MIDLAND, Texas — Downton Midland is buzzing with excitement as revitalization efforts take a big leap forward.
The Tapestry Hotel project is set to give the area a major boost.
Midlanders share a common goal for their downtown - a vibrant, revitalized community space.
On Monday, the MDC board approved an agreement with development company LS Brentway, LLC for a $5 million investment to redevelop one of downtown's oldest buildings into a boutique hotel.
The new hotel, located at 112 South Loraine, will rise with a new sixth floor, offering 80 rooms — bringing both quality and quantity to the downtown hotel scene.
Sara Harris, the executive director for MDC, said the reason they were willing to contribute to this project is because downtown simply lacks quality hotel rooms.
"The [Bush Convention Center] can’t attract as many events as it could, and business travel is limited due to the lack of hotel rooms downtown," Harris said. "With the Hotel Santa Rita project already active and on time, adding 135 rooms, this project with its 80 rooms will be a perfect complement.”
Harris further explained that the distribution of the $5 million is on a specific schedule. One-point-two-five million dollars will be dispersed when the architect can certify that construction is 50% complete. Three-point-seven-five million dollars will be dispersed after the project obtains its certificate of occupancy.
Not only is the incentive performance-based, there is an expected $11.6 million return over the next 20 years.
“All of Midland’s taxing entities, including the school district, hospital, college, county, city and the Midland Downtown Development District, will benefit,” Harris said. “Redeveloping existing properties not only boosts the tax base but also creates jobs, increases sales tax, and raises the value of both the developed property and surrounding areas.”
Another downtown hotel will enhance the area, creating a well-rounded experience that everyone can enjoy.
The next step in the redevelopment process is for Midland City Council to approve the project at their city council meeting on Tuesday, Aug. 27.