The OAK development at NW 50th & Penn announced new retailers today.
Press release:
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OAK Attracts Renowned Retailers, Hotel, Multi-family Residential Partner, and Lender
Vertical construction on the mixed-use community beginning Q1 2023
OKLAHOMA CITY (Oct. 24, 2022) – OKC-area native Ryan McNeill of Veritas Development today announced major project updates for OAK, the 20-acre mixed-use community coming to 5101 North Pennsylvania Avenue, just south of Nichols Hills in Oklahoma City.
An unequaled retail, residential and hospitality experience is taking shape at OAK with acclaimed, first-to-market brands RH, Arhaus and Capital Grille. OAK will also include a 132-key boutique hotel in partnership with Dallas-based Gatehouse Capital and 320 multifamily homes developed with Mintwood Real Estate. Local retailers and restaurants will play an integral role in the leasing plan across the initial and ensuing phases.
“We have been preparing the site for development and securing the right partners to deliver a best-in-class, mixed-use experience to Oklahoma City,” said McNeill. “With activated greenspace, miles of neighborhood-connected sidewalks, rooftop dining experiences, vibrant restaurant patios and unique storefronts, OAK will be a walkable destination unlike any other commercial development in Oklahoma.”
Attracting first-to-market retailers and restaurants
RH – a curator of design, taste and style in the luxury lifestyle market offering one of the largest fully integrated assortments of home furnishings, lighting, textiles and décor in the world – will open its first Design Gallery in the region. At 42,000 square-feet, this destination will feature a Rooftop Restaurant and Garden, Wine Bar, in-house Interior Design Firm, and expansive spaces devoted to the brand’s concepts.
Arhaus, a premium home furnishing brand known for its globally inspired, artisan-crafted furniture and decor, will construct a 17,000 square-foot space as a showcase for its heirloom quality products and complimentary home design services.
Upscale steakhouse Capital Grille will open its first location in Oklahoma. The restaurant will occupy a 10,000-square-foot space at the corner of North Pennsylvania and the Northwest Expressway.
Introducing a new hotel experience to the market
Additional details about the unique hospitality offering at OAK will be announced later this fall.
Creating an exceptional living experience
Veritas engaged luxury multi-family housing developer Mintwood Real Estate to create a first-of-its-kind, redefining multi-family development for Oklahoma City, with amenity-rich housing for professionals seeking a walkable urban lifestyle.
OAK’s 320 units will have curated interior finishes, including quartz countertops, walk-in closets, and powder baths. The building amenities include a first-class fitness center featuring a kid’s playroom, private work and conference rooms, an entertainment suite featuring a golf simulator and shared kitchen, a resort-style pool, and elevated courtyards.
“We’re excited to be a partner on this transformational project for Oklahoma City and the region,” says Mintwood’s Co-founder and Principal Nick Venghaus. “Veritas has thoughtfully studied the key components of best-in-class developments around the nation and assembled a team that knows how to deliver excellence.”
“We are creating a vibrant, mixed-use neighborhood with luxury housing options to meet the growing demand to live in dynamic districts within Oklahoma City,” said Mintwood’s Co-founder and Principal Katy Slade.
Construction Commencement
Project site work began during the summer and vertical construction is scheduled to start in the first quarter of 2023.
Veritas secured its construction loan from Bank OZK in September. JLL Capital Markets sourced the financing and acted as advisor to the development team, led by Senior Managing Director Jeremy Sain.
McNeill is joined by Everett Dobson and the Dobson family as partners in the multi-phase project.
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