Fasken's Future in Midland Real Estate

Fasken's Future in Midland Real Estate

Fasken Oil and Ranch talks 1,000 acre planned community
Midland -- Fasken Oil and Ranch is busy.  Not only are they producing more oil and gas than ever before, they're taking their background in real estate and using that knowledge to develop their biggest project yet. It's called The Vineyard, and it'll be built on the C Ranch in Midland where it all began 100 years ago.

"This city needs housing units. It needs office development which we are undertaking right now. It needs retail," said Chuck Hedges, Fasken real estate development manager. "So, we're in a good position to help the city grow in that respect."
Hedges says the development has been in the works for quite some time. It all started several years ago.

"The city got funding from TX DOT to put Holiday Hill Road through and to build the Tom and Nadine Craddick Highway looping around the north part of the city which went around our property," said Hedges. "We donated land for both of those projects."    

That's when they decided this would be the perfect place for a real estate project in Midland. Only problem was the land sits on top of the Wolfberry Play, a major producing oilfield

"It became apparent to us that there was a lot of value in this land in drilling, and so we temporarily put the breaks on real estate development...thought we may be better off developing for oil and gas," he said.
But eventually they found a way to do both. The first step was to drill, and now that that step is complete and oil is being produced, real estate development is well underway. In fact, their new office building was the first to go up.

But the project far from complete. The Vineyard will eventually feature apartments, office buildings, single-family housing, retail, town homes, a school, a state of the art park and hike-and-bike trails.

"It'll give people opportunities to live, work and shop in the same neighborhood and do it on foot or on a bicycle," said Hedges.
Perhaps the most innovative aspect of all is the fact that the entire community will be within an active oilfield with 16 producing wells. The design was a well though out process that could potentially change the way many view life in an oil patch.

"We're going to be setting back the development. We're not going to be building right up close... even as close as the city ordinance permits us. We're going to be setting it back for sure," said Norbert Dickman, Fasken general manager.
The Vineyard was originally a thirty year project, but Hedges says he can see it all being complete in ten years.
When it's all said and done, it will be an amazing addition to the community and crowning achievement for Fasken. But it's just one of many reasons company leaders say Fasken has another 100 years ahead of them.

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