The deal to renovate and reopen the entire building came together with $4.9 million in financing from Tulsa's Vision 2025 program, a $23.5 million loan from IBC Bank, and co-development by San Antonio-based Presidian Cos.
Showing off a completed apartment on the hotel's fourth floor, Snyder said the Mayo will top any housing currently offered in downtown Tulsa.
"All the services that a four-star hotel would have, the apartment residents will have access to as well — maid service, valet, room service — everything,” Snyder said.
Clyde Johnson, project manager with Presidian, estimates the project will be complete by October 2009.
"It's structurally in very good condition,” Johnson said. "We came into the project, the building had been gutted already in the 1980s so the clean-out had already been completed. We got to start with a blank canvas.”