TULSA, Okla. -- In its heyday in the 1960s and 70s, the Camelot Hotelresembling a castle complete with a moat, drawbridge and turretsbecame famous for having among its guests Elvis Presley, Richard Nixon and Gerald Ford.
And although Elvis has left the building, now QuikTrip has a contract to purchase the Camelot Hotel site to build what could be the company's 500th store in honor of its 50th anniversary in 2008, officials said Monday, according to The Tulsa World.
The purchase price will not be disclosed until after the closing, [image-nocss] which is expected to happen this week, company spokesperson Mike Thornbrugh told the newspaper. This site is very close to where our first store used to be, he said, noting the first QuikTrip opened Sept. 25, 1958, at 5204 S. Peoria Ave. The area has a lot of sentimental value to us. We can't think of a better way to celebrate 50 years in business than to go back to where it all started.
The 257,389-sq.-ft. property is bigger than what's needed for a standard QuikTrip, so the rest of the site could be offered up to other developers, Thornbrugh added. We don't have any of the details, but other things will be happening there, he said. We're not planning on building a mega QuikTrip.
The Tulsa Industrial Authority has set a special meeting for Tuesday to determine how the pending deal will affect the $1 million loan made recently to the site's owner, Maharishi Ayur-Ved University, to raze the Camelot Hotel. Work is beginning this week on the removal of the asbestos from the structure, with the demolition expected to be complete by September, said the report.
Tulsa's Economic Development Director Don Himelfarb said what's important to the city is to see the building finally removed after years of neglect. We'll have to see what the nature is of their agreement, he told the paper. If there's a scenario where QuikTrip can step in their shoes and the loan would no longer be necessary, then that's just as well.
Because of the loan, the authority holds the first mortgage on the property, said the report. But the terms only allow for the money to be paid out as the demolition bills are incurred. This was about remediating the property, and if pushing this has accelerated the transaction with QuikTrip, the government served its purpose, Himelfarb added.
City Councilor Cason Carter, who pushed for a solution for the property, said he is excited about the development planned for the site. But I'm excited more than anything that this blight will be removed, he told the Tulsa World.
George Hooper, a Tulsa attorney who represents the nonprofit university, said the loan will be repaid from the proceeds of the sale. QuikTrip would be responsible for assuming, performing and paying the asbestos removal and demolition contracts, he told the paper.
The contract with QuikTrip has been in place since March, Hooper added. The loan was a means of starting the demolition process to keep the city from trying to legally acquire the property. I certainly understood the city's concerns, he said. It's a dangerous place.
QuikTrip has its own environmental department that will advise on the demolition, Thornbrugh said. We're more than capable of addressing any situation that could arise on the property, he told the paper.
Maharishi Ayur-Ved University bought the aging building in 1993 for $1.15 million with the intention of transforming it into what the organization called a holistic, meditation-friendly hotel. But by 1996 the Tulsa City-County Health Department had condemned the vacant building for numerous health and safety code violations. The structure has now deteriorated beyond repair, the report said.
Thornbrugh said the city will financially benefit from having the property generating sales tax revenues again. It's a wonderful piece of ground, right along the I-44 corridor, that will make way for a great store, he said.
Tulsa, Okla.-based QuikTrip currently owns and operates approximately 475 retail outlets in nine states.
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