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Revel8, bar to open at Main Street Arcade
OKLAHOMA CITY – David Wanzer finished the Main Street Arcade building in August, but businesses have been slow to move into the 29,000-square-foot building.
CBRE is handling the leasing for the building at 762 W. Main St. Susan Jordan and Kelsey Gray are working on the 16,784 square feet of office space, while Ryan Storer is overseeing the 13,057 square feet of first-floor retail space.
Jordan said 2016 was a slow year for office tenancy.
“We had trouble getting people going into any building,” he said. “But we’re working three requests for proposals on the property. We should have something signed up soon.”
The top floor is divided into three sections: one 7,400-square-foot space and two spaces each measuring 4,700 square feet. She said two tenants are considering leasing the top floor, with one company seeking the first right-to-refusal on the third open space. She said she and Gray have also shown the area to companies looking to lease the entire top floor.
“We’ve had more office interest in the first quarter of this year than the second half of last year,” Wanzer said. “I’m very optimistic for office leases.”
The first floor will have three tenants open this summer. Revel8 owner Claire Westlund is opening two new concepts: a men’s grooming shop and a nail salon, both under the Revel8 name. Riley Marshall is opening a bar with a small-plates food menu called Bar Arbolada.
Westlund said her men’s shop is a barbershop-meets-a-salon, offering men’s haircuts with services men seek at salons like massages and nail repairs. They can also have a service to brighten tattoos.
The nail salon is focusing on caring for people’s nails and integrating fun designs, she said.
She said she’d been looking for her next location, but she was seeking just the right place. She found that with Main Street Arcade. Her shops will open in the summer.
“It’s beautiful,” she said. “I love how David kept a lot of the original elements and the historic pieces of the building. I think it’s great when we can rejuvenate a building and keep them alive.”
Marshall said he thinks the area is up-and-coming, with the 21c Museum Hotel open now and the Jones Assembly restaurant and music venue opening soon.
“I wanted to be a part of that,” Marshall said.
He is working with Deer Creek native Dustin Lancaster. The two met through a mutual friend while living in Los Angeles. They happened to be neighbors, living on Arbolada Street. Lancaster has opened several restaurants and bars in that area.
Marshall said the bar will be a place without a shtick. It will feel like it’s been there for more than 20 years.
“I love the building,” he said. “I knew coming back that I wanted to be in an old building.”
There are still four open spaces, with one being a larger restaurant, measuring about 3,400 square feet. The smaller eateries measure 1,700 square feet. There is a 550-square-foot shotgun-style spot as well.
Wanzer said he’s not concerned about anchoring his development with a restaurant after several places have closed during 2016.
“There might be other people that disagree with that,” he said. “(The Pivot Project) feels strongly that local food and beverage can anchor buildings and neighborhoods.”
Wanzer spent about $7 million renovating the building. He was approved for $350,000 in tax increment financing from the city of Oklahoma City. He also used state and federal historic tax credits to restore the building.
He said he thinks he’ll see even more leasing interest once Revel8 and Bar Arbolada move into the building. Activity breeds activity, he said.
CBRE is the second company to work on leasing the building, though. Newmark Grubb Levy Strange Beffort broker Danny Ojeda had the building early in its life. He said with the construction still underway, it deterred some people’s interest.
Being downtown is also a challenge because it takes a certain retailer that knows the area, he said.
“We don’t have the rooftops like you do in a typical suburban center,” he said. “You have to want to be a downtown urban retailer to make it.”
Several restaurateurs were the main people looking at the space, he said.
“I think it will be successful,” he said. “It just takes time to get the right tenant mix. It’s getting better with the more people down here.”
Wanzer said in 24 months, the Main Street Arcade will be part of a complete community, with Clarity Coffee Shop to its east, Stonecloud Brewing Co. to the west, and apartments in between.
“We’re in the early stages of west downtown becoming a fully functional neighborhood,” he said.