• Warren Buffett plans apartments, renovations for downtown Tulsa building

    By: Rick Maranon

    Updated:

    TULSA, Okla. - Quick Facts:

     

    • Renovations planned for former Palace building in downtown Tulsa
    • Warren Buffet's company plans to turn the building into apartments
    • The team is currently seeking a tax incentive from the city

     

    One of the richest men in America wants to restore a large, vacant and earthquake-damaged building in downtown Tulsa.
     
    Representatives for Warren Buffett put forward their plan at Tulsa City Hall Thursday afternoon.
     
    Buffett came into possession of the building when his company, Berkshire-Hathaway, took over operations of the Tulsa World in 2013.

    Follow FOX23 Rick Maranon on Facebook:

    <div id="fb-root"></div><script>(function(d, s, id) {  var js, fjs = d.getElementsByTagName(s)[0];  if (d.getElementById(id)) return;  js = d.createElement(s); js.id = id;  js.src = "//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3";  fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk'));</script><div class="fb-post" data-href="https://www.facebook.com/fox23rickmaranon/videos/942677515789334/" data-width="250"><div class="fb-xfbml-parse-ignore"><blockquote cite="https://www.facebook.com/fox23rickmaranon/videos/942677515789334/"><p>Tonight on FOX23 News at 9-- Billionaire Warren Buffet applies for tax incentive to renovate downtown #Tulsa tower. #FOX23</p>Posted by <a href="https://www.facebook.com/fox23rickmaranon">FOX23 Rick Maranon</a> on&nbsp;<a href="https://www.facebook.com/fox23rickmaranon/videos/942677515789334/">Thursday, July 9, 2015</a></blockquote></div></div>
     
    “They’ve been meeting with the Permitting Department already. They can get started once this is finalized, but one of the requirements for the tax incentive is that you can’t start ahead of time,” said Tulsa Economic Development Coordinator Jim Coles.
     
    Buffett and his team hope that in addition to retail space on the ground level, the Palace will be turned into 53 one-bedroom and efficiency apartments.
     
    The team is seeking tax-increment financing, which means it won’t have to pay new property taxes while the building is under construction.

    <!-- Start of Brightcove Player -->
    <div >
    </div>
    <!--By use of this code snippet, I agree to the Brightcove Publisher T and C found at https://accounts.brightcove.com/en/terms-and-conditions/. -->
    <script language="JavaScript" type="text/javascript" src="http://admin.brightcove.com/js/BrightcoveExperiences.js"></script>
    <object id="myExperience4347181952001" class="BrightcoveExperience">  <param name="bgcolor" value="#FFFFFF" />  <param name="width" value="300" />  <param name="height" value="169" />  <param name="playerID" value="2503332976001" />  <param name="playerKey" value="AQ~~,AAAB-7vU6gE~,ygf2iZXD7xNzK8FvAopiIRWErKGDRrOO" />  <param name="isSlim" value="true" />  <param name="dynamicStreaming" value="true" />      <param name="@videoPlayer" value="4347181952001" /></object>
    <!-- This script tag will cause the Brightcove Players defined above it to be created as soonas the line is read by the browser. If you wish to have the player instantiated only afterthe rest of the HTML is processed and the page load is complete, remove the line.--><script type="text/javascript">brightcove.createExperiences();</script>
    <!-- End of Brightcove Player -->
     
    “For six years everything will stay the same. By the seventh year, the city and public schools and all of those entities will see the improvements through an ad volerum sales tax,” Coles said.
     
    City councilors praised the plan that not only includes the restored building, but allows for the Tulsa World to expand its operations into a new two-story building.
     
    An announcement with more details on the project is expected at the end of the month or early August.

    Next Up: