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May. 18, 2014

AC Development Breaks Ground on M-U Stonebridge Village Project; Hunt Properties Starts Work on Shawnee Marketplace

By Gabriel Circiog, Associate Editor

Local officials and developers recently gathered for the groundbreaking ceremony of the Stonebridge Village development in Enid, Okla.

The Enid News and Eagle reports Waukomis native Gene Anderson and his company, AC Development, have started ground work at the site located at the northwest corner of Cleveland and Chestnut. The Stonebridge Village project will feature commercial spaces, single-family homes and a gated apartment complex.

Brent Kisling, executive director of Enid Regional Development Alliance, said Enid needs at least 400 owner-occupied homes, which could be absorbed into the marker within a two-year period. Stonebridge Village will offer 71 single-family homes, which have been described as Texas Hill Country style. Situated on a 15-acre lot, the upscale gated apartment complex will feature 200 apartments and will be developed and managed by Tulsa-based Vector Cos. AC Development will build around 85,000 square feet of retail, office and medical space.

In other development news, The Shawnee News-Star reports construction is expected to begin soon on the Shawnee Marketplace. Dirt work has already begun on a parcel of land around Interstate 40 and Kickapoo Street, the future site of the new $20 million retail development.

Developed by Hunt Properties Inc., the first phase of the project calls for 125,000 square feet of retail space on 16 acres and will bring six retailers to the city of Shawnee. Upon completion of Phase 2, the retail development will feature a total of 400,000 square feet of retail space and is expected to generate annual sales of around $30 million and to bring between 600 and 800 new jobs to the area.

The development is going to be the second biggest in Pottawatomie County history, and the city of Shawnee and Pottawatomie County commissioners have signed incentive agreements in order to bring the development to the city. As many as $1.25 million in economic development funds has been approved by county commissioners for the development, and the city has agreed to offer a sales tax rebate of as much as $3.75 million.

Photo courtesy of Enid Regional Development Alliance via www.facebook.com/eniddevelopment

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