Port of Muskogee Manufacturer to Add 100 New Positions
A Port of Muskogee manufacturer announced plans to add approximately 100 jobs at their port location. Vallourec Star intends to create nearly 100 new positions over the next three years at its Muskogee plant. That will more than double the current employment at the facility. The company operates a heat treatment, threading and finishing operation for seamless steel pipe, located on 116 acres at the Port of Muskogee.
Flats on Archer Announced for Brady Arts District
An $11 million, mixed-use development was announced for the Brady Arts District in late February. Construction is expected to start this spring on The Flats on Archer, a five-story multifamily property with 62 units and 2,200 square feet commercial space on the ground floor. The development will be located at the corner of Archer Street and Boston Avenue, built by Rupe Building Co. and designed by Sikes Abernathie Architects.
Nine-Story Hampton Inn & Suites Opens in Downtown
More than 60 employees, vendors and construction workers completed final preparations for the March 2nd opening of the nine-story, $17.5 million hotel developed by Promise Hotels. Located across Denver Avenue from the BOK Center, the 125-room Hampton Inn was able to accommodate last-minute arrivals to the Big 12 Wrestling Tournament, which was held March 4 through 5 in arena. The hotel features artwork from local artists, a swimming pool and views of downtown.
TDA Approves Mixed-Use Development in Downtown’s Greenwood District
The Tulsa Development Authority approved a proposal from Tulsa-based developer Ross Group for a mixed-use development on one acre of TDA land just west of ONEOK Field. Phase one of the proposal calls for a five-story office building with retail on the first floor and offices on the remaining four floors. Design work should begin in October with the project being completed by the end of 2018. Phase two involves a parking garage and phase three will be a mixed-use facility based upon demand.
ONEOK to Acquire Remaining Portion of ONEOK Partners
ONEOK, Inc. will acquire the parts of master limited partnership ONEOK Partners that it does not already own for $9.3 billion in ONEOK common stock, the company announced in early February. The Tulsa-based midstream service provider’s acquisition of its MLP is expected to be completed during the second quarter of this year. The acquisition will make ONEOK a standalone operating company with a lower cost of funding and stronger cash flow generation. ONEOK employs 1,000 in Tulsa and 2,400 companywide.
Ambassador Hotel Ranked #9 Nationwide
A downtown Tulsa boutique hotel has been rated among the best in the country by one of the most popular travel websites. TripAdvisor has listed The Ambassador Hotel Tulsa, Autograph Collection, in its 2017 Traveler’s Choice Awards, ranking it ninth among its top 25 hotels in the United States. Established in 2002, the Travelers’ Choice awards are the highest honor TripAdvisor can bestow.
Tulsa Airport Board Selects New CEO for Airports
The Tulsa Airports Improvement Trust board named a former Kansas City aviation director, Mark VanLoh, as chief executive officer for the airports. VanLoh recently retired as Kansas City aviation director, a position he has held since 2004. VanLoh takes over a position held by Jeff Mulder, who resigned effective Dec. 31 to take a position at a Florida airport. VanLoh will run Tulsa International and Jones-Riverside airports along with Okmulgee Regional Airport.
Saint Francis Health System Acquires Muskogee’s EASTAR Health
Saint Francis Health System has reached an agreement with EASTAR Health System to acquire its two Muskogee hospitals and its affiliated entities. The acquisition is part of Saint Francis’ five-year strategic plan to focus on regionalization. EASTAR has operated for 10 years in Muskogee with 320 beds across its two campuses.
Tulsa Developer Acquires Large Portfolio of Downtown Properties
Bringing local ownership into 2.1 million square feet of downtown commercial real estate, Tulsa developer Stuart Price has acquired a 13-plus building portfolio from San Francisco inventor and philanthropist Maurice Kanbar. The goal now is to attract new companies and move their employees downtown to be a part of Tulsa’s growing urban vibrancy.
Samson Resources Moving to First Tower
Samson Resources Corp. has signed a lease for 60,000 square feet of space in First Place Tower in downtown Tulsa. Samson is set to relocate by mid-March and will occupy three floors in its new home. Samson Resources, a shale-oil drilling company employs 135 people in Tulsa.
Oklahoma Moves to No. 3 in Wind Capacity
Oklahoma added nearly 1,200 megawatts of wind capacity in the last three months of 2016 as it jumped ahead of California to take third place among the states for wind capacity. Oklahoma had 6,645 megawatts of wind capacity by the end of 2016 as it added a total of 1,462 megawatts for the year. The additional capacity represents a 28 percent increase since 2015.
2017 Multifamily Housing Vacancy Rates to Decrease
Tulsa’s market for multifamily housing is expected to grow modestly in 2017, according to a multifamily market report released by ARA Newmark, the nation’s largest full-service investment advisory brokerage firm that focuses exclusively on multifamily housing. Investor interest in Tulsa is strong and boosted by affordability, favorable interest rates and a lack of available deals.
Area Home Sale Prices Increase in January
Home sale prices in January rose 4.74 percent over the same month in 2016, according to data released by the Greater Tulsa Association of Realtors. The average cost of a home sold in January was $180,601, compared to $172,432 last year. Home sales grew 5.81 percent over the same month last year and the average days on the market dropped 4.34 percent to 49.27 days.
Gilcrease Expressway to be Finished as a Turnpike
City leaders announced plans to complete the Gilcrease Expressway using a unique funding approach that includes turnpike tolls. The project is a partnership between the city of Tulsa, Tulsa County, Oklahoma Turnpike Authority and the Oklahoma Department of Transportation. The final portion of loop is west and northwest of downtown. The project has two goals – to provide road access for development in northwest Tulsa and to lighten heavy traffic on the Inner Dispersal Loop.