Cherokee National Businesses Woodmont Outlets propose $80 million upscale outlet shops in Tulsa
CATOOSA, Okla. — Cherokee Nation Businesses has partnered with commercial real estate developer Woodmont Outlets, an affiliate of The Woodmont Company, to potentially locate a new upscale retail development at Hard Rock Hotel & Casino Tulsa.
CNB has agreed to lease property west of the casino to Woodmont Outlets, which plans to invest $80 million into premium outlet shops to be called “Cherokee Outlets.”
The proposed development is projected to create 1,000 permanent jobs and hundreds of jobs during the construction phase. Once complete, it is expected to generate $120 million in sales annually and attract two million additional visitors to the area per year.
To complement the proposed development, CNB has plans to create a unique entertainment and dining zone called “The District.” The District would connect the upscale shops directly to Hard Rock Hotel & Casino Tulsa, creating an experience unlike anywhere else in the region.
“This is a very exciting project for northeast Oklahoma. When the Cherokee Nation does well, the entire region does well,” said Cherokee Nation principal Chief Bill John Baker. “These collaborative projects with private industry are what help us create more jobs, maximize our investment dollars and help us make a greater impact on the economy of our state. Our economic impact was most recently measured at $1.3 billion, and I expect that to grow as we continue to forge these types of partnerships.”
The proposed CNB development of The District will include a wide variety of dining and entertainment options for all ages. Cherokee Nation Businesses is the parent company for all of the Cherokee Nation’s for-profit businesses.
“This proposed development shows that, as always, we remain committed to being the market leader,” said Shawn Slaton, CEO of Cherokee Nation Businesses. “Chief Baker has challenged us to create jobs and invest in the 14 counties of the Cherokee Nation. In the past two weeks, we’ve announced the creation of 2,000 jobs and economic development projects that will benefit the Cherokee people and everyone in northeast Oklahoma. None of this would be possible without the support of our Tribal Council and the CNB board of directors.”
Cherokee Outlets are projected to offer more than 300,000 sq. ft. of leasable space with a focus on premium and upscale shops for about 100 retailers. With more than 30 years of experience in the highly competitive commercial real estate niche, Woodmont Outlets will aggressively seek out high-end retailers, with negotiations starting as early as next week.
“We approached CNB because of the world-class amenities of the casino and resort, proximity to key markets and the two million people that already visit Hard Rock Hotel & Casino Tulsa every year,” said Stephen Coslik, chairman of Woodmont Outlets. “In addition to the Tulsa metro and surrounding areas, it’s an easy drive from key markets like northwest Arkansas and Joplin, Missouri. I’m confident we can attract the premium retailers to make this development the best in the region. No other outlet and casino resort in the United States will resemble this development, which will be a real gem to the greater Tulsa market.”
Woodmont Outlets’ most recent outlet development is a joint venture that developed the St. Louis Premium Outlets in Chesterfield, Missouri. Retailers there include Armani, BCBG Max Azria, Coach, Crabtree & Evelyn, Kate Spade New York, Michael Kors, Saks Fifth Avenue, Nike, Vera Bradley, Tommy Hilfiger and more.
The project is expected to be complete in late 2016.
Levin Management names Body Central exec as VP of leasing
North Plainfield, N.J. — David Reiner has joined retail real estate services firm Levin Management as VP of leasing. Most recently, Reiner served as director of real estate for Body Central Stores Inc.
During the past 25 years, he has also has held executive- and management-level retail leasing positions with property owners such as Urban Retail Properties, Colonial Properties Trust, and Simon Property Group.
Reiner’s responsibilities include oversight of Levin’s leasing activity and staff. He has deep experience operating leasing departments, particularly as a landlord, as well as implementing professional development and mentoring initiatives.
“The team at Levin is first class, and I am looking forward to working with and learning from them,” Reiner said. “Levin is known for making deals that are win-win for both landlord and tenant – a philosophy that fits well with my own approach. As a result, our agents have great relationships with both the owners of the properties we represent and within the retailer community.”
Vestar names new assistant VP of leasing
Phoenix — Vestar, a privately-held real estate company in the western U.S. that acquires and manages retail and entertainment destinations, has named Jenny Cushing as assistant VP of leasing. Cushing will be responsible for overseeing and growing the leasing efforts throughout Vestar’s California, Arizona & Nevada projects.
Prior to joining Vestar, Cushing served an instrumental role in the leasing efforts for American Realty Capital Properties/Cole Real Estate Investments. She managed a portfolio of 50 shopping centers totaling 10 million-sq.-ft., leasing more than 2 million-sq.-ft., with a transaction value of more than $200 million.
“With Vestar’s continuing growth, Jenny brings a strong foundation of expertise and leadership, and is a great addition to our already successful leasing team.” said Richard J. Kuhle, chairman and CEO of Vestar.