Owasso hotel, eatery development

[mrB]

quote:

OKC REAL ESTATE Metro firms plan Owasso hotel, eatery

by Kirby Lee Davis
The Journal Record June 4, 2008

TULSA – Tapp Development of Edmond and Champion Hotel Development of Oklahoma City are developing a 7-acre hotel, retail and restaurant complex in Owasso.

Sitting just south of the expanding Smith Farms Marketplace shopping center and the busy 96th Street retail corridor, The Sevens project will involve more than $1 million in infrastructure, including construction of a storm-water pond with several rock-lined fountains. That will provide a soothing backdrop for a new LaQuinta Inns and Suites and a trio of new restaurants, said Jim Tapp, president and chief operating officer of Tapp Development.

"It will be kind of a neat atmosphere," said Tapp, expecting The Sevens to fill a niche in the north Tulsa suburb. "You find a lot of restaurants in Owasso. What you don't find is a lot of high-end, atmosphere-related restaurant pads available."

This marks the second Tulsa-area ongoing collaboration between the two metro Oklahoma City developers. Tapp and Champion also teamed up for the 18-acre 51Yale project, which will involve two hotels and multiple restaurants, along with a two-story office/retail complex, just off 51st Street and Yale in Tulsa. [TN thread =  51 Yale - Mixed use development http://www.tulsanow.org/forum/topic.asp?TOPIC_ID=10221]

Tapp said this project resembles 51Yale, with the developers marketing the lots at The Sevens. One restaurant operator has already initiated plans to acquire one.

At 6 p.m. Monday, the Owasso Planning Commission will discuss two proposals by Tapp: a request for a commercial planned unit development for The Sevens, and its preliminary plat of five commercial lots bordering the east side of N. Garnett, a half-mile north of E. 86th Street North.

"It's going to offer some new and exciting retail opportunities for the community," said Owasso Economic Development Director Chelsea Harkins. "It's going to bring in some new restaurants and maybe some different kind of retail."

The Sevens PUD would establish parcels for three restaurants, one retail site and the La Quinta hotel, said City Planner Larisa Darnaby. If approved Monday, she said The Sevens would come up for final zoning and platting in July. That would allow developers to proceed with building permit regulations.

"I think some of them are fairly aggressive," she said. "I think they plan to move within three months."

That could allow construction to start on The Sevens as Smith Farms owner Hunt Properties of Dallas completes phase-three construction this fall. That will add 150,000 square feet to Smith Farms' existing 550,000 square feet, bringing JCPenney, Olive Garden and Ross Dress for Less to a center boasting Target, Hobby Lobby, Belk, Best Buy and Old Navy.

The original construction at Smith Farms launched a four-year retail boom for Owasso, with developers adding several million square feet of new brick and mortar to serve not just the city's growing 18,000 population, but also shoppers from north Tulsa, Bartlesville, Claremore, and other northeastern Oklahoma areas.

Those same trends spurred construction of two hospitals, four hotels and a multitude of restaurants.

"That's why we're building," said Champ Patel, owner of Champion Hotels and one of Oklahoma's leading hospitality developers.

For his first Owasso property, Patel estimates construction costs for the four-story La Quinta at around $80,000 to $85,000 per room.

Jon Crowdus of the Tulsa firm ArcTech is providing architectural services, while Crafton Tull Sparks will serve as the engineers. A general contractor has not been selected.

Tapp expects to convey their first restaurant pad in August or September, allowing for a November construction start. Tapp hopes to complete all The Sevens water improvements by February.

Lot prices started around $15 per square foot.

"I expect the prices to creep up between $18 and $22 on the water lots," he said.


Copyright © 2008 The Journal Record All Rights Reserved
101 N. Robinson Ave., Ste. 101, Oklahoma City, OK, 73102 |
P.O. Box 26370, Oklahoma City, OK, 73126-0370 | (405) 235-3100
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http://www.journalrecord.com/article.cfm?recID=89446

We may need the billboard space on north Hwy 169 too;

Visit Downtown Tulsa
ten miles ahead!

[joiei]

Didn't I read that Owasso is already over built for restaurants?  Some including the little Tei Kei's has already closed.

[cannon_fodder]

Restaurants and retail in general are over built in Owasso.  At least that is what the last report I saw said, some closings seem to indicate, and the population to retail growth would point to.

BUT, not my money so...

[zstyles]

It is overbuilt...and a bubble....St. Francis is closing down parts of its new hospital there and just laid off 15 employees this week because there are two hospitals and not enough people to visit them both....

[Ibanez]

quote:Originally posted by zstyles

It is overbuilt...and a bubble....St. Francis is closing down parts of its new hospital there and just laid off 15 employees this week because there are two hospitals and not enough people to visit them both....

St. Francis doesn't have a hospital there. St. John and Hillcrest do.

[Composer]

You can add Golden Corral to the list of closings.  It appears to have closed in the last few days.

[zstyles]

St Francis has an imaging center in owasso in the Bailey Health Center and they did lay off employees this week.