Macy's closed earlier this year as a part of a corporate-wide downsizing and the company sold the building and land to General Growth Properties, the owners of the mall.
As OKCTalk reported in May, Life Time had entered into contract to buy property at the southeast corner of Memorial and Western but recently backed out of that deal and put the old Macy's property under contract.
This would be the first and likely only Oklahoma City location for Life Time, a private company based in Minnesota with approximately 100 centers operating in the U.S. and Canada. Membership fees typically run about $60 per month for an individual.
The center would be one of the largest in the country, with 181,400 square feet of enclosed space including indoor tennis courts, 400 pieces of exercise equipment, basketball courts, exercise studios, daycare facilities and two health food areas.
There would also be four outdoor tennis courts, and a huge pool and spa area.
Plans show the building would be detached from the mall with parking positioned between Life Time and a new northwest mall entry.
Construction cost not including furniture, fixtures and equipment is estimated at a whopping $28.5 million.
With the contraction of traditional department stores, enclosed malls have sought new tenants and inventive ways to fill their space and attract patrons. The high concentration of apartments and high incomes in the immediate area fit Life Time's business model.
No closing date has been set for the property sale but building permits have already been submitted.