quality of life propositions leading
to revitalization of the CBD.
EL PASO, TX-On Nov. 6, the local population voted overwhelmingly by a 3-to-1 margin to approve two bond propositions totaling $473 million, as well as a third proposition calling for a 2% increase in the hotel occupancy tax. With voter approval, the city is ready to funnel the money toward revitalization and redevelopment plans throughout the area, while additional plans are being drawn up for a $50 million baseball stadium, which will be funded by the hotel occupancy tax.
Propositions 1, 2 and 3, dubbed “quality of life” propositions, were hotly contested throughout the campaign season. Especially under the microscope was the baseball stadium, which will be built on what is now the site of the city hall building and Insights Science Museum. The 7,000-seat baseball stadium will be home to a Triple A Tucson Padres baseball team acquired by MountainStar Sports Group for the purpose of bringing baseball to downtown El Paso.
In the meantime, Proposition 1, totaling $245 million and Proposition 2 at $228 million will be used for 85 separate downtown redevelopment projects that will commence during the next decade and a half. San Jacinto Plaza, the city’s town center for more than a century, will be updated with new paving, street promenades and park cafes. Also on the drawing board is a potential performing arts and entertainment center to be used for sports, concerts and other activities, in an attempt to attract more national events to the downtown area.
Stay tuned for an update on this bond election and its commercial real estate ramifications for El Paso.