By LOUISE ABERCROMBIE

News Business Editor

Gold Capital Investment Corporation, a California company, has purchased several downtown Ponca City properties, according to Kay County Assessor Carol Purdy's records.

Frank Campos, 4251 Sweetwater Road, Bonita, CA., is listed as the new owner. The property includes over a half a block of South Third Street. Properties are Eastman Bank building, 222 East Grand Avenue and parking lot, Rosestone Inn, 120 South Third Street and parking lot and the drive-in bank at the southwest edge of the block. All are located in the Hartford Addition.

Another purchase in the area is a structure at 208 South Third Street in the Lynchville Addition.

The Eastman Bank building was acquired from NB Properties at a cost of $115,500. Bank of Oklahoma had purchased the building in 1998 at a cost of $761,333.

Rosestone Inn is one of two properties bought from the Zimmerman Enterprises, Inc. Rosestone Inn, which consists of 24 units, was bought by Zimmerman Enterprises Inc. from Eagle Financial Services in 1993 for $191,500. The selling prices to GCIC was $630,000.

Campos also purchased The Pioneer Woman Guest House, 719 North Fourteenth Street, in the Woodlands Subdivision at a cost of $630,000 from Zimmerman Inc. This motel has 12 units. The Zimmermans bought the motel in 1997 for $189,000 from Braven L. and Joni E. Dyer.

According to assessor records, 12 transactions have been listed by GCIC.

Johnny Shaw of United Country Shaw Real Estate has been involved in the sales.

Shaw said that GCIC had first been interested in the Rosestone Inn, which was advertised in a catalogue. When the investors saw the Eastman National Bank building they decided to buy it and the rest of the property followed as the investors see a future in Ponca City, according to Shaw.

In a phone conversation with Campos, he shared some of the ideas for the property he is acquiring.

His daughter, Gilda Compos, is in Ponca City and operating the Pioneer Woman Guest House and will also be looking after the Rosestone Inn. Campos says he has not been to Ponca City yet but plans to come here in about two weeks.

Campos says he was an executive chef for 22 years and worked as a troubleshooter in hotels, restaurants and resorts, figuring out the problems and the hospitality. Campos says that Ponca City is a "sleeper" and some new blood is needed to get things going.

"Ponca City has a lot of potential," he said.

Campos is planning to open up the restaurant at Rose Stone Inn and keep it open late. He also mentioned buying the old Dollar Savor store at 304 East Grand Avenue from Veronia Mair, downtown business owner.

Another building of interest, according to Campos, is the old Moose Lodge on North Third Street. He mentioned that he knew it had an upstairs dance floor and might restore the building.

The bank building and the bank drive-in will continue to have those uses.

"Ponca City is a nice and peaceful city," Campos said.