With over 3.3 million square feet of office space, Midland's Central Business District is the hub of the Permian Basin. Class "A" office space, which makes up more than 2 million square feet, is 98.8% occupied with available sites to provide opportunities for new development. Total employment in the Midland area is expected to grow by almost 14% by 2015 with mining and professional services employment accounting for a substantial amount of the increase.
The MDC has committed 30% of its revenue to the improvement of the Central Business District (CBD) because realizing the “Quality of Place” is a critical factor in attracting and retaining educated talent. This financial commitment of the MDC will stimulate private/public reinvestment; provide a catalyst for peripheral mixed-use developments (residential, retail, dining, and entertainment) and solidify the CBD’s status as the premier business center in the Permian Basin.
Centennial Plaza is located in the heart of the CBD adjacent to the conference center. Recent renovations have transformed the park for outdoor events with updated walking surfaces, more lighting, lighted fountains and vertical water features.
Downtown Midland Management District (DMMD)
The Downtown Midland Management District (the “District”) was created in 2003 by the 78th Texas Legislature under Section 59, Article XVI, of the Texas Constitution. The District was created in order to promote, develop, encourage, and maintain employment, commerce, transportation, housing, tourism, recreation, the arts, entertainment, economic development, safety, and the public welfare in Downtown Midland. The purpose of the District is to:
- Promote the health, safety, and general welfare of residents, employers, employees, visitors, and consumers in the District, and the public.
- Provide needed funding to preserve, maintain, and enhance the economic health and vitality of the District as a community and business center.
- Further promote the health, safety, welfare, and enjoyment of the public by providing pedestrian ways and by landscaping and developing certain areas in the District which are necessary for the restoration, preservation, and enhancement of scenic beauty.