Riverwalk Crossing

[swake]

Riverwalk Crossing now has financing in place for a 164,000 square foot second phase.

Financing Announced for Riverwalk Crossing
Tulsa Business Staff
1/11/2007

Metropolitan Capital Advisors, Ltd. has arranged both construction financing and mezzanine loan for the Riverwalk Crossing Shopping Center Phase II. Riverwalk Crossing, billed as Tulsa's premier lifestyle entertainment destination, is a two phased project with the first phase consisting of 125,052 SF and the second of 164,000 SF.
MCA arranged the financing on behalf of Jerry R. Gordon Development.

The recently completed phase I has proved to be highly successful. The current occupancy is at 95 percent with prospects for the remainder of the unleased space. Phase II is currently pre-leasing and has a ground lease to Lone Star Steakhouse and has another pad site under contract with Hampton Inn.

MCA placed the Mezzanine Loan with O.R.D.A. Corp. and the Construction Loan American National Bank.

Metropolitan Capital Advisors specializes in the exclusive representation of investors, developers and property owners in the real estate capital markets. The firm completed over $750,000,000 of debt and equity transactions during 2006.

[BKDotCom]

This is good news!
Right now Riverwalk is only half a "destination"
But Lone Star?

Mezzanine loan defined - I guess the gist = "high risk"

[bigdtottown]

Any news on what may be planned for the expansion, which direction will the expansion go...to the north?  My wife and I really enjoyed the Cabana at Los Cabos during the summer when we lived there but we moved before we could really try out many of the other places.  How is Tsunami doing in that part of town?

[TheArtist]

The expansion goes North of the Movie theater. And I am glad he got the financing. I will look forward to strolling along the full thing when its done. Would love to eventually see some mid level to high rise condos go in behind the riverwalk right up next to the berms where the homes are now. As that area evolves and becomes denser it will become a nice anchor for that part of the river and Jenks.

[RecycleMichael]

quote:Originally posted by BKDotCom

But Lone Star? [

I think Lone Star Steakhouse is a good choice for the development. It seems to be a well-run national chain that fits in price and quality with what is already at the Riverwalk. The entire development is becoming more of a family destination and having this located near the theater makes sense.

They make a decent steak and kids eat free on Tuesdays.

I like that Lone Star has locations all over America, but none in Texas.

[pmcalk]

Being one of the few females (and hence shoppers) on the board, I hope the next phase includes a higher ratio of shops to food.  I took my mother-in-law there over Christmas, and we really enjoyed it (not the first time).  But we both commented that we had finished going through all of the stores in only about an hour.  Honestly, I am not a big shopper, but I know how it works--you need two or three hours worth of shopping, then someplace to have lunch.  Women are your biggest costumers, and they are less likely to go someplace just for the restaurants.

[sgrizzle]

I believe a bookstore (barnes & noble?) is planned. Bookstores consume a lot of time so really add the feeling of their being "more" shopping.

[aoxamaxoa]

Books a Million....a real stellar retailer....

[pmcalk]

Bookstore would be good, but, IMO, women who spend countless hours shopping are not the same as those who spend hours in bookstores.  I don't mean anything derogatory, and honestly I don't like to spend much time shopping.  But I know those who do--who love nothing better than to spend an entire day walking from store to store, buying stuff that they don't really need.

[Wrinkle]

Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.

[waterboy]

quote:Originally posted by Wrinkle

Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.

Would this authority have that much scope? Or are you just being snarky?

[Wrinkle]

quote:Originally posted by waterboy

quote:Originally posted by Wrinkle

Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.

Would this authority have that much scope? Or are you just being snarky?

Not being more than normal snarky.
ANY river development, within Tulsa County, would have to have Authority approval once established.

If it involved public funds/funding of any kind, then a County-wide vote of (God forbid) the public.

[swake]

quote:Originally posted by waterboy

quote:Originally posted by Wrinkle

Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.

Would this authority have that much scope? Or are you just being snarky?

The developer already owns the land and the land is already zoned correctly.

[Wrinkle]

quote:Originally posted by swake

quote:Originally posted by waterboy

quote:Originally posted by Wrinkle

Trying to get it done before Ms. Miller forms her authority since Tulsans would then have to approve it.

Would this authority have that much scope? Or are you just being snarky?

The developer already owns the land and the land is already zoned correctly.

We know 'ownership' isn't a criteria around here. But, if he can get it done before the Authority forms, he has a chance.

[carltonplace]

I dislike the idea of a new commission that answers to the county dictating what we can do with our portion of the river. The only benefits would be synergy with other river projects in the county, inclusion in a county wide river master plan and the potential for county wide sales tax funds for any public pieces. But why would Owasso residents with their currently robust sales tax base want to help pay for river development? Ideal river developement for the suburbs is going to be much different than what will work for us. Plus, the extra layer of bureaucracy would tend to be antithetical to developement IMO. The people that live near and play on their prospective portions of the river will hopefully know what works best for them.