Council OKs $8 million to demolish Fa...

Council OKs $8 million to demolish Farah building

There are 255 comments on the El Paso Times story from Sep 16, 2008, titled Council OKs $8 million to demolish Farah building. In it, El Paso Times reports that:

Western Refining CEO Paul Foster and his Regency Centers partners will get up to $12 million in subsidized reimbursements from the city to raze the blighted Farah building and prepare the site for the ...

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The Trekker

El Paso, TX

#248 Oct 12, 2008
Deal or No Deal? I vote NO DEAL! Voters let's remember this as the next election draws near.
_Arrrrrrr

San Francisco, CA

#249 Oct 12, 2008
despite all the fuss this project could still be halted completly if the county decides not to approve their 4 million dollar tax incentive.
that old farah property is prime real-estate and should be worth about 26 million if not more, how ever it's not a mall they are going to build, it's going to be more like an upscale village style shopping center with outdoor venues and different stuff nothing is going to be inclosed but the stores themselfs.

“used to be elpasotxrox98... .”

Since: Apr 08

El Paso

#250 Oct 13, 2008
Soldier First wrote:
I don't see how it is worth the 26MIL, but I'm not the one that paid for it. What I see is all of the road rework that will have to be done to accommodate the increased traffic both vehicle and pedestrian. That comes out of my pocket.
Of course it does. Thats the downside of this. But it would be beneficial to El Paso. However, it was denied by the county, so who knows what the future of the Farah site will be. We might not see anything for years and perhaps decades now if nothing is done.

“used to be elpasotxrox98... .”

Since: Apr 08

El Paso

#251 Oct 13, 2008
The Trekker wrote:
Deal or No Deal? I vote NO DEAL! Voters let's remember this as the next election draws near.
Why?
_Arrrrrrr

United States

#252 Oct 14, 2008
the year is 2040, it is mid october and it is raining outside like crazy as people drive on interstate ten to and from work it's morning rush hour bumper to bumper trafic as peopole drve past the old farah building it was learned today that the roof of the old farah building caved in due to rain accumulation on it's old roof.
everyone has given up on this property since paul foster sold it goodwill insdustries back in 2012 the property still remains an eyesore, but what was leadership gone wronmg in 2008 will come back to haunt another future generation.
the only time that building will come down is during the bombardment from the armageddon phase of bible prophecy.
besides is'nt judge tony cobos in trouble from the fbi, i though he was under investigation he should be thrown out of office if he's a democrat it's no wonders the party sucks.
Patriot

El Paso, TX

#253 Oct 14, 2008
Soldier First wrote:
I don't see how it is worth the 26MIL, but I'm not the one that paid for it. What I see is all of the road rework that will have to be done to accommodate the increased traffic both vehicle and pedestrian. That comes out of my pocket.
Foster only paid $2.5 million for the Farah building. It was the best deal that anyone would offer at the time. He tried to sell it to Simon Properties a few years back for $20 million. Tidy profit, huh? Nearly ten times what he paid for it. The people at Simon aren't stupid, so they told him he could keep his building. It's been a thorn in his rear end ever since. By trying to sell it at $20 million, he had to have it appraised at $20 million, so, instead of paying property taxes on $2.5 million for the lest few years, he's been paying property taxes on $20 million because of his greed. Now he's just trying to recoup those property tax losses while dumping what used to be his tax shelter off on Regency. They're just as greedy, so, since they have to pay to tear it down if they want to build their mall / strip mall, they'll take a hit on their profits. Can't have that... so they're saying no deal.
Patriot

El Paso, TX

#254 Oct 14, 2008
_Arrrrrrr wrote:
the year is 2040, it is mid october and it is raining outside like crazy as people drive on interstate ten to and from work it's morning rush hour bumper to bumper trafic as peopole drve past the old farah building it was learned today that the roof of the old farah building caved in due to rain accumulation on it's old roof.
everyone has given up on this property since paul foster sold it goodwill insdustries back in 2012 the property still remains an eyesore, but what was leadership gone wronmg in 2008 will come back to haunt another future generation.
the only time that building will come down is during the bombardment from the armageddon phase of bible prophecy.
besides is'nt judge tony cobos in trouble from the fbi, i though he was under investigation he should be thrown out of office if he's a democrat it's no wonders the party sucks.
Listen, use some logic. If a new mall stood to make THAT much profit, Regency wouldn't hesitate to put up their own money to tear it down, knowing that they'll get that money back and then some. They see a high risk with a new mall in this city, especially once they don't deliver on their original plan to bring in high end merchandise. They've already tried arguing that they never promised a "luxury" mall. If not, then where did all the talk of Niemand Marcus, Saks 5th Ave., and Tiffany's come from? So, if THEY see such a high risk, why can't everyone else? I agree, this city needs a LOT of remodeling in places like the Farah building, and especially downtown. But not at the expense of the real tax payers. And all of your talk about what a terrible blight the Farah building is on the city.... I had never seen it until I asked my wife what building everyone was up in arms about. Unless you're actually looking for it, you can't even tell it's there. What this city REALLY needs is someone who'll perform those renovations for the people, without being a slave to the businesses. That's not Cook, or anyone sitting on the council of idiots currently.

Since: Jan 08

currently DC metro area

#255 Oct 14, 2008
_Arrrrrrr wrote:
the year is 2040, it is mid october and it is raining outside like crazy as people drive on interstate ten to and from work it's morning rush hour bumper to bumper trafic as peopole drve past the old farah building it was learned today that the roof of the old farah building caved in due to rain accumulation on it's old roof.
everyone has given up on this property since paul foster sold it goodwill insdustries back in 2012 the property still remains an eyesore, but what was leadership gone wronmg in 2008 will come back to haunt another future generation.
the only time that building will come down is during the bombardment from the armageddon phase of bible prophecy.
besides is'nt judge tony cobos in trouble from the fbi, i though he was under investigation he should be thrown out of office if he's a democrat it's no wonders the party sucks.
Foster and CO, could allow the police, fire and military burn it, invade it, bomb it for training purposes. Or why not offer it up to some movie mogul as a possible blow up prop in their next movie. Better yet, open the fence and advertise it on craigs list as a help yourself to anything (at your own risk of course) and wathc that building and everything else in it disappear across the border.

If I paid 2MIL for that land, I would dismantle it and sell the scrap. The brick alone is worth a pretty penny.

“El Paso-A Fine Place”

Since: Apr 07

El Paso, Texas

#256 Oct 14, 2008
I understand the property was bought for close to $24 million, not $2 million. This is a major project with investment potential of over $100 million for the area.

It is not a dead...just resting for the right time!

The new Court in January will have new members who will at least study the issue. Teran and Sarinana did a diservice to this community...good thing they are history. Cobos is finishedd too. That is what this community gets for not paying attention.

Commissioner Escobar will be the lead on the Court next year.. Thanks Commissioner..you were intellegent and showed you studied the issue and saw the potential.

How could the County turn down a million in new tax revenue per year...only through ignorance and stupidity.
to _arrrrrrr

El Paso, TX

#257 Oct 14, 2008
the year is 2040 and the tax incentive regency was given is still not payed off.
_Arrrrrrr

United States

#258 Oct 14, 2008
Mark B wrote:
I understand the property was bought for close to $24 million, not $2 million. This is a major project with investment potential of over $100 million for the area.
It is not a dead...just resting for the right time!
The new Court in January will have new members who will at least study the issue. Teran and Sarinana did a diservice to this community...good thing they are history. Cobos is finishedd too. That is what this community gets for not paying attention.
Commissioner Escobar will be the lead on the Court next year.. Thanks Commissioner..you were intellegent and showed you studied the issue and saw the potential.
How could the County turn down a million in new tax revenue per year...only through ignorance and stupidity.
good to see you around mark b!!!
_Arrrrrrr

United States

#259 Oct 14, 2008
to _arrrrrrr wrote:
the year is 2040 and the tax incentive regency was given is still not payed off.
that incentive would have been paid off, but now you collect nada as the property sits there for UM lets put it this way, you'll be dead before another developer comes along and tries to do something good with that property, i dont know why paul foster is wasting such good money on people that dont deserve jack sh!t, but wait only the naysayers in el paso dont deserve jack sh!t! most of the people in that town are good folks.
Patriot

El Paso, TX

#260 Oct 14, 2008
Mark B wrote:
I understand the property was bought for close to $24 million, not $2 million. This is a major project with investment potential of over $100 million for the area.
It is not a dead...just resting for the right time!
The new Court in January will have new members who will at least study the issue. Teran and Sarinana did a diservice to this community...good thing they are history. Cobos is finishedd too. That is what this community gets for not paying attention.
Commissioner Escobar will be the lead on the Court next year.. Thanks Commissioner..you were intellegent and showed you studied the issue and saw the potential.
How could the County turn down a million in new tax revenue per year...only through ignorance and stupidity.
I got that information from one of the guys who sat on the City Property Council, or whatever the hell he called it. I was a little busy trying to impress upon him how much it'll cost the tax payers to tear down private property. I know that he said there was a bid by a guy from Juarez for $500 thousand before Foster offered up the $2.5 million. It most certainly wasn't sold for $24 million. It was OFFERED to Simon properties for $20 million, but that's the closest it's gotten to the amount you heard, as far as my information goes.

Since: Jan 08

currently DC metro area

#261 Oct 14, 2008
_Arrrrrrr wrote:
<quoted text>
that incentive would have been paid off, but now you collect nada as the property sits there for UM lets put it this way, you'll be dead before another developer comes along and tries to do something good with that property, i dont know why paul foster is wasting such good money on people that dont deserve jack ****, but wait only the naysayers in el paso dont deserve jack ****! most of the people in that town are good folks.
Property taxes will be paid every year, cost to me (taxpayer) nothing.
pedroeinstein

Pittsburgh, PA

#262 Oct 14, 2008
I agree with baffled.We need some out of the ordinary attraction like Sea World, Matterhorn ,climbing walls, mskatepark something besides a shopping mall. Where are the true developers or innovators?(HINT HINT, this is inferring there ain'y none here).You know the same usual uninventive business people probably have the same ol same ol in mind. Where are REAL business people and innovators like Walt Disney.
Kudos for the county commissioners for voting down tax subsidies.Voting for subsidies is like giving an extra club to Goliath so he can whack David harder.Give us some REAL business people,I mean real ones.....( oh by the way, I know some 3rd graders with better ideas for that place than a ......shopping mall.

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