JV Fires Up Second Phase For $675M Project

The expansion for junior anchors and small shops abuts the just-completed first phase, a Super Target off Mount Williams Drive. The Interstate 35-fronting development site, between Robinson Street and Tecumseh Road ramps, will hold an additional one million sf, which will be built in line with market demand.

"As tenants come on line, we'll continue to build for them," says Leland Clark with Oklahoma City-based Sooner Investments Co. University Town Center is a joint venture with Collett & Associates Inc. of Charlotte, NC and R.T. Oliver Investments, also from Oklahoma City.

Clark tells GlobeSt.com that the last two phases will consist of a 450,000-sf to 500,000-sf power center and 500,000-sf lifestyle center. "The next piece will be that power center, which will have a couple of department stores and junior middle boxes," he says.

While the power center could break ground before this year ends, the lifestyle center's development is a couple years away. "We're working on a couple of other development areas in that project that will complement what's to go in place," Clark says, adding one proposal is a hotel and convention center.

Once complete, University Town Center will hold more than two million sf of retail space. Clark estimates it could take three to five years for build-out.

"This is market- and tenant-driven," says Brad Goodwin, development partner with Sooner Investments. "There are moving components that haven't been put together yet."

Although Oklahoma City is a stone's throw from Norman, Clark points out that the university town has a low per-capita-sf ratio when it's come to retail. "The market is a little behind, but hopefully this will catch Norman up with the rest of the metro area," he says. "There's a high demand for retail in the market."

Little & Associates Inc. of Charlotte, NC and Carter & Burgess Inc. of Fort Worth are the architects. Bank of Oklahoma and First Banks Inc. provided construction financing.