Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OKLAHOMA CITY-RCL Development is selling the multifamily land in its 233-acre Tuscana, a mixed-use development surrounded by 2.1 million sf of retail in a 1.5-mile radius. Site work began earlier this year for the $600-million lifestyle project.

RCL’s Tuscana, previously called Village at Quail Springs, is platted for 800,000 sf of retail and 320,000 sf of office and residential development. Its anchor is an IMAX Theater.

The Oklahoma City-based developer has completed much of the project’s horizontal development for the land, situated between May and Pennsylvania avenues and just north of Quail Springs Mall. The developer didn’t return telephone calls by deadline to comment on the project, but the marketing is being led by Hendricks & Partners’ Tim McKay, senior investment adviser in Oklahoma City.

McKay says local officials have created a flexible planned unit development for Tuscana’s acreage. As a result, the size of land tracts dedicated for multifamily, retail or hospitality can be changed to meet development demand. The existing master plan calls for a garden-style apartment project capped at 300 units and additional residential units as part of a mixed-use building.

McKay tells GlobeSt.com that he just brought the acreage to market without an ask, but already is in negotiation with a couple interested parties. “The number of developers for this specific type of product is limited, but we’ve had a lot of interest,” he says. The Hendricks’ team includes Aaron Hargrove in Tulsa and John Clayton in Little Rock.

McKay points out projects with multifamily components are desirable these days in Oklahoma City because of the region’s growth and its almost recession-proof energy industry. “Our economy and fundamentals are as strong, or stronger, than they’ve ever been,” he explains. “Occupancy is increasing, rents are increasing and the area is growing.”

Negotiations are still underway for a IMAX Theater and 13-screen cinema, which had been scheduled to open in mid-2009. Dickinson Theatres Inc. of Overland Park, KS is the developer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.