Construction continues on Centennial Plaza, one of several office buildings under way at Kelley Pointe in Edmond. By PAUL B. SOUTHERLAND, The Oklahoman
That's because they're not going far. They'll still be part of Kelley Pointe — as property owners, not tenants.
"We think that's a real vote of confidence in us,” said Farha, president of B.D. Eddie Enterprises, which is in its 10{+t}{+h} year of developing Kelley Pointe.
From the beginning, developers marketed the office park, on 240 acres northwest of Kelly Avenue and 33{+r}{+d} Street, as an alternative for executives and employees who lived in Edmond but worked in Oklahoma City. In the late 1990s, it was an unfilled niche.
Petra Industries was first to make the leap, in 1999.
The consumer electronics manufacturer and distributor came to Kelley Pointe from a location near Broadway Extension and Wilshire Boulevard in Oklahoma City — only five miles to the south, but long miles during the morning and evening rush on Broadway. The company built a 40,000-square-foot office-warehouse, and added 50,000 square feet in 2004.
Next came Kelley Pointe Plaza, a two-story, 20,500-square-foot multitenant building that attracted Chicago-based Abbott Laboratories' Oklahoma City sales office in 2002.
By the end of the year, three other tenants had been signed, making the building fully occupied: Breast Imaging of Oklahoma, Universal Insurance Agency and Maschino Hudelson & Associates, an employee benefit company.
Universal Insurance and Maschino Hudelson & Associates now are constructing their own buildings — a sign of permanence for their presence in Kelley Pointe.
"They're kind of pioneers with us,” said Terry McGuire, Kelley Pointe leasing director.
Other new construction at the office park includes Omni Eye Laser Vision, which is moving from Broadway in Edmond to its own building; and the Quarters at Kelley Pointe, a residential-style "office village” by custom home builder Matt Wilson. Work also continues on Centennial Plaza, a 50,000-square-foot multitenant office building by Aduddell Development Group.
Owner-occupied space like Omni Eye Laser Vision's and Aduddell Development's don't hit the market. But the rentable space comes at a time of strong demand, with suburban office vacancies at the lowest in a decade — 8.2 percent, according to Price Edwards & Co. Demand for small "garden offices” and "office villages” also remains strong but could be past its peak, according to CB Richard Ellis-Oklahoma.
"That's a real concern,” Farha said. "And before we even moved a bit of dirt, we had a market study done by (Los Angeles-based) Robert Charles Lesser & Co. out of Atlanta, and they said our sweet spot was village office.”
It's a concern, but not a big one, he said, pointing to Kelley Pointe design guidelines, by B.D. Eddie Enterprises subsidiary Kay-Bee Investment Co., on features ranging from "view presentation” and "environmental sensitivity” to decorative masonry walls, landscaping, building height, "facade articulation,” building materials and color.
"We're real competitive, and I just think we're better looking,” Farha said. "It's going to be a softer market, yes, but people are going to gravitate toward quality.”
Another element of Kelley Pointe that might seem to have been somewhat ill-timed is Hidden Prairie, a single-family neighborhood under way on the west side of the property, separated from the office buildings by a 70-acre greenbelt and lakes that also provide water retention. Housing has slowed since Hidden Prairie was developed in 2005-2006.
"It's slow across the board, but our builders tell us we're getting more activity here than anywhere in northwest Oklahoma City and Edmond,” Farha said.
Home builders are Turner & Sons Homes and <
