59-Story ERP Tower (Midland) (Houston, Dallas: 2013, promotional, estate)

[snuffster]

Midland and Odessa are booming. A friends son turned down a soccer scholarship out of high school, did nothing for about a year then moved over there last summer to work the fields and started out at well over 60K/year. He already paid his dad off for a $19,000 Ducati sportbike his dad financed for him. If you can't make it in Texas then you can't make it anywhere.

[case44]

Originally Posted by tgannaway89

Image provided at Midland Reporter Telegram

Energy Related Properties officially announced Energy Tower at City Center today during a press conference at Centennial Plaza, the future site of the proposed City Center.

The tower will be 53 stories with one underground retail floor and five basement parking floors, effectively making a total of 59 floors, according to the fact sheet given to the press.

Read more here...

Very impressive facility for them. That'd be something even if energy didn't have anything to do with it.

[Midland007]

Developer on new tower: Energy Tower at City Center to show off a downtown on the rise - Mywesttexas.com: Top Stories

[LEFT]
From its beginning as Midway Station, a train depot half way between Fort Worth and El Paso, to its status today as the global heart of the oil field, Midland has been known as the land of high skies. I am so very proud to be part of the effort under way to raise higher the sky above Midland with the development of a landmark structure in the heart of the city.

Energy Tower at City Center will add an architecturally significant landmark to the endless horizon for which West Texas is known, reminding the world once again that Midland is indeed the oil capital of America.
The 58-story Energy Tower at City Center (53 floors above ground) downtown will provide nearly 1 million square feet of office, residential, hospitality, retail and entertainment space on one site, to help meet the growing demands of our city. It’s an efficient and thoughtful use of the limited land available downtown and harnesses the Tower’s might via its height, toward the sky.

As developers, we humbly follow in the paths forged by city fathers in the late 1920s such as Clarence Scharbauer, who built a 250-room hotel downtown, and Thomas Hogan, who erected the ornate and timelessly elegant Petroleum Building not far away.
Their visions were as much about what the city would become as they were of what the city already was: the center of America’s prolific oil industry. Nearly a century later, I understand well the stuff of their dreams.

Midland’s downtown is vibrant once again. We know Energy Tower at City Center will make it even brighter. Rather than build separate commercial, hotel and rental units sprawled on the outskirts of town, we chose a higher quality, more cost-efficient solution: a single smart tower that will stand as an economic magnet, attracting commerce and business from across town, across Texas and throughout the nation. In Midland, continually ranked today among the nation’s leading economies and job creators, we believe the tower will be a beacon calling the region and state’s top employers — and Midland’s sons and daughters — back downtown to the heart of the city.
We also know that growth can come with pain, and we understand that good people disagree on the merits of replacing the current county courthouse with the tower. We respect their affection for and their memories of the old courthouse. But I would direct you once again to the early 20th century in Midland County, when beloved structures went up but ultimately came down later in the century to foster new and productive avenues for prosperity and growth in Midland.

Energy Tower at City Center will stand as the sixth-tallest building in Texas when it opens in two years. Gardens and green space, reflecting pools and a shaded public plaza will invite Midlanders and their visitors alike to experience an oasis in the social center of downtown. You may want to take advantage of the bicycle- and pedestrian-friendly exercise areas, enjoy the cultural offerings that the sculptures and artwork will offer or attend a concert, festival or farmer’s market also planned for the adjacent 400-seat amphitheatre and plaza area.

One-half of the signature building, LEED (Leadership in Energy and Environmental Design), certified and designed by the renowned architect Michael Edmonds of Edmonds International, will be home to Class A office space. The remaining half will be dedicated to a 200-room five-star hotel, residential units offering hotel amenities, best-in-class restaurants, cafes and shops. In addition, Energy Tower at City Center will offer a seven-screen VIP movie theater, sky restaurant, private club and ballroom and convention space for up to 5,000 people per event for any theme or occasion.
And in what promises to be one of the most exciting features, five underground floors come with the new building, easing pedestrian and traffic flow downtown.
Leasing at Energy Tower at City Center has begun for the planned 2015 opening. Even at its towering height of 869 feet, this new structure will grow Midland’s commercial space by only about 8 percent, and its retail and residential space by just a few percentage points.

We hope you will agree that the new tower — and more important, the Midlanders who work, live and visit there — will energize the pulse of our downtown and enhance the quality of life for all those, like me, who call this glorious city and her legendary skies their own.
---
William A. Meyer is a partner in Energy Related Properties, developers of Energy Tower at City Center along with Wexford Capital LP. Energy Related Properties, founded and headquartered in downtown Midland, is a private equity fund dedicated to investing in, developing and operating real estate assets. The fund invests in properties where energy plays a significant role in the economic viability of each community. Wexford Capital LP, an SEC-registered multi-billion dollar global investment advisor formed in 1994, currently owns a diversified portfolio of real estate, including the Midland office properties of Fasken Center and Western National Bank Building, both owned in partnership with ERP.





[/LEFT]

[TheOverdog]

The tower will be 53 stories with one underground retail floor and five basement parking floors, effectively making a total of 59 floors, according to the fact sheet given to the press.

Underground retail....oh man, small cities try the same horrible ideas over and over as they grow. There is no learning.

[Cathy4017]

I just wonder what will happen to grand schemes (if it comes to pass) like this when Midland finally busts again?

It's a little scary to remember the 1980s, with all of the empty office buildings, new apartments that were so poorly constructed that they were torn down in less than 20 years, the glut of housing, businesses that closed left and right...et al.

[TT Dave]

Originally Posted by Midland007

Developer on new tower: Energy Tower at City Center to show off a downtown on the rise - Mywesttexas.com: Top Stories

[LEFT]One-half of the signature building, LEED (Leadership in Energy and Environmental Design), certified and designed by the renowned architect Michael Edmonds of Edmonds International, will be home to Class A office space. The remaining half will be dedicated to a 200-room five-star hotel, residential units offering hotel amenities, best-in-class restaurants, cafes and shops. In addition, Energy Tower at City Center will offer a seven-screen VIP movie theater, sky restaurant, private club and ballroom and convention space for up to 5,000 people per event for any theme or occasion.
And in what promises to be one of the most exciting features, five underground floors come with the new building, easing pedestrian and traffic flow downtown.
Leasing at Energy Tower at City Center has begun for the planned 2015 opening. Even at its towering height of 869 feet, this new structure will grow Midland’s commercial space by only about 8 percent, and its retail and residential space by just a few percentage points.


[/LEFT]

IMO, this paragraph above describes something very significant for the viability of this new building. Using only half of the tower for office space and the rest for hotel and residential space as well as other multi-use spaces makes this project more likely to be successful.

[tgannaway89]

Image provided at Midland Reporter Telegram


Image provided at Midland Reporter Telegram


Image provided at Midland Reporter Telegram

With the search for tenants underway, developers of the 53-story Energy Tower at City Center said they are “good” on having 20 to 40 percent of the building’s office space leased out to companies, but negotiations are still ongoing with those groups.

The percentage range puts developer Energy Related Properties near the 30 percent requirement that the city of Midland mandates for the deed to be handed over from the city to the developer.


Read more: Energy Tower developer says 20-40 percent of office space locked down - Mywesttexas.com: Top Stories Energy Tower developer says 20-40 percent of office space locked down - Mywesttexas.com: Top Stories
Under Creative Commons License: Attribution

[TT Dave]

^^That's good news. Thanks for the additional renderings, I like the design of this building. It's going to look great in the Midland skyline.

[tgannaway89]

Check out this animation:

Energy Tower Promotional Video - YouTube

[Midland007]

Press kit has a lot of info:

http://permianbasin360.com/images/Mu.../PRESS_KIT.pdf