El Paso Bassett Tower: history in the (re)makingEl Paso Bassett Tower: history in the (re)makinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=48802014-02-21T10:35:00Z2014-02-20T00:00:00Z

EL PASO - The 15-story O.T. Bassett Tower, 303 Texas Ave., has been sold to an investor group led by entrepreneur Lane Gaddy. The new owners are planning to turn the vacant tower into a 100-room hotel.

Borderplex Community Trust sold the property, which it acquired in 2007.

Designed by Henry Trost and completed in 1930 for a cost of $500,000, Bassett Tower was listed on the National Register of Historic Places in 1980. Tax records filed with the Central Appraisal District value the property at $895,067.

Gaddy is working on getting a franchise for a hotel with limited services in the Bassett Tower. “If that falls through, we will do residential apartments," said Gaddy.

"The building will be fully renovated regardless of what we do. It will be a multimillion-dollar renovation," said Gaddy. However, no timeline for renovations has been set.

Gaddy made his first major real estate move in El Paso in 2012 when he led investors in the purchase of the 11-story Coronado Tower at 6006 N. Mesa on the Westside. The $2 million renovation of that building is nearly complete.

El Paso Inc.
El Paso
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