Midway Starts Major Energy Corridor Project

HOUSTON – (Realty News Report) – Midway has launched its redevelopment of a 70-acre corporate campus in the Energy Corridor, which will transform the site into a mixed-use development – called Watermark District at Woodcreek – offering a new hotel, high-end retail, office space, and midrise residential to West Houston.

Located off of Interstate 10, the campus, formerly occupied by ConocoPhillips, is has multiple water features. The campus was originally designed in 1978 for Conoco by renowned architect Kevin Roche to resemble a Japanese fishing village, with 16 three-story office pavilions connected by bridges above ponds and grassy areas.

A number of the existing office buildings will be repurposed, and some will be demolished, resulting in a reduction of the project’s office space from the current total of 1.3 million SF to a revamped supply of 650,000 SF of what Midway calls “future-oriented, Class-A office space.” The redeveloped office space  “will offer people an abundance of natural light, flexible floorplans and direct access to surrounding mixed-use amenities,” Midway said.

Houston-based Midway is known for its CityCentre mixed-use development at the Beltway 8 and the Katy Freeway, which attracted national attention with its walkable blend of restaurants, retail, office, hotel and residential and  its demonstration of a contemporary development plan that works.

The Waterworks development is expected to bring the successful CityCentre flavor to the Energy Corridor, which is located a few miles to the west.

“We are transitioning this Energy Corridor campus into today’s marketplace,” said Brad Freels, Chairman and CEO of Midway. “Watermark is a prime example of our future-oriented mindset. It’s an urbanization of the suburban experience in one of the fastest growing regions in Houston. We look forward to introducing a thoughtful and environmentally friendly mixed-use environment that not only sets the stage for future growth and innovation in the area but also brings the West Houston community together for generations to come.”

Houston’s Energy Corridor contains a high-concentration of the world’s major energy firms, along with thousands of petroleum engineers and professionals in the various sectors of energy related businesses.

The Energy Corridor, a massive office submarket that is known by name in the Middle East, Asia and around the world, has shown renewed signs of vitality, following the brutal oil price crash in the spring of 2020.

“The innovative, environmentally sustainable features Midway has planned for Watermark are consistent with the values of the District and our major employers, who are leading the global energy transition,” said Elijah J. Williams, executive director of the Energy Corridor District. “An amazing example of the future of energy for commercial properties, Watermark creates a spark for The Energy Corridor District’s continued growth.”

Midway acquired the former ConocoPhillips campus, located near Dairy Ashford and North Eldridge Parkway, from the Howard Hughes Corp. for $25 million in a deal that closed on Dec. 22, 2021, according to a filing with the U.S. Securities and Exchange Commission. Earlier the ConocoPhillips campus was owned by Occidental Petroleum, which acquired and later sold the property in 2019.

Midway is expected to begin construction in the first half of 2023. The Watermark development team includes OJB (The Office of James Burnett) Landscape Architecture, Jacobs and PDR.

Midway will modernize the district’s existing 100,000-SF wellness/fitness facility and is currently in discussions with several operators. Featuring a full-sized basketball court, an Olympic-size saltwater swimming pool and soccer field, the state-of-the-art facility will add to the district’s wellness offerings, including onsite walking and biking paths, as well as access to Terry Hershey Park’s 12.5-mile network of trails along Buffalo Bayou.

In addition to significantly reducing carbon impact by repurposing a portion of the site’s existing buildings rather than tearing down and starting from scratch, Midway has partnered with US-based cleantech social impact company 374Water to provide a first-of-its-kind onsite, fully integrated sustainable wastewater management system at Watermark. The beyond state-of-the-art system will utilize 374Water’s AirSCWO technology to transform wastewater and food wastes generated on property into valuable resources such as clean water, energy and minerals. These recovered resources will then be reused within the district.

Midway will preserve more than 500 existing trees and the surrounding landscape of the site while thoughtfully integrating nature into an active, urban and walkable mixed-use destination. Plans to introduce a new urban grid system will increase connectivity within the community while also showcasing more than 20 acres of green space and nine acres of lakes.

Just east of downtown Houston, Midway continues with the development of the 150-acre East River mixed-use project which has extensive verdant frontage on Buffalo Bayou.


Oct. 20, 2022 Realty News Report Copyright 2022

File: Midway Starts Major Energy Corridor Project

Rendering: Courtesy Midway

 

 

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