Promenade Mall

[In_Tulsa]

Does anybody know what's going in the old Mervyn's? They are gutting both floors.

[realst8]

I believe CREOKS closed on the purchase of the building including the Sky space about a week ago. Sky has a lease and is generating income for the buyer so I believe that use will remain unchanged. I was told the balance of the vacant space would be used for CREOKS Administrative offices and various community medical programs - not sure how accurate the proposed use is but the sale information is accurate. I was also told the Macy's space is back under contract.

[Conan71]

I believe CREOKS closed on the purchase of the building including the Sky space about a week ago. Sky has a lease and is generating income for the buyer so I believe that use will remain unchanged. I was told the balance of the vacant space would be used for CREOKS Administrative offices and various community medical programs - not sure how accurate the proposed use is but the sale information is accurate. I was also told the Macy's space is back under contract.

I'm glad Sky apparently pays the rent because they don't care to pay contractors in a timely fashion, if at all.

[heironymouspasparagus]

I'm glad Sky apparently pays the rent because they don't care to pay contractors in a timely fashion, if at all.

Must be a Trump business.  Or Trump University graduate...

[In_Tulsa]

I was also told the Macy's space is back under contract.

Do you know who it is?

[realst8]

Believe it or not it appears to be an entity affiliated with Warren Ross & Elliot Nelson. They paid $1mm or about $5.00 per square foot.

[In_Tulsa]

Believe it or not it appears to be an entity affiliated with Warren Ross & Elliot Nelson. They paid $1mm or about $5.00 per square foot.

That's interesting! I wonder what the plans are.

[MostSeriousness]

Big Boxyard

[BKDotCom]

Coworking space?

[heironymouspasparagus]

Coworking space would be nice!   

[sgrizzle]

That's interesting! I wonder what the plans are.

TGI Friday's















Kidding.

[In_Tulsa]

The sale closed. It will be interesting to see what happens!

[SXSW]

The movie theater no longer has movie listings and several other stores have closed.  What's going on at Promenade?

https://www.tulsaworld.com/business/multiple-stores-closing-in-tulsa-promenade-mall-movie-theater-no/article_90431afb-11d6-5b17-b277-de774cbf7d82.html

The rumor that OU is buying it is still out there but I don't see any confirmation.  There were two statements the new OU president made at his inauguration speech that were interesting:

Additionally, Gallogly said he wants OU Medical Center to be available to everyone in the state of Oklahoma, as he said it's Oklahoma's largest and most comprehensive hospital.

"It would be nice for OU medicine to be the provider of choice for everyone in the state of Oklahoma," Gallogly said.

Gallogly recognized the OU Tulsa campus in northeastern Oklahoma and added that he would like to see it grow.

1. Expansion of the OU Medical Center could mean a physical hospital in Tulsa in conjunction with the medical school/community medicine program at OU-Tulsa
2. Growth of the OU-Tulsa campus could mean a physical expansion across Yale

[Townsend]

The movie theater no longer has movie listings and several other stores have closed.  What's going on at Promenade?

[TulsaGoldenHurriCAN]

The movie theater no longer has movie listings and several other stores have closed.  What's going on at Promenade?

This board has been talking about this for some time (Especially in this thread: http://www.tulsanow.org/forum/index.php?topic=21470.75). Online is stil just in its infancy and only 10% of total retail in 2017.

In order to survive in retail as a big mall, you have to be the hot new thing on the block with all the trendy places or face a quick decline. Promenade had already been on the decline back in the 2000s before online retail was so huge. Now it's dated and lacking the wow/nice factor to lure in people. Woodlands is still a destination for Southys. Promenade isn't a destination and has felt on the downward spiral for some time.

I do hope OU Tulsa expands and Promenade seems like a good close spot (with AMPLE parking!), but unless they get the mall for cheap, it may not be the best setup as it would require a massive investment to retrofit into medical or education facilities. It's a tough choice when you would only typically save maybe 25% by remodeling vs building new and have a far less attractive building in this case. That is potentially cut down to maybe 15% with increased building material costs right now and the entire mall is probably far more than OU could use any time soon. So unless they are basically giving the mall away or splitting up parts, it might not make sense for them to retro fit. Best turn it into an outlet mall or maybe the worlds first Church Mall! Shop for all you creed needs in one place!

I do see the future of the mall being similar to Eastland, with bigger businesses/churches/medical moving in, but one section at a time and potentially keeping the food court viable. Medical makes the most sense though.