I can tell you haven't been to downtown Midland recently. There is a ton of construction and renovation downtown right now. Plus a lot of projects planned for downtown.
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Originally Posted by glowrock
Maybe that's only counting the one or two towers that are actually occupied and not the three or more that are nearly entirely vacant? 
Look, I know full well that Midland-Odessa is booming because of the Permian Basin oil development, but I also know full well that the vast majority of the energy companies are building campuses along the main loop road around Midland and NOT in downtown. This will never happen, period.
Aaron (Glowrock) |
"Jacobs, the president of Wexford Capital LP, with $5 billion in assets, views the $350 million Energy Tower office- hotel-condominium project as the centerpiece of the Permian Basin, the source of almost 60 percent of Texas’s oil last year. Midland County, with a population of about 147,000, was the fastest-growing metropolitan area as of July, the U.S. Census Bureau said last month.
“This is a very important part of America that isn’t well understood,” said Jacobs, 60, who lives in Greenwich, Connecticut, where Wexford is based. “My friends have told me, ‘You can’t be serious,’ but when you look at the facts and the potential here, it’s perfectly logical that this building gets built.”
Since 2010, Wexford has invested $45 million in four of Midland’s downtown office buildings, totaling about 800,000 square feet, said William Meyer, a partner in Energy Related Properties, a Midland company working with Wexford. The hedge fund, which specializes in energy and real estate investments, also owns 44 percent of Diamondback Energy Inc. (FANG), a Midland oil- exploration company that first sold shares to the public in October."
“The real estate market has been slow to react to what’s happening in Midland,” said Jacobs, who complained about paying more than $300 on a weeknight at the local Holiday Inn Express. “The market will ultimately decide, but we think our timing is right.”
http://fuelfix.com/blog/2013/04/12/m...n-buoys-texas/