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.
The external Centennial Plaza will be a public space hosting farmers markets, offering bicycle routes and displaying interactive water fountains. Edmonds International has designed a series of vertical gardens for the outside space with generous grassed areas and a shaded plaza where the public and users of the building can congregate. Also within the grounds will be a green-roofed 400-seat amphitheatre and event plaza, set to host concerts and festivals.
The architects are targeting a minimum of LEED Silver Certification for the project and have integrated a number of sustainable elements into the plan. Water use reduction and reclamation initiatives will be in place throughout as well as daylight harvesting and controlled lighting systems. Recycled materials and regionally-produced content will be used in the construction process and optimised energy performance systems for heating, ventilating and air condition installed throughout.