The city of Oklahoma City has approved a $2.5 million Brownfields environmental clean-up for the historic First National Bank building in the city’s downtown business district.The city council voted Wednesday to approve an initial loan of $1 million with the ability to increase the loan up to $2.5 million. The bank building at 120 North Robinson Avenue will be renovated in a $11 million project and work on the environmental cleanup is underway.
The project calls for 278,251 sq. feet of hotel space to include 149 guest rooms, retail space and corridors and open space. There will also be 176,408 sq. ft. of other apartments including 210 separate rentable residences. The parking garage will include 550,395 sq. ft. of parking with 691 vehicle parking spaces.
“Environmental remediation is necessary prior to redevelopment. Loan funds can only be used for clean-up activities and will be released on a reimbursement basis,” stated City Manager James Couch in a memorandum to the city council.
Oklahoma City applied and received the $2 million Brownfields Revolving Loan Fund from the EPA in 2008. The city has since received four supplemental funding awards totaling $1,432,833 and has about $840,789 remaining in the open fund.
The former bank building has been vacant since August 2016 and the loan will allow the developer to address some asbestos containing material and the removal of lead-based paint.
Developers are Charlie Nicholas and Gary Brooks who bought the building for $23 million last year.
