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Midland OKs $169M Hotel
The city council has approved development of the $169 million Hotel Santa Rita, which will add 135 rooms, at least 8,000 square feet of meeting space, ground-floor retail, and an 800-space parking garage to the city. Funding for the project will come from private investors, the Midland Development Corporation, and the city of Midland.
A group of local investors, major downtown employers, and foundations have partnered, raising over $100 million, to bring Hotel Santa Rita to the area. Private investors in the project are listed as Franklin Mountain Investments, Scharbauer Foundation, Hedloc Investment Co., and OGX Minerals.
The City of Midland will invest $25 million. It will be in the form of property tax rebates and hotel occupancy tax rebates for ten years and over $67 million in tax benefits over 20 years for all taxing entities. It’s planned to be completed in 2027.
- ◦Development
