The popular renovation duo behind the Magnolia brand have set their sites on a historic Waco building where local news was made for over 70 years. According to a report from the Waco Tribune-Herald, Chip and Joanna Gaines have acquired the Waco Tribune-Herald building located at 900 Franklin Avenue. The couple's plans include a $13.6 million renovation on the building. Being built inside will be a production studio for programming on the new Magnolia Network, a test kitchen, offices, meeting rooms, and warehouse space. On Thursday, Waco’s Downtown Tax Increment Financing Zone Board voted to deliver $2.6 million to assist Magnolia in the renovation.