How soon they forget......
Friday, May 31, 2002
DESCO, MLP to develop urban village in TulsaSt. Louis Business Journal
http://www.bizjournals.com/stlouis/stories/2002/05/27/daily72.htmlThe DESCO Group will team with the Tulsa (Okla.) Development Authority and MLP Investments to create a mixed-use development in downtown Tulsa.
Financial terms were not disclosed.
The companies will create East Village, a pedestrian-oriented retail, residential, cultural and entertainment district, aiming to revitalize an old downtown site. DESCO will handle the commercial aspect of the development, while St. Louis-based MLP Investments will handle the residential aspect, the companies said.
The East Village, on a 115-acre site, will be designed by St. Louis-based Suttle-Mindlin architects, and will include 760,000 square feet of retail space; 50,000 square feet for entertainment venues; 100,000 square feet for offices; a 12-story hotel and multi-family and single-family residences.
St. Louis-based DESCO Group is a commercial real estate, development and management firm.
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http://www.tulsanow.org/forum/topic.asp?TOPIC_ID=2007"$500 million facility for Tulsa
Other incentives enacted last week will award state income tax credits of up to 25 percent to companies that build production facilities in Oklahoma and give state taxpayers who invest in projects produced in Oklahoma a 25 percent income tax credit on profits made, if they reinvest their profits in another Oklahoma project.
The former comes just in time for an investor group called East Village Studio Project, which is planning a $500 million production facility and hotel on 115 acres in downtown Tulsa, with retail shops and different architectural developments on different streets.
"We've been negotiating with the city for the past 15 months," said Pete Rommel, owner of Hotel Savoy and a partner in the project.
Construction is expected to begin by the fourth quarter, Rommel said.
The reinvestment incentive was the brainchild of his partner and certified public accountant Fred Imel, said Paul Tompkins, president of Crazy Fish Films and Vision Pix.
"It's a no-lose proposition for the state," he said. "It encourages local and studio companies to come here and reinvest. And if they don't have any income to offset, it doesn't matter anyway."
Tompkins, an Oklahoma City native who spent 20 years behind the camera in LA working on "Dallas," "LA Law," and "Matlock," is trying to raise $12 million to shoot three films and a TV series in Oklahoma, including a comedy titled "There Goes the Groom" about a man turned on his head two days before his wedding to a Nichols Hills' heiress. "