Monday, December 15, 2014

Aldea Developer Seeks Incentives Agreement for I-10 Overpass Construction

The developer of the future Aldea SmartCode project in West El Paso is seeking a Chapter 380 incentives agreement for construction of a freeway overpass adjacent to the property.

A new overpass is planned at Interstate 10 for Mesa Park Drive, the main thoroughfare that will take I-10 commuters into and out of the 196 acre Aldea development. Mesa Park will cross I-10 about three quarters of a mile north of Executive Center Boulevard.
The new Mesa Park Drive overpass is denoted here by a green arrow. The new interchange will provided access to the Aldea El Paso project on the West Side. (Schematic: City Council Agenda)

The agreement would provide Geltmore, LLC, the developer, with incentives in the form of rebates on the City's portion of sales and use tax. The incentive could total between $3.7 million and $4.7 million, depending on the cost of construction. The rebates will be calculated on sales by retailers within the Aldea development.

According to the agreement, the current estimated cost of the project is $22.6 million, with the Texas Department of Transportation, the City of El Paso, and Geltmore all contributing to the ultimate cost.

The agreement states that construction must begin by April 1, 2016 and must be completed within three years, or in mid-2019. In 2013, the Camino Real Regional Mobility Authority approved a frontage road and overpass agreement between all stakeholders. (Story: Aldea Seeks Frontage Road & Overpass Agreement)

If approved, the new agreement will be the second Chapter 380 package provided to the developer, which also has an agreement for construction of the development itself. It's also the first major news regarding the project, which received a 12-month extension from the City in May of 2014. This means that construction must begin by May of 2015, based on the latest amendment. (Story: SmartCode Project Requests 12-Month Extension)

Aldea El Paso will be one of the largest SmartCode developments in the city and is located immediately south of the Montecillo SmartCode project already under construction. It was first unveiled in 2012.

City Council will consider the agreement at its December 16, 2014 meeting.

Related: 'Aldea' to Create Urban Village on West Side

2 comments:

  1. How exciting. They should open up a steakhouse, a burger joint, and a pizza place. And please don't build them out of shipping containers. It isn't innovative at all. It just shows the entire city you ran out of money and got desperate. #thatsall

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    1. Dang someone's cranky and a big hater

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