texas realty el paso
by Admin on Jun 25th, 2010
Yvonne Russell
El Paso, TX
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Anticipating the start of renovations to the Lafayette Hotel and anxious to take advantage of the expiring Empire Zone program, Rocco Termini's reuse plan is coming into focus. The busy developer has lined up a number of tenants for space in the Lafayette Square landmark. Rocco's vision is a 'one-stop shop' for weddings and events and has found several tenants interested in taking space in the building.
According to The Buffalo News:
The owners of the Pearl Street Brewery will run the Tap Room, under its longtime name, and expand it to 15,000 square feet, with 35 employees (bottom image).
Woyshner's Flower Shop in Lackawanna will open a 3,000-square-foot store on the first floor, with seven jobs. The family-owned and operated Woyshner's will still maintain its existing main location at 910 Ridge Road.
Butterwood Desserts, renowned for its cakes, will move from 1863 Davis Road in West Falls to downtown, where it will do all its baking in the Lafayette kitchen. The bakery will take up 8,000 square feet and employ 35 people.
Hospitality executive Mark Hamister will operate a 34-room boutique hotel on the second floor, with 20 employees. It will include a banquet facility.
"What we're trying to do is make it a one-stop shopping for weddings," Termini said. "You can get your hotel rooms, your banquet facilities, your wedding cake, your flowers, everything at one stop."
Termini said he is also holding talks with the operators of two additional restaurants to occupy other space. "We're going to have a lot of retail within Lafayette," he said.
Retail space is also planned for the basement level front Ellicott Street.
Rocco went before the local Empire Zone board yesterday and obtained benefits for the prospective tenants. The Qualified Empire Zone Enterprises will be eligible for sales tax exemption, real property and business tax credits.
Termini expects to begin preliminary work on the building within 60 days while preservation officals review the design and development plans prepared by Carmina Wood Morris. State and federal approvals are necessary to qualify for the historic preservation tax credits that are crucial for the $35 million project to proceed.
