EL PASO, Texas (KTSM) — Downtown investment is branching out into the highly trafficked and burgeoning corridor along Texas Avenue.
The Firestone building will go from an automotive shop to a co-working office space, according to Downtown management officials. The future plans for the project are to bring in more people and revenue.
The Firestone building was built in 1929 and bought by Firestone in late 2001, according to the El Paso Central Appraisal District. The El Paso Downtown Management District awarded 13 grants to businesses in Downtown and Texas Avenue.
The Commercial Façade Improvement Grant “funds to existing businesses and/or property owners to make improvements to the exterior of buildings in the boundaries of the El Paso DMD, and/or the Tax Increment Reinvestment Zone No. 5 (TIRZ),” according to the DMD Grant Program.
The DMD awarded $242,068 in grants this year to assist in the renovation of properties.
Joe Gudenrath, executive director of the DMD, said each project goes through a decision-making process to evaluate how the projects will improve to meet the criteria of the grants given. Projects must also be within the boundary requirements.
The Firestone project was approved for two out of four grants.
- LFG Global, LLC was approved for $22,382.50 in Commercial Improvement Grant funds.
The total project will estimate at $50,975. The improvements will include cinder block demolition for a new storefront; new storefront and glazing; repairing of exterior plaster; and paint the exterior of the building.
- Signage and Lighting Grant funds approved for $13,450 in the same property.
The total project is estimated at $26,900. The improvements will include reinforcing rooftop Firestone sign structure, refurbishment of rooftop Firestone neon sign and exterior lighting package.
For more information about property/business owners interested in applying for funding can visit http://downtownelpaso.com/downtown-grant-programs/ or call Terry Mais at 915-400-2295.