GenX Capital Partners (GenXCP) managing director Mark McClure has reached an agreement to codevelop the $40m Azul El Paso project in Texas, US.

The project will be delivered as a collaborative effort with Prestige Development Group (PDG).

It is the first of three Azul-branded developments planned by the partners for the next 36-48 months.

The 104,000ft² project will comprise 130 apartment units ranging from studios to two-bed or two-bath options, as well as 12,000ft² of retail space.

Amenities at the community will include a gym, meditation room, theatre room, business centre, and conference space.

Construction is expected to begin by the end of the first quarter (Q1) of 2024.

McClure said: “It's a fantastic location. Our partner, PDG, and Michael Dixson have demonstrated exceptional expertise in permitting and leasing the retail pad component of this site.

“Azul El Paso will seamlessly integrate with the neighbouring retail sector, featuring prominent brands such as Dick's Sporting Goods, Walmart, PF Chang’s, Albertson's, Dillard’s, and more. This strategic positioning offers our tenants a diverse array of shopping, dining, and entertainment options.”

Situated at 6767 Gateway Blvd in the centre of El Paso, the Gateway-Azul El Paso development will provide access to five international points of entry from Mexico.

It will be located near Cielo Vista Mall and close to the I-10 motorway, which connects Jacksonville, Florida, to Los Angeles, California.

The company currently has a personal development pipeline of more than $150m for hospitality and multifamily assets.