The 30-foot tall golden obelisk called the "Grand Candela" was revealed to the public Saturday morning in the parking lot of the Walmart, which reopened recently for the first time since the shooting in which police say the gunman targeted Mexicans.
A private lighting was held Friday night for the families of those who died and for those who survived the attack, in which 25 people were wounded.
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"Be a beacon of hope for the survivors and a lasting reminder to all the enduring strength, resiliency and love that unites El Paso," said Walmart Regional Manager Todd Peterson.
Police say 21-year-old Patrick Crusius drove more than 10 hours from his home near Dallas to carry out the attack in the border city of El Paso, which is home to many Latinos.
Crusius has pleaded not guilty to capital murder charges in the attack. Prosecutors plan to seek the death penalty.