Change is coming to downtown Midland in the form of a new high-rise office tower that was designed by international architect Michael Edmonds and will be built by Midland-based developer Energy Related Properties.
When it opens in 2015, Energy Tower at Midland’s City Center will reach 58 stories into the sky, making it the sixth-tallest building in Texas. Not only will the new tower dramatically transform downtown Midland, but it is also one of the most progressive building projects ever seen in Texas.
The mixed-use Energy Tower will – when completed in 2016 – have more than 990,000 square feet of Class A space. It will combine commercial office space with retail, shopping, dining facilities, as well as a hotel and residential condos. It is LEED-certified, meaning that it has been rated for environmental merits. The new skyscraper, which is being built on a two-block site at a cost of around $400 million, will help meet both Midland and Permian Basin-business needs.
Texas economist Ray Perryman, who researched and wrote a comprehensive report on the Permian Basin, addressed a group of more than 200 business leaders who attended the invitation-only virtual tour.
“Though hundreds of miles separate the two cities, the economies of Midland and Houston are now closely connected. Because of its location and role as the ‘Oil Capital of America,’ Midland pulses the Houston economy,” Perryman said.
The importance of the building is not confined to the state line, Pat Duffy, real estate broker for the Energy Tower and president of Colliers International, noted in a press release.
“The importance of the Permian Basin on U.S. energy and the economy is only just now warming up. It’s only going to continue to grow in importance,” Duffy said.
Duffy expects nearly full occupancy of the Energy Tower by the time the project is completed.
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