EL PASO, Texas (KTSM) — El Paso City Council is set to discuss a potential incentives package to turn another Downtown building into living space.
At Tuesday’s regular council meeting, the representatives will hear a presentation on the plan to transform a high-rise building located at 300 E. Main St.
The property is adjacent to Hotel Indigo which underwent renovation itself a few years ago.
The city’s Economic Development Department is looking to offer developer Summit 11 Investment Group a little more than $3.1 million dollars in city tax breaks to rehab the building and turn it into 80 residential units along with office, retail and event space.
City records show Summit 11 would be expected to spend at least $12 million on the project, dubbed “Project Trinity.”
If completed, the building would bring the total number of condo/apartment units in the Downtown area to 262 (not including the Blue Flame building renovation currently underway) and would generate about $2.9 million in property tax inflow over 15 years, according to the city.