Kestrel Investments Inc., led by Rainey
Williams, purchased the old theater building that sits on 3.15 acres
for $4.275 million from the Oklahoma City Community Foundation. It is
bordered by W. Sheridan and W. California avenues and S. Hudson and
S. Walker avenues. He plans to build a 14- to 16-story tower to serve
as OGE’s corporate headquarters with room for additional tenants,
retail and restaurant space and a multilevel parking structure.
“This project will continue to build
on the revitalization of this exciting area of downtown Oklahoma
City,” Williams said in a statement. “We want the development to
complement its surroundings and provide another opportunity to enjoy
our downtown. With OGE Energy as our anchor tenant, we are confident
our development will be something that Oklahoma City will be proud to
In September, Williams told okcBIZ he
tried to find a way to save the Stage Center building, but with
deferred maintenance and flood damage, the unusual design made it
hard to find a viable use for the building.
“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,” he said in
September when discussing plans for the site. “Removal of Stage
Center is simply the next logical step in the evolution of making
this property usable again.”
To remember Stage Center, Williams
plans to include an exhibit about the building once the new tower is
completed. The conceptual plans also could include an additional 8-
to 12-story tower on the site. Facing W. Sheridan Avenue, that space
will be offered for sale to other developers and could possibly have
a hotel, residential units and additional office space. ADG Inc.
developed the site plan.
The building that will house OGE will
bring together the company’s employees under one roof.
“We have a large number of employees
scattered throughout downtown Oklahoma City at multiple facilities
that are outdated and unable to meet our future needs,” said Peter
B. Delaney, chairman, president and CEO of OGE, in a statement.
Williams planned to apply for a
demolition permit December 17 from the Downtown Design Review
Committee. If DDRC approves demolition, Williams will then bring
designs to the committee for approval.
Conceptual drawing of the proposed office tower