Heritage (formerly Journal Record Building)

[Spartan]

I believe Spartan has said before me on this site, but me likey.

What did Spartan say?

[Plutonic Panda]

What did Spartan say?

Young said something like "me likey" on another post and I thought it was somewhat humorous so I stole it. U think it was you anyhow

[Spartan]

Glad I can be an inspiration. After all, I do like.

Some things.

[Plutonic Panda]

Terrorism Memorial Flag Needs New Home - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

[bombermwc]

The old version makes me think of Whole Foods...lol.

It still saddens me that we lost such a jewel of Bauhaus design when the Y came down. The place had fallen under hard times and really was going to need an injection of money to bring it back before the bombing though.

Major props on the garage design. I'm amazed that that kind of effort is being put into a nice design. Just hope they don't charge double to make up for it

[Plutonic Panda]

so what is the deal here? When is this supposed to start? This was awesome along with its garage, is it still happening?

[Pete]

They have received approval for millions in incentives and I suspect they are still trying to finalize all their financing.

[HangryHippo]

They have received approval for millions in incentives and I suspect they are still trying to finalize all their financing.

Are you optimistic they'll be able to secure it all?

[Pete]

I really don't know any details but do know that they recently reworked the design for the parking garage which tells me this is still moving forward.

Also, their incentives were only approved a few months ago.

[Plutonic Panda]

What happening with this?

[Spartan]

They probably saw the parking that Hines is building and decided against doing this project to a high standard.

[Pete]

This project is finally moving forward again; they had to adjust their financing and they are going to do the improvements in phases.

This is from the OKC Economic Development Trust agenda:


On December 5, 2013, the Downtown/MAPS Tax Increment District No. 2 Review Committee convened and approved a resolution recommending approximately $4,750,000 for assistance in development financing for the proposed $26.7 million Journal Record Building Redevelopment Project ("Project") which consists of the redevelopment of 105,726 square feet of office space in the Journal Record Building and the development of a minimum 409 space parking garage. Subsequently, on December 17, 2013, the City Council approved a resolution allocating $4,750,000 in TIF for the Project, with $3,000,000 being allocated for the parking garage and $1,750,000 for the Journal Record Building redevelopment.

On February 11, 2014, the City Council approved an Economic Development Agreement with the Developer of the Journal Record Building and at that time, the Developer planned to access federal and state historic tax credits along with New Market Tax Credits to fill the financial gap for the redevelopment of the historic building.

After months of due diligence, the Developer has determined that tax credits will not work and has revised the Project's funding plan. The Amended and Restated Agreement requires the Developer to increase his original equity contribution from approximately $1.5 million to $7 million in order to fund the build out of approximately 30,000 square feet (sf) of the building. Upon completion of this 30,000 sf, along with the building and subsequent leasing of an additional 20,000 sf, $1,250,000 in TIF funds will be provided on a pro rata basis to accompany private loan proceeds to build out the remaining floor space. TIF funds totaling $3,000,000 will be provided concurrently to build the 409 space parking garage and such funds will be provided pro rata with the private loan proceeds. Upon completion and occupancy of 75% of the building, as well as completion of the parking garage, the remaining balance of $500,000 in TIF will be provided to the Developer.

[Spartan]

Bummer... if it was just a few feet to the east, it would fall in a Census tract with 80% poverty.

[Pete]

Raising the stakes: OKC Council changes incentives to refurbish Journal Record Building
By: Brian Brus The Journal Record June 2, 20150

OKLAHOMA CITY – City Council members approved Tuesday an amended agreement worth several million dollars for the redevelopment of the Journal Record Building downtown and construction of a nearby parking garage.

Developer JRB Holdings LLC is increasing its original planned investment from $1.5 million to $7 million, officials said, while City Hall’s financial commitment remains the same, with changes in how payouts are timed.

City Manager Jim Couch said the project is one of the best examples of the “but-for” policy underlying the use of a tax increment financing district – redevelopment in the area is unlikely to occur but for the city’s investment in the property.

“This is one of the harder projects we’ve done; this may make the Skirvin look easy,” he said, referring to the historic downtown hotel that sat vacant for years before the city arranged for a $54 million renovation in 2006. “We’ve had I don’t know how many false starts on this building. It’s upside-down financially. It’s a marginal building.

“But it’s a building that has to be saved because of the emotional ties to the memorial (park next door),” Couch said. “It’s a very challenging project, and it would not be redeveloped without TIF.”

In late 2013, a review committee recommended that the City Council approve about $4.75 million in assistance for the $26.7 million redevelopment of the Journal Record Building, which was badly damaged in the 1995 bombing of the Alfred P. Murrah Federal Building. That project outline involved 105,000 square feet of office space and a new 400-space parking garage at NW 10th Street and Broadway.

Officials with JRB Holdings, a wholly owned subsidiary of Heritage Wealth Management, said at the time that they planned to get federal and state historic tax credits to cover the funding shortfall in their plan. But council members were told this week that the JRB group discovered tax credits will not work after all.

The amended agreement requires the developer to increase the original equity contribution from about $1.5 million to $7 million. Upon completion of a 30,000-square-foot expansion and the leasing of 20,000 square feet, the city will provide $1.25 million in TIF funds on a pro-rata basis to accompany private loan proceeds to build out the remaining floor space.

Also, TIF funds totaling $3 million will be provided for the garage. Upon completion and 75-percent occupancy, City Hall will turn over the remaining balance of $500,000 in promised assistance.

Heritage plans to add 100,000 square feet of Class A office space. The building also houses the Oklahoma City National Memorial and Museum.
Responding to Councilman Ed Shadid’s questions about whether the garage should also be part of the package, Couch said surface parking lots are inadequate to attract additional development.

“That’s one of the challenges of building in the downtown area,” Couch said. “They can’t lease out this building without parking.”

[Spartan]

I like to see the equity investment increased. A strong signal that this developer genuinely wants to partner with the city to make this happen.

[yukong]

I have learned from a source that the developers plan on removing the facade that was added around the east doors in the 40s and restore the original facade surrounding those doors. I am glad to see them returning this to the original design. Additionally, my source said that they have not plans to modify the north side.

[shawnw]

Recently there has been a "For Lease" sign up and the lights have been on inside so I presume things are happening.

[Laramie]

Would be cool if all the new parking garages planned for the core could take on this look.

[baralheia]

^^^^^^^^^^^^
This! This is how parking garages should look.

[HOT ROD]

doesnt even look like a garage.

[Plutonic Panda]

Wasn't able to get pictures, but the renovation is well underway.

Pete, do you know if the parking garage is still on track?

[Plutonic Panda]

Any update on this garage?

[Pete]

The entire project is still moving forward, just slowly.

[Plutonic Panda]

Glad to hear that. They have started renovations of the building.

[Pete]

They have formally applied for the renovations and should be starting work soon.

Article in the Oklahoman said that Renzi Stone's PR firm will occupy the new top floor: LINK

Nothing has been mentioned for a while about the proposed parking garage, but it seems to be outlined in the one site plan (lower right corner).