Downtown Midland has been transformed over the past decade. Catalysts for the revitalization include Centennial Park, the Bush Convention Center, and community and corporate investments. More recreation, dining and residential capacity exists than ever before, meeting the needs of thousands of Midlanders and visitors who come downtown every day for work and to visit the region.
Downtown lacks a convention center hotel to serve its citizens and travelers for business, leisure and events. Business travelers look elsewhere for quality hotel rooms – outside downtown, or out of Midland entirely. Large events at the Bush Convention Center are unobtainable, amounting to millions of dollars in lost economic activity. Weddings, galas and corporate board meetings bypass downtown. Signature events have abandoned Midland due to unsatisfactory accommodations.
This is Midland’s challenge, and a group of Midlanders, including local investors, major downtown employers and foundations have partnered for the solution. The proposed project is a 135-room, full-service hotel that will include 8,000 square feet of meeting space, retail and restaurant locations and an 800-space parking garage. The garage will provide parking for the hotel, the public and downtown businesses.
Total project costs are estimated to be greater than $150 MM, the majority of which will come from Midland-based investors. Midlanders will provide the equity, and Midlanders will be accountable for the project and its results. Cities make bold investments in downtown hotels because they are powerful economic engines. The city’s economic core is anchored by companies headquartered in Midland. Downtown investment is the city’s commitment to retaining major employers and providing amenities for their employees, partners and vendors.
A full-service hotel will encourage new investments and property updates, increasing downtown property values. It has the potential to attract greater private investment downtown and across Midland. It will help Midland become a more competitive destination for larger conferences, more events and a larger share of regional tourism. This positive economic impact will bring increased revenue, raise Midland’s profile and improve the city’s brand nationally.
This project will not burden the taxpayers with any additional or increased taxes. Incentives provided by the City of Midland through the Midland Development Corporation are based on performance – the project can only receive incentives based upon the development of the property and what it generates in property value, sales and occupancy.
Midland leads the nation in energy production, job growth and per capita income. Our city has the opportunity to seize economic potential downtown, with a hotel project that will be the anchor of the community that will serve Midlanders and visitors alike for decades to come.