Jun. 3--EDMOND -- Developers started construction Friday on The Falls, a mixed-use development on Vista Lane at Coltrane Road less than 2 miles west of Interstate 35.
Edmond-based Oxford Development will construct 200 condominiums, a 120,000-square-foot shopping center and office space.
The project will be north of Oxford Oaks Apartments on E Second Street.
Work began with a small ceremony Friday morning.
The condos will be built first, followed by the commercial development, said Toni Weinmeister of the Edmond Economic Development Authority.
Experts said demand for condos seems to be leveling off nationally, but Weinmeister said local property market reports show Edmond with less than a 6 percent vacancy rate.
Demand for retail space also is strong, she said, so the city should have little problem absorbing another large shopping center.
"Our median income shows ... that we can afford to shop at retail establishments," Weinmeister said, referring to Edmond's higher-than average household income.
She said The Falls is in an ideal location because of easy access to establishments like the University of Central Oklahoma, about 1 mile west, and because I-35 is so close.
"They've done their homework," Weinmeister said of the developer.
The project cost was not immediately available.
(Daily Oklahoman, The (KRT) -- 06/05/06)
