The Oklahoma City developer tasked with building a new $750 million tourist destination on Lake Texoma has moved to counter sue the Commissioners of the Land Office over lack of progress on the project.
In court documents filed this week in Oklahoma County District Court, Oklahoma City-based Pointe Vista Development LLC claims that the CLO has breached its contract to the developer and that the company is entitled to recover damages from the state.
Pointe Vista claims delays in developing a four-star hotel on land that was once part of Lake Texoma State Park have been caused by the state’s inaction and lack of communication with the developer.
The developer, backed by Chaparral Energy CEO Mark Fischer, son Scott Fisher and American Energy Partners LP founder Aubrey McClendon, has said it has already spent more than $40 million on the Pointe Vista project, mostly on acquiring land and a marina at Texoma.
The Land Office moved to sue Pointe Vista in January, claiming the developer had failed to meet key performance deadlines in starting construction on the hotel, the first piece of a massive lakeside real estate development that would include housing, shops and restaurants and a water park.
The developer signed a deal with the Commissioners of the Land Office in 2006 to purchase 758 acres of park land at Lake Texoma for $14.6 million. A second agreement for Pointe Vista to purchase another 1,022 acres of land from the Oklahoma Department of Tourism and Recreation known as Area C has been held up since 2008 because an environmental study required by the U.S. Army Corps of Engineers to transfer some of the land has never been completed. The state and Pointe Vista have disagreed in the past over who should pay for the study.
Last month, the Oklahoma Tourism Commission voted to spend up to $50,000 to hire an outside law firm to represent the agency on the Pointe Vista matter to “pursue all legal remedies.”
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