HOUSTON – (Realty News Report) – Midway has begun redeveloping a 70-acre corporate campus in Houston’s Energy Corridor into a mixed-use destination called Watermark District at Woodcreek. The project will introduce a new hotel, high-end retail, modern office space, and midrise residential buildings to West Houston.
Situated off Interstate 10, the campus was formerly occupied by ConocoPhillips and features multiple water elements. Designed in 1978 by renowned architect Kevin Roche to evoke a Japanese fishing village, the site originally included 16 three-story office pavilions connected by bridges spaning ponds and landscaped areas.
As part of the transformation, several existing office buildings will be repurposed while others will be demolished. Total office inventory on the site will be reduced from approximately 1.3 million square feet to about 650,000 square feet of what Midway describes as “future-oriented, Class-A office space.” The redesigned offices will emphasize natural light, flexible floorplates, and direct access to surrounding mixed-use amenities.
Houston-based Midway is known for CityCentre, its successful mixed-use development at Beltway 8 and the Katy Freeway, which gained national recognition for its walkable combination of restaurants, retail, office, hotel and residential uses. Watermark aims to bring that same pedestrian-focused, contemporary approach a few miles west into the Energy Corridor.
“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.”
The Energy Corridor is home to a high concentration of major energy companies and thousands of professionals across energy-related sectors. After a severe downturn in oil prices in 2020, the submarket has shown renewed vitality.
Elijah J. Williams, executive director of the Energy Corridor District, said the project’s sustainable features align with the district’s values and its major employers who are leading the global energy transition. He described Watermark as an example of the future of energy-focused commercial development that will spur continued growth in the district.
Midway acquired the former ConocoPhillips campus near Dairy Ashford and North Eldridge Parkway from the Howard Hughes Corp. for $25 million in a transaction that closed Dec. 22, 2021, according to a U.S. Securities and Exchange Commission filing. The property was previously owned by Occidental Petroleum, which acquired and later sold the campus in 2019.
Construction is expected to begin in the first half of 2023. The Watermark design and development team includes OJB (The Office of James Burnett) Landscape Architecture, Jacobs, and PDR.
As part of the plan, Midway will modernize the district’s 100,000-square-foot wellness and fitness facility and is in discussions with multiple operators. The upgraded amenity center will feature a full-size basketball court, an Olympic-size saltwater pool, and a soccer field. Additional wellness offerings include on-site walking and biking paths with direct access to Terry Hershey Park’s 12.5-mile trail network along Buffalo Bayou.
To reduce the project’s carbon footprint, Midway will repurpose a portion of the existing buildings rather than demolish everything. The developer also partnered with U.S.-based cleantech social impact company 374Water to install a first-of-its-kind, fully integrated onsite sustainable wastewater management system. Using 374Water’s AirSCWO technology, the system is designed to convert wastewater and food waste generated on the property into reusable resources such as clean water, energy and minerals, which can then be reintegrated into district operations.
Midway plans to preserve more than 500 existing trees and retain much of the site’s landscape while integrating natural elements into an active, walkable mixed-use environment. A proposed new urban street grid will improve connectivity and showcase more than 20 acres of green space and nine acres of lakes.
In addition to Watermark, Midway is continuing work on East River, a 150-acre mixed-use project east of downtown Houston that features extensive green frontage along Buffalo Bayou.
Oct. 20, 2022 Realty News Report Copyright 2022
File: Midway Starts Major Energy Corridor Project
Rendering: Courtesy Midway