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Pointe Vista pays $2.2M
Lake Texoma developer Pointe Vista Development said Monday it has made its final $2.2-million payment to the Oklahoma Commissioners of Land Office for 750 acres of land that was once part of Lake Texoma State Park.
The payment was the last installment of Pointe Vista's 2008 agreement with the agency to purchase the land for $14.6 million. Under terms of the deal, Pointe Vista is required to have construction of a four-star hotel on Lake Texoma substantially underway by May 2014. Preliminary work has not yet begun on the planned hotel. Earlier this month, the agency moved to file a lawsuit against Pointe Vista to enforce the terms of the contract.
“Making the final payment represents our commitment to continue forward with the project,” the development firm said in a statement. “With the financial commitment for the land completed, coupled with a strengthening residential and hospitality market, we can focus our efforts on the Lake Texoma Development.”
Pointe Vista said Monday that it has contracted with development firm Wynne/Jackson and Jacobs Engineering Group to begin the first phase of civil engineering plans for a 109-unit residential development at Texoma. The development will consist of 57 large homes and 52 townhomes, which will be part of a rental pool on State Highway 70.
From Staff Reports