Drawings can always look good but it is what REALLY happens that counts. Things usually change. We will just have to wait. This could really be great for Claremore.
Look what's coming to town!In what’s accurately called “the largest private investment in the City of Claremore’s history,” a multi-million dollar “lifestyle center” development was officially announced earlier today.
Missouri-based development firm Resource Development, Inc. has purchased one of the largest undeveloped tracts of land inside the city limits, located east of Lowe’s off the intersection of Highway 66 and Country Club Road, south of Wal-Mart.
When complete, the development — Oklahoma Plaza — will encompass 129 acres, with an estimated total retail square footage of 550,000 feet and an estimated square office footage of 75,000 feet.
RDI representatives said the mixed-use commercial development will combine retail functions of a traditional shopping mall in a pedestrian-friendly venue with waterfront restaurants, office space lofts, and major retail, entertainment, and upscale residential additions.
“This project will represent an important step forward for Claremore and all of northeastern Oklahoma,” said William Jester, president, RDI. “It will provide current and future residents with a new quality of life and convenience and serve as a visible beginning of a great milestone in the journey of Claremore.”
Jester said his offices were first contacted by CIEDA president Tim Hight in May 2007 about potential opportunities in Claremore.
Jester and Hight later met with Claremore City Manager Troy Powell and Mayor Brant Shallenburger at the International Shopping Center conference in Las Vegas, Nev., to further explore the feasibility of a development inside the city limits.
“The months that followed those early meetings were a whirlwind of activity, resulting in what came to become the Oklahoma Plaza development,” Jester said.
“Lifestyle centers” differ from traditional malls or strip centers in that they tend to occupy the upscale end of the spectrum of commercial development and often require less land and generate higher revenue margins.
Common features in most lifestyle centers are fewer enclosed shops, more open air, convenient parking and more pedestrian friendly streetscapes.
Jester said a recent Retail Opportunity Gap study demonstrates that Claremore is experiencing a phenomenon known as retail leakage wherein consumers are forced to purchase their goods outside the area.
“Currently, the gap was found to be $600 million, which we feel Claremore citizens deserve the opportunity to keep those tax dollars in their local economy,” Jester said.
Although tenants are still being secured for Oklahoma Plaza, Jester said Wyndham Hotels has committed to being a project tenant, with another major retail announcement expected to go public later this week. Further tenant announcements are expected in upcoming weeks.
Other commercial and retail stores tentatively set to address Claremore’s “retail opportunity gap” in the Oklahoma Plaza include six restaurants, a 14-screen theater, a national pharmacy chain, three department stores, five clothing stores, home furnishings and sporting good stores, professional offices, office supply/furnishings and others.
“Oklahoma Plaza could be compared to a Bricktown or the River Walk in Jenks,” said Hight, “but this project will also feature office space, residential components, entertainment, and, of course, the retail component — we’re expecting it to be one of, if not the nicest (retail) development in northeast Oklahoma, and the only lifestyle center in the area.”
Other planned features of Oklahoma Plaza will include hotels and conference center, a community of single-family residential units, numerous lakes and water features and outdoor entertainment venues.
And in terms of economic impact, Oklahoma Plaza representatives say they are being conservative in estimates of 300 jobs and an annual sales tax yield of $2 million.
Incentives for the development came in the form of an estimated $1 million in street developments, some of which already had been budgeted for, and improvements near the area, to include three points of access, as well as a sales tax rebate — one cent of every three the City receives in sales tax generated to be rebated to RDI, up to $5 million.
“For years, we’ve heard what we need in Claremore is retail, retail, retail and Oklahoma Plaza looks to solve that issue in a very dramatic way,” said Powell. “Seeing this project come to fruition will represent a significant hurdle in taking Claremore to the ‘next level’ of its inevitable growth — this is going to knock people’s socks off.”
With traffic in south Claremore already at 37,000 daily, Powell said the anticipated increase from the retail development would “undoubtedly increase that number,” which the road improvements will help address.
“Any time you’ve got retail, you’re going to have increased traffic,” he said. “Fortunately, some of the (street) improvements had already been budgeted for, such as the Country Club Road and Frederick Road projects. I’m looking forward to people coming up Will Rogers and, instead of turning on Highway 20 to go to Owasso, turn on Highway 66 to go to Oklahoma Plaza.”
Powell said Oklahoma Plaza would not impact other traffic solution plans, such as the elevated track project.
Ultimately, Jester said the Oklahoma Plaza project was the “right fit at the right time” for the City of Claremore.
“Claremore is one the fastest-growing cities in one of the fastest-growing counties in the state, as well as being the county seat,” he said. “It also has its own four-year university. It only makes sense that a development such as this would partner with the City to help take it into the future.
“I can honestly say I’ve never been more excited and honored to be a part of a project such as this,” Jester said. “Oklahoma Plaza will serve as a hallmark of RDI and provide the citizens of Claremore and northeastern Oklahoma with a remarkable place to live, work, and play.”
Ground-breaking on Oklahoma Plaza is tentatively scheduled for as early as April.
Contact Tom Fink at 341-1101, ext. 243, or e-mail
maned@swbell.net.
