Odessa and Midland Developments

[joqua]

From today's news (03/23/2015):



For the second year in a row, Midland, situated in the Texas oil patch, kicked off the year with the lowest jobless rate in the country.


Midland, Texas had a 2.6% jobless rate in January, beating out Lincoln, Neb. at 2.8% and Ames, Iowa at 2.9%. Midland has an estimated 100,000-strong workforce, 97,300 of whom are in the private sector. The oil and gas boom helped Texas cities capture four of the top ten spots for the lowest jobless rates in the country (see bottom for rankings).

[PHX_Creative]

Update on the Hotel Santa Rita No.1 in downtown Midland.

The City of Midland has given the developers of the $80-100 million Hotel Santa Rita the go ahead with the project after voting to give up to $11.95 million in infrastructure and park improvement tax incentives. The developers have also redesigned the building by reducing the number of floors from 17 to 15 and removing residential space in favor of a 4-story above ground parking garage.

The hotel will feature 120 hotel rooms, office, retail space, special event space, a whiskey bar, rooftop terraces and outdoor pools, an upscale restaurant, fitness club, and an Epicurean market.

Downtown Hotel Put On The Clock After Tuesday
By Joseph Basco
Midland Reporter-Telegram
April 12, 2015

City Council will approve a master development agreement with developers of an upscale, 120 room, 15-floor downtown hotel, it is the next year or two that will truly determine whether the multi-million dollar mixed use downtown revitalization project will come to fruition.

Here are some updated renderings from the developers of the project.

[PHX_Creative]

In other Midland Development news:

The Borgata’ shopping center to open July in NW Midland
By Joseph Basco
The Midland Reporter-Telegram
April 20, 2015

Tenants thus far include sports bar and restaurant Little Woodrow’s, health-conscious restaurant Fresh Fit Meals, supplement store Total Nutrition, sports shop Stadium Sports, a nail salon, a hair salon and spa, and two undisclosed tenants including a medical center, according to an online flyer by The Havens Group.

The Borgata Shopping Center is on the site of the former Putt-Putt Golf and Games Center next to Lowe's Home Improvement.

Also in its final year the Tax Increment Reinvestment Zone board approve giving funds to 5 downtown Midland projects.

TIRZ approves five agreements worth $720,800
By Joseph Basco
The Midland Reporter-Telegram
April 16, 2015

In one of its final meetings before sunset, the Tax Increment Reinvestment Zone board of directors approved Wednesday five separate incentive agreements for downtown revitalization projects, including mixed-use buildings and food truck parks.

Two of the five projects that are noteworthy are the Vaughn Building redevelopment and the Midland Food Truck and Farmer's Market Park. The Vaughn Building is a 12-story vacant building on Texas Ave and Big Spring St. The developers are looking to create a mixed-use office building with room for retail and parking on the lower floors of the building. The Midland Food Truck and Farmer's Market Park will be built next to the new Susie's South 40 factory on Marienfeld St.

[Mark Senior]

You need to hope oil prices move and stay up. Remember the 55 story project?

[Midessan]

Originally Posted by Mark Senior

You need to hope oil prices move and stay up. Remember the 55 story project?

That project died before prices dropped, it was poorly managed from the start.

[PHX_Creative]

Continuum Partners LLC of Denver and SCI Realty of Midland are teaming up to create Westridge Commons near the Scharbauer Sports Complex and Chevron offices in West Midland. The 1,000,000 sq ft mixed-use development will include office, retail, and residential space. According the official website there will be 280,000 sq ft of commercial office space, 126,000 sq ft of retail space, 450 apartment homes and 65 townhomes. This development was announced several months ago by Continuum Partners LLC as they believed in the economic growth of Midland even when the oil prices were near there lowest. They said that the development could take 5 years to completely build out. If the photo rendering on the webpage is any indication of what it will be like, it will truly be something new for Midland. Also the proposed Embassy Suites is supposed to be at the west end of this development along Avalon Dr and Highway 191.

Westridge Commons

[PHX_Creative]

Demolition work at the former Midland County Courthouse has begun and will be completed over the next few months with the site cleared by the end of the year. The developers of the Hotel Snata Rita No.1 plan to begin construction on the site in February.

[PHX_Creative]

The former Midland Counry Courthouse is currently being demolished to make way for the proposed Hotel Santa Rta project. CBS 7 has a recent photograph of the demolition work.
Demolition Underway at Old Midland County Courthouse

[PHX_Creative]

The developers of Westridge Commons, Continuum Partners, have updated the development's website with more information and renderings of the mixed-use walk-able neighborhood in West Midland.

A quick overview of the project:

527 Residential units (426 Apartments/65 Patio homes and Townhomes)
136 Hotel rooms
126,000 sq ft Retail/Restaurant space
280,000 sq ft Office space
Up to 3 acres of park space

Here are some of the renderings of the project.








Renderings courtesy of Westridge Commons, Continuum Partners LLC.