Complete rehabilitation of a shopping center
Real Estate Purchase and Rehabilitation
Total Project Costs: $13,252,884
NMTC Allocation: $12,500,000
Developer: El Paseo Las Cruces Pros RE, LLC
Closing Date: July 2010
Status: Operating since Fall 2011
- NMTC Qualified Census Tract: 35013000600
- 27.3% Poverty rate
- 69.6% of Median Family Income
- 10% unemployment rate
- Creating 350 permanent jobs over 7 years
- Reinvigorating the downtown shopping center
- Purchasing locally made goods and produce
- Located in a CDFI targeted distressed area
El Paseo Las Cruces Pros RE, LLC, a New Mexico limited liability company, purchased an aging and nearly vacant shopping center in 2008 in Las Cruces, New Mexico. With the help of Finance New Mexico, the company was able to complete a much-needed facelift for the facility and reinvigorate the area with a new grocery store and many new businesses.
“We are fortunate to have partnered with Bank of Albuquerque, US Bank and Finance New Mexico in completing our New Markets Tax Credit financing. The NMTC loan is part of a federal program which encourages investment in redeveloping needy inner city areas as well as creating new job opportunities for the local resident. This helps communities help themselves,” said Michael Provenzano, III, Chief Financial Officer of Pro’s Market Ranch. “It’s a new tool in the financial tool box that we can use to help rebuild our inner city neighborhoods and provide jobs to those neighbors near our store.”
El Paseo is leasing the majority of the center to Pro’s Ranch Market, a full-service grocer catering to the Hispanic market. The company offers fresh food and quality service in a festive environment. This is Pro’s 14th store in the southwest. The store includes a food court, tortilleria and panaderia (a tortilla factory and bakery), a carneceria (meat market) and the Agua Fresca bar, providing a wide variety of beverages prepared from scratch every day.
This project is particularly important to this low-income community. In addition to providing its customers with the variety, brands and authentic food they know and love in a warm, upscale environment, the company will provide a shuttle service to its customers.