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Investor purchases to help give downtown a facelift

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Amarillo, Texas - Three and a half blocks of downtown Amarillo property have recently been purchased by an investment alliance.

The Prana Development Group, which is comprised of several business leaders in Amarillo, have purchased properties including the Commerce Building and the former Blackburn Brother's store, which has been a vacant eye sore in downtown.

Investors say they plan to spend $10 million if not more on these projects. Office space will be a majority of the plans along with the possibility of more retail.

Member of the Prana group, Alan Rhodes, says they wanted to do their part in giving downtown a facelift, and they've already taken measures to do that.

"One of the first things that we've done is we've got the plywood off the outside of the Blackburn's building. I don't know if you've taken a look at it, but it was not looking that good. And while we don't have current plans for it, we wanted to get it in better shape. We want to develop our strategy for it," Rhodes said.

Rhodes says their first plan of action will be the Commerce Building that sits mostly vacant. Renovations for new office space to bring in more business is their goal.

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