Sunday, May 20, 2012

El Cruzero Reveals Progress, Gets Extension

The 228 acre El Cruzero smart code development in far east El Paso hopes to break ground before the end of the year, according to Katherine Updike, spokesperson for the project. The owner already has deals in the works with a large multi-family developer for 900 units and a retail developer that would bring anchor stores to the town center areas.

At the May 15, 2012, City Council meeting, El Cruzero requested mutiple amendments to the incentives contract from last year including a contract extension to 20 years in line with the contracts the City has with the Montecillo and Aldea projects, an increase in incentives amount to $18M, and a seven month extension of the deadline to submit the smart code rezoning application.

Updike indicated that they are trying as hard as possible to break ground this year to show the City something tangible and concrete. She also expressed that smart code zoning requirements make it more challenging to create a form factor that retailers will accept and that the zoning map is still being tweaked.

In return for the contract extension, the developer will now have to provide architectural plans to the City for approval, assuring a consistent and high-quality look throughout the entire project. In addition, the school planned for the development will be built to smart code standards. The Council approved the extension and amendments.

City Council Agenda item (PDF): http://www.elpasotexas.gov/muni_clerk/agenda/05-15-12/05151209B.pdf

Previously - El Cruzero to Transform Far East El Paso Deserthttp://elpasodevnews.blogspot.com/2012/02/el-cruzero-to-transform-far-east-el.html

No comments:

Post a Comment