New Edmond development firm betting on Owasso
Journal Record, The (Oklahoma City), Apr 14, 2006 by Ted Streuli
A new development company is betting heavily on Owasso.
Four Points Development, a three-man partnership based in Edmond, plans to develop retail and office space around St. John's Owasso Hospital and its accompanying offices.
Mike Garrett, Mike Prescott and Keith McDonald have spent their careers in investment banking, particularly in municipal finance. They plan to parlay that background into a growing commercial development firm. They purchased the 66-acre Owasso site in 2004 for less than $2 million, a price Prescott and Garrett characterized as a bargain. With infrastructure improvements, their investment tallied about $2.2 million.
Owasso Medical Facility LLC bought 12.5 acres, which will be occupied by the hospital that St. John's will manage. Another four acres were donated to Owasso Medical for an office building. Four Points will develop the rest of the land northwest of 129th East Avenue and 96th Street North for upscale retail stores, a second medical office building, restaurants and office space.
What we have in mind is something similar to Utica Square - some upscale stores and restaurants with a green belt, Prescott said.
So far, the project - to be known as Cambridge Park - is little more than an idea. The partners will head to the International Council of Shopping Centers convention in Las Vegas this year to pitch their build-to-suit property to potential tenants. They also plan to visit tenants at Tulsa's Utica Square and Edmond's Spring Creek to propose an Owasso expansion.
Florida-based design-and-build firm The Haskell Co., which is building the hospital, helped Four Points find and acquire the Owasso site.
They were a very, very good partner, Garrett said.
The plan for Cambridge Park includes turning the property's retention pond into a significant water feature, adding to the greenbelt to create what Garrett called a park-like setting the partners say will appeal to the area's employment base.
Owasso's recently announced initiative to bring 3,000 high- paying jobs to the city fits nicely with their plan, Prescott said. To get those people to Owasso, he said, the city will need amenities like Cambridge Park.
There are no contracts yet, no ground breaking ceremonies and no artist renderings. But with a bit of luck, Four Points will have some of those things within a year.
We would like to start something later this year and have it occupied by sometime in 2007, Prescott said.
And while Four Points is searching for similar opportunities in both the Oklahoma City and Tulsa metro areas, Garrett said Owasso was a perfect spot for their first project.
We think it's a real gem, he said. It's a dynamic community with a great business climate and high demographics. And it's the fastest- growing suburb in the state.
Copyright 2006 Dolan Media Newswires
Provided by ProQuest Information and Learning Company. All rights Reserved.
Journal Record, The (Oklahoma City), Apr 14, 2006 by Ted Streuli
A new development company is betting heavily on Owasso.
Four Points Development, a three-man partnership based in Edmond, plans to develop retail and office space around St. John's Owasso Hospital and its accompanying offices.
Mike Garrett, Mike Prescott and Keith McDonald have spent their careers in investment banking, particularly in municipal finance. They plan to parlay that background into a growing commercial development firm. They purchased the 66-acre Owasso site in 2004 for less than $2 million, a price Prescott and Garrett characterized as a bargain. With infrastructure improvements, their investment tallied about $2.2 million.
Owasso Medical Facility LLC bought 12.5 acres, which will be occupied by the hospital that St. John's will manage. Another four acres were donated to Owasso Medical for an office building. Four Points will develop the rest of the land northwest of 129th East Avenue and 96th Street North for upscale retail stores, a second medical office building, restaurants and office space.
What we have in mind is something similar to Utica Square - some upscale stores and restaurants with a green belt, Prescott said.
So far, the project - to be known as Cambridge Park - is little more than an idea. The partners will head to the International Council of Shopping Centers convention in Las Vegas this year to pitch their build-to-suit property to potential tenants. They also plan to visit tenants at Tulsa's Utica Square and Edmond's Spring Creek to propose an Owasso expansion.
Florida-based design-and-build firm The Haskell Co., which is building the hospital, helped Four Points find and acquire the Owasso site.
They were a very, very good partner, Garrett said.
The plan for Cambridge Park includes turning the property's retention pond into a significant water feature, adding to the greenbelt to create what Garrett called a park-like setting the partners say will appeal to the area's employment base.
Owasso's recently announced initiative to bring 3,000 high- paying jobs to the city fits nicely with their plan, Prescott said. To get those people to Owasso, he said, the city will need amenities like Cambridge Park.
There are no contracts yet, no ground breaking ceremonies and no artist renderings. But with a bit of luck, Four Points will have some of those things within a year.
We would like to start something later this year and have it occupied by sometime in 2007, Prescott said.
And while Four Points is searching for similar opportunities in both the Oklahoma City and Tulsa metro areas, Garrett said Owasso was a perfect spot for their first project.
We think it's a real gem, he said. It's a dynamic community with a great business climate and high demographics. And it's the fastest- growing suburb in the state.
Copyright 2006 Dolan Media Newswires
Provided by ProQuest Information and Learning Company. All rights Reserved.