$40 million Journal Record redevelopment, garage deal approved in Oklahoma City

Thursday, March 6, 2014

by Steve Lackmeyer

The Oklahoman

The Journal Record Building, largely empty since it was damaged by the 1995 bombing of the Alfred P. Murrah Federal Building, is set to be redeveloped later this year with completion possible by summer of 2015.

The Oklahoma City Industrial and Cultural Facilities Trust, which owns the eastern two-thirds of the building at 621 N Robinson Ave., approved a deal Wednesday to sell the property to Bond Payne, co-chairman of Heritage Trust Co., for $7.25 million.

Payne said Wednesday he wants to start a $40 million redevelopment of the landmark building, and construction of a 409-space garage across the street on the site of the former downtown YMCA, “as soon as possible.” Payne’s effort to buy and redevelop the building began three years ago, and involved a series of approvals for tax increment financing, Murrah Building recovery fund loans and historic tax credits.

“It is still a very challenging deal legally and financially to do,” Payne said. “It was hard for me at times to understand why it took so long to get here. But with all the complexities, you can see why.”

Read the full story at NewsOK.com.

PHOTO CREDIT: Thumbnail photo on home page provided to NewsOK.com and also from http://www.oklahomacitynationalmemorial.org