Newspaper article THE JOURNAL RECORD

Penn Crossing's 1st Phase Slated to Open May 1

Newspaper article THE JOURNAL RECORD

Penn Crossing's 1st Phase Slated to Open May 1

Article excerpt

Journal Record Staff Reporter

Construction is progressing toward an early May opening of the first phase of the $12 million Penn Crossing Shopping Center on the northwest corner of NW 23rd St. and N. Pennsylvania Ave.

First phase of the center is 93,888 square feet which has been 100 percent leased, said Brad Goodwin, a partner in Sooner Investment Realty Inc., the developer. Plans for the second phase have not been revealed, but the building size could be about 56,000 square feet, he said. Cost of the first phase has been estimated at $8 million, with a cost for the second phase estimated at $4 million.

"Since there hasn't been a shopping center built in Oklahoma City in 10 years, our goal was to build a special development that the community could be proud of," Goodwin said.

The project is on the former site of a Sears, Roebuck and Co. store which was demolished after Penn Crossing Limited Partnership purchased the 15.7-acre property for $3 million in March 1993. Sooner Investment Co. is the sole general partner.

Sooner Investment Co. is composed of investors based in Oklahoma City and Charlotte, N.C. The company had had a contract with Sears of Chicago to develop a shopping center on the site before the property was sold.

Sooner Investment does not currently have other projects in the city, but there is potential, Goodwin said. The company has been involved in other shopping center development in other states.

Opening of Penn Crossing should be in conjunction with a scheduled opening May 1 of a 60,878-square-foot grocery store, which will face NW 23rd St. That space has been leased by Oklahoma City-based Fleming Companies Inc.

Either the type of grocery store it will be or its name should be released within a week, Goodwin said. It will be open 24 hours.

Fleming's most recent ventures in the grocery store business have included a 60,878-square-foot Megamarket at 3501 Northwest Expressway. A second Megamarket is planned at Int. Hwy. 40 and SE 15th St. in Del City. Keith Beachler has been involved in both projects.

Oklahoma City-based Scrivner Inc. operates a Buy For Less store across the street from Penn Crossing on the northeast corner of NW 23rd St. …

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