Wednesday by Thurman Magbee of Oklahoma City's Thurman Magbee Corp.
to help finance the purchase of the historic former Union Station and
renovation for a safety vault and related services.
The safety vault would be for microfilm, tapes and record
storage, plus an office complex for related businesses, said Magbee
in a letter to the Oklahoma City Redevelopment Authority, which issue
bonds in a specified area in central Oklahoma City.
"We plan to establish a limited partnership under the name of
Union Station Associates Ltd," said Magbee, "to purchase the property
and expand it into a "state-of-the-art' security vault and related
services for businesses, financial institutions and private
The overall project is expected to cost about $6 million, Magbee
The landmark Union Station at 300 SW 7th St. was purchased in 1978
from the Frisco and Rock Island railroads and renovated by Thurman
Magbee Corp., which occupies the property for sale and distribution
of consumer electronic products.
"In the renovation process," said Magbee, "our marketing channel
changed." A feasibility study indicates the building would be "an
ideal security vault facility," he said.
There are about 20 partners in the venture - principally local
business people, Magbee said.
"It's an exciting new idea, " Magbee said, "and something that is
needed here. We can provide an important service to local firms and
also give them the prestige of the former train station, which is on
the National Register of Historic Places."
The firm would seek business from an area from Wichita to Dallas
and from Amarillo to Little Rock, he said.
"The project will improve the area (between Int. Hwy. 40 and the
N. Canadian River) and create new jobs for the city and the state of
Oklahoma," said Magbee.
The project would utilize the tunnels for the safety vault under
the railroad tracks, Magbee said. The tunnels contain about 15,000
square feet and have concrete walls 5 to 10 feet thick.
In addition to the tunnels, plans are to convert another 30,000
square feet of the warehouse space into security vaults for the
The project, Magbee said, would include building of vaults,
temperature control, teller windows, security devices amd other
features. Also a part of the project would include creating new
office space for lease along the front of the building.
The investor group already has received extensive interest and
commitments from local financial firms to use the new service. All
of them, he said, now send their duplicate records to the facility
located in abandoned salt mines in Kansas, just outside of Kansas
City, or to abandoned silos used for security storage near Laurel,