Now open to visitors as a collection of local shops, the Mildred complex was built by Miles Frank Yount, founder of the Yount-Lee Oil Company, who made his fortune during the second Spindletop Oil Boom of 1925. Named for his daughter, it was completed in 1929 and 1930 for a total cost of $700,000.
The Mediterranean Revival-style three-story complex consists of an apartment building, retail center and garage. The apartments and commercial buildings are faced with cast stone with a glazed, gold-veined terra-cotta finish, and adorned with bronze and wood decorative screens and balustrades. Interesting features of the apartment building include stained and leaded-glass windows, and an arcade above the main entrance with spindled columns and red tile roof. The commercial building features an arched pedestrian arcade, a terra cotta parapet with finials, and three towers.
The building was named to the National Register of Historic Places in 1978, and designated a Texas Historic Landmark in 1999.