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October 31st, 2006 - Pamela Grady

Towering over Norman



$50 million mixed-use development scheduled to break ground in Norman next year

Sassan Moghadam, owner of the 22-year-old Precision Builders Inc., has plans to build Norman Tower, a $50 million multi-use project scheduled to break ground by mid-2007. At 14-plus stories, the building will be the tallest in Norman's history.

Moghadam, along with architect and co-developer Terry Moore of Dallas-based Garret Moore Company and an investment group, say this is probably one of the largest projects kicking off in 2007.

Equity Commercial Realty has been retained to handle marketing, leasing and management of the building.

"It'll hit you as soon as you come into Norman," said Judy Hatfield, principal of Equity Commercial Realty LLC. "The view to the south of where Norman Tower will be located will include the river and a park that will never be developed, so you'll actually have some gorgeous views."

Norman Tower will sit on a wooded five acres at the northwest corner of Interstate 35 and Lindsey Street.

The building will consist of 325,000 square feet at 23,000 square feet per floor.

Its first and second floors will house retailers, a restaurant and bar, while floors three through 10 will be used for "Class A" office space. Retail space will go for $25 per square foot while office space will lease at $20 per square foot.

The remaining top floors will be available for penthouse/loft living with units ranging from 1,200 to 2,500 square feet, and each unit will include a patio. The lofts will be offered for sale at $300 per square foot.

In addition, a four-story garage facility with a rooftop helipad will be attached to the office building.

Moghadam said the project started with 10 stories, grew to 12 and, ultimately, 14 plus a club house and pool above the 14th floor. A fitness center also will be available to the building's office clients.

"We've had employers locate here versus Oklahoma City," said Eric Fleske, principal at Equity Commercial Realty LLC. "This would a great opportunity to show a company the type of space that will be available for them to relocate," Fleske said. "One of the target areas will be that of a 200-mile radius to bring in potential companies from Dallas and other regional areas."

Hatfield calls the project a real live-work environment, something that has been somewhat lacking in Norman.

"Some cool things about where it's located is you're seconds from I-35, you are on a major thoroughfare where Lindsey is linked to 36th, and this will be the most prestigious address in Norman," Hatfield said.

 
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