EL PASO, Texas - A sign stating "Property Available" now stands on the plot of land that was supposed to be the site of the new $350 million Franklin Galleria Mall.
Many are asking if the project is now in limbo. The plot of land is located on the northeast corner of Transmountain and I-10.
ABC-7 reached out to the Transmountain Partners, the developer, and it told us nothing has changed. "We are currently negotiating with big tenants," developer Jose Gonzalez said.
The proposed mall is expected to include a Cinergy entertainment complex, which will reportedly house 10 auditoriums, 18 lanes of upscale bowling, two full-service bars and premium dining options. It is also expected to include multiple escape rooms, a fully loaded game floor with more than 110 interactive games, a sky walker with a zip line, a multilevel laser tag arena and multiple event rooms.
ABC-7 spoke with the attorney representing Transmountain Partners, who said they had planned on breaking ground in August of 2017 and have the first of three phases completed in a year. Six months later - there is still no development.
"We are not six months behind," Gonzalez said. "We haven't received the terms that we are requesting, and since they are so large, sometimes it takes time for them to come back and counter." When ABC-7 asked for details, Gonzalez said he could not comment.
As for the "Property Available" sign, Gonzalez said it is for marketing purposes. The developer said they are looking to lease the property to expand the mall.
"Nothing has changed," Gonzalez said. "Other than basically doing the right financing structure for the entire development and negotiating with our tenants."
Gonzalez said he expected to break ground midsummer.
ABC-7 spoke with a real estate agent less than a mile from the proposed site. "I think it's great," Luis Marines said. "But you don't want to depend on stuff like that, if it goes bogus or not, you want to depend on what you have now."
The city of El Paso said the developer is in the process of submitting an application for incentives, which could help them save movey in the long-run. But until it's finalized the application won't make it to city council for a vote