Newspaper article THE JOURNAL RECORD

Edmond to See Yet More Commercial Growth in '06

Newspaper article THE JOURNAL RECORD

Edmond to See Yet More Commercial Growth in '06

Article excerpt

Commercial growth is expected to continue this year in Edmond.

At the 2006 Edmond Economic Preview held at University of Central Oklahoma's Nigh University Center on Thursday, a panel of commercial real estate experts representing the retail, office, industrial and apartment markets predicted 2005's success to carry through this year.

Commercial growth increased 8 percent from 2004 to 2005. There were 51 new commercial building permits issued. The total dollar value of permits issued reached nearly $46 million, according to statistics from the City of Edmond.

Edmond is doing a lot of planning for future growth, said Janet Yowell, executive director of the Edmond Economic Development Authority.

In 2006, there are more than 17 projects planned for downtown Edmond, the Interstate 35 corridor, the Bryant Avenue area, the Boulevard Street Development and the Kelly Avenue corridor.

You can't drive by Boulevard Development without seeing a lot of activity going on, Yowell said. Bryant Corridor continues to buzz also (and) Kelly has always been a main thoroughfare.

Throughout Oklahoma, there are 599 shopping centers; Edmond has about 6 percent of them. Of the 3 million square feet of space that Edmond shopping centers occupy, only 207,000 square feet are vacant.

Much of Edmond's retail space is occupied by discount stores including Hobby Lobby at Danforth Square and Market Place, Kohl's at Pebble Creek and Super Target at University Plaza, proving that Edmond, like Oklahoma City, does not have a market or the income to support higher-end retail stores. It is unlikely that a Nordstrom or similar store would move into the Edmond market, said panelist Mary Grace, an expert of the retail sector of commercial real estate from Grace Commercial Real Estate.

Edmond is likely to attract legal and financial planning services this year, according to predictions from Derek Turner, president of Turner & Company. …

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