Price Tower's new owners take a new direction with the iconic building

After the sale of the historic Price Tower was finalized two weeks ago, the new owners − the Copper Tree Group − have begun slowly integrating themselves into the organization's day-to-day operations.

Cynthia Blanchard, CEO of Copper Tree, lays a bold vision for the tower's future, with numerous ideas for modernization and licensing projects.

Designed by famed architect Frank Lloyd Wright, Price Tower was built in 1956 as the corporate headquarters for the H.C. Price Company. Price Tower remains the only Wright-designed skyscraper ever built.

Blanchard sees a future where a 19-room hotel and restaurant − open seven days a week − and the Copper Bar at the top of the tower form the core of the building's use, while secondary revenue streams make up the rest.

Before the new revenue streams can begin, a major $10 million renovation will bring the building back to its former glory, she said.

According to Blanchard, the $10 million will come from tax credits, incentives, a federal Property Assessed Clean Energy loan and other funding sources she declined to specify. "Don't worry about it because it's there," she said.

Although the breakdown of funding hasn't been completely figured out, Scott Ambler, of Ambler Architects, also was adamant that the $10 million in improvements will take place. Ambler has over 20 years of experience working on the Price Tower.

Part of the reason for the vagueness about funding details is that the agreement was expedited as the Price Tower's funding became more dire every day.

In fact, the nonprofit was exploring options of closing if the Copper Tree agreement didn't work, Blanchard said.

"We had to speed up the process, and we created an answer and solution to be able to do it smoothly," she said. "I'm grateful we had a great credit union in town that stepped up to the plate and helped expedite that, and it was amazing."

Even though the process went more quickly than anticipated, PTAC Executive Director Donna Keffer said the new timeline will work in the organization's favor.

"Our goal as we go through this transition will probably take some months because we did expedite this very quickly," said Keffer. "This way, I think, makes the transition a little smoother because everybody has an opportunity to come alongside each other, get to know each other, and start to integrate."

Into the metaverse and beyond

Blanchard believes one of the plan's key elements is to move the Price Tower into the modern era with technology and secondary revenue streams that would attract younger generations not to just the Price Tower but to Bartlesville itself.

"The goal for me is to bring this building back, give something back to the community, make it sustainable because you know if we do this here, the whole community is going to go with it, and I have visions of making this Silicon Ranch," said Blanchard.

She sees talent leaving places like Silicon Valley and heading to places like Austin, Texas, but says those alternatives are getting overcrowded.

"We've got this beautiful area in northeast Oklahoma that people don't know a whole lot about," said Blanchard. She sees the Price Tower becoming a beacon of innovation, showing that Bartlesville is open for business.

The Copper Tree team is specifically suited to accomplish the task with some old-fashioned ingenuity, she said.

"One of our dreams and goals is to create a digital version of Price Tower that not only can provide digital virtual tours but can be utilized by architectural schools around the world really. And that's a licensing situation," Blanchard said.

She also envisions additional digital revenue streams like a Price Tower Non-Fungible Tokens (NFT) program. NFTs are digital assets stored on a blockchain using similar technology as cryptocurrencies like Bitcoin.

Blanchard wants to use NFTs to help featured artists receive royalties for their work and she would like to sell Price Tower-themed NFTs to the public.

Another local company, Herasoft, which specializes in ransomware protection software using blockchain technology, will most likely develop the NFT program, she said.

"They are experts at it, and obviously, I trust that company," said Blanchard.

Blanchard stepped away as president of Herasoft to focus on this new "passion project" last year.

"I have a passion and a love for the arts. I was in the music industry for a very long time, and I just loved the idea of being involved with nurturing the arts, architecture and technology."

Keffer believes strongly in the new direction and has committed to staying on after the transition. "I'm all in," she said.

She said that many hours of due diligence went into this new plan. There were other proposals for the Tower, but none came with plans for funding or a commitment to keep PTAC's mission to promote the arts at the forefront.

This article originally appeared on Bartlesville Examiner-Enterprise: Price Tower's new owners take a new direction with the iconic building