El Consejo Municipal otorga $1M adicional al proyecto Popular Building; candidato republicano reporta fondos mínimos

El Paso City Council unanimously approved an additional $1 million in city funding last week for the redevelopment of the Popular Dry Goods Building at 301 E. San Antonio St., according to El Paso Matters. The money will reimburse developer Robert Palacios for facade improvements to the historic structure, which will be converted into 99 apartments and ground-floor retail space.

The latest allocation follows an initial incentive package worth $6.72 million approved by City Council in November 2024 and a $727,000 property tax break from El Paso County awarded over 10 years. The $1 million grant exceeds the city's typical $30,000 cap for facade renovation grants, but city officials justified the exception based on the building's prominence and status on the National Register of Historic Places.

Karina Brasgalla, the city's economic development director, told Council the project remains in architectural design and permitting phases. Palacios has hired a general contractor and is seeking historic tax credits, Brasgalla said. She toured the building recently and said design work is proceeding despite no visible construction yet. The project is estimated to cost up to $50 million and has a target completion date of 2028.

In total, Palacios' project has received approximately $8.35 million in incentives. The largest component is a $4 million zero-interest development loan the city will forgive if Palacios meets requirements including pricing 15 percent of units as moderately affordable for households earning no more than 80 percent of area median income. The package also includes a $2.4 million property tax rebate over 10 years, plus fee waivers and other reimbursements.

The $1 million will come from the Tax Increment Reinvestment Zone 5 fund, which comprises property tax revenue from Downtown. The city expects the fund to hold approximately $1.7 million after this allocation.

Meanwhile, Adam Bauman, who won the Republican nomination to challenge Democrat Veronica Escobar for the 16th Congressional District seat, reported raising little or no money for the race. Bauman told the Federal Election Commission on July 15 he has not met the $5,000 reporting threshold required of federal candidates. The disclosure comes less than five months before the election, after Bauman has been a candidate for nine months. Escobar has reported raising more than $865,000 for her bid for a fifth term.