Whether your business is in the exploration of space, firmly grounded in oil and gas exploration or focused on residential and commercial development, Midland — center of the country’s fastest-growing and richest economy — is clearly the place to be in 2014. Continued growth in all sectors of the economy, strong public-private partnerships and a development plan that welcomes diversity are driving a continued resurgence of demand for locations in our downtown district.
Current real estate development in the downtown area includes both renovation and new construction and ranges from office space to new retail stores and eateries, as well as hotels and lofts for downtown living. These new locations are supported with improvements in public transportation and multi-story parking garages, enhancing the rapidly expanding clientele and customer base.
In line with Midland’s long-standing “Tall City” nickname, the hottest topic in town is the proposed Energy Tower at City Center. The tower is a 58 story mixed-use development, with 53 floors above ground and five subterranean floors provide parking for the Tower and surrounding developments. The property features 99,000 square feet of retail space, a four-star hotel, residential and office space and is topped by a sky restaurant/bar. And just next door, improvements at Centennial Plaza will almost triple the outdoor space available for public events.
Boost to Business
The city of Midland is seeking catalyst projects that will focus on sustainable growth, support those businesses already invested downtown and spark future growth. To that end, the city partnered with the Downtown Midland Management District (DMMD), Tax Increment Reinvestment Zone (TIRZ) No. 1 and Midland Development Corporation (MDC) to bring the dreams of local business owners to life. The partnership has so far supported the establishment of Wall Street Lofts, Susie’s South 40 and Basin Burger House in the downtown district.
Wall Street Lofts is the first new residential development to build in downtown Midland in 40 years. Susie’s, which is celebrating its 22nd anniversary as a company this year, recently opened a new-tourist friendly candy factory downtown.
Basin Burger House, a combined preservation/renovation/new construction development, is located across the street from the owner’s newly constructed corporate offices in the northern area of the downtown district. And just around the corner from Basin Burger, the owner recently expanded his commitment to the redevelopment of the downtown district with the purchase of property to be renovated for two additional businesses. These projects all point to an ongoing renaissance of the downtown area.
Renovate and Revive
A current Request for Proposals (RFP) seeks compatible development with an emphasis on creative reuse or renovation of the Mid-America building and the Midland Executive Center. These are two of the 20,000 to 50,000 sq. ft. opportunities available for purchase and redesign as the city actively seeks developers to build a vibrant live/work/play space. There are many additional opportunities available in the midst of the population explosion that has taken the City from a little over 100,000 to almost 150,000 in approximately two years.
Those who share the vision and build or redesign in downtown area will join other exciting renovations like the historic Ritz Theatre’s re-birth as the home of the local Basin PBS station, which hosts live events and broadcasts daily. Meeting, eating and overnight stays in grand style are available at the Doubletree following a multi-million dollar facelift of the longtime downtown anchor.
Other recent renovations such as So Fly Gift and Décor, Taste@508 and Cancun Bar & Grill join established local landmarks like Jo Jo’s, Luigi’s, Wall Street Bar & Grill, The Bar, Johnny’s BBQ and Cristiani’s Jewelry. The new additions have brought diversity and variety for folks staying or shopping downtown.
With the release of updated economic indicators confirming the predictions of continued growth throughout Midland, interest and investment in the downtown district continues to rise. The Tall City of West Texas, originally built by wildcatters and gamblers, continues to be a natural fit for those with the foresight and entrepreneurial spirit to dare to dream and prosper.
— By Genore Young, Downtown Development Director, City of Midland. This article originally appeared in the March 2014 issue of Texas Real Estate Business magazine.