A conversion of the Fred Jones assembly plant into a 21C Museum Hotel and redevelopment of the former Journal Record building both received unanimous final approval for tax increment financing Tuesday from the Oklahoma City Council.
The Journal Record Building, at NW 6 and Robinson Avenue, was extensively damaged by the 1995 bombing of the nearby Alfred P. Murrah Federal Building. Owners of the business newspaper sold the building to the city, and the western one-third was sold and turned into the home of the Oklahoma City National Memorial.
Heritage Trust has an agreement with the Oklahoma Cultural and Industrial Facilities Trust to buy the building for $7.25 million.
The city council approved a $4.75 million allocation toward a $26 million renovation of the building and the $7.2 million construction of a 409-space parking garage.
Louisville, Ky.-based 21C Museum Hotels, meanwhile, received unanimous approval for $5.3 million in tax increment financing toward a $51.5 million conversion of the Fred Jones assembly plant at 800 W Main into a hotel and contemporary art gallery.
The city council also approved $3 million in tax increment financing to Indianapolis-based Milhaus Development, which is planning to build a 327-unit apartment complex at NW 10 and Shartel in Midtown.
Steve Lackmeyer, Business Writer