Utica Square
That same year saw the acquisition of the crown jewel among Helmerich & Payne real estate holdings: Tulsa's Utica Square.
Utica Square had first been conceived in 1949 by Don Nix and Dale Carter, as Daniel Yergin's Hydrocarbon Man was experiencing his new, gas- powered mobility. Yet, the suburban shopping mall was still in the future. People continued to go downtown to shop, and Nix and Carter had trouble convincing financial backers that a shopping center would survive at 21st and Utica, then on the outskirts of town, now at the city's center.
Builders were finally able to start construction in February, 1951, and the center formally opened 15 months later on May 22, 1952. Utica Square was not only Tulsa's first suburban shopping center, it was also one of the first in the country.
It quickly became known for its appearance as well. It was built in a series of small blocks, much like a village or community. The buildings were constructed in a variety of architectural styles, from Williamsburg and Georgian to Country French and Contemporary. Stringent regulations on store design were enforced."I was going to work one day," Walt Helmerich, III, says in telling the story about the Utica Square purchase, "and I was thinking about how frightening it is to be in a business like oil and gas where you are depleting your assets every day. In real estate, on the other hand, you leverage your assets, and they appreciate as you pay them off. It's just the opposite of oil and gas."
A Tulsa Treasure
"Everyone in Tulsa showed visitors Utica Square," Helmerich recalls "We were all very proud of it. So I just decided to drop by and see if the developers were interested in selling it. I didn't even know them. So I met with them, and started to talk about why it would be smart to sell Utica Square, and they agreed to do so. While we were drawing up the contract, however, they decided not to sell."
Shortly after that, they changed their minds again, and sold the property to Bill Kistler, a prominent independent oil man. Six months later, he died. His widow was convinced that the stress of handling the details of the shopping center had brought on the heart attack that killed him, and she couldn't wait to get rid of it. She then sold Utica Square to Helmerich & Payne.
"Other than the fact that it represents a good real estate investment that offsets our oil and gas reserves, we also look at it as a demonstration of our interest in the community. We always try to keep at least one-third of the stores locally owned. It's a real asset for Tulsa, as well as an asset for Helmerich & Payne."