WACO, Texas (KWKT) — HGTV stars Chip and Joanna Gaines are making yet another venture in Waco, Texas with the announcement of their Magnolia Headquarters.

The Waco Tribune-Herald, which has been located at 900 Franklin Avenue for the last 70 years, will now have new owners.

The Gaines have now closed on the building with plans to renovate and make it the new “Magnolia Headquarters”.

Magnolia Chief Financial Officer Michael Rodriguez presented the conceptual plan to the Tax Increment Financing Board in Thursday’s meeting, sharing the history of Magnolia and the Gaines’ future goals.

“Really, as an expression of their love for the City of Waco, and their desire to share their gifts of entrepreneurialism and creativity to the rest of the community,” Rodriguez says.

Rodriguez says they exist to bring life and hope in the Heart of Texas and their recent decision to purchase the Waco Tribune-Herald aligns with this mission.

“It allows us to bring together several disparent sites for our consolidated headquarters and presence for our business, bringing together a number of teams,” Rodriguez said.

The headquarters will allow them to provide office space, production studio facilities, a test kitchen and warehouse capacity.

“As well as a home for more than 200 of our fellow employees,” Rodriguez said.

Magnolia is requesting more than $2 million to redevelop the building, which sits close to the Silos and their future hotel site.

They have started the conceptual plan with key elements – such as more parking and electric vehicle charging stations.

“Our goal is really to pay tribute to the rejuvenation of a key pedestrian segment in our city,” Rodriguez said.

Rodriguez says the total budget estimate for the project is a little over $13 million, and the request to the city equals close to 20 percent of the project.

“We are grateful very much for the Board’s consideration,” Rodriquez said. “Certainly for the support and partnership that we have in the City of Waco.”

The panel voted in favor of the project, and the motion was carried. NewsNation affiliate KWKT will have more in the months to come as the project gets underway.