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Thread: OAK (formerly Penn Central)

  1. #376

    Default Re: OAK (formerly Penn Central)

    I'm really excited about this project. I don't understand the name though. Penn Central or Penn Station or 50 Live - but OAK? And capitalized as if it's an acronym? Don't like it. But the project will be awesome. What a busy and bustling square mile in our city it all will be.

  2. #377

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by AlvarezK View Post
    Any updates on this as of yet Pete?
    I doubt anything will happen, materially, until mid 2020 or so. But I could be wrong.

  3. #378

    Default Re: OAK (formerly Penn Central)

    They still have tenants in the office buildings and the rental houses.

    It will take time to clear them all out and before you see any movement in terms of demolition.

    But I do know they are out blowing and going and trying to sign up tenants. This is just one of those things that will take time.

  4. #379

    Default Re: OAK (formerly Penn Central)

    It's becoming more and more obvious that we are firmly in the backside of the Credit Cycle. The McNeills might be rich AF, but they aren't idiots.

    I'll be very surprised if this goes forward as planned: https://www.reuters.com/article/us-u...-idUSKBN1W91KS.

  5. #380

    Default Re: OAK (formerly Penn Central)

    Maybe that's what they're waiting for...If you have the money, you have the money. Waiting to build until after the recession has hit is a good way to build cheaper.

    Additionally, Oklahoma City is still super affordable, so there's only so much prices can go down here. The cost of living factor becomes more enticing to those living in more expensive cities when the recession hits, and the recession proof city moniker has no reason to have left because it's always been built on a diverse economy (at the city level, not state) and we've only continued to diversify since that moniker came about ~10 years ago.

    NOt saying a recession couldn't impact this development, but I do think the economics nationally/globally are not going to be as big of a factor for this development.

  6. #381

    Default Re: OAK (formerly Penn Central)

    It will all depend on their pre-leasing.

    I know that have several good retailers and restaurants on the hook.

  7. #382

    Default Re: OAK (formerly Penn Central)

    I know someone who is currently in an office on this property and his lease has been bought out. Additionally he said that there were multiple moving vans on site today.

  8. #383

    Default Re: OAK (formerly Penn Central)

    I was just going to post that I saw several moving vans today at the Regent building.

  9. #384

    Default Re: OAK (formerly Penn Central)

    Hey Pete, any news as of yet?

  10. #385

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by AlvarezK View Post
    Hey Pete, any news as of yet?
    Even though some tenants have moved out of the existing office buildings, there are still several still operating, so those structures aren't coming down any time soon.

  11. #386

    Default Re: OAK (formerly Penn Central)

    Any news on this? Their social media is active but it's been quite a while since I've heard anything.

  12. #387

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by Grant View Post
    Any news on this? Their social media is active but it's been quite a while since I've heard anything.
    They have been seeking public incentives, even before the virus.

  13. #388

    Default Re: OAK (formerly Penn Central)

    I strongly hope that I am incorrect, but I have a feeling this project is going to be a casualty of the virus/recession. I was reading an article today about how all the department store chains are failing. Neiman Marcus just declared bankruptcy. Macy's, Sears, JC Penney only have a few months of cash. Some stuff will certainly survive, and maybe the kinds of local boutiques this development would include, are among those. But I just think the next year is going to lay bare how "over retailed" this whole country is. And does anybody really think OKC is going to be in a position to offer tax incentives for something like this?

    Again, I hope I'm wrong.

  14. #389

    Default Re: OAK (formerly Penn Central)

    Looks like they're soliciting information from the public about what they'd like to see incorporated re: COVID-19, or perhaps getting a sense of if things need to be delayed based on public concern about public gatherings.

    https://bit.ly/OakOKCSurvey

  15. #390

    Default Re: OAK (formerly Penn Central)

    The 8 houses on Barnes (outlined in green below) are now completely abandoned and starting to look pretty shabby with broken windows and trash.

    In the photo below, you can see the utilities have been marked and I suspect they'll be performing demolition soon.

    I'm not advocating for preventing demo, but I love these mid-century houses, so much so I bought one in the neighborhood to the south.








  16. #391

    Default Re: OAK (formerly Penn Central)

    BTW, there are still a bunch of cars every weekday at The Registry, the office building on the west end of this project.

    Some tenants have moved out but there are still several operating.

  17. #392

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by Pete View Post
    The 8 houses on Barnes (outlined in green below) are now completely abandoned and starting to look pretty shabby with broken windows and trash.

    In the photo below, you can see the utilities have been marked and I suspect they'll be performing demolition soon.

    I'm not advocating for preventing demo, but I love these mid-century houses, so much so I bought one in the neighborhood to the south.







    I love those old mid century houses too. 12 pane original wood garage door, steel casement windows, and cool design features not seen any more.

  18. #393

    Default Re: OAK (formerly Penn Central)

    Any idea as to when this project might get started?

  19. #394

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by ChrisHayes View Post
    Any idea as to when this project might get started?
    No time soon.

    They needed public assistance even before this entire virus/economy mess.

  20. #395

    Default Re: OAK (formerly Penn Central)

    Noticed today they are actively trying to lease The Registry office building, after clearing out most the tenants last year.

    Further evidence this project is not happening anytime soon.

  21. #396

    Default Re: OAK (formerly Penn Central)

    Really hoping coronavirus doesn't kill this project entirely. Hopefully it is just delayed.

  22. #397
    HangryHippo Guest

    Default Re: OAK (formerly Penn Central)

    It sure has the feel of 2008 - great project for OKC fails due to nationwide catastrophe.

  23. #398

    Default Re: OAK (formerly Penn Central)

    To be fair, this catastrophe is going to halt great projects and destroy existing ones in every city in the country. I doubt any particular city's relative place in the national hierarchy is going to notably change due to COVID, though all of them are certainly going to be lesser versions of their pre-virus selves.

  24. #399
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    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by Pete View Post
    Noticed today they are actively trying to lease The Registry office building, after clearing out most the tenants last year.

    Further evidence this project is not happening anytime soon.
    Any chance they can build it out in phases, starting with the area at the corner of NWExp and Penn? That will be land with costs but no income. The offices can at least create income to cover some expenses.

  25. #400

    Default Re: OAK (formerly Penn Central)

    Quote Originally Posted by Rover View Post
    Any chance they can build it out in phases, starting with the area at the corner of NWExp and Penn?
    I can't see how because the entire plan revolves around realigning NW 50th which requires removing all existing structures.

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