Tulsa Church Investing $8M To Rehab Abandoned Downtown Building

The First Presbyterian Church in downtown Tulsa is taking on another project - the $8 million rehab of an old car dealership and office building.

Donations are covering the hefty price tag, but once the space is leased it could mean even more money for the church's mission work.

After two years of sitting empty, work is underway at 8th and Cincinnati. The scaffolding is up and the top to bottom overhaul is happening on the building that dates back to the 1930s.

"Well, we're leaving it as open as we possibly can. We may be doing some painting and that sort of thing, but everything that we can leave open and original we will,” said Steve Caldwell with First Presbyterian Church.

Caldwell said the church already has Cyntergy Engineering signed as a tenant – fully taking over the second and third floors, but that leaves four more floors to fill.

He said the goal is to have one tenant per floor to bring in larger companies.

Once the building is complete, the money from the leases will go directly towards supporting the church's mission programs around the city.

Caldwell estimates that to be around $800,000 a year – comparing it to investing in the stock market.

"This becomes a mission endowment, only what we've invested in is an office building. That creates a much better return than the other way,” Caldwell said.

There is a parking lot that comes with the building and on the weekends it will be used for church members.

Caldwell said it's a perfect project and one that the church couldn't pass up.

“Part of it is controlling our surroundings. If somebody else bought the building it might be 20 or 30 years before it would ever become available again,” he said.

Construction is expected to be finished in July of next year.