An El Paso entrepreneur has purchased the township of Cornudas east of El Paso where a Florida developer had proposed putting an Old West resort.
United States of America (Press Release) September 9, 2007 --
He also bought the El Rancho Escondido restaurant at 14261 Montana from Wallace, and plans to re-open it Sept. 18, he said.
This means Wallace's multimillion-dollar Wallacetown resort dream is gone.
Rey instead plans to put a fish pond with campsites, and an amusement park on the property 60 miles east of El Paso on U.S. Highway 62/180. He also plans to operate a group of Old West buildings assembled at the site by Wallace, and to reopen the Cornudas Cafe.
"I'm talking with one major theme park company right now, and a couple of traveling amusement parks that need a place to settle down," Rey said. He would not divulge the name of the theme park company. "I just want to get something going for (El Paso area) families."
Wallace said he sold the property because he lost millions of dollars from four proposed condo projects he had to cancel in Mississippi and Florida due to Hurricane Katrina.
"I sold it because I have too much on my plate right now" and because of the Katrina-related losses, Wallace said.
Wallace said he invested about $3 million in Cornudas, including the price of the land. The sales price of the Cornudas site, which Wallace bought in May 2006, was never
disclosed. In 2005, the proposed price was reported at $1.3 million. The Cornudas site will retain the Wallacetown name, Rey said.
Rey is a former engineer at the Delphi technical center in Juárez, and now is an international sales consultant for the automotive division of Tesa Tape Inc., manufacturer of adhesive tapes.
He also plans to make a second run for the East Side county commissioner seat.
Vic Kolenc may be reached at vkolenc@elpasotimes.com, 546-6421
This means Wallace's multimillion-dollar Wallacetown resort dream is gone.
Rey instead plans to put a fish pond with campsites, and an amusement park on the property 60 miles east of El Paso on U.S. Highway 62/180. He also plans to operate a group of Old West buildings assembled at the site by Wallace, and to reopen the Cornudas Cafe.
"I'm talking with one major theme park company right now, and a couple of traveling amusement parks that need a place to settle down," Rey said. He would not divulge the name of the theme park company. "I just want to get something going for (El Paso area) families."
Wallace said he sold the property because he lost millions of dollars from four proposed condo projects he had to cancel in Mississippi and Florida due to Hurricane Katrina.
"I sold it because I have too much on my plate right now" and because of the Katrina-related losses, Wallace said.
Wallace said he invested about $3 million in Cornudas, including the price of the land. The sales price of the Cornudas site, which Wallace bought in May 2006, was never
disclosed. In 2005, the proposed price was reported at $1.3 million. The Cornudas site will retain the Wallacetown name, Rey said.
Rey is a former engineer at the Delphi technical center in Juárez, and now is an international sales consultant for the automotive division of Tesa Tape Inc., manufacturer of adhesive tapes.
He also plans to make a second run for the East Side county commissioner seat.
Vic Kolenc may be reached at vkolenc@elpasotimes.com, 546-6421
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