Quote:
Originally Posted by DCReid
I think it is a terrible proposal. Trophy buildings in relatively small downtowns tend to get all of the best tenants and retail, at the expense of the rest of the downtown. Cities have tried promoting such development but they have generally not been successful in reviving most downtowns. Instead, the rest of the downtown area languishes at the expense of the new area. Renaissance Center in Detroit is one example of a failure, but so was the original World Trade Center in NYC.
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Legitimate concern, but false equivalency. Detroit has only continued to decline as a whole after Renaissance Center was built, so its not really comparable. That's not to say downtown Detroit isn't better off now than 15 years ago, its certainly is and a renovated renaissance center has been part of it.
Let's look at the present situation in Midland:
-Office vacancy is below 2% (as reported by Bloomberg News)
-All of the existing office buildings are dated, which means serious upgrades and $$ needs to go into existing building stock to upgrade office space or even maintain Class A or B standards. You can view this through a quick tour on google streetview.
-Local reports have mentioned that buildings that have sat empty since the last oil boom and bust have either been previously demolished or renovated and put back into use.
-Midland is one of the fastest growing metro areas in the country because of the Permian Basin oil boom, thanks for fraking opening up extraction from shale formations. This boom is only expected to increase production in the next few years.
-New office space is being built in Midland on a greenfield site, in typical, large campus-style suburban form
All of this would indicate that this project is very viable; and I am personally rooting for them to make it a reality. I wish that a successful project of this magnitude can prove to other mid-size cities that major downtown investment is possible and profitable. Except for the truly destitute cities and metro areas, there are major real estate investments occurring everywhere, most of which is in sprawl form.
I greatly encourage concentrating such investment back into city centers and if it the numbers pan out for 58 story building, then why not do it? Asia and the middle east are doing it in cities 90% of Americans have never even heard of. I am a little baffled that so many people on the forum don't have a favorable opinion of this project while still criticizing suburban sprawl, decrying poorly executed post modern architecture and lamenting decentralization of our cities. C'mon guys, this is right up our alley. We may all have our opinions, and mine will leave me to be a cheerleader for this project.
Not just for Midland, but for Midland to prove to other cities you can attract a project like this into a existing downtown; yes I know that oil regions are a special condition, but prove its possible, then figure out how to make numbers work elsewhere with what demand may exist.