August 31, 2018 • Local News
New initiative to help entrepreneurs, investors do business in Downtown
A coalition of business and economic development groups are launching an initiative aimed at bringing more businesses, workers, entrepreneurs and investors to Downtown El Paso.
The Downtown Management District is spearheading the initiative, Start Up Downtown, which will connect entrepreneurs with information, expertise and opportunities to do business in the city's core.
“Employees like working Downtown, and there are current and new opportunities that will continue to fuel an engine that is emerging here,” said Joe Gudenrath, executive director of the DMD.
The DMD, a quasi-governmental entity governed by Downtown business and property owners, kicks off the initiative on Sept. 15 with a free workshop, seminar and tour of available property. Registration begins at 9:30 a.m. with networking at 10 a.m. at the El Paso Community Foundation Room.
The event will include information from the city and county economic development departments, the Greater El Paso Chamber of Commerce, the El Paso Hispanic Chamber of Commerce, the Women’s Business Border Center, the Small Business Development Center Network and the Minority Business Development Agency.
Executives and officials with the DMD, One:One CoWorking & Office Space, The Pizza Joint, El Paso Live and Hotel Indigo will provide insight into the Downtown market.
“What the initiative is meant to do is promote investment, entrepreneurship and opportunity that exists within today’s Downtown,” Gudenrath said.
Attendees will have the opportunity to tour office space at the BBVA Compass Building, the 501, the Stanton Tower, the United Bank Building, One:One and other properties.
Mary Helen Aldeis, program director of the Women’s Business Border Center, said they plan to provide technical assistance to anyone who wants to open a business Downtown. They will help business owners apply for loans, as well as obtain licenses and permits, she added.
“We believe that a city’s Downtown area has an important and unique role in economic and social development,” she said. “Downtown El Paso will create a critical mass of commercial, cultural and public activities.”
Gudenrath says the aim is to increase the number of people working Downtown, which would bring more life to the city’s core and provide more opportunity for businesses. There are an estimated 7,500 people working in the area, he added.
“It creates a mutually beneficial economic engine,” he said. “When I talk to businesses Downtown, they see the mutual benefit and are not afraid of the competition. They understand the better the density, the greater opportunity to grow the customer base.”
Entrepreneurs have invested a lot into Downtown this year.
Most recently, Jim Scherr, an El Paso lawyer, opened the Courtyard by Marriott hotel at 610 N. Santa Fe – the first privately owned high rise built in Downtown in more than 35 years.
Down the street, Hunt Companies and WestStar Bank broke ground on their planned 18-story office tower in June. The two companies plan to invest $85 million into the project, which will provide about 600 parking spaces and 200,000 square feet of office and retail space.
El Paso businessman Paul Foster has also started the $78-million restoration of the historic Plaza Hotel building, which he is turning into a 4.5-star boutique hotel.
Lane Gaddy, president of W Silver Recycling, led a group of investors in the $8-million to $11-million renovation of the 15-story historic Bassett Tower. They opened the historic building as an Aloft hotel in May.
Miguel Fernandez, CEO of Transtelco, is behind the restoration of the former Rogers Furniture Building and revealed plans for a boutique hotel in May.
Many restaurants have also recently opened in Downtown, including District Coffee Co., Zino’s Greek and Mediterranean Cuisine, Poke Bop, B-17 Bombers Oyster Pub and Park Tavern.
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