Looking for business briefs? This week's roundup (for the week ending August 7) from The Journal Record.
Rebranded hotel celebrates ties to Ford Motor Co. A hotel located in a historic downtown Oklahoma City building is now part of the Hyatt Hotels Corp. portfolio. The company announced that the 21c Museum Hotel, located in the West Village District, has become the Fordson Hotel, in collaboration with owner Hall Capital and operator Avion Hospitality. Its namesake draws inspiration from the building’s earliest history as a Ford Motor Co. assembly plant, constructed in the early 1910s.
New Edmond alliance seeks common ground on development issues A new not-for-profit organization aims to be a voice for development and business in Edmond and “stand up against misinformation,” co-founder David Chapman said. Chapman and Josh Moore – former Edmond City Council members whose terms expired this spring – are both developers and advocates for more affordable housing in Edmond. Joined by fellow developers Clay Coldiron and Matthew Myers and attorney Todd McKinnis, they formed Edmond Alliance 2050. Chapman said he expects 50 to 75 experts in development and business will join the alliance. Membership is by invitation and dues are $1,000 annually.
OKC's industrial real estate on the rise The industrial sector is growing in Oklahoma City along with the demand for manufacturing and warehouse space, according to the midyear industrial report from CBRE. The report shows recently completed spec projects totaling more than 3 million square feet have increased Oklahoma City’s industrial vacancy rate to 3.7%. The Oklahoma City metro area has seen 11 new warehouse developments of more than 100,000 square feet in the past two years, as well as new developers coming to the market.
Governor takes tribal compact dispute to state Supreme Court Leaders of both legislative chambers are confident the Oklahoma Supreme Court will take their side as a dispute over the authority to negotiate tribal compacts prompts the governor to pursue litigation. Gov. Kevin Stitt filed a petition to declare two bills, Senate Bill 26x, which gives a one-year extension on expiring tribal tobacco compacts, and House Bill 1005, which does the same for motor vehicle registration and licensing compacts with tribal nations, void as a matter of law. Stitt asserts that the executive holds the sole authority to negotiate compacts with tribal nations.
Lawsuit challenges legality of religious charter school A lawsuit filed in Oklahoma County District Court on July 31 challenges the constitutionality of the planned St. Isidore of Seville Catholic Virtual School, which would be the nation’s first taxpayer-supported religious public charter school. Plaintiffs in the lawsuit, styled Oklahoma Parent Legislative Action Committee (OKPLAC) v. Statewide Virtual Charter School Board, assert that the school would violate both the state and national constitutions. The plaintiffs include Oklahoma faith leaders, public school parents, and public education advocates. The Oklahoma Statewide Virtual Charter School Board approved St. Isidore’s application for charter-school sponsorship on June 5.
Investors buy retail center in north Oklahoma City Fred Mazaheri, Champ Patel and partners including local Oklahoma investors have announced their purchase for $24.6 million of a retail center in north Oklahoma City. Memorial Square is located at the northeast corner of Memorial Road and N. Pennsylvania Avenue. The shopping center consists of 123,557 square feet situated on a little more than 14.5 acres, the investors said in a release. The acquisition will be the third such center the group has purchased within a year, adding to their retail investment portfolio.
Court ruling allows $5B turnpike expansion plan to move forward The state’s highest court will allow the Oklahoma Turnpike Authority to sell $500 million in bonds to fund its controversial expansion plan. With the Oklahoma Supreme Court voting 6-3 in the authority's favor to permit the sale of up to $500 million of second senior lien revenue bonds, its $5 billion Access Oklahoma plan will move forward. The court required the OTA’s response following a previous ruling that reversed a district court decision that the authority violated the Open Meetings Act when it unveiled turnpike expansion plans at the tail end of a February 2022 board meeting without sufficiently disclosing its details in a meeting agenda.
Details emerge on $736M mixed-use development in downtown OKC Construction should begin next summer on a $736 million urban infill project that will include more than 900 apartments, a hotel, multiple commercial spaces and plenty of public parking – all on three-quarters of one block. The developer and Joanna McSpadden, the city’s economic development program manager, presented details of The Boardwalk at Bricktown to the Oklahoma City Council. The council will vote Aug. 15 on a $200 million tax increment finance incentive for the project.
Tulsa remote work program ups ante to attract new talent The nation’s largest remote work relocation program is upping its game to attract new talent to Tulsa and grow the economy. Tulsa Remote announced it will provide $800 in health and wellness services to program participants, on top of the $10,000 members receive when moving to Tulsa. Existing and new members will get a free, one-year membership to Juno Medical. Tulsa Remote provides a $10,000 grant and numerous community-building opportunities to eligible remote workers or entrepreneurs living outside of Oklahoma. Each grant is distributed over the course of a year. Funding is provided by the George Kaiser Family Foundation.
Norman startup healing atmosphere from ground up Steven Adams is an agriculture advocate who is trying to turn back the clock with technology that could erase more than a century of abuse and neglect that has left much of America’s farmland anemic. Armed with a Ph.D. in geology from the University of Oklahoma, Adams founded Norman-based Bison Underground in 2021 to bolster global food security and encourage sustainable farming practices. While he’s at it, he also will be removing carbon from the atmosphere. The way Adams sees it, restoring topsoil, improving plant health, and reducing carbon in the air all go hand in hand.
State reels in fishing-related revenues More residents and especially visitors are being lured by the state’s waters and the relatively new Oklahoma Fishing Trail. According to the Oklahoma Department of Wildlife Conservation, more and more people are fishing in Oklahoma from out of state, especially in areas like Broken Bow with its proximity to the lucrative Dallas drive market. Popular paddlefish spots like Grand Lake and Oolagah Lake also are reeling in out-of-state anglers.
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