metro
04-25-2008, 07:40 AM
Cornett, seriously, I know your not in favor of deannexing our city, but when is this sprawl going to end?
Mixed-use project proposed for NW OKC
Journal Record
April 25, 2008
OKLAHOMA CITY – As retail and residential developments continue to sprout up north of the Kilpatrick Turnpike, a mixed-use project is slated for land just northwest of Quail Springs Mall.
The project belongs to Caliber Development Group, primarily known as a homebuilder in the metro area. Last year Caliber purchased nearly 50 acres on and near the southwest corner of the intersection of NW 150th Street and May Avenue. Plans call for potential retail, office, restaurant, grocery and a pharmacy on 13 acres. An early configuration on what is now an empty field would include 123,900 square feet of first-floor commercial space, 20,925 square feet of second-floor commercial space and 702 parking spaces.
Jade Noles, president of Caliber, said his company had eyed the site, which is just north and west of Quail Springs Mall, for a retail and office project.“We’ve got a lot of interest in the Quail Springs area,” Noles said. “We were already invested in the area and we saw the growth potential and knew it was a great piece of real estate in an area that was rapidly growing.” Nearby, Caliber is the developer for The Grove, a 200-acre commercial and residential project, in an area bordered by N. May Avenue, N. Portland Avenue, NW 178th Street on the south and NW 192nd Street on the north.
Caliber also recently completed two 45,000-square-foot office buildings at the Quail Springs Corporate Park. This will be Caliber’s first retail development. Caliber is owned by Connecticut-based private equity firm Wexford Capital But a slowdown in the nationwide economy has delayed plans for the project, tentatively dubbed NW 150th & May Avenue Development.
Early plans called for a tenant such as a large drugstore on the northeast corner of the property. Mike Webb, with Grubb & Ellis Levy Beffort, is handling the sales end of the project. Webb said while several retailers have expressed interest, many national brands are hesitant to expand with the current market conditions.
He said a tenant like a large drugstore could be just the thing to kick off the project. If that takes too much time, Noles said there is the possibility they could build some spec buildings. The look of the eventual buildings and a price tag for the project have not yet been determined, but Webb said it will likely be a mix of casual and fast-food restaurants as well as local merchants with a high-end flair.
Rents are expected to be in the $15- to $18-per-square-foot range, Webb said. Plans could also include a smaller, boutique grocery store to serve local neighborhoods. The center is also in close proximity to the proposed Quail Springs Village, on about 255 acres just across May Avenue, east of the Caliber project.
That project is a proposed large-scale shopping center complete with several hotels and a movie theater. Webb said rather than weighing competition, that Caliber has been focused solely on growing with the area north of the turnpike.“We haven’t really looked at anyone else,” he said. “We just want to create the best product we can.”
Noles said for the time being Caliber will continue looking at the best use for the land and the eventual development. A second phase will likely include office park development on the land to the west of the retail area.“At this point it’s very preliminary,” Noles said. “We just know the location is ideal for the right use.”
Mixed-use project proposed for NW OKC
Journal Record
April 25, 2008
OKLAHOMA CITY – As retail and residential developments continue to sprout up north of the Kilpatrick Turnpike, a mixed-use project is slated for land just northwest of Quail Springs Mall.
The project belongs to Caliber Development Group, primarily known as a homebuilder in the metro area. Last year Caliber purchased nearly 50 acres on and near the southwest corner of the intersection of NW 150th Street and May Avenue. Plans call for potential retail, office, restaurant, grocery and a pharmacy on 13 acres. An early configuration on what is now an empty field would include 123,900 square feet of first-floor commercial space, 20,925 square feet of second-floor commercial space and 702 parking spaces.
Jade Noles, president of Caliber, said his company had eyed the site, which is just north and west of Quail Springs Mall, for a retail and office project.“We’ve got a lot of interest in the Quail Springs area,” Noles said. “We were already invested in the area and we saw the growth potential and knew it was a great piece of real estate in an area that was rapidly growing.” Nearby, Caliber is the developer for The Grove, a 200-acre commercial and residential project, in an area bordered by N. May Avenue, N. Portland Avenue, NW 178th Street on the south and NW 192nd Street on the north.
Caliber also recently completed two 45,000-square-foot office buildings at the Quail Springs Corporate Park. This will be Caliber’s first retail development. Caliber is owned by Connecticut-based private equity firm Wexford Capital But a slowdown in the nationwide economy has delayed plans for the project, tentatively dubbed NW 150th & May Avenue Development.
Early plans called for a tenant such as a large drugstore on the northeast corner of the property. Mike Webb, with Grubb & Ellis Levy Beffort, is handling the sales end of the project. Webb said while several retailers have expressed interest, many national brands are hesitant to expand with the current market conditions.
He said a tenant like a large drugstore could be just the thing to kick off the project. If that takes too much time, Noles said there is the possibility they could build some spec buildings. The look of the eventual buildings and a price tag for the project have not yet been determined, but Webb said it will likely be a mix of casual and fast-food restaurants as well as local merchants with a high-end flair.
Rents are expected to be in the $15- to $18-per-square-foot range, Webb said. Plans could also include a smaller, boutique grocery store to serve local neighborhoods. The center is also in close proximity to the proposed Quail Springs Village, on about 255 acres just across May Avenue, east of the Caliber project.
That project is a proposed large-scale shopping center complete with several hotels and a movie theater. Webb said rather than weighing competition, that Caliber has been focused solely on growing with the area north of the turnpike.“We haven’t really looked at anyone else,” he said. “We just want to create the best product we can.”
Noles said for the time being Caliber will continue looking at the best use for the land and the eventual development. A second phase will likely include office park development on the land to the west of the retail area.“At this point it’s very preliminary,” Noles said. “We just know the location is ideal for the right use.”