Dixie Plans $200 Million Broken Arrow Development

Fayetteville, Ark.-based Dixie Development & Management LP plans to break ground on a $200 million development in Broken Arrow in spring 2007, according to Jeff Johnson, project manager and director of leasing for the company.
The first development, which will be built on land recently purchased from Phil Roland, agent for Stone Wood Village LLC, consists of 39 acres west of the current Bass Pro Shop.
Mike Parrish of Parrish Co. Realtors was the broker for both parties in the $12.3 million deal.
Dixie plans to build a 300,000-400,000 SF commercial development on the site, which will include retail, restaurant, and entertainment space. The development is described by Parrish as a “lifestyle center”, and negotiations are already underway with tenants.
Dixie is under contract to acquire an additional 66 acres west of the recently purchased property for a second phase of the development. According to Parish, the deal is expected to close this spring. The additional acreage would put the project at 105 acres and would allow for 1 million SF of retail space.
A contractor and architect have yet to be been chosen for the project.
In addition, The Village at Stone Wood Hills, a 35,000 SF, $4 million strip center is currently under construction by Roland Investments. The project is 70 percent complete and two additional phases of the center are planned, according to Parrish.
Dixie Development was established in 1998 and manages over 2 million SF of commercial and retail space in Arkansas, Texas, and Missouri. The company offers commercial development services including site selection and construction, commercial leasing, landscaping, property management, and architectural design and space planning.
Dixie’s Broken Arrow project represents its first major venture into the Oklahoma commercial real estate market.

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