Tropicana Building: Tropicana building apartments with $23M in tax credits; El Paso Opera shedding staid image

Oct 1, 2018

Tropicana Building received $23.3 million in federal tax credits to build two low-income apartment buildings in Socorro, the El Paso company recently reported. The tax credits, awarded in late July by the Texas Department of Housing and Community Affairs, will be used to finance construction scheduled to begin in spring 2019 of the 96-unit Jaime O. Perez Apartments, with a total cost of about $12 million, and the 104-unit Nevarez Palms Apartments, with a total cost of about $13 million, reported Bobby Bowling IV, president of Tropicana Building. The complexes, expected to open in 2020, will be located on Nevarez Road in Socorro in El Paso County’s Lower Valley. Read Full Story

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