WICHITA FALLS (KFDX/KJTL) — Will Kelty, the owner of Big Blue, City Center Apartments, and several other properties downtown, is now one step closer to bringing the old Petroleum Building back to life, and it’s all thanks to a decision made by the 4B Board.

In a 4B meeting last night, members approved funding for a fire suppression system to be installed in the 60-year-old building, along with 150 approved parking spaces available for tenants of the building.

For nearly 5 years, Kelty has been trying to get this revitalization project underway.

His plans are to take the old Crescent Plaza Hotel and turn it into 175 housing units. In total, the project is expected to cost around $14,000,000, with the 4B board covering a nearly one million dollar portion of the project.

“Honestly I think this is a fantastic move for the city,” Kelty said. “This building has been derelict forever, I can’t do it on my own and this is a great example of a public and private partnership that will benefit the entire community down here.”

But this approval doesn’t mean Kelty can immediately get started on the project. He now has to go in front of the City Council for final approval, which Kelty is expecting to happen in late February.