On Thursday, the city of El Paso endorsed El Paso Community Foundation's $12.7 million Artspace Project, which will provide affordable lofts to artists in the city.

Sammy Lopez is a young artist who said there is a great need for this type of ambiance in El Paso and he would definitely move into the Artspace at 601 N. Oregon.

"When I heard about it, I was like light bulb. I was like, ‘Oh, awesome,'”said Lopez.

Lopez showed KFOX14 his artwork, which was very compatible with the vision of the city and the foundation. He calls it “City on Fire,” a piece he said he would like to reflect his hometown in the future.

"El Paso, the downtown has just been at a standstill, and people my age are definitely starting to change that," Lopez said.

The Artspace was unanimously endorsed by all city leaders on Wednesday in a special meeting. Mayor John Cook said it one of the most progressive projects revitalizing the downtown area.

"We've had several small projects in the Downtown area that have trying to bring that residential component. And this one I think goes right into the heart of Downtown," Cook said.

Eric Pearson,the foundation's president,called it the missing piece to a vibrant Downtown.

"We have a wonderful Plaza Theater, a whole bunch of interesting things Downtown, you know we’relooking into the ballpark, we're looking at a bunch of investments but the most important part of it is that you have people living in an area," Pearson said.

Pearson said the majority of the Artspace will be funded through federal tax credit, which would be awarded in late 2013. Construction and leasing to residents wouldn't start until 2014.