Beams are going up on a new large-scale development in Owasso.
The Criterion Fund, a local real estate investment company, recently broke ground on a $10.5 million commercial property on the corner of 96th Street and Garnett Road.
The 2.5-acre lot will house several shops and restaurants to accompany the ongoing growth occurring as part of Smith Farm Marketplace’s westward expansion along the high-traffic intersection.
Criterion Principal Co-Founder Braden Cheek said he’s looking forward to occupying space next to newly opened establishments such as Chipotle Mexican Grill and Andy’s Frozen Custard.
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“That area of Owasso is the busiest retail corridor, I would say, in the city,” Cheek said. “We’re super excited about the area. Just all those retailers on 96th Street do fantastic.”
Criterion’s first phase of the project will take up about 1.5 acres with a $6.5 million, 11,000-square-foot retail multi-tenant strip center housing Floyd’s Barbershop and Orangetheory Fitness, along with MOD Pizza, CAVA and Salad and Go. The building is scheduled to open in the fall.
The second phase, measuring about an acre at $4 million, will feature both Taco Casa and Pickleman’s Gourmet Café. Criterion plans to move dirt on this land in the summer and open the restaurants at the beginning of 2024.
“We’re coming in and creating sales tax,” Cheek said. “That and we’re bringing in a lot of food tenants and tenants that just aren’t in Owasso.”
Cheek’s development is among several commercial tracts (totaling about 15 acres) going in at Smith Farm. Twelve more acres will be dedicated to single-family detached rental homes — the first housing of its kind in Owasso.
Criterion’s recent investment along 96th Street comes a few months after opening another $6.5 million, 25,000-square-foot facility, The Criterion Building, which houses various commercial spaces just north of 106th Street along U.S. 169.
“If we can do business in Owasso, that’s our first priority,” Cheek said. “Anything we can do in our hometown, we’re going to try to do. Hopefully we can keep developing in Owasso.”
More information about the Criterion Fund can be found at thecriterionfund.com/properties.
Compiled by Owasso Reporter's Art Haddaway
Owasso Reporter Editor Art Haddaway
Art is a seasoned reporter of over 15 years with an extended background in writing and editing for a variety of publications and organizations.
