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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.

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