A developer is pitching what would be by far the tallest building in downtown Midland, a booming oil and gas town in west Texas.
The project would be 58 stories (the tallest building there is about 25 stories), and it would combine office space, condos, a hotel and shops. It even would top the skyscraper that oil major Chevron is planning for downtown Houston.
The cost to build the structure is estimated at around $400 million. The building would be developed on a two-block site that would also include convention space, an entertainment center with a movie theater and an outdoor area for concerts.
Houston area: Aerial photos of the Exxon Mobil campus
The developer is Energy Related Properties, which already owns about 1 million square feet of office space in Midland. Wexford Capital is the financial partner. The city of Midland is providing the land for the development.
Texas economist Ray Perryman and the building’s architect, Michael Edmonds, spoke today to a group of energy and real estate professionals about the project and Midland’s significance in the energy industry. The event was hosted by Colliers, the commercial real estate firm marketing the space.
J. Patrick Duffy, president of the Houston office of Colliers, said tenant prospects are very promising and that the building could break ground early next year.
Here’s a computer-generated video of the Energy Tower project: