Tulsa's Remington Tower Sold
Total Page:16
File Type:pdf, Size:1020Kb
YOUR BUSINESS IS OUR BUSINESS VOL. 125 NO. 49 ■ JOURNALRECORD.COM Part of the network 2 SECTIONS ■ TUESDAY, MARCH 10, 2020 ■ $1.00 Oil prices, Oklahoma energy stocks plunge Tulsa’s Remington Tower before it was damaged by a tornado in August 2017. The building has been sold to Colorado-based TAG Multifamily and will be converted into luxury apartments. JOURNAL RECORD FILE PHOTO Monday’s sharp drop in oil prices and energy stocks followed disagreements at OPEC, where Saudi Arabia requested that Russia and others take on 500,000 barrels per day of production cuts. Russia declined and Saudi Arabia boosted its Tulsa’s production. AP FILE PHOTO BY DAISY CREAGER Energy, which dropped 45.8% to $3.52; and Oneok, The Journal Record which dropped 37.7% to $38.10. The crash followed disagreements at OPEC, where Remington OKLAHOMA CITY – Crude oil plummeted and Saudi Arabia requested that Russia and others take stock prices for several Oklahoma-based energy on 500,000 barrels per day of production cuts. Russia companies tumbled Monday amid a glut of oil supplies declined and Saudi Arabia boosted its production. and growing concerns over the global outbreak of the “It shocked the entire global energy market today coronavirus. with oil prices down 20-30%,” said Jake Dollarhide, Tower sold The price of oil closed Monday at $31.13 a barrel chief executive officer of Tulsa-based Longbow Asset on the New York Mercantile Exchange, down 24.6% Management. “It affected oil and gas companies all BY JANICE FRANCIS-SMITH from Friday’s closing price of $41.28. over the globe. It was complete carnage. One of the The Journal Record Shares of Continental Resources fell 52.5%, closing worst days I’ve seen in my career.” at $7.05, Devon Energy shares dropped 37.4%, closing Saudi Arabia’s production increase comes at a time After two and a half years of sitting empty and vis- at $8.37, and Chesapeake Energy shares fell 27.68%, when the industry was already reacting to the threat ibly damaged, Tulsa’s landmark Remington Tower is closing at 15 cents. Also hurt were Oklahoma-based of a global slowdown posed by coronavirus slowing about to be transformed into luxury apartments. SandRidge Energy, which dropped 44% to $1.11; Tulsa investment group TPG Investments LLC an- Williams, which dropped 14.1% to $14.99; WPX Turn to STOCKS » p14 nounced Monday that Remington Tower was sold to Colorado-based TAG Multifamily for an undisclosed price. Raymond Lord and Benjamin Davis with Tulsa- State takes Epic’s based SVN Oak Realty Advisors helped facilitate the « 2 » « 2 » management High-end garage condo Bill providing relief for student loan sale. firm to court over planned in Tulsa Tulsa will debt passes House Oklahomans “We’re excited to bring this new concept to Tulsa records » p7 soon be adding another might be more inclined to pursue and breathe life back into this beautiful building,” said luxury condo development careers in education under Coronavirus fears TAG representative Travis Reese in a statement an- – but these condos aren’t legislation approved Monday by pound markets » nouncing the sale. built for people to live in . the House of Representatives . p11 INSIDE Turn to TOWER » p14 News in Brief . 4A CRUDE OIL NATURAL GAS GASOLINE Around Town . 6A Finance . 8A The Index . 11A 10.15 .070 .2521 People on the Move . 15A Classifieds . 1B. Public Notices . 2B. Apr $31.13 Apr $1.778 Apr $1.1369 2A « March 10, 2020 « THE JOURNAL RECORD « journalrecord.com High-end garage condo planned in Tulsa BY JANICE FRANCIS-SMITH The Journal Record Tulsa will soon be adding another luxury condo development – but these condos aren’t built for people to live in. They are built to house cars, boats, RVs, ATVs and other expensive toys that require a storage facility suited to the quality of the vehicles being stored inside. Plans are to develop a 3.3-acre tract of land at 166th Street South and Highway 75 in Tulsa into the Mammoth Luxury Garage Condos, coupling high-end garage condos with industrial flex space that can be used for retail or office. Real estate and investment firm CBRE last week announced the sale of the land to Tulsa-based development group ET&T Land Holdings LLC for an undisclosed amount. CBRE Senior Vice President Dwayne Flynn and Senior Associate Ryan Shaffer represented the seller, South 75 LLC. “We are excited for this land to soon bring a new, interesting luxury-style Renderings depict what the Mammoth Luxury Garage Condos might look like when they become ready for occupancy in late 2020. industrial opportunity to the Tulsa area,” RENDERING COURTESY CBRE said Flynn. “One of the best parts about this development will be the option for Condos are designed to have a “man be built out as retail space or office space Currently, luxury garage condos occupiers to purchase or lease the units, cave” feel, with lots of storage space and with a warehouse component. are also available from Garage Condos allowing for unique ownership in a new, loft areas in which to relax and admire The project is scheduled to break Tulsa, located in south Tulsa west of high-end building.” the vehicles being stored. The flex ground within a few weeks and be ready Jones Riverside Airport, and at Garage The Mammoth Luxury Garage commercial space has the potential to for occupants by the end of 2020. Condos of OK, located in Edmond. Bill providing relief for student loan debt passes House BY STEVE METZER shortage aggravated by the fact that associated with universities and During discussion on the House floor, The Journal Record most teachers end their time spent in supported by private contributions that state Rep. Andy Fugate, D-Del City, classrooms after an average of only six can help Oklahoma educators with loan said the loan repayment program seems OKLAHOMA CITY – Oklahomans years. The Tulsa Democrat said 3,000 repayments, Waldron said it would be similar to one established to encourage might be more inclined to pursue careers emergency certifications had to be issued preferable to have a fund eligible to take physicians to set up practices in rural in education under legislation approved this year alone to fill classroom vacancies in both private contributions and money parts of the state. That program, he said, Monday by the House of Representatives. in Oklahoma, a record for the state. earmarked for that purpose by the has worked to help alleviate shortages of House Bill 3382, authored by state He pointed out, too, that provisional Legislature. health care professionals in those areas. Rep. John Waldron, D-Tulsa, proposes certifications issued two years ago for “I don’t think we can get there entirely “That program was an inspiration for up to $20,000 worth about 1,000 current on private contributions,” he said. “To this legislation,” Waldron responded. of student loan debt classroom teachers will really build up our program statewide we State Rep. Kelly Albright, D-Midwest relief for teachers who expire at the end of this need public investment.” City, who co-authored HB 3382, said dedicate themselves to year. Additionally, the The expense to taxpayers would likely she has no doubt that a loan repayment long-term careers in teacher shortage will be more than offset by savings realized by program would encourage more people Oklahoma. The House likely be made worse individual school districts that currently to take training to become teachers. passed the measure in by a large number of have to cover costs of frequently “The issue of teacher pay prompted an 85-3 vote and the bill retirements of veteran recruiting new teachers, he said. Tulsa me to initially ignore my calling to the is due to be taken up in teachers anticipated Public Schools alone spends $3 million a profession,” she said. “The passage of John the Senate. Kelly over the next few years. year on recruiting, training and replacing this bill will mean that more people who Waldron Albright Waldron told HB 3382, if passed, emergency certified teachers. have an interest will not be turned off colleagues on the would create a fund “The cost of what we see now, the from teaching due to the cost of their House floor that many Oklahomans that might be tapped to pay off $4,000 tremendous churn in the profession, education.” may never consider training to become worth of student loan debt for a teacher hasn’t been measured, but it is devastating She said she believes most teachers because they believe any student who completes five years of service in a districts all over,” Waldron said. “If you Oklahomans would support passage of loans they might have to take out would Title I school in the state. After 10 years think funding a career teaching core is the bill to encourage people who have a be too difficult to pay back on salaries of service, the teacher would be eligible expensive, try funding a revolving door heart for teaching to pursue careers in earned by educators in the state. to have another $4,000 worth of debt of emergency certified teachers. It’s much classrooms. “Many have been made to feel that paid. Over the course of a 25-year career, more expensive, so if we invest in this “We have utilized similar programs teaching is not a viable profession,” he up to $20,000 worth of debt could be program up front, think of what we’re to incentivize doctors to study and said. canceled.