El Paso hot retail market

EL PASO – The recovery of El Paso’s retail market has spurred a building boom that is expected to add over 1 million sf of retail space to the local economy in 2013.

In response to the growing demand, River Oaks Properties and Mimco each hope to build 150,000 sf of new retail space in 2013, for a total of 300,000 sf. By comparison, before the recession, Mimco averaged 100,000 sf of retail construction yearly.

Construction on Mimco’s 39,000-sf shopping center on South Desert Blvd. just north of Artcraft is nearly complete. Mimco’s largest project, an 80,000-sf shopping center at Artcraft and I-10, is slated to open in summer 2013.

Meanwhile, the half-mile long Fountains at Farah retail development is expected to open in October 2013 with 615,000 sf of retail space.

In the Far East, River Oaks Properties broke ground a month ago on a shopping center at Bill Mitchell and Loop 375 and is also building 51,000 sf at Tierra Este and Zaragosa.

By some estimates, the retail space added is enough to support as many as 2,700 new jobs — generally, two or three jobs are created for every 1,000 sf of retail space.

Read more at El Paso Inc. There’s a lot more going on in El Paso! For more see NewsTalk Texas.