(Stroud-AP) -- A former outlet mall in Stroud that was destroyed by a tornado nearly 17 months ago will be bought and developed by an Oklahoma City real estate company.

Gardner Property Interests has announced it will purchase the former Tanger Outlet Center. The terms of the deal haven't been disclosed.

The Tanger mall was destroyed during the May 3, 1999, tornadoes.

A day after the tornado, Tanger officials announced plans to rebuild the mall. Three months later they said they wouldn't rebuild.

Gardner Property specializes in "build-to-suit" properties for large tenant users on long-term leases. Among its tenants are Best Buy, Federal Express and Southwestern Bell Wireless.

Officials say Gardner Property won't build a 53-store mall like Tanger, but have already talked with several business prospects.

Stroud lost nearly 600 jobs and $9 million in annual payroll because of the tornadoes.