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City Inks Incentive Deal to help Restore Downtown’s Banner Building

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.

Banner Bldg, ca. 1980 | Photo courtesy Library of Congress
Banner Bldg, ca. 1980 | Photo courtesy Library of Congress

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.

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One comment

  1. That is good news as entrepreneur Lane Gaddy will now restore and renovate the Banner Building, just like he did with the Martin Building and is now doing with the Bassett Tower turning it into a Aloft Hotel.
    There are still several downtown buildings that are in great need of restoration like the Caples Building, American Furniture and the Kress Building, but I doubt that those three buildings will ever get restored.
    Because of the individual that owns them likes to horde downtown buildings buy buying them and letting them become dilapidated eyesores expecting investors to fix them for him.

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