In this presentation Darrel Frater, an entrepreneur‑turned‑venture‑capitalist and Director of Development at the Tulsa Dream Center, outlines Plaza 210 – a 23‑acre, faith‑centered mixed‑use entrepreneurial campus planned for North Tulsa. He recounts the land’s origin: the Walton Family Foundation’s partnership with Metropolitan Baptist Church to acquire the parcel, a stalled 2020 project, and Frater’s recent vision to revive it as an economic‑mobility hub. The mission is to catalyze economic mobility through entrepreneurship, faith, and inclusive community development. The site will be built in five phases over ten years, beginning with single‑family homes, then townhomes/apartments, mixed‑use housing, coworking/office space, and finally an entrepreneurial center. The total development cost is estimated at $130 million, broken down by phase, with $2.3 million earmarked for pre‑construction. Revenue streams include home sales, residential rents, retail rents, office desk rents, and membership fees, projecting $6.3 million one‑time from home sales and $4.7 million annual recurring revenue with a 30‑45 % operating margin. Impact goals include 500 new businesses, 1,500 jobs, $25 million annual economic output, 200+ housing units, and reaching 10,000 people through faith‑centered interactions. The capital stack will combine Opportunity Zone equity, New Markets Tax Credits, CDFI debt, bank debt, mission‑aligned grants, community notes, and private investment to de‑risk the project. Frater asks for a $50,000 seed contribution to fund design, branding, research, and early fundraising activities, and invites partners to join the effort.
Chapters
Much more than that. All right, all right. Hello everyone, my name is Darrel Frater, and today we're going to be discussing Plaza 210, which is a faith-driven entrepreneurial campus in North Tulsa. A little bit about myself, I spent the last 10 years as an entrepreneur and venture capitalist working at various VC firms such as Seraph Ventures and Visible Hands, investing in hundreds of entrepreneurs and raising over $10 million in capital from family offices, foundations, and high-net-worth individuals. I currently serve as the Director of Development for the Tulsa Dream Center, a local nonprofit that's dedicated to ending cycles of poverty here in Tulsa, specifically in North and West Tulsa. I'm a member of Kappa Alpha Psi Fraternity Incorporated, as well as I serve at Metropolitan Baptist Church. I'm a graduate from the College of New Jersey, both for my undergrad in business and an MBA, as well as recently starting the Frater Family Foundation, which is the private foundation that my family runs to do our local work here to impact our community. I'm also a father, a husband, and a man of God. I'm a member I of the believe this project is much more than a business opportunity, but an opportunity for ministry, for people to be served and supported, and to help heal our community. Origin story. So the origin of this land, we actually are looking at a plot of land across the street from the Metropolitan Baptist Church. About 10 years ago, the Walton Family Foundation went into partnership with the church to develop that land. They bought all 23 acres and had a project and plan to develop that into a resource for the community. In 2020, when COVID hit, there was a bunch of transitions within the organization and the project stalled. I moved to Tulsa about 2 years ago through Tulsa Remote as well and started attending the Metropolitan and learned about the need for supporting entrepreneurs here in the city and had this vision of creating an entrepreneurial campus. And when I spoke to the pastor, Pastor Ray Owens, at the Met Church, he told me about this project that had been stalled due to several circumstances, and it just fit very squarely into my vision of what I can build. So what we have right here is the opportunity to pick up where it was left off. The community spent a lot of time pouring into this initial plan to create a development that can support the city, and with the new vision that I'm bringing forth to build an entrepreneurial campus, it really fits the goals and the needs that the community wants. So I'm excited to be able to continue what they started and build something great for this community. Executive summary in terms of our mission. Our mission is to catalyze economic mobility through entrepreneurship, faith, and inclusive community development. Our purpose is to establish a 23-acre entrepreneurial campus centered on faith and business, integrating housing, retail, office, and community space. And we have this opportunity to create the first mixed-use faith-based economic empowerment hub in North Tulsa. The problem that we are solving for— entrepreneurial talent is abundant in North Tulsa, but opportunity is not. We're looking to create opportunities for entrepreneurs to flourish, To create new jobs, to create new businesses that serve our community, and to be able to make change in this ecosystem. This is our site plan. We're going to break it up into 5 different phases. As you can see, it's color-coordinated in regards to the breakup of the budget for that project. It'll be roughly $130 million to construct. Across a 10-year span. I can go deeper into the different elements of the site plan, but I can definitely do that in another presentation to go into more detail of the different elements. But at a very high level, single-home housing— this site is the Phase 1. In Phase 2, we're going to have townhomes and apartments. In Phase 3, it'll be mixed-use housing where we're Retail will be at the bottom, residential will be at the top. In Phase 4, we'll have coworking and office space, and in Phase 5, we'll have our entrepreneurial center. As mentioned, this will be in 5 phases across a 10-year span. In terms of the financial summary, Estimated total cost is roughly $130 million. Phase 1 is going to be roughly $9 to $10 million. Phase 2, about $30 million. Phase 3, between $38 and $39 million. Phase 4, between $19 and $20 million. And Phase 5, roughly $27 to $28 million. Pre-construction costs will vary roughly about $2.3 million, which will include surveying the land, environmental assessments, As well as saving the utilities and the road investments. The rationale of how we're building out these different phases, we're going to start with the for-home sale— for-sale homes to build equity and reduce the risk, and we will build the retail and the residential components to be able to diversify our revenue. To round it out, we'll have the Small Business Development Center that will be used as an opportunity to serve the community and leverage philanthropic Projected rents and revenue. We've broken down the different types of revenue streams from selling the homes to the housing rents, retail, desk office rents, membership. In totality, once we sell the 23 units of homes, that'll be a one-time $6.3 million injection into revenue. And then the other thing that we're looking at is the In terms of the recurring revenue, it will estimate to roughly $4.7 million annually, and industry standard, we're working with an operating margin of about 30 to 45%. And we just go back to the why. Why is this important? In Oklahoma, small businesses represent 99.4% of businesses in the state. And they employ more than half of our workforce. North Tulsa entrepreneurs are facing systemic barriers to capital, networks, and knowledge, and this is a huge missed opportunity for economic development for the entire city. With Cloud 210, we believe this project can have massive impact to our community Both economically and allowing our community to grow in multiple different ways. We want to launch within 10 years at least 500 new businesses. We want to create at least 1,500 new jobs. We want to— we anticipate having over $25 million in annual economic output. We want to reach over 10,000 people through just faith-centered interactions, and we also will develop over 200 new housing units. This will create a thriving 23-acre entrepreneurial hub that will support the growth of economic mobility for citizens here in Tulsa. We've built an incredible team of supporters and partners, um, super excited to leverage the experience and the resources that is built within this team. And super excited just to be able to have Case here with Legacy Commercial Property Advisors, as he's been super helpful as I built this vision for Plaza 210. In terms of our capital stack, we're going to be able to leverage a variety of different types of funding resources. Ranging from Opportunity Zone equities, New Market Tax Credits, CDFI debt, bank debt, mission-aligned philanthropic grants, community investment notes, as well as private investment opportunities. This approach has been to de-risk our investment due to the fact that we're selling the first phase of homes to reap revenue and profit. Immediately. Being able to use the Opportunity Zones and the new market tax credits will reduce the cost of capital, and leveraging CDFI relationships in our networks here in Tulsa will also help de-risk the opportunity. With my role at the Dream Center as well as my role as an investor in the ecosystem, I have ties to the philanthropic ecosystem where we can Leverage them to support entrepreneurial and youth programming, as well as creating a blended approach that drives sustainability for impact within this community. Positive 10 is poised to transform North Tulsa through faith-driven entrepreneurship. Our ask is $50,000. which will help us in this initial phase of preparing the opportunity. The investment will go towards architectural design, building, branding, and marketing materials, as well as research, networking, and expenses while— as we go on our fundraising journey. So if you're ready to make a difference and transform North Tulsa for good, please contact me. I would love to work with you as we work towards supporting our entrepreneurs within this ecosystem. Thank you so much. I'm excited to answer any questions and to partner with you all in this journey. Thank you, Darrel.
