The Midland City Council recently authorized the Midland Development Corporation's (MDC) proposal to acquire two downtown properties from J.L. Davis Realty on Jan. 25, according to a NewsWest9 report.
The two buildings, one on 210 North Big Spring and the other on 211 North Colorado, are located close to the recently redeveloped Centennial Park.
“Now that we have acquired the full property, we'll either be able to market the building structure as it is with enough parking to serve it,” Lori Blong, Midland City Council member, told NewsWest9.
The city council believes the purchase of the two buildings, which the MDC will acquire for nearly $5 million, will aid in the development of downtown Midland.
According to Blong, the MDC also has the option of demolishing the structures on the property, which would result in cost savings due to the city's ownership.
"If we choose to tear down the whole property, we will have a million dollars in savings in the cost of the teardown, so it gives us more options and opportunities for that property,” Blong stated.
Additionally, Blong stated that three parties are already willing to collaborate with the city and MDC to utilize the sites for their businesses.
According to the Midland Reporter-Telegram, MDC Executive Director Sara Harris stated that the purchase will facilitate the renovation of a 2-acre plot adjacent to Centennial Park and enable Midland to pursue large-scale projects.
"Each opportunity represents tens of millions of dollars of private capital investment in downtown, along with new job creation and property tax revenue to support Midland’s taxing entities," Harris told the outlet. "Acquiring the additional property is a good economic decision for Midland and represents immediate value for the community.”
The MDC board authorized the $4.9 million acquisition of downtown property from J.L. Davis' estate in early January.