McClure stated the 130 MF Unit/12K SF of retail is fully entitled and approved and hopes to break ground end of Q1 2024
EL PASO, TX, December 11, 2023 /24-7PressRelease/ -- Mark McClure, Managing Director of GenX Capital Partners (http://www.GenXCP.com), a leading commercial real estate developer and debt/equity originator with operations in Portland, Maine, and Miami, Florida, has entered into a co-development agreement for Azul El Paso. This innovative project, totaling 104,000 square feet and encompassing 130 apartment units along with 12,000 square feet of retail space, represents a collaborative effort with Prestige Development Group (PDG) of Austin, TX. The $40+ million project is the first of three Azul developments planned over the next 36-48 months by the duo.
McClure, a seasoned CRE professional, highlighted the project's prime location, stating, "It's a fantastic location. Our partner, PDG, and Michael Dixson have demonstrated exceptional expertise in permitting and leasing the retail pad component of this site. Azul El Paso will seamlessly integrate with the neighboring retail sector, featuring prominent brands such as Dicks Sporting Goods, WalMart, PF Changs, Albertson's, Dillards, and more. This strategic positioning offers our tenants a diverse array of shopping, dining, and entertainment options," McClure stated.
El Paso, ranked #2 in expected housing growth for 2023-2024 in recent housing studies, underscores the project's potential success. McClure affirmed, "This site checks all the proverbial boxes for success as a developer."
Located at 6767 Gateway Blvd, The Gateway-Azul El Paso serves as a prime destination in one of the largest international cities globally. Positioned at the junction of the western tip of Texas and the southern part of New Mexico, El Paso creates a trade area encompassing 2.5 million people. The strategic location, boasting five international points of entry from Mexico, aligns with the trend of 85% of border-crossers citing shopping/dining as their primary reason for visiting El Paso.
The Gateway's proximity to I-10, near the renowned Cielo Vista Mall generating some of the highest sales per square foot in the Southwest, enhances its appeal. The I-10 corridor witnesses over 240,000 vehicles daily, connecting Jacksonville, Florida, to Los Angeles, California.
Azul El Paso Highlights:
• Fully developed with 12,000 square feet of retail and 130 thoughtfully designed apartment units ranging from studios to 2 bed/2 bath options.
• Premium amenities include a state-of-the-art gym, business center, conference room, meditation room, theater room, and an exquisite restaurant and bar on the amenity deck, facing the pool.
• Positioned within the heart of El Paso's thriving urban community, the city boasts lower vacancy rates than the national average, with rents growing 3.5% more than double the national rate.
McClure anticipates a 100% lease-up by Certificate of Occupancy, with units commanding maximum rents. This co-development venture is set to redefine the real estate landscape, offering a unique and sophisticated living experience within the vibrant city of El Paso.
Mark McClure and GenX Capital Partners have financed more than $700 million over the past 5 years in debt and equity for clients and currently has a pipeline of more than $150 million in development personally, for the hospitality and multifamily asset classes.
GenX Capital Partners is a real estate investment banking and development entity that is based out of Portland, Maine and Miami, FL.
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