New Entertainment Complex in Midland Planned Where Costco Was Going In
Even though we missed out on a Costco being put in here in the Permian Basin, the city of Midland is now planning an entertainment complex at that site.
According to the Midland Reporter-Telegram, the proposed site where Costco was going to build before they canceled their plans, is now being proposed on the same area of land in west Midland.
Midland Development Corporation released a plan for an entertainment complex on the 17.2 acres at Hwy 191 and Hwy 158 which will consist of a 60,000 square foot cinema and entertainment center and an outdoor music and event stage area with areas for retail and restaurants as well.
The agreement with the undisclosed company and the City of Midland will be presented to the MDC board and City Council multiple times before it is finalized. Still, it does state that construction of the project is to begin by September 1, 2023, and be completed by January 1, 2027.
Hodges Development will invest $45 million in the project while Midland Development Corporation is asked to contribute $5 million for infrastructure and city roads around the project.
City property tax abatements will decrease over a period of 10 years starting out at 100% the first two years to 20% the final two years including a city tax rebate of 50% for the cinema, entertainment center, restaurants, and retailers for the first 7 years they are open.
So time will tell if the loss of Costco will be the start of a much better entertainment area that will be the pride of Midland/Odessa for many years to come but movement on the project should begin soon.