EL PASO, Texas (KTSM) — A local developer plans to transform a vacant lot into a $15.2 million apartment complex in the Lower Valley.
The lot is surrounded by residential properties and one auto-shop off of Socorro Road near Loop 375 at 9740 Galilee Dr. City planners are hoping it becomes a property tax generator and housing option for residents in the area.
An incentive package worth just over $416,000 was granted by the City Council on Tuesday to Rocco Developers LLC in support of building the property. The incentives include incremental property tax rebates, construction material rebates and permit fee rebates.
Property tax rebates will be over a five-year span. City planners say the development will still contribute nearly $1 million in property taxes to local taxing entities even as rebates are awarded.
The business is managed by Cesar Ornelas and Alejandro Rodriguez Castro, according to state documents.
Plans show the development will occupy approximately 7 acres of vacant land and will have 140 units available. Living spaces include one-, two- and three-bedroom units.
City planners say there will be construction of buildings, ponding areas and driveways.