El Paso developer buys land in New Mexico border town

SANTA TERESA, N.M. (AP) — An El Paso businessman and developer is investing in a booming New Mexico industrial area along the U.S.-Mexico border. The El Paso Times reports that Lane Gaddy has purchased 3.4 square miles (8.8 square kilometers) of vacant land in Santa Teresa's growing industrial area. Gaddy says he believes momentum is in Southern New Mexico's favor no matter what happens with the NAFTA talks. Gaddy says he plans to sell pieces of his Santa Teresa land portfolio, which does not include any existing buildings, and develop some of it for industrial uses. He declined to reveal details of the upcoming industrial deals. The industrial Santa Teresa has brought in millions of dollar in revenue for the state but doesn't have any residents. ___ Information from: El Paso Times, http://www.elpasotimes.com