The Price is Wright: Local group takes ownership of iconic Price Tower

A local group will take ownership and assume the mounting debt of the iconic Price Tower to preserve its history and protect the legacy of its architect, Frank Lloyd Wright.

Copper Tree Group, a local company formed a year ago, has promised to make improvements at the Tower, which was built in 1956 as the corporate headquarters for the H.C. Price Company. Price Tower remains the only Wright-designed skyscraper ever built.

"We are excited that the Copper Tree team is committed, first and foremost, to the long-term preservation of the Price Tower and the legacy of Frank Lloyd Wright," said Donna Keffer, executive director of Price Tower Arts Center. "Copper Tree will remain strongly focused on making sure that the arts will continue to be a major centerpiece of the Price Tower's mission."

Keffer couldn't disclose the owners of the company or all the details of the agreement at this time but said the PTAC had been working on this deal for eight months and did their due diligence. The new owners have agreed to abide by the Frank Lloyd Wright Building Conservancy easement, according to Keffer.

More:Bounced checks, funding woes and building problems: The troubled reality of Price Tower

The Copper Tree team plans to invest heavily over the next two years in modernizing the building's infrastructure, like heating and cooling, elevators and more, according to Keffer. The final approval for the change in ownership came Tuesday night when the PTAC held a special all-member meeting.

Members were allowed to ask questions and discussed the proposal for over an hour, and ultimately voted to unanimously approve the proposal, according to Keffer.

"We felt like this partnership was the best opportunity to keep the Tower open for our community while still offering education and arts programs," said Keffer.

Nonprofit activities in the building − such as art classes or the gallery − will largely remain the same, but some of the services will experience temporary closures during the renovations, according to Keffer.

More:After years of financial woes, Price Tower turns a corner

“A small price to pay in order to have this historic treasure returned to the rich condition that it deserves,” Copper Tree representatives said in a news release.

The EE reported on the Price Tower's triumphs and challenges over the past year, but Keffer believes this was their best option for the Tower "to be a place that our community and Oklahoma can be proud of and experience."

"It was just time to do something different with a different group of people," said Keffer.

This article originally appeared on Bartlesville Examiner-Enterprise: The Price is Wright: Local group takes ownership of iconic Price Tower