Tuesday, the El Paso City Council approved a Chapter 380 Economic Incentive Agreement for the renovation of the historic Banner Building located at 215 N Mesa Street.
The building, which sits in the heart of downtown adjacent to San Jacinto Plaza, will now undergo a much needed renovation after today’s approved incentive agreement between the City of El Paso and the building owner, EP Downtown Partners, LLC.
Per the agreement, the building owner proposes to completely rehabilitate the early 20th Century Romanesque five-story structure designed by Trost & Trost at an estimated investment amount of $6.5 million.
This investment amount qualifies the property owner for an incentive package totaling $2,188,668.14.
The building owner plans on using the first floor of the structure for retail and restaurant space. The upper floors will be utilized as office space.
Since 2014, twelve downtown property owners have formed agreements with the City of El Paso resulting in more than $100 million of private investment.
Of those twelve, three are considered historic.