NE OKC Developer Nominated For Urban Land Institute Award


Tuesday, May 4th 2021, 8:02 pm
By: Karl Torp


OKLAHOMA CITY -

A real estate development group in Oklahoma City has been nominated for a prestigious international award.

It's helping break the trend of systemic racism by improving neighborhoods, not gentrifying them.

Eastpoint sticks out on Northeast 23rd Street because it's so new.

But the health care center, the market at Eastpoint, the bar, the shops and other businesses stick out to the rest of the country and beyond for something else.

“There were no comparative values over here,” said Eastpoint Developer Jonathan Dodson of Pivot Project.

Comparative values or “comps” are what banks base financing on.

Without them, money isn't loaned, and buildings aren’t built.

It's a cycle of "redlining" that Pivot Project experienced too before it built Eastpoint and established a neighborhood “comp.”

“We are three super white dudes who office above a craft beer bar and all we do is development. How can someone over here get a loan when we can't even get a loan?” said Dodson.

Citizen's Bank of Edmond finally said “yes” to the project.

Now business owners like Emmanuel Sosanya of Intentional Fitness have moved into Eastpoint.

“It’s the health of your community, your environment,” said Sosanya, who signed a 10-year lease.

But with the lease comes 15% equity in the space.

“In ten years, they can be like, ‘Hey, we had a great run we want to cash out.’ So we have to reappraise the property and buy them out of their ownership,” added Dodson.

That model has earned Pivot and Eastpoint owners, including Sosonya, recognition from the Urban Land Institute.

The project, among others in North, Central and South America are up for Urban Land Institute’s Award for Excellence in Equitable Development.

“Our hope is that we can join people from the community and help assist them redevelop their own community,” said Dodson.