PECOS, Texas, April 20, 2016 /PRNewswire/ -- Pecos Delaware Crossing Partners, LLC ("PDCP") today announced the forthcoming development of "Delaware Crossing at Pecos," a mixed use project planned on 187 acres of land in Pecos, Texas. Delaware Crossing, which will include multi-family residential, retail, office and light industrial components, includes Interstate 20 access road frontage and will be located just south of Interstate 20 along the highway 285 corridor. The initial phase of the development will include 200 apartment units, with construction expected to commence by September, 2016.
Delaware Crossing at Pecos is the culmination of more than two years of discussions, negotiations and planning between the Principals of PDCP and the Pecos 4B Economic Development Corporation ("PEDC"), as well as other local officials.
"We could not be more pleased to begin this project in Pecos after many months of laying the groundwork," said Michael DeLier, one of the founding partners of PDCP. "I would particularly like to thank Bill Oglesby and Ken Winkles, the former and current Executive Directors of the PEDC, as well as Mayor Venetta Seals and City Manager Eric Honeyfield, for their efforts and support in getting us to this point. I look forward to beginning construction on the initial phase of the project and developing a long term relationship with the Pecos community as a whole."
Pecos, the county seat of Reeves County, is located approximately seventy miles west of Odessa, Texas and is in the heart of the Delaware Basin, one of two significant components of the Permian Basin, which is now recognized as the second largest oil field in the world. Many of the country's largest oil companies are operating in the area and recent projections call for extended drilling programs exceeding one hundred years to fully exploit the basin's multi-zone hydrocarbon resources. As a result, Pecos has seen an influx of new temporary and permanent residents that have far exceeded the current capacity of housing and other lifestyle amenities.
Venetta Seals, the Mayor of Pecos, commented, "The Delaware Crossing at Pecos project addresses significant needs within our community, namely housing and retail development. Pecos has experienced significant growth over the last several years and we are eagerly looking forward to the project breaking ground. We are excited to have Pecos Delaware Crossing Partners as a community partner and plan to assist them in any way we can as Delaware Crossing moves from concept to execution."
The Delaware Basin represents the largest untapped and most economical shale oil opportunity currently available for US energy companies. While many companies have curtailed or shut down capital spending in other basins, capital spending for exploration, development, production and mid-stream infrastructure in the Delaware Basin remains strong. As a result of significant cost reductions and improvements in process and technology, many local operators have stated they are now able to generate the same returns at current oil prices as they were able to generate with ninety dollar oil several years ago.
Economic activity in and around Pecos has increased dramatically over the last several years and offers a number of proof points evidencing the current and ongoing impact of the Delaware Basin on the region:
- Five year growth in sales tax revenues of more than 500 percent
- A near doubling of median household income
- The gross sales ranking of a number of local businesses, including the Loves Travel Stop, as well as the Dairy Queen and McDonalds restaurants located in Pecos, all of which rank at or near the top within each brands Texas system.
Pecos provides a significant investment opportunity based on the factors listed above combined with its geographic location, which is more than seventy miles from the nearest significant population center. As a result of the current lack of housing and other amenities in Pecos, there are a large number of individuals traveling hundreds of miles daily to work in the area, or residing in temporary housing away from family and friends. Delaware Crossing's goal is to integrate these people into the local community while also providing shopping, dining and convenience opportunities to the town as a whole.
For more information on Delaware Crossing at Pecos and its associated projects and opportunities please contact:
Pecos Delaware Crossing Partners, LLC
About Pecos Delaware Crossing Partners, LLC
Pecos Delaware Crossing Partners, LLC ("PDCP") is partnership formed by several Dallas, Texas based Real Estate, Private Equity and Oil & Gas related firms to develop the Delaware Crossing at Pecos project. PDCP will soon relocate its headquarters to Pecos and expects to have a permanent representative in the local community during the summer of 2016.
About the Pecos 4B Economic Development Corporation
The Pecos 4B Economic Development Corporation was created as provided by the Development Corporation Act of 1979, as amended. The purpose of the PEDC is the retention of business enterprises and the promotion and development of new and expanded business enterprises in order to promote and encourage the economic growth of the Town of Pecos City.
Pecos Delaware Crossing Partners, LLC
Pecos 4B Economic Development Corporation
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SOURCE Pecos Delaware Crossing Partners, LLC