Conversion Rebuild for Former ConocoPhillips HQ

Midway has unveiled plans for the redevelopment of the former headquarters campus of ConocoPhillips in Houston into a mixed-use project to be known as Watermark District at Woodcreek.

The redevelopment of in the 70-acre Energy Corridor complex will focus on repurposing rather than demolishing existing buildings, will encompass 650K SF of Class-A office space, a 100K SF fitness center, and multifamily and retail space.

According to a statement from Midway, preserving a portion of the campus infrastructure and office space, while converting existing buildings into multifamily space is a strategy designed to reduce the project’s overall carbon footprint.

Built in 1978—with an award-winning design that intentionally resembles a Japanese fishing village—the former oil company headquarters consists of 16 three-story office buildings encompassing 1.3M SF connected by a series of bridges and ponds, adjacent to Terry Hershey Park’s 12.5 miles of trails.

Midway bought the site at I-10 and Eldridge in Houston’s Energy Corridor from the Howard Hughes Corp. in December for $25M, which represented a loss of about $7M compared to a previous trade of the property, which was sold by ConocoPhillips in 2019.

Hughes bought the 1.4M SF Conoco campus as part of a $565M deal less than a year after its $55B acquisition of Anadarko. Following the deal, Hughes unloaded three hotels in The Woodlands.

Houston-based Midway, known for developments such as CityCentre in West Houston and East River in Downtown Houston, said at the time of the acquisition that it plans “a sustainable environment, connecting and energizing the area through innovative design.”

Some of the existing buildings will be turned into luxury multifamily apartments and a boutique hotel with high-end accommodations catering to both short business trips and extended stays. Construction will begin in the first half of 2023.

When complete, Watermark will offer 650K SF of Class A office space with an abundance of natural light, flexible floor plans and direct access to surrounding mixed-use amenities. High-end retail and restaurants also are planned for the site.

In a report in the Houston Chronicle last week, Midway said it is in discussions with several potential operators for the campus’s existing wellness center. Planned upgrades include an Olympic-sized swimming pool, a basketball quart and a soccer field.

“At Midway, we’re passionate about building remarkable places that endure, and sustainability is at the forefront of our approach,” said Brad Freels, Midway CEO, in a statement. “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.”