Work could begin sometime next spring on the building of a 130-residential unit complex in El Paso.
The project is expected to cost upwards of $40 million and is being done jointly by the Miami-based GenX Capital Partners and the Prestige Development Group of Austin.
The complex will go up on the far east side of the city on currently vacant land at 6767 Gateway Boulevard. GenX earlier acquired the land for a reported $3.2 million.
As planned, the project will include studio and one- and two-bedroom units. The five-story building will also house a fitness center, theater room, conference room, business center, and around 12,000 square feet of overall retail space.
Additional amenities are expected to include a swimming pool, restaurant, and bar.
In a statement, GenX managing director, referencing the existence of the nearby Fox Plaza and Fountains at Farrah shopping malls, said the new development will “seamlessly integrate with the neighboring retail sector.”
To be called Azul El Paso, the project just recently received City of El Paso final approval.
Gen X is known for developing properties with a value ranging between $2 million and $50 million. Earlier this fall, the firm announced it had secured some $24 million in financing to complete a luxury condominium project in Portland, Maine called The Mark.
Prestige Development in the last two decades has developed around 240 individual properties comprising more than 1.7 million square feet of commercial real estate.
By Garry Boulard
