The Midland City Council has given the green light for the development of Hotel Santa Rita, a $169 million project that will bring 135 rooms, at least 8,000 square feet of meeting space, ground-floor retail options and an 800-space parking garage to the city. The funding for this ambitious project will be provided by private investors as well as the Midland Development Corporation and the city itself.
A consortium consisting of local investors, major downtown employers and foundations have joined forces to raise over $100 million in order to make Hotel Santa Rita a reality. Private investors involved in this venture include Franklin Mountain Investments, Scharbauer Foundation,Hedloc Investment Co.,and OGX Minerals.
The City of Midland is also investing heavily in this project with a contribution worth $25 million. This investment will take shape through property tax rebates and hotel occupancy tax rebates over ten years along with additional benefits worth more than $67 million spread out over twenty years for all taxing entities involved. The expected completion date for Hotel Santa Rita is set for 2027.
