El Paso City Hall’s new appraisal released

The numbers have been all over the place — from $15 million to more than $30 million.

That is why the City of El Paso enlisted the help of an independent appraiser to determine the true market value of the current City Hall building.

The building was appraised by Martha Gail Reid for $13,080,000. She used comparable recent sales in the area to determine the price.

“It’s a fair price for sure,” Downtown real estate broker, Roland Correa said. “This building was ten dollars less per square foot.”

Correa sold another commercial building located down the street from city hall, two weeks ago. He says the appraisal is certainly accurate for what the current market is in downtown.

Gail-Reid says the cost to build and pay a developer for a similar city hall today would be around $24 million. The price of the land City Hall comprises is worth around $6.6 million.

City Council will vote on Tuesday whether or not to demolish City Hall to build a Triple-A baseball stadium.