Texas Energy Boom Drives Construction of 58-Story Energy Tower

High Rise Facilities | July 11, 2013
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Midland-based developer Energy Related Properties and international architectural designer Michael Edmonds gave Houston business, real estate and energy business leaders an inside look today at one of the state’s most progressive building projects.

To stand as the state’s sixth-tallest building when it opens in 2015, Energy Tower at City Center is a LEED-certified, 58-story vertically integrated, multi-use facility combining retail, shopping and dining with a hotel, residential condos and commercial office space in the heart of downtown Midland. Energy Tower will help meet business needs in the booming Permian Basin area as well as in Midland, a city key to the economies of Houston and Texas as described by Texas economist Ray Perryman, author of a comprehensive report on the Permian Basin.

“Economic activity is very strong in the Permian Basin—it’s a ‘shale gale’ of economic activity. The area is one of the fastest growing in the country and appears to be poised to continue growing as folks from all over the state, from Houston and even Austin, come here to work in the oil and gas industry. And for every new job on the ground in Permian Basin, two more new jobs are created in Houston—in processing, refining, ancillary services and more,” noted Perryman, founder and president of economic analysis firm The Perryman Group, and a Distinguished Professor of Economic Theory and Method at the International Institute for Advanced Studies.

“Though hundreds of miles separate the two cities, the economies of Midland and Houston are now closely connected. Because of its location and role as the ‘Oil Capital of America,’ Midland pulses the Houston economy,” Perryman added. “Oil and gas businesses need a presence in both cities, that is why there is substantial demand for quality retail, housing and commercial office space in Midland. Energy Tower will support the continued economic expansion by providing much-needed infrastructure to the business community—from Midland to Houston and beyond—that is driving the Permian Basin economic expansion.

Following Perryman’s address to the group of more than 200 business leaders in attendance at today’s invitation-only meeting, internationally acclaimed architectural designer Michael Edmonds, founder of Edmonds International and designer of more than 60 million square feet in buildings across the world, provided a virtual tour of Energy Tower’s innovative mixed-use structure composed of glass and steel, complete with vertical gardens, reflecting pools, a public plaza and underground parking.

Pat Duffy, president of the Houston division of Colliers International, the real estate broker for the over 990,000 square feet of Class-A office, residential living, hospitality, retail and entertainment space, added: “The importance of the Permian Basin on U.S. energy and the economy is only just now warming up. It’s only going to continue to grow in importance.” Because of the linked and booming economies of Houston and Midland, and the pent-up business demand for space, Duffy projects almost full occupancy of the office space by the projected completion in 2016.

“This project, Energy Tower at City Center in Midland, will in large measure help stabilize the real estate market by meeting unanswered demand and bringing much needed capacity and high quality space to the real estate and business market,” Perryman concluded.


Category: Houston

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