Byline: Kirby Lee Davis
Roland Investments will break ground in May for a three-story office tower in Broken Arrow's Stone Wood development. Mike Parrish, owner of Parrish Company Realtors and broker for Stone Wood, said the office tower fulfills a need in the Broken Arrow market. "The Angelou report said we needed to provide more Class A space for users, and that's what we're doing," he said.
He referred to a report unveiled earlier this month by the Broken Arrow Economic Development Corp., in which Austin-based Angelou Economics stressed the need for more office space while outlining its economic growth plan for that southern Tulsasuburb.
Since plans for Stone Wood's 42,000-square-foot spec tower started last year, Parrish said the tower's 2008 completion should give city leaders an early jump at meeting that need. The city now claims three office buildings, none Class A, totaling less than 300,000 square feet. All three had occupancy rates below 70 percent, according to CB Richard Ellis of Oklahoma.
Roland's office tower comes as contractors place the final touches on the $4 million, 34,000-square-foot first phase of the Village at Stone Wood shopping center, which Parrish said will open next month.
"It's over 70 percent leased," he said. "It'll likely be fully occupied by the time it opens."
Tenants will include a Marble Slab ice cream store and Hannings Cafe. Stone Wood is best known as the home of Broken Arrow's 130,000-square-foot Bass Pro Shops location. Since its October 2005 opening, that outdoorsman's superstore spurred construction of a Holiday Inn Express, Steak 'N Shake, and Tulsa's second Los Cabos restaurant.
Just to the north, Dixie Development and Management of Fayetteville, Ark., plans to start construction this year on a $200 million retail complex. Steve Walman, owner of Walman Commercial Real Estate Services, will oversee that lifestyle center's development. Roland Investments, owned by developer Phil Roland, oversaw construction of the Village from plans by architect Mike Hughes. The same team will handle the office tower.
"It's going to be right across the street from the Village and the waterfall," said Parrish, referring to a new Stone Wood landmark. "It's going to have the same brick and stone construction."
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