Construction begins on new 30 acre retail project in Oklahoma City
Oklahoma City -- GBT Realty Corp. announced the acquisition of 30 acres in Oklahoma City, Oklahoma. The site was purchased in January for $2.95 million. The company broke ground on development of the first phase of the $50 million The Market at Czech Hall, a 450,000-sq. ft. regional neighborhood center last week.
Phase one includes the construction of 180,000-sq. ft. of retail, along with seven outparcels. The first tenant expected to open fall 2016.
“The strength of the Oklahoma City marketplace and its better-than-national-average population growth and unemployment rates are just a couple of the solid real estate fundamentals that make this site ideal for development and our retail partners,” states George Tomlin, president and CEO of GBT Realty. “Retailers also took note of the area’s ranking in the top five fastest-growing cities in the country – as well as its place as a top 10 metro area for doing business due to its well-documented low business costs when compared to other large metropolitan areas.”
Situated in the fastest growing retail area on the northwest side of Oklahoma City between Yukon and Mustang, Oklahoma, The Market at Czech Hall continues the growth with its initial tenant line-up that includes: Academy Sports + Outdoors, Marshalls, Ross Dress for Less, Petco, Ulta, Rack Room Shoes and Five Below. Phase one of the project is close to being leased with 20,000 sq. ft. of small shop space and seven outparcels available. Phase two is planned with additional space for large- and small-format tenants.
“The Yukon/Mustang community is among one of the quickest areas in the Oklahoma City MSA to recover from the recession and emerge as one of the best places to live in the region,” explains Tomlin. Over the past 20 years, Oklahoma City and its surrounding communities have taken significant steps to improve its economic platform and ready its landscape for growth. According to Tax Foundation, Oklahoma ranks No. 9 in the United States for purchasing power. Further, the state's purchasing power of $111.23 is $11 more than the national average – solidifying the buying power among the 250,000 residents within a 10-mile radius of the retail center.
GBT Realty has developed 1.8 million-sq. ft. of retail in Oklahoma and Texas since 2010 with three additional development sites planned in Bartlesville, Oklahoma, Austin and Frisco, Texas.