The Oklahoma City skyline is set to grow again with plans set to build a high-rise tower topping 20 stories on the current site of the long-troubled Stage Center theater.

Rainey Williams, president of Kestrel Investments, is set to buy the 3.15-acre property Friday morning from the Kirkpatrick Center Affiliated Fund of The Oklahoma City Community Foundation for $4.275 million.

The tower, which will front the Myriad Gardens to the east and the new John W. Rex Elementary to the west, will likely include retail on the ground floor and space for an anchor tenant and potentially other occupants on the remaining floors.

Williams said that the tower does not have a lease signed yet with an anchor tenant, but that negotiations are ongoing. Williams also could not say whether he might seek tax increment financing or other public funding to assist in the development of the tower or an adjoining parking garage.