MIDLAND | Energy Tower at City Center | 869 FT | 53 FLOORS

[scalziand]

One of the reasons Midland is booming (bubbling?)

Special technique helps Pioneer tap massive Spraberry/Wolfcamp shale (Video)
May 29, 2013, 2:13pm CDT UPDATED: Jun 3, 2013, 9:03am CDT
Nicholas Sakelaris
Staff Writer-
Dallas Business Journal

The Spraberry Wolfcamp Shale play near Midland is by far the biggest oil field in the country and the second largest in the world, Pioneer Natural Resources officials told me last week.

It's bigger than the Bakken in North Dakota and bigger than the Eagle Ford Shale in South Texas in terms of recoverable oil. Only the infamous Ghawar oil field in Saudi Arabia has more.

http://www.bizjournals.com/dallas/bl....html?page=all

I doubt it's quite as good as the company claims, but there is undoubtably a lot of oil in the area.

[MIRYDI]

My goodness! beatiful tower! With that said, that is waaay to tall for a city like Midland IMO. I honestly think it would look ridiculous there. It would look soo much better if they just built a 400ft tower and another 500ft one or something.

It's not like Midland is gonna be spitting out towers to blend in with this anytime soon. Anyhow, that's just my opinion and it don't mean jack. Good for you guy's...

[Urbannizer]

Originally Posted by World Architecture News

Developer of $475m Energy Tower requests $75m from Midland, Texas to fund project


At a public meeting on 20 August to discuss the future construction of Energy Tower in Midland, Texas, developer Energy Related Properties requested that the city contribute $75m to the realisation of this mammoth 56-storey tower. The project is estimated to cost $475m in total and has been designed by Edmonds International as a truly mixed-use facility with office, residential, hospitality and public amenities.

In an interview published on Permian Basin 360, William Meyer, President of Energy Related Properties, explains: “I see a project that will generate hundreds of millions of dollars in tax revenue - which will lower [local people's] taxes. I see a project that is going to generate billions of dollars in economic activity. Over 20 years, it’s $640m in taxes, almost $6bn in economic impact - that’s a great investment.”

The $75m contribution would be used to fund the construction of a 5-storey underground parking facility which Meyer argues is a much-needed asset in Midland. Above ground, the Energy Tower will comprise: 555,768 sq ft of office space and sky lobbies; 132 branded residences; a 200-room luxury hotel; 67,387 sq ft of retail outlets; cinemas; outdoor and indoor performance venues; a ballroom and convention space with capacity for 5,000 attendees; and a Centennial Plaza.

Read More: http://www.worldarchitecturenews.com...pload_id=23228

[dc_denizen]

Nice tower, but $75 MM seems a steep price for a municipality to pony up for.

[wwmiv]

Originally Posted by dc_denizen

Nice tower, but $75 MM seems a steep price for a municipality to pony up for.

Let alone such a small municipality.

[franktko]

Damn! I'd probably tell the developer "why don't you shave off 75 M worth of floors and have a more reasonable tower for this city?"

[LMich]

$75 million for how many parking spaces? Take a hike. lol It's bad enough that tax abatements and deferments have become standard practice. But asking for the money up front like this is just beyond.

[JACKinBeantown]

And it looks like it's not even designed to be a real part of the city. It's pushed way back from the street in a grand plaza a la Dubai or some other place where oil buys buildings. Where's the street level retail? Where's something for the people of Midland, not just the executives who will hide themselves away in this ivory tower?

[MolsonExport]

^yeah. My biggest issue is the complete lack of integration with the streetscape. Sore thumb, wretched 70's-style "plaza"...

[Urbannizer]

Originally Posted by My West Texas

Council approves Energy Tower terms, conditions including incentives

The City Council approved on Tuesday a multi-year tax rebate package and other conditions in a term sheet for the development of Energy Tower at City Center.

The council approved the development incentive, which was capped at $50 million or the maximum amount given in an 18-year period. The incentive includes ad valorem tax from the Midland Tax Increment Reinvestment Zone No. 1, sales tax revenue and hotel and motel tax revenue, generated only by Energy Tower. Funding from all three sources will be from 80 percent of the city’s portion of each respective tax. Taxing entities will get the remaining 20 percent that Energy Tower generates.

Full Article: http://m.mywesttexas.com/top_stories....html?mode=jqm

[TallBob]

Rip-Off!!

[supertallchaser]

guys dont act like you dont like this tower

[photoLith]

This is going to be nuts for west Texas.

[Yackemflaber69]

any news ?

[Spocket]

Originally Posted by supertallchaser

guys dont act like you dont like this tower

I'm not acting.

It's a boring box set in a place that's completely off scale.
That was interesting sixty years ago but meh...to each their own I guess.

[tgannaway89]

Originally Posted by Yackemflaber69

any news ?

If it still happens it will be scaled way back. The Midland/Odessa economy has been slowing a lot in the past year. They aren't even the fastest growing metro in the US anymore.




Record Construction In Midland, Odessa Tops $1 Billion
Economy Watchers See Stability In Midland-Odessa Economies

Ingham said surges in commercial construction can typically come toward the end of a growth cycle and the high amount of construction in Midland and Odessa doesn’t necessarily mean the area economy isn’t slowing down.

A line graph of the monthly results, he said, would show a slight flattening of the index that began late last year. But, given the stresses rapid economic growth has put on Midland-Odessa’s housing, labor force, roads and other infrastructure, he said that may not be a bad thing.

The only negative in the October index was seen in hotel-motel tax collections, which were down 2 percent in October compared to the previous year. Ingham said that decline suggests enough new hotel room capacity has been added that it has taken pressure off demand for hotel rooms.

Pam Welch, executive director of the MDC, said she hoped that decline indicates that new residents are finding permanent living quarters — houses or apartments to live in — rather than hotels.

Jim Smitherman, chief executive officer at Security Bank, agreed that the Midland-Odessa economies appear to have stabilized, reducing pressure on housing and the labor market.

Read more: Record construction in Midland, Odessa tops $1Bn - MRT.com: Top Stories http://www.mrt.com/top_stories/artic...#ixzz2mYWQXvL1
Under Creative Commons License: Attribution

[NYguy]

http://archpaper.com/news/articles.asp?id=6975

Boom Town
Edmonds International-designed 58-story mixed-use tower and plaza may soon rise in downtown Midland, Texas.


12.04.2013
Aaron Seward

...The 869-foot-tall tower is rhomboid in plan with a perimeter diagrid structural steel framing system and a transparent glass facade. A solar shading system protects the western and southern faces of the otherwise clear envelope from the powerful West Texas sun.

From the bottom up, the development includes 53,500 square feet of retail in a sunken level that is open to the sky, a 198-room hotel, 230,460 square feet of residences, 564,000 square feet of office space, and a sky lounge and spa capping things off. Considering that the building would be twice as tall as Midland’s next-tallest structure, the first floor of offices, the 28th, would feature 360-degree views that easily clear the surrounding rooftops.

By packing most of the program into one tall tower, the architects were able to free up 80 percent of the site for a public plaza with a reflecting pool and an accessible green roof that tops a ballroom and convention center. The project also includes five levels of underground parking with 2,920 spaces.

...Meyer continues to court tenants for the project, and is asking for 10 to 15 year commitments. “It’s progressing really well,” he said. “We’re seeing a strong demand for the tower. We’re currently in talks with some hotels. Some have heard of Midland, some haven’t.”

[SLO]

I like the building, hate the setting/plaza/lack of urban integration. This might as well be out by itself somewhere.

[JayPro]

I'd think any person from the Twin Cities can recall when IDS center suddenly overshadowed everything and prolly thought the same thing......

[tgannaway89]

Midland's outgoing mayor has doubts about Energy Tower...

Another goal Perry set, the revitalization of downtown, was on the council’s agenda since 2001, Dufford said. During his time as mayor, downtown housing such as Wall Street Lofts, began construction, and planning progressed for Energy Tower at City Center, a skyscraper that addresses multiple downtown issues such as housing, office space and parking space.

Perry, who abstained from any Energy Tower votes or discussion during council meetings, said that he is now unsure if Energy Tower will help or hurt downtown revitalization, adding that he can see long-term gains but not short-term benefits. He also wondered about the chances that Energy Tower may not be built to the extent of what has been shown thus far.

Read more: Mayor Perry ends 11-year service to city - MRT.com: Top Stories http://www.mrt.com/top_stories/artic...#ixzz2pYtFLcJb
Under Creative Commons License: Attribution