The City of El Paso invites the public to take a closer look at Downtown to see how strategic investments are preserving its historic buildings and spurring private development.
“The City of El Paso is being strategic about the projects we are pursuing for the downtown area,” Mayor Dee Margo said. “The current influx of downtown projects has created additional opportunities that the City can capitalize on to create new jobs and increase the quality of life throughout our community.”
Renovation of these six historic buildings represent approximately $191 million in private investment and a commitment of more than $61 million in total incentives.
More than $250 million in public and private funds have been invested since 2013 in the restoration of historic structures and the economic revitalization of Downtown. The City has been actively involved in the majority of the restoration projects through partnerships that provide tax incentives.
Historic renovation projects include the: Martin Building, Bassett Tower, Banner Building, Stanton Boutique Hotel, Paso Del Norte Hotel (formerly the Camino Real Hotel), and most recently the iconic Plaza Hotel. These six buildings are found on the National Register of Historic Places and five of them were designed by Henry C. Trost.
Overall, the City has incentivized a total 21 projects in the downtown area since 2013; a dozen that have been completed, six that are under construction, and three more that are under development. The total private investment in these projects is nearly $307 million and represent more than $87 million in local and state incentives.
The 12 completed development projects represent more than $35.9 million in private investment. A few of the larger projects include: the Hotel Indigo completed in 2016; the Martin Building and Annex completed in 2016; and the Campbell Apartments completed in 2017.
The renewed enthusiasm for reinvesting in downtown has resulted in restoration of the Anson Mills Building, using federal tax credits obtained by the developer. Three more proposed downtown development projects representing more than $154 million are in the works. They include: the WestStar Tower expected to be completed in 2020; the Plaza Hotel expected to be completed in 2020; and the Banner Building expected to be completed in 2021.
“Our partnership with the State of Texas and private developers is pivotal to the success of our downtown revitalization and our ability to deliver on our goal to create an environment conducive to strong sustainable economic development,” City Manager Tommy Gonzalez said. “The partnerships are the reason the majority of these historic preservation projects are under way.”
The City will continue its concentrated efforts to work with partners to increase the appeal of Downtown El Paso to people of all ages.
“Downtown is a place where we want people to live, work, play and visit. Our goal is to make Downtown El Paso a major focal point of the city while at the same time preserving our history and promoting our culture,” Cary Westin, City of El Paso Deputy City Manager, said.