River West Phase I

In 2017, Tulsa was one of five cities in the United States awarded a Choice Neighborhoods Implementation (CNI) Grant. As the grantee, the Tulsa Housing Authority (THA) and the City of Tulsa as co-grantee were awarded $30 million. The CNI grant was allocated as an equity component over all phases of the Eugene Field neighborhood revitalization and transformation renamed “RiverWest”. RiverWest is one of many initiatives the THA is acting on in an effort to promote economic development and provide stable housing for the underserved communities of Tulsa.

InnoVative Capital, LLC’s all-encompassing engagement as Municipal Advisor to the THA has led to the execution of several RAD conversions and major renovation/modernizations for THA’s low-income housing properties. For RiverWest, InnoVative Capital structured the capital funding stack, solicitated/negotiated contracts and terms with all financing parties and executed the RiverWest Phase I transaction.

The transaction closed in Q1 of 2020 with an executed capital stack including 9% low-income housing tax credits, developer equity, multiple debt sources and private donations. The development cost for Phase I totaled $32.64m, with construction immediately commencing. Phase I is the beginning of RiverWest’s multi-year six-phase transformation in this West Tulsa neighborhood.