Oklahoma City has been chosen as the location for an exciting, cultural-rich hotel destination. 21c Museum Hotel, an award-winning Louisville, Kentucky-based boutique hotel and restaurant group, is serving as a catalyst for additional economic development at the western edge of Oklahoma City’s Film Row. Through REI Development Corp., REI Oklahoma partnered with US Bank, New Markets Redevelopment, Midfirst Bank and the Oklahoma City Municipality to provide New Markets Tax Credit (NMTC) financing for the project. Totaling more than $51 million, the NMTC project has spurred construction on 21c Museum Hotels’ redevelopment of downtown Oklahoma City’s historic Fred Jones Building. 21c officials describe the facility as a 97-year-old, four story brick building built by Henry Ford as a Model T assembly plant. The update of this iconic industrial building will include more than 130 boutique hotel rooms, a contemporary art museum, restaurant and bar inspired by the area’s culinary traditions.
Combining world-class contemporary art, dining and hotel experiences, the original 21c Museum Hotel concept debuted in 2006. Since that time, the development of other locations has created a wide-range of job opportunities while offering access to unique cultural amenities including rotating curated exhibitions, site-specific works and cultural programming. 21c has a proven history of collaborating with local outreach and development organizations generating visibly and accessibility for its open positions, hosting job fairs.
“We are very excited to facilitate the financing for the revitalization of such a historic structure in Oklahoma City,” said Scott Dewald, REI Oklahoma President & CEO. “It’s equally encouraging to see the collaboration of multiple institutions work together for the good of our state.”
REI Oklahoma’s NMTC program is no stranger to revitalizing and transforming historic Oklahoma structures into thriving economic hotspots. Similar projects have included the Carnegie Center and Skirvin Hotel projects in Oklahoma City, as well as the Universal Ford project in Tulsa’s Brady Arts District. Since receiving its first federally-funded NMTC allocation, REI Oklahoma has counteracted disinvestment in the state’s communities amounting to total projects of more than $507 million, affecting more than 3,000 jobs.
REI Oklahoma, a non-profit economic development firm, offers services statewide. REI Business Lending collaborates closely with local lenders to help entrepreneurs navigate through business lending resources and programs. For women-owned businesses and minority-owned enterprises, REI Women’s Business Center and REI Native American Business Centers offer unique training, as well as technical assistance and access to capital. REI Down Payment Assistance provides support to potential homeowners. Additionally, business space is made available through the organization’s commercial facilities program. REI Oklahoma leverages the New Markets Tax Credit program to attract new investments into Oklahoma and create needed jobs in underserved communities. Learn more about the organization at www.reiok.org. Follow REI Oklahoma on Facebook, Twitter and YouTube.