The revitalization efforts in downtown continue as the El Paso City Council today approved an incentive agreement that will revitalize one of downtown’s most significant historic structures, the Hotel Paso del Norte (formerly known as the Camino Real).
The development was made possible by the City’s effort to work with our state delegation to obtain legislation that created state tax rebate worth $24.3 million.
The building, which sits at 101 S. El Paso Street will now undergo a renovation that will transform the space into a 4-star convention center hotel that will provide 300 guestrooms, a full service restaurant, function/meeting space, spa, fitness center, swimming pool, business center, airport shuttle, and upscale interior finishes.
The $70 million private investment from Meyers Group Acquisitions, LLC will qualify the property owners for an incentive package of more than $32 million:
- State incentive of $24,364,727
- $3,045,590.88 per year for a period up to 8 years
- City to provide a maximum of $6,000,000 in redevelopment grants
- Payments to occur at 50%, 75% and 100% construction completion
- 100% Rebate or abatement of incremental Real/Personal Property
- Incentive period limited to 8 years
- Not to exceed $2,240,322.00
- City to waive all building and development permit/inspection fees
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