Recently, Permian Basin Area Foundation celebrated 28 years of serving donors and communities of West Texas. During that time, Foundation assets have grown from less than $1 million to more than $128 million, while making grants and scholarships totaling more than $80 million.
Looking to the future, the Board of Governors of the Foundation has determined to construct an independent building for the Foundation’s office needs to achieve the following objectives:
- Build equity in a permanent asset in lieu of spending valuable resources on increasing costs of rent.
- Relocate the Foundation office from downtown Midland to a convenient location that offers improved access and ample parking for visitors.
- Provide closer proximity to Odessa.
- Improve public awareness and visibility with an identifiable, freestanding building and exterior signage.
Build equity in a permanent asset in lieu of spending valuable resources on increasing costs of rent.
The Foundation’s offices currently occupy 3,570 square feet with an annual rent approaching $100,000 at the end of the current lease which terminates mid-2018. This is almost twice the rate of our previous lease term for the same space with anticipated ongoing increases of rental costs as downtown Midland is redeveloped.
Relocate the Foundation offices from downtown Midland to a head location that offers improved access and ample parking for visitors.
The downtown Midland landscape has changed dramatically in recent years, and many more changes appear to be on the horizon. Downtown redevelopment efforts will contribute to more congestion and inconvenience and fewer parking spaces for Foundation visitors - prospective donors, professional advisors, board and committee volunteers, and nonprofit leaders.
Providing closer proximity to Odessa.
Permian Basin Area Foundation was founded in Midland but with strategic ambitions of becoming a charitable foundation that serves the many communities of West Texas, including our sister city, Odessa. Not only will relocation reduce distance and travel time between Odessa and Midland, it will send a “welcome” signal for asset development opportunities.
Improve public awareness and visibility with an identifiable, freestanding building, and exterior signage.
While the Foundation enjoys an abundance of favorable publicity in the media and is well-known among nonprofits, we seek to develop new relationships with prospective donors who do not know our name and mission. Currently, we are effectively “hidden” in a downtown office building. With a freestanding building and the opportunity of presenting our name in a highly visible location, we can advance the Foundation’s identity and opportunities for growth.
Construction on the site officially began during spring break in March. With the foundation poured, the steel framework was added during the week of May 15th. If estimates hold true, the building should be completed by March of 2018.