WICHITA FALLS, TX (KAUZ) - The old Stanley Tools Building in Wichita Falls is rich with history and the city believes they will soon benefit from it.
But at what cost?
In 2002, workers from Stanley Tools abruptly left and then it was bought by local businessman Harry Patterson.
At the beginning of 2016, he donated it to the Wichita Falls Economic Development Corporation.
The city has put over $2.5 million dollars into the building and thinks it will pay off in the long run.
In February 2015, the 4A board looked into constructing an $8 million dollar SPEC building for a manufacturing company because of a shortage of buildings.
That's why Patterson offered to donate the 182,000 square foot structure.
The 4A board was all in.
"Here was somebody willing to donate this 180,000-foot plus square foot building that needs work, and 35 acres of land, just drop it in our lap," Dick Bundy, President of the 4A board said. "We analyzed that and really fast the board said there is our SPEC building."
$2.5 million dollars have been spent to bring it back to life and the city is continuing to put money into the facility.
$185,000 dollars will be spent to maintain it.
"It will help pay for things like utilities, taxes, the alarm system, and maintenance while we are marketing the structure so that it is in condition to where we can show people the building," Darron Leiker, City Manager of Wichita Falls said. "And try and get a viable client."
And $38,000 dollars on Holmes Davis, a broker out of Dallas, to market it along with the ATCO building.
"He sold the Stanley building to the Patterson Group, Production Boulevard LLC., when they purchased that building," Kevin Pearson of the Wichita Falls Chamber of Commerce said. "With that marketing exposure, we are hoping to get more leads."
The city has had the building for a year and a half and Bundy believes it is all about jobs.
"You might look at the building and say this thing is a burden," Bundy said. "But to us, it is a tremendous opportunity because it gives us all kinds of marketing capabilities."
Henry Florsheim, President of the Wichita Falls Chamber of Commerce, told Newschannel 6 their primary target for the building is an aerospace-related manufacturer.
Bundy said in the meantime, the building will be painted on the inside and outside to look more appealing.
Pearson said they contacted ten brokers out of Dallas about the building and Davis was the only one to reply.
But Dick Bundy said Davis is a good broker with experience marketing buildings in Wichita Falls.