Governor Mary Fallin said Thursday the settlement negotiated by Commissioners of the Land Office with Pointe Vista Development LLC clears the way to sell 50 premier acres overlooking the historic Roosevelt Bridge spanning Lake Texoma for development of a hotel.
Some land held by the Oklahoma Department of Tourism that was under contract to would-be developer Pointe Vista Development, of Oklahoma City, will remain in the hands of the state to be redeveloped as a state park.
“The settlement negotiated by the Commissioners of the Land Office represents a significant step forward in achieving our goal to secure a second developer with hotel development and operational experience to create jobs and revenue for southern Oklahoma, along with building on this beautiful piece of property once home to the popular Lake Texoma Lodge. As a result of this settlement, we are now free to move forward to bring positive economic activity to the area while maintaining the beauty of the site,” said Fallin. “I am very pleased we have reset the opportunity and am optimistic that a development beneficial to the area’s economy, residents and tourists can be built sooner rather than later.”
Pointe Vista signed a deal with the Commissioners of the Land Office in 2006 to purchase 752 acres of park land at Lake Texoma for $14.6 million. The company purchased the land in accordance with the agreement.
Original plans included a four-star hotel located near where the original state lodge once stood. An economic recession in 2008 adversely impacted the timing of development plans. In late 2013, the CLO filed a lawsuit against Pointe Vista Development over the lack of progress on the project.