Developers are planning on building a loft-style apartment complex and a parking garage across the street from the Midland Center, near the intersection of Wall Street and Main Street.
The Wall Street Lofts would be have more than 100 apartment units.
The development would also have retail space.
The Midland City Council approved negotiations between the city's Tax Increment Reinvestment Zone Board and the Midland Development Corporation on July 25th.
The T.I.R.Z. has agreed to pay anywhere between $300,000 and $600,000 for the property, since the actual final price will depend on its appraisal.
Once the property is purchased, the City of Midland will turn it over to the Dallas-based Kolt Development.
Kolt Development would be responsible for building the $10 million development.