2024 Annual Report (1) - Flipbook - Page 9
CITY AND LOCAL INVESTORS PARTNER ON OMNI HOTEL
Foundation aims to enhance downtown Midland with mission-aligned investment
Scharbauer Foundation explored new avenues to
expand its impact in 2024, taking a strategic step
with its first mission-aligned investment – a luxury
hotel designed to support downtown revitalization
and benefit the broader community.
Centennial Park at the epicenter of downtown, the
hotel will feature a lobby bar with indoor and
outdoor seating; a three-meal restaurant serving
breakfast, lunch, and dinner; the Santa Rita Coffee
shop with high-end retail options; and a Bob’s
Steak and Chop Restaurant.
A premier luxury downtown hotel has long been a
goal of the community, as evidenced by several
similar projects that did not come to fruition due to
an inability to secure funding. Midland Downtown
Renaissance, LP (MDR) was created to solicit
investments from local individuals, businesses, and
organizations to raise the funds needed with little
to no commercial construction financing. A major
stakeholder in the group, HEDLOC Investment
Company has been, and continues to serve as, a
driving force in the planning, development, and
design of the project.
Plans also call for an 800-space parking garage
with spots reserved for public use. For a hotel of its
size, the Omni Midland will offer an exceptional
array of amenities, as developers aim to serve not
only hotel guests but the entire Midland
community with restaurants, gathering spaces, and
upscale experiences.
A key goal of the developers for this project is to
attract large conventions and events that have
previously bypassed Midland due to a lack of highquality accommodations for out-of-town guests.
The Omni Midland’s prime location near the newly
constructed Bush Convention Center will help draw
events to the venue, providing significant economic
benefits to the community.
The City of Midland, through the Midland
Development Corporation, agreed to contribute
$45 million toward the project, along with
additional tax incentives. A commitment of up to
$30 million in combined capital investment and
loans makes Scharbauer Foundation the largest
private investor.
Scharbauer Foundation’s involvement in the hotel
aligns with the Foundation’s mission to
