OKLAHOMA CITY, Okla.–GBT Realty Corp. is under contract to purchase 80 acres in Oklahoma City to develop the $50 million The Market at Czech Hall, a regional neighborhood center situated in one of Oklahoma's fastest growing suburban communities. Site work on the 450,000-square-foot retail development will begin immediately upon the acquisition of the land, expected this spring. The development is slated to open spring 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,” says George Tomlin, president and CEO of GBT Realty. “And being located in the fastest growing area of Oklahoma, it's no surprise that the Yukon area is home to some of the top producing retail stores in the region including Target, Lowe's Home Improvement, Kohl's, Hobby Lobby and other national retailers and restaurants.”
GBT Realty has developed 1.8 million square feet of retail in Oklahoma and Texas since 2010 with three additional development sites planned in Bartlesville, Okla.; Austin; and Frisco.
Situated between Yukon and Mustang, Okla., at the interchange of Interstate 40 and Czech Hall Road, The Market at Czech Hall extends the fastest growing retail area on the southern side of Yukon to the east into Oklahoma City. Approximately 180,000 square feet of space is committed with final lease negotiations under way, with both grocery and sporting goods tenants to anchor the regional neighborhood center. An additional five junior anchor boxes and more than 115,000 square feet of shop and restaurant space complete the inline development plans. Eleven outparcels, ideal for banks, restaurants and other service providers, front the property providing exceptional visibility from both Interstate 40 and Czech Hall Road.
"GBT has been very active in the west and midwest for over six years and continue to look for great opportunities for retail centers as well as single tenant developments,” Tomlin told GlobeSt.com. “Oklahoma and Texas are both business-friendly states and continue to experience above average growth in major and secondary markets."
The development team on this project includes engineering firm Crafton Tull and MJM Architects.
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