Gateway Mortgage to create new business district, hotel in Jenks
JENKS — Gateway Mortgage Group has broken ground for not just a new headquarters, but also for what the firm hopes will become a new retail district for Jenks.
The groundbreaking marked the start of construction on the headquarters at the southeast corner of U.S. 75 and West Main Street in Jenks.When finished in June 2016, Gateway will occupy half of the building, with the other half available for lease. Construction will begin in two weeks.
Additionally, Kevin Stitt, CEO of Gateway, said the company has a letter of intent from an outside development group to build a hotel at what will be known as the Gateway District. Stitt said it w
as too early to identify the development group or the scope of the hotel, though he noted the development group is currently seeking a hotel brand to use.
Stitt said the company also wants to bring in restaurants and retail shopping. The company holds 14 acres that is now actively marketed for development.
“We want this to be the gateway into Jenks,” he said. “We’re pumped about the positive impact this district will have on jobs, tax revenue and the extra economic development this will spur in the city.”
During the groundbreaking, U.S. Rep. Jim Bridenstine, R-Okla., said he’s proud to see a local company undertake such a project.
“This is a big deal for the cities of Tulsa and Jenks,” he said. “It’s great to see their commitment to the area. I’m happy and excited to see it come to fruition.”
Jenks Mayor Lonnie Sims said the Gateway District will help boost Jenks’ visibility.
“This is truly our western gate, and I think it speaks a lot everybody that will drive by, see this tremendous facility and recognize the great future we have ahead of us,” he said.
Sims said the development is now within a tax incremental financing district that will provide $11 million toward construction.
Stitt said the original intent of their development was just to build a new headquarters, but that changed when he started looking at potential sites in Jenks.
“When we found this location, we knew it would be a great opportunity for development,” he said.
The site is a little more than a mile south of various new developments around 81st Street and U.S. 75, including The Walk at Tulsa Hills retail center, the new headquarters for Unit Corp. and The Main Event entertainment center.
Gateway Mortgage Group is one of the largest privately held mortgage groups in the country, with its 500 employees working out of 60 offices in 30 states. Currently, the company services over $5 billion in residential mortgages.
By ROBERT EVATT World Business Writer | Posted: Thursday, April 2, 2015 12:00 am