TULSA, Oklahoma - Local developers are putting almost $50 million into a two-block area of downtown Tulsa.

One project is underway and another is set to start in the next couple of weeks, making the East Village the next hot spot.

Currently, there's not much at 2nd and Greenwood, but the area is prime real estate as an anchor between the Blue Dome District and a number of new bars and restaurants, and developers like Casey Stowe, are jumping on the opportunities.

"This is a really exciting part of town right now," Stowe said.

He's taking advantage of the buzz surrounding downtown's East Village.

Stowe and business partner Elliot Nelson bought an empty plot of land from the Tulsa Development Authority and they already have big plans for it - Hartford Commons, a $25 million, 161 apartment project between 2nd and 3rd Streets on Greenwood.

"What Elliot and I are hoping to bring to the party is that downtown vibe and feel," Stowe said.

Directly across the street on Hartford, developers John Snyder and Neal Bhow will renovate and expand an old city building, turning it into 90 apartments and retail space - an $18 million investment.

"There is some really neat and funky stuff going on right now and a lot of opportunity and I think you are seeing the manifestation of that," said Stowe.

Already underway are the Urban 8 Condos, they will complete a 3rd Street corridor where businesses are taking advantage of the old, unique, spaces.

There are some businesses building brand new. Tulsa's Hogan Assessments is investing $15 million into its new headquarters at the corner of 1st and Greenwood.

"There is a huge amount of interest from local developers, statewide and nationally. We've been recognized as that place where everyone wants to come," Tulsa Development Manager, Crystal Keller said.

Stowe believes that in ten years, when people look back at this time for downtown Tulsa, they'll remember it as a time of change and progress.

“It was the place where so much was happening and so much change was taking place. So much positive energy and change towards the future was happening, and we are living right in the middle of that right now," he said.

Construction on Hartford Commons will start before the first of the year and they plan to start leasing in 2016.

Both the apartments will have parking garages and Stowe said he is also in talks with the city about getting a stop light or more signage at the intersection of 2nd and Greenwood.