A decision regarding both the ownership and possible future renovation of nearly two dozen historic downtown El Paso buildings could be announced in the next three weeks as part of ongoing bankruptcy proceedings.
Two El Paso investors, Paul Foster and Miguel Fernandez, have joined forces in presenting an offer to purchase properties that are currently owned by William Abraham, longtime El Paso real estate developer.
Altogether, Foster and Fernandez are offering to buy up 20 buildings for $10.4 million.
An earlier bid, offered by Foster and several others, called for purchasing twelve buildings for $6.2 million.
Many of the structures in question are regarded as historic treasures with preservationists and various city officials contending that they could be upgraded, renovated, and turned into modern mixed-use properties.
The Foster/Fernandez offer, to become reality, would have to be first approved by court-appointed trustee Ron Ingalls, and then Western District of Texas Bankruptcy Court Judge Christopher Mott.
If the offer is accepted, Abraham would still own half a dozen properties in the city, and would also walk away with $200,000.
According to earlier published reports, the properties owned Abraham and his real estate investment company, Franklin Acquisitions, are thought to be worth an estimated $37 million.
The next hearing in the Abraham bankruptcy proceedings is scheduled for July 24.
By Garry Boulard
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