MASSIVE New Neighborhood Going into North East El Paso
Remember when Paul Foster made that land swap deal with the city a couple years ago? Foster agreed to trade land he owned in Northwest El Paso so they could build a Great Wolf Lodge there---a plan that has since been scrapped. In exchange for the 44 acres on the Westside Foster received 2,313 acres out by Painted Dunes Golf Course.
We were told when the swap took place that the 2 properties are both valued at around $18 million which…I guess we just take their word on? Foster gave up 44 acres to gain 2,313 acres. That’s had a lot of El Pasoans guessing as to what Foster had planned. In fact, while playing the Dunes my boss and I had that exact conversation: what will Paul Foster do with all that land? My boss’s guess was housing. Lots and LOTS of housing.
It turns out, he was correct! Foster’s company made the announcement that they will break ground on an enormous residential community, essentially, RIGHT ACROSS THE STREET from Painted Dunes.
Here’s some of what we know about the plans:
--Between 9,000 and 10,000 new homes and apartments
--Walking and biking trails
--Over 135 acres of parks
--300 acres of commercial development. What’s a neighborhood without at least 3 or 4 Starbucks, right?
The El Paso housing market is extremely tight right now. For Sale signs are a rare sight and houses are selling almost as fast as they can be listed. Expect this project to get done quickly to catch the current market trend.
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