Business Briefs (Week of July 21)
Monday, July 24, 2023
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Looking for business briefs? This week's roundup (for the week ending July 21) from The Journal Record.
First Americans Museum recognized for design excellence
The First Americans Museum in Oklahoma City has been selected as one of 10 winners of the Urban Land Institute’s Americas Awards for Excellence. The designation, now in its 43rd year, is one of the most prestigious awards in real estate. This year’s winners were selected out of 68 financially viable, substantially complete and stable developments, according to the institute. Among the project criteria are design, economic impact, marketplace acceptance and sustainability.
Norman task force gives vision for future community
Following years of conflict and discord in their community, more than 130 Norman residents in a task force say they want a city driven by entrepreneurialism, the best schools, stable government leadership, and an active, culturally rich quality of life. Those are some of the highlights from a report released recently by the Norman Economic Development Coalition, which brokered a monthlong visioning process involving a racial, geographical and socioeconomic cross-section of the community.
Developer seeks $60M in damages in apartment fire
Oklahoma Gas and Electric Co. and a contractor are being sued for more than $60 million in damages for “gross negligence” by the developer of a luxury five-story apartment building that was destroyed by a massive fire in 2022. The 325-apartment complex known as The Canton at Classen Curve was under construction at 6161 N. Western Ave. when the fire broke out Feb. 8, 2022, on the roof. The five-alarm fire, which brought more than 80 firefighters to the scene, was the largest in the city’s history.
SBA's 'Seed Fund Road Tour' stops in OKC
The U.S. Small Business Administration’s Seed Fund Road Tour stopped in Oklahoma City in an effort to educate startups about early-stage funding opportunities. America’s Seed Fund, which is composed of the Small Business Innovation Research and Small Business Technology Transfer programs, was created to support next-generation research and development by providing more than $4 billion annually in non-dilutive funding from 11 participating federal agencies. Edward James, the SBA's Region 6 administrator, spoke to entrepreneurs at the Oklahoma City Convention Center about SBA flagship programs.
Energy sector survey shows declining activity
Energy sector activity in Oklahoma and other states in the region declined in the second quarter as oil and gas commodity prices and producer profits waned. According to results of the latest energy industry survey conducted by the U.S. Federal Reserve for the 10th District, which includes Oklahoma, drilling for energy resources is expected to further slow in coming months. Good news is that energy sector employment remains healthy, the Fed said.
West OKC to get 12,000-seat amphitheater
A new 12,000-seat amphitheater is coming to west Oklahoma City in 2025. The largest commercial development in Oklahoma City, Mustang Creek Crossing, located near the John Kilpatrick Turnpike and Interstate 40 near Yukon, will be home to the Sunset Amphitheatre. According to a release, Notes Live, an up-and-coming music venue and hospitality company, has signed a binding purchase and sale agreement for land in the development and plans to break ground in early 2024 with a projected opening of summer 2025. The project will feature a landscape grass berm, traditional reserved seating and a unique suite option.
Potential AG lawsuit targets billions in 'ill-gotten' gains from 2021 storm
Oklahoma Attorney General Gentner Drummond announced that he has issued a request for proposals from law firms in preparation for a potential lawsuit over alleged market manipulation during Winter Storm Uri. Drummond said a review he ordered has revealed that many companies used the devastating storm in February 2021 to “rake in billions of dollars in ill-gotten gains.” Drummond stressed that the state’s oil and gas industry is not to blame. He suspects natural gas marketers schemed Oklahomans out of billions of dollars through a short squeeze.
Transportation company to locate facility, jobs in Duncan
An Indianapolis-based company involved in bus sales and transportation services has announced plans to open a facility in Duncan. The company, Model 1, includes dealer locations throughout the country that service transportation needs of communities, schools and businesses. In Duncan, the company said it will invest in a new 40,000-square-foot facility in the community’s Eastland Industrial Park. There, it will retrofit and customize commercial vehicles to meet the needs of customers across 22 Model 1 dealer sites.
Massive $2B entertainment destination coming to Oklahoma
A $2 billion entertainment destination expected to rival the world’s top resorts and draw visitors from around the world is coming to northeast Oklahoma, officials announced. American Heartland Theme Park and Resort will be built on 1,000 acres in Craig County just west of Grand Lake on Route 66. The development will feature a 125-acre theme park – with a variety of entertaining rides, live shows, family attractions, waterways, and restaurant quality food and beverages – and a top-tier 300-room hotel and modern indoor water park, according to a news release.
OKC Council approves $4.2 million TIF for The Harlow
The Oklahoma City Council voted 7-2 to allocate up to $4.2 million in tax increment financing for the conversion of two historic downtown office buildings into a multifamily development named The Harlow. Gardner Tanenbaum Holdings plans to transform the Tradesmen National Bank building, 101 N. Broadway Ave., and the Medical Arts building, 100 Park Ave., into 265 residential units and more than 4,300 square feet of restaurant and retail space. The project is expected to cost nearly $70 million.
Stitt appoints Pinnell to serve as workforce development secretary
Lt. Gov. Matt Pinnell, who has served as Oklahoma’s first secretary of tourism since January 2019 and has focused other efforts on small business support and workforce development, has been tapped by Gov. Kevin Stitt to serve as Oklahoma’s next commerce secretary. If his appointment is confirmed by the Senate, Pinnell would step down as secretary of tourism, wildlife and heritage to take the role.
OU reports record-breaking year for research funding
The University of Oklahoma broke a record in fiscal year 2023 for funding of sponsored research carried out on its campus in Norman. The campus reported receiving $210.4 million in research funding, representing a nearly 33% increase over the previous fiscal year. Significantly, federally funded research increased by more than 50%, OU President Joseph Harroz Jr. said in a release.
Mayor: Public will vote on funding for new downtown Thunder arena
Voters will be asked this year to approve funding for a bigger, better downtown arena needed to secure a long-term lease with the Oklahoma City Thunder, Mayor David Holt said during his State of the City address. City officials are holding back $70 million in MAPS 4 dollars earmarked for upgrades to the 21-year-old Paycom Center that also would be used toward a new facility if voters agree.
In growth mode, Shawnee investing in itself
In anticipation of an uptick in growth in coming years, officials in Shawnee are looking to ensure that the town has the infrastructure and quality-of-life amenities to support it. Mayor Ed Bolt has watched the town grow for more than 20 years. Census data shows that Oklahoma is the 10th-highest state in the U.S. for population migration. Bolt believes as the central part of the state receives many of those relocators, settling east of Oklahoma City increasingly makes more sense.
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