January 31, 2019
One of El Paso’s most recognizable and historic buildings has a new owner. Local billionaire Paul Foster acquired the art-deco building out of bankruptcy for a reported $2.29 million. The previous owner was William “Billy” Abraham.
Located at the corner of Mills Avenue and Oregon Street, the Kress building has sat vacant for years. The department store officially closed in 1997, and the building housed other businesses for a while before going dark.
Foster, who made most of his billions through his involvement in Western Refining Inc., has emerged as a pioneer in redeveloping El Paso’s downtown. In 2011, he completed the multi-million-dollar renovation of the historic Mills office building, and is currently renovating the 90-year-old Plaza Hotel building. Both the Mills and Plaza Hotel buildings are located in the heart of downtown, across the street from San Jacinto Plaza and the Kress building.
For questions, comments or concerns, please contact Jennifer Duell Popovec