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Commerce Celebrates Partnership with Local Convergence Development

The Oklahoma Department of Commerce (Commerce) applauds progress on the Convergence development project, an innovative office and research complex located in the heart of the Oklahoma City’s Innovation District. The project, which is currently being constructed adjacent to the Commerce building and near significant research facilities for the University of Oklahoma and Oklahoma State University, hopes to foster collaboration in research for various sectors including aerospace, biosciences and energy.

This project requires a capital stack that includes the private sector, local government, state and even federal incentives. One part of the capital stack is the use of the Enterprise Zone Incentive Leverage Act (Leverage Act), a Commerce-led state incentive that matches sales tax collections at the local level with state sales tax dollars. The Leverage Act can be used to support a particular project located in an enterprise zone or in support of a major tourism destination project that would positively impact a nearby enterprise zone.

“The Convergence project is a great example of how public and private entities can work together to help create high-paying jobs and investment while maximizing a particular location,” said Hopper Smith Brigadier General (ret.), Executive Director of Commerce. “Through Commerce-led incentives like the Leverage Act, the state hopes to encourage more communities to consider public and private investment partnerships to foster innovative jobs and economic development opportunities.”

The development, which broke ground in late 2022, has quickly made progress with The Tower at Convergence already visible from I-235, along with the framework of the amphitheater and subterranean garage. The Tower at Convergence will initially house approximately 950 new jobs. When completed, this multi-phrase development will include The Tower at Convergence with a retail component, the MAPS 4 Innovation Hall, Stiles Park, and a Hilton-Curio-affiliated 108-room Stiles Hotel.

“We are excited for this project to become a key piece of OKC’s Innovation District. We appreciate the Department of Commerce’s work with us on the Leverage Act to help put another piece of the incentives puzzle together to make this happen,” said Kenton Tsoodle, CEO & President of the Alliance for Economic Development of Oklahoma City. “This is a great example of state, local, and private partners working together for a common goal.” 

About Gardner Tanenbaum Gardner Tanenbaum is a privately held commercial development firm based in Oklahoma City. With more than 60 years of development and ownership experience, we’ve mastered the art of collaborative execution. We specialize in the Aerospace, Industrial, Commercial, and Multi-family industries. Results Delivered. No Opportunity Wasted. Gardnertanenbaum.com

About Robinson Park Based in Oklahoma City, Robinson Park is a leading commercial real estate firm, delivering innovative solutions to clients nationwide. With over 120 years of experience, Robinson Park has grown into a full-service enterprise encompassing investments within the office, industrial, hospitality and multi-housing commercial real estate sectors. Spanning over 11 markets and $2 billion of assets under management, Robinson Park offers specialized services in investment and development opportunities, property management, brokerage, construction management, architecture and design, and strategic research and analysis. For more information, please visit the company’s website at  www.robinson-park.com and follow the company on LinkedInInstagram and Facebook.