Company purchases Stage Center, plans to demolish structure
OKLAHOMA CITY- As citizens fight to keep a historic film building intact, the fate of another downtown landmark has been determined.
Stage Center, which has been vacant since 2010, will be demolished, pending approval by the city, and the property used for a high-rise office building, parking garage and public space.
Kestrel Investments, Inc. purchased the property for $4.275 million but the total cost of the project has not been determined.
“We are very excited to announce our plans for this property, which we think has tremendous potential,” said Rainey Williams, president of Kestrel Investments, Inc. “The proximity of the site to the Oklahoma City Arts Festival is one of the primary reasons we were attracted to the property. Further, we see the engagement of the arts community being a vital part of this new development. Our project will not only build on the site’s rich history, it will greatly aid in the continued revitalization of an important area of downtown Oklahoma City.”
Kestrel Investments, Inc. will submit an application to the city for removal of the current building.
The Oklahoma City Community Foundation tried to find a buyer to develop the existing building but neither of the two groups that were interested were able to raise the millions of dollars needed to rehabilitate the structure.
“As a native of Oklahoma City, I personally put a great deal of thought into the property and the Stage Center facility, and unfortunately, it’s just not a useable space,” Williams said. “Removal of Stage Center is simply the next logical step in the evolution of making this property usable again. There is a well-defined process to remove the structure, and we will work with the city to make sure we follow all the necessary steps to obtain approval and safely remove it from the property.”