum, are also partners in the project, and Derek See is the general contractor.Leasing and sales are being handled by Dana L. Hall of the See Companies. See said she has secured a dry cleaner for the center and is in talks to get, among other tenants, a coffee and sandwich shop. She has also placed a top priority on quality and aesthetics of the project since she will likely bump into friends and neighbors while frequenting the shopping center.“Quality is extremely important to me if my name is on it,” she said.
:Smiley103
The Journal Record
March 7, 2008
OKLAHOMA CITY – A retail development project is planned for a relatively lonely stretch of Northwest Expressway in the far northwest section of the Oklahoma City metro area. But the developer is anticipating an influx of rooftops, as well as further commercial development in the next few years.
Colony Pointe Plaza, with a price tag of about $2.5 million, is set for about 3 acres near the northeast intersection of Northwest Expressway and North Piedmont Road, and will be the first retail development in the immediate area. The site is in Canadian County, has a Yukon address and falls within the Piedmont school district.
The ownership and development group is See-Markum Group LLC, led by Cathy Jo See and Tracy Markum. See, CEO and vice president of the Mustang-based See Companies, said the center will consist of two buildings, for a total of more than 21,000 square feet of retail space. One building will have about 8,000 square feet and a second will have just over 13,000 square feet.
The center, at 13100 Colony Pointe Dr., will also offer an ownership opportunity for tenants. “You can actually buy your space or lease it out,” See said. The real test of the project, set for completion in August, will be luring tenants and setting the lease and sale rates for the available space. See said the lease rate is expected to be about $14.50 a square foot, while she plans to sell the space for about $145 a square foot.
Stuart Graham, with CB Richard Ellis Oklahoma, said Yukon and Piedmont have benefited from an increase in housing as people have headed west in the past few years.“She’s on the leading edge,” he said. “Those rates may seem high at first, but the area is coming if they are patient. They are the first ones to extend that way with that level of investment in retail.” Graham said several factors have, and will likely continue, to increase growth in those areas.“Obviously with the Kilpatrick Turnpike expansion over the last ten years it has really pushed that growth out further to the west,” Graham said. “The growth out there is really an extension of the city expanding out that way.”The Canadian County Web site shows the county has seen growth over the last decades from 56,260 residents in 1980 to 87,697 in 2000. The county includes Mustang, Yukon, El Reno and Piedmont. The development is just south of Piedmont.
In a 2006 report from the Oklahoma Department of Commerce, it stated Piedmont led cities statewide in growth with a population in the 1,000 to 10,000 range, with growth of 28.4 percent. The 2000 census showed a population in Piedmont of 3,650 with that number expected to reach about 5,000 by 2006.
See said the center hopes to draw from the west side of the metro area as well as north and west catching traffic into Oklahoma City from El Reno and Kingfisher.
Housing is also present in the area with the potential for hundreds more rooftops planned in the next few years. See said a recent traffic count conducted at the intersection near the site already counted about 24,000 cars a day. The buildings will be stone and brick with black wrought iron awnings and lamps.
The architect for the project is Crafton, Tull, Sparks & Associates Inc.See and Markum’s husbands, Derek See and Tracy Markum, are also partners in the project, and Derek See is the general contractor.Leasing and sales are being handled by Dana L. Hall of the See Companies. See said she has secured a dry cleaner for the center and is in talks to get, among other tenants, a coffee and sandwich shop. She has also placed a top priority on quality and aesthetics of the project since she will likely bump into friends and neighbors while frequenting the shopping center.“Quality is extremely important to me if my name is on it,” she said.
:Smiley103