The Village people
OKCBusiness Staff
7/10/2006
Depending on which side you talk to, the first phase of the planned Village on May shopping center is either not going to happen or is progressing as scheduled.
According to Michael Almaraz, broker associate at Grubb & Ellis, Levy Beffort and leasing agent for the project, the first phase of the 26,000-square-foot development at 9505 N May Ave. in The Village is actively soliciting tenants.
The project is a partnership between Jackie Cooper and Jim Williams.
The Village City Manager Bruce Stone, however, said “The Village on May is dead.”
“The project has been put on ice,” he said. “The main reason is they spent a couple hundred thousand and weren’t able to generate any interest as far as tenants.”
Stone said he was told the plan was to solicit retail tenants willing to pay $20 to $25 per square foot.
“The city is working with them to bring people to the table,” he said. “We’re currently bringing several (prospective businesses) actually.”
Most recently, The Village objected to the project’s first planned tenant, a soon-to-be chartered Liberty Bank.
“Obviously we had mixed emotions about a bank going in,” said Stone, who has served as city manager for The Village for the past 21 years. “We obviously don’t generate any sales tax or revenue for the city (from a bank). Obviously that was not something we embraced wholeheartedly. At the same time, we wanted to make sure the bank would not impinge future development of the site.”
Despite concerns from The Village leaders, Cooper said the bank will be a reality after the council recently granted the specific use permit.
“The bank is going to open and they are remodeling and will be open somewhere in late August or September,” said Cooper, who bristled at the suggestion the project is not moving forward. “We’re three months away from the plans being completed and it’s our intention to start the shopping center.”
Stone said the council’s objection to the bank was merely a financial one for the city.
“Anything that generates retail sales is what we would like, not just anything,” Stone said. “We would like it to look nice and be an attractive development. Obviously, we have to maximize our tax base because we have a finite base.
“We feel like we have a partnership with them and want to help in any way we can to develop that site in a way that is beneficial for them and us.”
Cooper said he understood the concern over the placement of a bank in his development.
“We understand, and it’s OK,” he said. “We’re happy to go forward and, like I said, it’s good for both sides. We needed something there to be an anchor and that’s what we were waiting for.”
Cooper says the development currently has no other tenants but “there is a lot of potential.”
“We’re making a big investment there,” he said.
OKCBusiness Staff
7/10/2006
Depending on which side you talk to, the first phase of the planned Village on May shopping center is either not going to happen or is progressing as scheduled.
According to Michael Almaraz, broker associate at Grubb & Ellis, Levy Beffort and leasing agent for the project, the first phase of the 26,000-square-foot development at 9505 N May Ave. in The Village is actively soliciting tenants.
The project is a partnership between Jackie Cooper and Jim Williams.
The Village City Manager Bruce Stone, however, said “The Village on May is dead.”
“The project has been put on ice,” he said. “The main reason is they spent a couple hundred thousand and weren’t able to generate any interest as far as tenants.”
Stone said he was told the plan was to solicit retail tenants willing to pay $20 to $25 per square foot.
“The city is working with them to bring people to the table,” he said. “We’re currently bringing several (prospective businesses) actually.”
Most recently, The Village objected to the project’s first planned tenant, a soon-to-be chartered Liberty Bank.
“Obviously we had mixed emotions about a bank going in,” said Stone, who has served as city manager for The Village for the past 21 years. “We obviously don’t generate any sales tax or revenue for the city (from a bank). Obviously that was not something we embraced wholeheartedly. At the same time, we wanted to make sure the bank would not impinge future development of the site.”
Despite concerns from The Village leaders, Cooper said the bank will be a reality after the council recently granted the specific use permit.
“The bank is going to open and they are remodeling and will be open somewhere in late August or September,” said Cooper, who bristled at the suggestion the project is not moving forward. “We’re three months away from the plans being completed and it’s our intention to start the shopping center.”
Stone said the council’s objection to the bank was merely a financial one for the city.
“Anything that generates retail sales is what we would like, not just anything,” Stone said. “We would like it to look nice and be an attractive development. Obviously, we have to maximize our tax base because we have a finite base.
“We feel like we have a partnership with them and want to help in any way we can to develop that site in a way that is beneficial for them and us.”
Cooper said he understood the concern over the placement of a bank in his development.
“We understand, and it’s OK,” he said. “We’re happy to go forward and, like I said, it’s good for both sides. We needed something there to be an anchor and that’s what we were waiting for.”
Cooper says the development currently has no other tenants but “there is a lot of potential.”
“We’re making a big investment there,” he said.