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Albuquerque Development Thread
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Not sure what happened to the Albuquerque threads or if this is the right subforum to put them in, but I can't find any so this makes sense to me. |
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PNM to vacate downtown ABQ building
Updated: Wednesday, 22 Aug 2012, 7:51 AM MDT
Published : Tuesday, 21 Aug 2012, 10:10 PM MDT Tim Maestas ALBUQUERQUE (KRQE) - Albuquerque office buildings are getting increasingly empty with the highest amount of office vacancies in about 20 years, according to statistics from a commercial real estate firm tracking the numbers. The vacancy rate is about to grow even more, with PNM planning to move out of one of downtown Albuquerque’s biggest buildings. “The office market is experiencing the biggest challenges,” said Ken Schaefer, Director of Brokerage Services for Grubb & Ellis New Mexico. Grubb & Ellis says the citywide vacancy rate is 18.8 percent, but the numbers are even higher for the city’s busiest business districts. Uptown’s vacancy rate is 23.6 percent. Downtown’s vacancy rate is 21.9 percent, and the number is expected to grow dramatically once PNM exits the eight-story Alvarado Square building in the heart of downtown. New Mexico’s largest utility company is consolidating all of its downtown employees from two buildings into one. Soon Alvarado Square will be completely empty. “The two buildings we occupy downtown had a 40 percent vacancy rate, so it just wasn’t efficient use of the space,” said Valerie Smith, PNM Director of Communications. The company’s workforce dropped by almost 1,000 employees when the company sold off its natural gas business in 2009. Now PNM is moving employees out of Alvarado Square and into the company-owned 12-story building next door. PNM’s 30-year lease for Alvarado Square expires in 2015. The move is expected to eventually save the company about $3 million every year. It turns out many companies are doing what PNM is doing and cutting down on space. Others have either laid off employees, moved away, or shut down completely. “Office vacancy rates are directly tied to unemployment,” said Ed Anlian, Senior Associate for Grubb & Ellis New Mexico. “Until the unemployment levels return to 4 percent or 5 percent it’s going to be difficult to fill up buildings.” PNM”s move out of Alvarado Square will leave downtown with a giant amount of available office space. According to numbers provided by Grubb & Ellis, the 250,000 square-foot building accounts for about 9 percent of downtown’s office space. But the real estate firm sees it as an opportunity, too. “We’d like to sell it to an owner-user, or lease it to a single tenant that currently doesn’t have a presence in Albuquerque,” Schaefer said. A single tenant would mean a new, major employer for the city. According to Schaefer, having a downtown office building completely available is a good thing to offer big companies considering a move. No one knows how long that will take. PNM is planning to vacate Alvarado Square by the end of the year and says the want to see the building occupied. “We want a vibrant economy. Because the more vibrant the economy, the better our business is,” PNM’s Valerie Smith said. |
Lawn re-do to give Downtown a boost
Updated: Friday, 28 Sep 2012, 7:37 AM MDT Published : Friday, 28 Sep 2012, 7:36 AM MDT Amanda Goodman ALBUQUERQUE, N.M. (KRQE) - The pristinely manicured Pete Domenici Federal Courthouse lawn seems like a distant memory these days as torn up concrete, mounds of dirt and a chain link fence have taken its place. “There is just quite a mess, I catch the bus here in front of federal court so I was just kind of wondering, okay what’s going on, where’s the money going now and… what’s happening,” said Metro Court Employee Sarae Smiel. It turns out a lot of other people are wondering the same thing with construction at the court house entrance seemingly coming out of nowhere. “I’ve seen it but I didn’t know what was exactly happening,” said Downtown resident Amanda Jauneka. News 13 has learned the feds are re-landscaping the lawn to make it more sustainable and cost efficient, taking out the water-hungry grass and xeriscaping at a cost of $2.8 million. “Initially I was like wow, this is a waste of taxpayer money to do some renovation but then I found out the water conservation that’s involved,” Jauneka said. According to the company doing the work there, Rios Clementi Hale Studios, changing the landscape will save roughly 230,000 gallons of water a month. The old landscaping sucked up nearly 300,000 gallons of water a month. “It’s nice to know we’re able to save money, save water as well as make it look beautiful,” Smiel said. People who live and work downtown told News 13 between all the court buildings and concrete this area sometimes gets a bad rap. However, they think once the project is finished it will create a new oasis and may even soften some people’s perceptions of the area. “It will be more people friendly, sitting outside looking at their books or just having a nice lunch get out of the office, it will create a more positive vibe for down here,” said Jauneka. At this point it is not clear when the project will be completed. The contractors are re-using a lot of the concrete for the new look as well as creating a rain garden to collect water so it can be re-used. http://www.krqe.com/dpp/news/politic...wntown-a-boost |
Albuquerque looks to Cleveland for transit ideas
New Mexico Business Weekly by Damon Scott, Editorial Researcher
Date: Thursday, October 18, 2012, 7:05am MDT http://www.cabq.gov/transit/images/s...id-transit.jpg Albuquerque officials were in Cleveland this week in the hopes of gathering ideas that will improve and expand the city’s transit system. City directors and business people toured Cleveland’s bus rapid transit system Oct. 17. The transit system in Cleveland, is also known as The HealthLine. It began operations in 2008. The HealthLine comes within a half mile of more than 200,000 employees and 58,000 households. In three years its ridership increased more than 60 percent over the regular bus routes that formerly ran along the corridor. “We believe that The HealthLine and a potential future bus rapid transit system in Albuquerque could share many commonalities,” Bruce Rizzieri, director of ABQ Ride said in a news release. “An Albuquerque [bus rapid transit system] running along Central [Avenue] could help revitalize this corridor — similar to the revitalization [in Cleveland] and could provide more timely transit service ... ” Some of the attributes of the system include dedicated lanes and strategically located stations, not just stops, according to officials. The HealthLine has also helped spur new developments in the form of the rehabilitation of old buildings into housing and retail centers, as well as major expansions of a nearby university, museum and hospital. “I’m really impressed with the renaissance of this area of Cleveland ... and the revitalization,” Kurt Browning, an Albuquerque developer/builder said. “And I think there’s probably opportunities like this along Central Avenue — [on] old Route 66 in Albuquerque.” The trip is part of ABQ Ride's “Central Avenue Bus Rapid Transit” study. Beginning November 20, ABQ Ride will schedule a series of six public meetings to get ideas and opinions from the public about the project. Details of the time and locations of meetings are not yet available. http://www.bizjournals.com/albuquerq....html?page=all |
^^^^ BRT? Looking to Cleveland? wtf?
ABQ ought to do Modern Street along Central Ave from San Mateo Blvd to Central Ave and Atrisco. That connects the Knob Hill area, the University, Downtown (and Amtrak/the Rail Runner) and the Botanical Garden, Aquarium, Country Club, Old Town, the museum area, Rio Grande river, etc. Crossing the Rio Grande would allow for a nice park and ride connecting the west side of ABQ. Its only a 6.5 Mile line, so it likely wouldn't be too terrible expensive. Then a 2nd branch line could run N/S from University and Indian School down to the Airport. That connects all the various hospitals, University buildings, the community college, the sports complexes for the University and the Isotopes to the airport. Its a 4.5 mile line. You're talking about a total 11 mile system that could entirely change ABQ forever without a terrible huge investment. |
Rail Yards Master Plan
This blog (UrbanABQ)has some info on the rail yards master plan.
http://urbanabq.blogspot.com/ |
Contractors pursue Rail Yards blacksmith shop renovation
Steve GinsbergReporter- New Mexico Business Weekly
The first restoration project for the city of Albuquerque’s Rail Yards redevelopment has attracted interest from 30 companies, according to Gilbert Montaño, deputy chief administrator. Requests for proposals are due this Friday on the $750,000 contract to upgrade the former blacksmith shop. "In my experience, we usually see five or six companies bid on a project of this size, but we have gotten interest from architects, contractors and different design-build teams," Montaño said. "We were surprised to see this much interest in the project. We expect to see some of these companies team up and submit proposals." Mayor Richard Berry hopes that if the public can attend events at the blacksmith shop, such as car shows and farmers’ markets, it will support restoring the entire site. Montaño said a contractor will likely be selected before the year is over and the site could be open for events late next summer. The historic Rail Yards are located in Barelas, south of Downtown, and have been off-limits to the public for decades. The city seeks to make the former blacksmith shop safe for the public and meet current building codes. The blacksmith shop renovation will be an interim use and will eventually be part of an overall master plan that will unfold over the next five years. California’s Samitaur Constructs is the master developer and has been holding neighborhood meetings this fall to get the public’s input on the project. http://www.bizjournals.com/albuquerq...&ed=2012-11-06 |
http://www.cabq.gov/council/images/c.../image/preview
http://www.cabq.gov/council/images/R.../image/preview City of ABQ just posted some cool info on the Rail Yards redevelopment Masterplan on their website. http://www.cabq.gov/council/council/...-redevelopment |
More delays for downtown's Anasazi
Updated: Thursday, 15 Nov 2012, 7:24 AM MST
Published : Thursday, 15 Nov 2012, 7:24 AM MST Katie Kim ALBUQUERQUE (KRQE) - More than four years after construction stopped on downtown Albuquerque's Anasazi building, more obstacles are delaying the project's completion. The 10-story tower was supposed to be home to luxury condos, shops and restaurants. Now, it is home to vandals. Its walls are covered in graffiti and trash litters the property. The Anasazi was near completion when bank funding for the $9 million project went under. Developer Vincent Garcia of the Anasazi Downtown LLC was stealing money meant for the project. Garcia plead guilty to one count of bank fraud in August. He faces up to 20 years in prison at sentencing. The Federal Deposit Insurance Corporation took over the incomplete Anasazi, then sold the mortgage and note to Kentucky-based bank, First Southern National Bank. Albuquerque attorney William Keleher, who represents the bank, said his client made good on most of the building's bills. All the bank needed was for the courts to officially approve its ownership of the Anasazi, according to Keleher. "It's a troublesome property, and we need to try to get it finished as quick as we can," said Keleher. A judge in August denied the bank's summary judgment for foreclosure because of a legal technicality, said Keleher. Keleher said the issue could be resolved if one Albuquerque investor stepped out of the way. "It would not be a problem if Kurt Lambert agreed to the foreclosure," said Keleher. Lambert invested close to $200,000 in Garcia's development group in 2007. Lambert declined an interview but told KRQE News 13, he lost all his money and sued Garcia. In return, Lambert became part owner of Anasazi Downtown LLC but did not recoup his investment. Now, Lambert said he's blocking the bank's deal in court, demanding Anasazi's new owners pay him what he feels he's due. Keleher said Lambert has no claim in the building. The Anasazi is about $22 million in debt, which has not been paid. Today, the building is worth much less than what it owes. "It's time to complete the foreclosure, have the sale and get that project finished," said Keleher. The potential new owners have asked a district court judge again to approve Anasazi's foreclosure, so it can go ahead and finish the building. No word on when the judge will make her decision. http://www.krqe.com/dpp/news/local/c...ntowns-anasazi |
Downtown mall to get facelift
Posted at: 11/20/2012 8:14 PM | Updated at: 11/20/2012 10:16 PM
By: Chris Ramirez, KOB Eyewitness News 4 The 4th Street Mall in downtown Albuquerque is one step closer to getting a major facelift with the help of a federal grant. Currently, many people avoid 4th Street near Civic Plaza downtown. People loiter there for hours and the planters have turned into beds for the homeless. On top of that, rodents have infested the area and businesses are moving out. In an effort to rehabilitate the 4th Street Mall, the City of Albuquerque secured a $2 million federal grant. The funds come from a federal program that helps downtowns in need. "What we would like to do is take out the pedestrian features and basically convert it back into a street with pedestrian sideways for retail, cultural, and youth type activities," said Rob Perry, City of Albuquerque Chief Administrative Officer. The plan adds a one-way vehicle accessible road through the mall and incorporates both retail and restaurant space on each side. Perry said he hopes to have the project done within one year. http://www.kob.com/article/stories/S....shtml?cat=504 |
UNM regents approve plan for mixed-use retail site
New Mexico Business Weekly by Dan Mayfield, Reporter Date: Tuesday, December 11, 2012, 3:34pm MST UNM regents Tuesday approved a plan to turn acres of vacant land around The Pit and off University Boulevard into a mixed-use retail site. Jack Fortner, president of the Board of Regents, confirmed the agreement to the Business Weekly. The agreement is with Fairmount Properties LLC of Cleveland, Ohio to lease and develop land into a mixed-use facility. Fortner, an attorney from Farmington, said leasing the land but continuing to control it will provide the most financial benefit to the university. Lobo Development Corp. located Fairmount, a company that specializes in university developments. According to a memo from Kim Murphy, vice president of Lobo Development Corp., posted with the materials for Tuesday’s Board of Regents meeting, the agreement includes three land parcels located on the South Campus, the largest of which is located north of Gibson Boulevard and west of University Boulevard. Two smaller parcels are on the south side of Avenida Cesar Chavez near I-25. Since 2007, Lobo Development Corp. has been working to develop the land. UNM had signed an earlier development agreement that fell through as the economy collapsed. This spring, Lobo Development inked a deal with Fairmount. The plan is to complete the project in five years. http://www.bizjournals.com/albuquerq...&ed=2012-12-12 -------------------------------------------------------------------------------- |
Developer seeks help to build apartments
Updated: Wednesday, 12 Dec 2012, 9:47 AM MST Published : Wednesday, 12 Dec 2012, 9:47 AM MST Elizabeth Alvarez ALBUQUERQUE (KRQE) - A developer wants to build a major apartment complex on Central Avenue in downtown Albuquerque and is now asking for the county's help. “The developer is requesting property tax abatement so they essentially wouldn't pay property tax in lieu of providing a lower rent rate for workforce housing,” Director of Economic Development, Mayling Armijo, said. For now, the county commission has deferred taking any action the request. The Silver Moon Lodge Complex, a three story 150 unit complex, would be built on the site of old Silver Moon Motel near 10th Street. The city tore down the crime ridden motel last year and the property is now a large vacant lot. The apartments would be reasonably priced and cater to people working downtown.http://www.kasa.com/dpps/news/krqe_n...tments_5087896 http://www.kasa.com/dpps/news/krqe_n...tments_5087896 |
Albuquerque population could reach 1 million in 2018
Albuquerque Business First by Gary Gerew, Assistant Editor Date: Monday, January 7, 2013, 7:22am MST Albuquerque could have a big boost in population during the next five years, according to an American City Business Journals On Numbers report. Fifty-two U.S. metropolitan areas currently have more than 1 million residents. Tucson, Ariz., was the latest to join the million-plus club, crossing the threshold just five months ago. But it won’t be the last entry. On Numbers has identified 28 other metros that have a decent shot at reaching a population of 1 million by 2050. The closest to that goal are Honolulu, Fresno, Tulsa and Albuquerque, according to the report. Honolulu should get there first. It’s Jan. 1, 2013, population was 976,894, based on On Numbers’ latest estimates. If its recent growth patterns continue, Honolulu will reach 1 million on July 28, 2015. Albuquerque is expected to grow from 918,876 at the start of 2013 to 1 million on Sept. 21, 2018. On Numbers has developed a computer program that analyzes more than a decade’s worth of demographic data to project the populations of states, metropolitan areas, counties and cities at any given moment. http://www.bizjournals.com/albuquerq...&ed=2013-01-07 |
Construction Begins!
Construction has begun on 2nd and Silver on the new Casitas de Colores residential units, a multi-family housing project featuring 71-units, mostly two- and three-bedroom apartments. The $16.2 million project is expected to be completed by February 2014. It is also expected to contain many green and social-services features that adhere to Enterprise Green Communities’ standards. Check out the Albuquerque Business First article linked here. http://www.bizjournals.com/albuquerq....html?page=all Albuquerque Downtown Action Team Weekly Alert for January 10 |
Downtown grocery store could be one step closer
Jan 15, 2013, 6:11am MST Dan Mayfield Reporter- Albuquerque Business First On Thursday, Downtown will take another step towards a new grocery store when the Albuquerque Development Commission will vote on an RFP the mayor released last summer. In June, Mayor Richard Berry announced that he was releasing a city contract, or request for proposals, to redevelop a one-acre site on Silver Avenue between Second and Third streets. The city bought the land 13 years ago and remediated and rezoned it with the purpose of attracting a grocery store and pharmacy. City spokeswoman Dayna Gardner said Monday the vote to accept the recommended bid will be Thursday. The bid must be voted on by the commission before the names of the bidders can be made public. A Downtown grocery store is a big part of the redevelopment plan for the area, which has struggled in recent years. Retail and office vacancies have continued to rise in the Downtown core. There were multiple bids, said Debbie Stover of the Downtown Action Team, on Monday, “They were scored and then the ADC decides if they will select or negotiate with bidders,” Stover said. The store, according to the RFP released last summer, would be part of a public/private partnership. The city has been working for more than a decade to revitalize Downtown, and a big part of that has been public/private partnerships. The Downtown Theater block is an example of one of the city’s partnerships. The city is seeking a 6,000-square-foot store, which is only about an eighth of the average size of a grocery store, according to the Food Marketing Institute. Downtown has been called a “food desert,” because it isn’t served by a large grocery store. The area, though, is not completely underserved. The Lowe’s grocery store, at 12th Street and Lomas Boulevard, was recently remodeled and now features more produce and a full liquor section. The small County Club Market at 10th Street and Coal Avenue, and the 7-Eleven on the Fourth Street Mall, are both convenience stores with limited amounts of food. Downtown has about 11,600 residents and nearly 30,000 people work in the area. The city adopted the Downtown 2010 Plan, a redevelopment plan for the Downtown core, in 2000. The plan’s goals, which included retail services, were supposed to be complete in 2010. http://www.bizjournals.com/albuquerq...01-15&page=all |
Geltmore wins vote to run new Downtown grocery store
Dan Mayfield Reporter- Albuquerque Business First On Thursday, the Albuquerque Development Commission picked Geltmore LLC to run the new Downtown grocery store. Last summer the city put out a contract proposal for a 1-acre site Downtown with the intent of opening a small grocery store. The request for proposal called for a mixed-use, 6,000-square-foot store on a vacant lot the city owns on Silver Avenue. The city had five responders, two of which didn’t qualify, said Gabe Rivera, acting division manager of the Metropolitan Redevelopment Agency. The staff recommended David Silverman of Geltmore LLC, representing UR 205 Silver LLC, which presented a four-story building of 60,000 square feet. The first floor would have a 6,000-square-foot grocery, and the rest would be one- and two- bedroom apartments. The committee voted unanimously for Geltmore to take over the project. Rivera said 30,000 people live within one mile of Downtown, and 40,000 people work in the area. “We see all these people as potential customers to our grocery store,” Rivera said. “We realized there was a need. There was a need for 30 years.” “The three bidders were always local vendors. That’s what’s always been a priority for the mayor,” the City of Albuquerque's deputy chief administration officer, Gilbert Montano, said. The grocery store was a major part of the Downtown 2010 plan, which was drafted in 2000 by the city and the Downtown Action Team. “They said if or when a grocer would come into the area, it would be a catalytic endeavor the city would undertake. That’s the model we’re taking,” Montano said. The location is within 500 feet of a church or school, Montano said, making alcohol sales unlikely due to state laws. The RFP process, Montano said, was designed to streamline the approvals for the store. “It has to go through the same permitting processes, but what makes this a little unique is that it’s in an MRA, a Metropolitan Redevelopment Area, and it allows it to bypass the city council process,” Montano said. “It does save a significant amount of time.” The city isn’t giving the land away, but it will work with a developer, Montano said. Groups that presented had a variety of ideas. A second group planned a seven-floor hotel, and grocery store with a pharmacy. Rob Dickson, of Paradigm LLC, who responded to the RFP, said, "Our team really felt the biggest need was market rate housing. In looking at the trade area outlined by the staff, we felt the Lowe's provided a good choice in a Downtown grocery store." His company's approach was a specialty market, with a cafe, called The Daily Market & Cafe, with 85 housing units renting for about $500 to $750 per month. http://www.bizjournals.com/albuquerq....html?page=all |
I took this photo of the construction of the new IMAX theater at Winrock in Uptown ABQ.
https://photos-4.dropbox.com/t/0/AAB...68&size_mode=2 |
Renovation of 517 Gold SW begins
Damon Scott Reporter- Albuquerque Business First New Jersey developer and furniture retailer Anthony Mehran says he is moving forward on the first phase of a residential development at 517 Gold Ave. in Downtown Albuquerque. The eight-story former federal office building, vacant for more than a decade, will see its first two floors converted into 60 units of studio-sized apartments between 350 and 600 square feet, Mehran said. Albuquerque architect Garrett Smith Ltd. has been working as the designer on the project, and AIC General Contractor is doing the construction. Mehran paid $1.51 million for the building in an online federal auction in 2007. “We’re finishing demolishing the interior to start phase one and want to have the units ready in six to nine months,” Mehran said. “Depending on the speed of leasing, which we’re very confident will move quickly, we will see where we stand and start phase two on floors three and four.” Mehran estimated that phase two could be completed in 12 to 15 months. Built in 1958, 517 Gold was vacated when the government moved across the street to 500 Gold, a more modern office building, about 11 years ago. http://www.bizjournals.com/albuquerq...&ed=2013-02-11 |
Peterson Properties buys Simms Building
Damon Scott Reporter- Albuquerque Business First The historic Simms Building at 400 Gold SW Downtown has been bought at its $1.75 million list price by Peterson Properties. According to listing agent John M. Henderson III, a director at NAI Maestas & Ward, the deal was signed and approved Feb. 11. “I think the best part of this is that now this classic, iconic building, that people [previously had] questioned if it could be built that high, will hopefully be returned to its grandeur,” Henderson said. “This will be a real shot in the arm for the downtown core.” Maestas & Ward this month listed for sale the 13-story office building, which is about 60 percent vacant. Henderson said the building had attracted a number of potential buyers and offers. The building comprises 113,699 rentable square feet sold at $15.39 per square foot. The building also contains a five-story parking garage with 227 spaces. Henderson said the nearly-60-year-old building needs considerable renovations — possibly $3.5 million to $5 million for upgrades on its plumbing, electrical and HVAC systems. Peterson Properties develops and manages commercial properties throughout the Southwest. It is involved in leasing and developing properties across the Albuquerque area. Representatives from the company were not immediately available for comment. http://www.bizjournals.com/albuquerq...&ed=2013-02-11 |
More photos of progress being made at Winrock in uptown ABQ.
Target http://farm9.staticflickr.com/8229/8...f1a74f5c_b.jpg BJ's Brewhouse http://farm9.staticflickr.com/8507/8...cca0be60_b.jpg IMAX Theater http://farm9.staticflickr.com/8392/8...ca741bfc_b.jpg |
Philips plant site back on the market
http://www.cbre.us/o/albuquerque/Ass...ite%20Plan.jpg Gary Gerew Assistant Editor- Albuquerque Business First The site of the former Philips Semiconductor plant, converted to a low-budget film and TV studio, is back on the market, according to the Albuquerque Journal. Titan Development, which bought the property along I-25 near Paseo del Norte in 2006, is planning to name the area NorthPoint 25, and develop it as a business park with a planned mix of offices, retail uses, restaurants and hotels. “While the economy is recovering, now is the best time to tee up the marketing and the pre-development work,” Drew Dolan of Titan Development told the Journal. “What we’re doing is getting it back in front of a number of different (potential) users.” The city-approved plan for the site allows for up to 650,000 square feet of office space, five shops or restaurants and two hotels with up to 400 rooms, the Journal reported. NorthPoint 25 is a build-to-suit project, which means companies commit to leases for building space. The building is then custom-designed and built by Albuquerque-based Titan to suit their needs. The project is being marketed by Mike Schiffer and Trevor Hatchell of CBRE. The existing 502,000-square-foot former plant, now called I-25 Studios, will continue to operate as other parts of the 60-acre site are gradually developed, the Journal reported. Eventually the massive plant will be torn down, according to the Journal. http://www.bizjournals.com/albuquerq...&ed=2013-02-13 http://www.cbre.us/o/albuquerque/pro...site-plan.aspx |
UNM south campus project delayed
Gary Gerew Assistant Editor- Albuquerque Business First A project designed to bring restaurants and stores to the University of New Mexico’s south campus is being delayed, according to the Albuquerque Journal. Regents Monday approved a 30-day deadline extension for an agreement on the value of about 50 acres off Avenida César Chávez and University SE, with Ohio-based Fairmount Properties, the developer chosen to build the project, the Journal reported. Fairmount will lease the land from UNM and develop numerous restaurants, shops and other establishments. UNM joined with Fairmount in December, establishing a 60-day deadline to agree on the value of the lease. “The problem is that over the Christmas break, everybody got behind so they couldn’t get it finished until late last week, so the regents haven’t had a chance to look at it,” regent Jamie Koch told the Journal. Fairmount delivered a first draft of the agreement on Dec. 15. According to a UNM report, the school reviewed it over the winter break and sent back a revised version on Jan. 25. UNM then met with Fairmount in person a few days later to discuss the lease. “This meeting was very productive, many key provisions were discussed and conceptual agreement was reached on almost all issues,” the report states, but there’s not enough time to meet the Feb. 18 deadline for an agreement, according to the Journal report. http://www.bizjournals.com/albuquerq...&ed=2013-02-14 |
List of design-build teams for interchange project announced
Gary Gerew Assistant Editor- Albuquerque Business First The Federal Highway Administration, New Mexico Department of Transportation, City of Albuquerque and Bernalillo County have announced a short list of three design-build teams that will be invited to respond to the final request for proposals (RFP) to select a contractor for the Paseo Del Norte/I-25 Interchange Reconstruction Project. The transportation department said the three are: Kiewit New Mexico/Bohannan Huston Inc./Terracon North Gateway Joint Venture Sundt/AUI/URS Corp. “It was a very difficult decision because we had submissions from a number of qualified and innovative teams,” Kathy Bender, deputy DOT secretary of Programs and Infrastructure, said in a news release. “The three selected teams are all uniquely qualified to build a project that will meet the needs of our state and community for decades to come, and improve both traffic flow and safety in one of New Mexico’s busiest transportation corridors.” The next step in the process will be the issuance of a final RFP, tentatively scheduled in March 2013. Responses will be due in June. A design-build contractor is to be selected in July. From there, several months will be required to complete contractual negotiations and allow the selected contractor to prepare plans, complete the project design and mobilize resources. Construction of the project is expected to begin in the fall, with completion scheduled by the fall of 2015. http://www.bizjournals.com/albuquerq...&ed=2013-02-14 |
County OK’s tax breaks for Silver Moon Lodge
By Dan McKay / Journal Staff Writer on Tue, Feb 12, 2013 .Bernalillo County commissioners approved a series of tax breaks and incentives requested by the developer of the old Silver Moon Lodge. It came over the objection of Commissioner Debbie O’Malley and nearby residents, who argued that the project was too dense and lacked enough parking. In the end, O’Malley was the lone “no” vote. My colleague Richard Metcalf took a look at the 150-unit proposal a few months ago. http://www.abqjournal.com/main/2013/...oon-lodge.html |
Titan to break ground on Broadstone Cottonwood development
Damon Scott Reporter- Albuquerque Business First Titan Development is set to break ground this summer on a 13-acre, 254-unit multifamily housing project on Albuquerque’s Westside near the Presbyterian Rust Medical Center. The project, Broadstone Cottonwood, is a joint venture between Titan and Phoenix-based Alliance Residential Co. Alliance has previously developed multifamily units in north Albuquerque, including Broadstone Estates and Broadstone Heights. Titan and Alliance’s latest project — Broadstone Santa Monica — is under construction near San Antonio Drive and San Pedro Drive in north Albuquerque on the site that once was the Del Rey mobile home park. That project is estimated to take 18 months to complete. According to President Drew Dolan, Titan owns the plot of land for Broadstone Cottonwood and will act as the codeveloper with Alliance. Alliance will be the contractor. Dolan declined to give the price estimate of the project. Dolan said the project was important in order to offer choices for residents that have taken, or will take new jobs that are available due to the recent opening of the Presbyterian Rust Medical Center at 2400 Unser Blvd. SE in Rio Rancho. “These will be great apartments for nurses, technicians and resident doctors,” he said. He pointed out its proximity to Intel Corp. as well. Amenities include a resort-style pool, a large fitness center and a site design that maximizes the views from the property. “Our east-facing units will have unbelievable views of the entire Bosque and the Sandia Mountains,” Dolan said. Dolan said the development will offer mostly one- and two-bedroom units, but will also have three-bedroom units with an average square footage of 1,050. He added that he expects rents will be consistent with market rates for Class A multifamily properties in Albuquerque. Dolan said Titan, which traditionally had developed office, retail and industrial projects, has entered the multifamily development arena in a significant way. “Until our state starts to create jobs and be competitive with neighboring states in attracting businesses, the real estate and construction industry is going to struggle to recover. We have had to diversify our capabilities,” he said. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
Anasazi out of bankruptcy, has new developer
Damon Scott Reporter- Albuquerque Business First The years-abandoned Anasazi high-rise building in Downtown Albuquerque is out of bankruptcy and has a new developer. According to Dayna Gardner, director of communications for Albuquerque Mayor Richard Berry, the property emerged from bankruptcy about a week ago and the new developer is PEM Real Estate Group of Scottsdale, Ariz. Albuquerque Business First also obtained a copy of the quitclaim deed detailing the transfer of the real estate to PEM from Anasazi Downtown LLC. “It’s out of bankruptcy and [PEM] will be remodeling it and putting a new skin on the building,” Gardner said. She added that the development will begin with a focus on first floor retail spaces and second floor parking. PEM’s chief operations officer, Robert Venberg, could not immediately be reached for comment. http://www.bizjournals.com/albuquerq...y-has-new.html |
ABQ councilors approve funding for Downtown District
Gary Gerew Assistant Editor- Albuquerque Business First Albuquerque city councilors Wednesday agreed to keep the Downtown Business Improvement District alive by providing it with $183,000 in funding, according to the Albuquerque Journal. The nonprofit Downtown Action Team said they faced financial trouble because some property owners have refused to pay their annual fees. Rob Perry, the top administrator under Mayor Richard Berry, said it made sense to provide the funding, the Journal reported. The city should be repaid when it collects from the delinquent accounts. Perry said a majority of property owners voted to form the district and pay the fees. The city simply acts as the fiscal agent that collects the money and passes it on, according to the Journal report. “The Downtown Action Team is important to the overall success of Downtown,” Perry told the Journal. “At the end of the day, the group has decided to tax themselves.” The business improvement district has been a source of tension for years, the Journal reported. Owners of the Albuquerque Plaza office building have filed a lawsuit challenging the legality of the district and alleging that they don’t see any benefits from it, the Journal reported. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
Some more info about the IMAX theater at Winrock in uptown ABQ.
http://www.koat.com/news/new-mexico/...k/-/index.html |
City pursues foreclosure against ABQ Plaza owner over DAT taxes
Dan Mayfield Reporter- Albuquerque Business First The city of Albuquerque is seeking to foreclose on the Albuquerque Plaza office building Downtown, saying the owner has not paid Business Improvement District taxes. On February 11, the city filed a motion asking a state court to allow it to pursue foreclosure against Albuquerque Plaza Office Investment, the company that owns the 22-story building, which is attached to the Hyatt Regency Albuquerque. “Obviously, we’ll never let our building be foreclosed on by the city,” said the building’s owner, Jim Long, CEO of Heritage Hotels & Resorts. But the city is taking aggressive action against Long and his Albuquerque Plaza properties. It seeks a judgment against Albuquerque Plaza Office Investment for unpaid Downtown Business Improvement District fees from 2011, 2012 and 2013 that total $218,201.30. The city’s action is the latest salvo in years of court battles between Albuquerque Plaza Office Investment and the Downtown Action Team. Albuquerque Plaza Office Investment sued the city in state court in 2011 over the business improvement district. The BID, enacted in 2000 and renewed in 2010, charges building owners a special tax. That tax pays for the Downtown Action Team and its services, such as cleaning the streets and encouraging business development in the Downtown core. Now, the city is asking the court to allow it to file a counterclaim in that suit so it can pursue the foreclosure on Albuquerque Plaza. Albuquerque Plaza Office Investment has claimed in court that the BID is unconstitutional. In the city’s newly filed paperwork, it says it is authorized to collect the BID fees and penalties. It also says it can file a lien on the property if the owner doesn’t pay the fees. Long said he has the money to cover the taxes waiting in escrow pending the outcome of the suit. “Ultimately, a judge will have to decide whether or not those funds will remain in escrow, or whether or not Albuquerque Plaza will have to pay those,” Long said. BJ Crow, the lawyer representing Albuquerque Plaza Office Investment, said he has filed for a continuance of the foreclosure attempt. “I don’t think they have the authority to foreclose on his building,” Crow said. “I don’t even think they have the authority to get money for the BID.” Crow also said Albuquerque Plaza Office Investment does not receive any benefit from the BID. At a City Council meeting Wednesday night, Albuquerque Chief Administrative Officer Rob Perry said the city is working to collect fees it’s owed by companies that have not paid BID taxes. “More recently, the city has engaged in aggressive collection efforts. What the remedy is, is a municipal lien,” Perry said. The Downtown Action Team is not pursuing the foreclosure, the city is, said Rick Rennie, chairman of the DAT board and the asset manager for Historic District Improvement Co., in a phone interview Thursday. “It’s the city’s responsibility to collect those fees,” Rennie said. “It has to use whatever mechanisms it has to collect the fees. The city is doing its job. A BID doesn’t work if the city doesn’t do its job.” Long said he has met with DAT, and the Property and Business Owners Committee that has oversight over the BID, but they have not been able to reach an agreement. The BID is financed by a special property tax that equates to 58 cents per $100 of tax value on the property. That tax brings in about $700,000 annually, according to DAT. There are about 175 ownership groups, in 277 direct parcels, in the BID. The City Council on Wednesday agreed to keep the Downtown Business Improvement District alive with $183,000 in funding. DAT had said it faced financial trouble because some property owners have refused to pay their annual fees http://www.bizjournals.com/albuquerq...61b90&page=all |
Florida tech concept may come to Abq
Plan meant to attract high-paying jobs to city Katie Kim KRQE News 13 ALBUQUERQUE (KRQE) - A University of Florida concept that aims to bring university inventions to market and help new graduates with innovative ideas could be coming soon to Albuquerque. University of New Mexico President Robert Frank said it's up to UNM to spearhead high-paying job growth in Albuquerque. Albuquerque Mayor R.J. Berry agreed, saying with federal funding to New Mexico's labs and air force bases in jeopardy, the need for home-grown jobs has never been more important. "New Mexico is at a crossroads," Berry said. "Frankly, if we keep doing things they way we've been doing them for the last two, three, four decades, we're going to fall behind." Like Albuquerque, graduates were leaving Gainesville in droves – with degrees in hand – because of a lack of high-paying jobs in the city. So UF came up with a concept known as “Innovation Square,” a 40-acre development near the university campus in Gainesville that eventually will include office space, apartments and stores. Currently, however, the project consists of a remodeled hospital called “The Hub” that contains office and lab space. One of the project’s main goals is to attract new startup companies – many of which will hopefully be headed by UF graduates. At the Hub, those companies have access to many of the resources they need, including mentoring, accounting, legal services and even venture capitalists, said Ed Poppell, a former UF vice president. "They don't need to be worrying about payroll, taxes, employment, hiring and firing," Poppell said. "We'll help them with that. We'll teach them how to do that. They need to focus on their business plan." Because UF is one of the largest universities in the country with more than $700 million in annual research funding, one of the project’s other main goals is to bring some of the 300 or so yearly inventions churned out by the school’s scientists to market, he said. "We want to commercialize as many as those inventions and discoveries and take those to the retail level, the business level, to grow jobs," Poppell said. The Hub has been open about a year and already 30 companies have moved in. Next to the Hub, an eight-story building with more office space will open next year, then luxury apartments for workers and eventually a grocery store and hotel. Poppell said the activity in Gainesville has also attracted Mindtree, a software company from India, to relocate and bring close to 1,000 jobs to the city. Adding to the project’s appeal to Albuquerque leaders, Innovation Square has been built solely with money from the private sector, though Berry said he’d be willing to invest taxpayer money in it. The early success of Innovation Square has New Mexico leaders very interested, especially Frank, who at one time served as a dean at UF. Frank, Berry and other leaders toured the Florida project last month, and have been holding meetings to discuss the project's next steps. "With Sandia (Labs), the Air Force Research Lab and then you got what the university does, we're all here in one place,” Frank said. “Very few cities in America have that.” UNM paid for most of the Florida trip, which cost about $20,000 for hotel and airfare for the 18 people who went. "We're here creating knowledge, things that have never happened before, the highest level, the cutting edge kinds of things that have never been invented and these are very high paying jobs come out," Frank said. What Albuquerque's version of Innovation Square will look like is still an idea at this point, but in the next few months, leaders said the vision will become clearer. One thing most agree on, however, is that the project must be close to UNM. The development will likely be located within a few miles from the university, Frank said. "We can create a greater Albuquerque that's more than we ever had before," Frank said. http://www.krqe.com/dpp/news/on_assi...ay-come-to-abq |
City wants input on plan to make Central more pedestrian-friendly
By: Erica Zucco, KOB Eyewitness News 4 Would you like to see Central Avenue be more pedestrian-friendly? On Wednesday night, city officials will hold a meeting for public input on a "Complete Streets" plan for part of Central Avenue. The city hopes to make Central Avenue between First and Girard a more pedestrian-friendly, urban place for people to live, work and play. This area includes the UNM campus, the East Downtown neighborhood, and a lot of both businesses and living spaces, so there's a lot of foot traffic in addition to vehicular traffic. Ideas so far jump off of a 2004 East Downtown Master Plan but also include information from recent studies. Some of the possibilities being discussed are buffers between sidewalks and the street, side lane bus stops instead of in-lane bus stops and more pedestrian walkways. No concrete plans for development have been made yet, but consultants have been brought in to assist. Gateway Planning, a Texas-based firm that specializes in urban design and community facilitation and Nelson/Nygaard, a California transportation planning firm, will assist in the process. The first meeting is Wednesday night from 6 to 8 p.m. at the Heights Community Center, 823 Buena Vista Dr SE. All who live and work in the area are welcome and officials and city councilors hope they'll bring http://www.kob.com/article/stories/S....shtml?cat=500 |
Casitas de Colores to plant multifamily footprint Downtown
Damon Scott Reporter- Albuquerque Business First A $16.2 million multifamily housing development in Downtown Albuquerque is set to break ground March 7. The venture, Casitas de Colores, is a partnership between Romero Rose LLC and YES Housing Inc. Romero Rose is the southwest arm of the Jonathan Rose Cos. The site at 215 Lead Ave. SW is just west of Romero Rose’s Silver Gardens development on a plot of land at Second and Silver SW. It will be comprised of 71 units of mostly two and three-bedroom apartments and will feature four behavioral health units that will be offered to homeless families. St. Martin’s Hospitality Center will act as the lead agency on social services aspects, such as selection and integration of the homeless families. The development sits on 1.23 acres and contains 53,143 square feet. It is just east of the Elements Town Homes, an eight-unit development at Lead and Third, another Romero Rose project. “Our mission is to repair the fabric of communities through the development of diverse, green, transit-accessible neighborhoods enriched with social, cultural and educational networks,” Theresa Bell of Romero Rose said. Dekker/Perich/Sabatini designed the Casitas de Colores complex and Bradbury Stamm is the general contractor for the project. The project is expected to attain LEED Platinum green building status, which Silver Gardens has achieved. The development is expected to be completed in the fall. The groundbreaking ceremony takes place at 11 a.m. at the building site. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
$2M bond plan may be key to city’s future
By Astrid Galvan / Journal Staff Writer on Sun, Mar 3, 2013 The economic and research future that University of New Mexico and Albuquerque city leaders envision could get a kick-start with a $2 million bond proposal that would go before voters this year. That future would be modeled after Innovation Square in Florida, a joint venture among the University of Florida, government and the private sector that combines research, technology and private enterprise in one big development. UNM President Bob Frank brought the idea to state, private sector and city officials, including Mayor Richard Berry, who said he is adding the $2 million proposal to his bond package. If the City Council approves it, the proposal will go before voters in October. Berry, Frank and several other local leaders visited the 40-acre Innovation Square, in Gainesville, Fla., in January. They came back ready to push for a similar project here. “… One of the areas that Albuquerque could benefit greatly, from an economic development standpoint, is commercializing research from the university,” Berry said. “Bob Frank recognizes that, I recognize that and I think the whole university recognizes that.” Frank, who joined the university last June, has said the project could be the key to economic development in the city and state. “This is a first-of-its-kind venture between the City and UNM to identify and invest in opportunities that leverage business and technology partnerships to create and grow jobs in Albuquerque. This new bold approach is essential for us to succeed and I am thrilled that the mayor is willing to put funding toward this effort,” Frank said Friday. The project is in the earliest stages and does not yet have a name. But UNM has already hired a local firm to conduct a feasibility study on six buildings that could serve as a headquarters. Lobo Development Corp., the nonprofit that handles UNM’s large real estate developments, holds a non-binding option to purchase one of those properties — the First Baptist Church at Broadway and Central. That property has been on the market for several years and was almost purchased by Albuquerque Public Schools in 2010. But nearly a year later, the district backtracked on the $11.3 million purchase after a report found soil and groundwater contamination there. The rest of the buildings are either city or university owned, although details were not available late Friday. If the bond passes, some or all of it could go to buying a building, Berry said. Berry said he sees the city’s role in its version of Innovation Square as a catalyst, calling the bond option a “tremendous opportunity for taxpayers.” He compared it to the Sandia Science & Technology Park, a high-tech campus that comprises 33 companies and organizations, according to its website. The park was funded in part with city money and has created about 2,400 jobs in Albuquerque. It cost $350.5 million, although most of that came from the private sector. Berry said the initial $2 million is a good start to the UNM-city project. “We live in a time where we have to be smart about how we build projects. We have to do it through multiple jurisdictions, multiple avenues,” he said. “I think it will be a matter of coming together as a university, the city, the state. I just want to make sure as a mayor that we’re on the forefront of working with the university.” And although he is counting on UNM to do “the heavy lifting,” Berry has some ideas about where this project, and the future of UNM, could be headed: Downtown. “I’d love having a west (of UNM) incubator Downtown. I am trying to advocate as a mayor for if the university’s going to make expansions, we would work Downtown. It could be tremendous catalyst force as well,” Berry said. — This article appeared on page A1 of the Albuquerque Journal http://www.abqjournal.com/main/2013/...ys-future.html |
ABQ could be home to another college
Gary Gerew Assistant Editor- Albuquerque Business First Grand Canyon University said it is considering creating a new campus in Albuquerque. Grand Canyon University, a private Christian, for-profit institution, is also considering Las Vegas, Nev., Tucson and sites near Phoenix, according to the Albuquerque Journal. The school, which has an enrollment of 6,500 at its main Phoenix campus, expects to make a decision within 60 days. Albuquerque looks like a good choice for a 75- to 100-acre campus, GCU President Brian Mueller told the Journal. The university plans to build new facilities in whichever city it selects, according to the Journal. Grand Canyon wants to enroll 4,000 to 6,000 students and open in fall 2014. It already has expanded a branch campus on Jefferson Street in Albuquerque for nursing students, as reported by Albuquerque Business First. Mueller said the new campus would offer a full curriculum and traditional setting for students. It would at first be a commuter school, with no dorms, but could eventually add some, Mueller told the Journal. http://www.bizjournals.com/albuquerq...r-college.html |
UNM lease could bring in $2 M per year
Gary Gerew Assistant Editor- Albuquerque Business First The lease between the University of New Mexico and the Ohio-based company selected to develop the south campus area could earn the university up to $2 million annually. Regents Monday approved a ground lease form, the second in a series of steps to bring restaurants and retail to the land around the Pit, which UNM has selected Fairmount Properties to do, according to the Albuquerque Journal. The lease is for 74 years. Fairmount and UNM haven’t worked out the price of the lease, but university officials Monday said they expect to profit about $1.5 million to $2 million annually based on a preliminary estimate. The actual price that Fairmount and UNM will eventually agree on will be based on market value of the land and other factors, according to the Journal. The lease is for three parcels of land off Avenida César Chávez and University Boulevard SE. The largest plot of land, south of the Pit and bordered by University and Interstate 25 on the east and west and by Gibson Boulevard on the south, will likely be developed first. That parcel is 39 acres. According to the agreement, Fairmount will have exclusivity rights over the two other parcels, which are off Avenida César Chávez between the Pit and Lobo Village and west of Lobo Village. That means that although Fairmount does not have to develop the land yet, it holds rights over it. It will pay $1,000 a month on each of those plots, the Journal reported. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
Interior Secretary signs “historic” regulations at Sandia Pueblo
By Deborah Ziff / Journal Staff Writer on Thu, Mar 14, 2013 Secretary of Interior Ken Salazar called it a “historic day” as he signed regulations at Sandia Pueblo Thursday morning that will allow the tribe to lease land without federal approval. “This important step today on the HEARTH Act brings to closure a sad saga of the United States not trusting Indian country,” Salazar said. Sandia Pueblo is only the second tribe in the country to develop regulations that will allow it to control economic development without the approval of the Bureau of Indian Affairs, under a law that President Barack Obama signed last year. “That will mean there will be less bureaucratic red tape, because it will be delegated down to the pueblo itself,” Salazar said. Assistant Secretary of Indian Affairs Kevin Washburn, former dean of the University of New Mexico School of Law, was also on hand for the signing. Prior to the law taking effect, there was often a backlog for approvals that caused delays in development on reservations, Washburn said. “It was often lengthy,” he said. “One of the problems was there was a concern that the people who wanted to do the lease would walk away before the lease was actually approved because they didn’t want to wait around for that.” Sandia Gov. Victor Montoya said the tribe is hoping to prompt more economic development on the southern border of the pueblo and is right now putting in drainage systems. “Hopefully with this act being signed we’ll get responses from other companies who will hopefully come and do business with us,” he said. http://www.abqjournal.com/main/2013/...y-morning.html |
Old ‘Darth Vader’ building at UNM needs another $5.6M
By Astrid Galvan / Journal Staff Writer on Thu, Mar 14, 2013 The nearly $5 million in renovations for the outside of the University of New Mexico building formerly known as Darth Vader are complete, but the makeover – and its costs – are not over. Health Sciences Center administrators next month will ask regents to approve interior renovations for the building at 1650 University NE, which are projected to cost another $5.6 million dollars. Including the initial cost of the building and the land it sits on, UNM will likely spend about $14.5 million total on the approximately 30-year-old building. For years, many people referred to the office tower as the Darth Vader building because of its shape and black windows. For two regents, that cost is too high. But for HSC executive finance officer Ava Lovell, it’s a steal compared to the cost of tearing down the building and starting from scratch. Lovell said building a new structure would have cost about $200 per square foot and that the renovations add up to about $107 per square foot. The building has about 100,000 square feet. Renovations continue at the University of New Mexico building at 1650 University NE. The windows on the building, which used to be black, were recently replaced, along with other renovations. “So, financially, this thing is a great deal,” Lovell said. “Yeah, it’s not the prettiest building. Maybe from different perspectives it’s not what we would have built from scratch, but it did seem like a waste of money to tear it down…” Regents Jamie Koch and Gene Gallegos did not agree. Both voted against the outer renovations at a March 2012 regents meeting and have been vocal about their disapproval. “I still think it was a mistake to try to do something with that old building,” Gallegos told the Journal on Wednesday. UNM purchased the building, which was in foreclosure, in Dec. 2010. Since then, regents have approved a series of expenditures for engineering and architecture assessments and for the outer core renovations, which were approved with a 3-2 vote last year and which went about $100,000 over budget. Those outer core renovations included the replacement of windows with high energy performance glass, rooftop work, parking lot coating and striping, lighting upgrades, and mechanical and plumbing systems. Lovell said health sciences desperately needs the space as many of its programs have outgrown their current locations. The building will house different HSC divisions, such as Project Echo, a grant-funded health care project that will use an entire floor, and an education program for practicing nurses. UNM initially hoped to fill some space with outside tenants but struggled to do so. “The first priority was to try to get anybody who was off campus paying rent to an outside landlord. The more we worked on that, the harder time we had with it,” Lovell said. For example, the university tried to recruit the UNM Center for Development and Disability but lost out when its current landlord offered a lower price, she said. Still, the building on University Boulevard is already booked with tenants who could be moving in a year from now, Lovell said. HSC last year said the building could open in the summer of 2013. But first, the interior needs to be renovated, a cost that last year was projected to be $4.3 million but is now estimated at nearly $5.6 million. The cost will be covered by on-hand reserves. Regents, the state Higher Education Department and the state Board of Finance must approve the renovations first. — This article appeared on page C1 of the Albuquerque Journal http://www.abqjournal.com/main/2013/...other-56m.html |
Anasazi building begins ground-floor retail leasing
Damon ScottReporter- Albuquerque Business First Downtown Albuquerque’s nine-story Anasazi high-rise has begun leasing for what will be its first floor retail spaces. Albuquerque’s Roger Cox & Associates is the broker and building manager for Scottsdale, Ariz.-based developer PEM Real Estate Group. PEM acquired the 87,000-square-foot building earlier this year for an undisclosed amount. Roger Cox is marketing retail spaces from 1,189 to 9,038 square feet at leasing ranges of $15 to $22 per square foot. There are street-level storefronts available on both the Central Avenue and Sixth Street sides of the building with on-street and adjacent customer parking options, according to Roger Cox. PEM plans to begin remodeling the exterior and to rehabilitate the second floor for parking sometime this year, a spokeswoman for Albuquerque Mayor Richard J. Berry’s office has said. No additional plans for the building have been released. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
Meeting set for new ABQ retail district
Dan Mayfield Reporter- Albuquerque Business First The city’s leaders and the heads of the new Albuquerque Indian School District will begin work this morning on agreements for the new retail district at 12th Street and Menaul Boulevard. “This is the first time for official business and they’ll be setting up the parameters,” said AISD spokesperson Tazbah McCullah. At the 60-acre site, across 12th Street from the Indian Pueblo Cultural Center, the AISD will include retail, restaurants, new office buildings and a school. It will be governed by AISD, which was formed last year by the state’s 19 pueblos that share in ownership of the land. This political and business model is unique because it is located within a major urban city and all 19 sovereign tribes are participating and will share the dividends generated by the District’s commercial activity. AISD representatives, Mayor Richard Berry and City Councilor Roxanna Meyers are scheduled to meet at 9 a.m. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
State buys Plaza Maya to relocate probation and parole
Damon Scott Reporter- Albuquerque Business First The New Mexico Corrections Department has a new home for its Albuquerque probation and parole division. According to Corrections Public Information Officer Alex Tomlin, a purchasing agreement has been signed to buy Plaza Maya, a 62,287-square-foot structure at 615 First St. NW in Downtown Albuquerque. The purchase price is undisclosed. The move is a boon to the Downtown Albuquerque office market, which has experienced a high vacancy rate in recent years. Plaza Maya is located next door to the city of Albuquerque’s Planning Department. The purchase was made possible after Gov. Susana Martinez signed Senate Bill 572 into law, which allotted the department $2.5 million toward a merger and relocation of two Albuquerque offices, one in the Nob Hill area and one near East Downtown. Corrections had expressed its desire this week to relocate the division offices into one building near Downtown Albuquerque’s courthouses. The department had wanted to combine its parole and probation offices for some time following reports of deteriorating buildings and safety issues. Tomlin said combining the facilities would also save taxpayers millions. She added that it’s the department’s intention to pay off the building within eight years. General Services Division Public Information Officer Tim Korte told Albuquerque Business First that the first step for the department will be a 60-day http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
MRCOG studies options to ease traffic
By Glen Rosales / For the Journal on Sat, Mar 23, 2013 . Even though the interchange at Paseo del Norte and Interstate 25 will eventually be reconfigured to ease congestion, the growth along the West Side of Albuquerque and in Rio Rancho will ensure that commuter traffic will remain high. To help ease that commuter crush, the Mid-Region Council of Governments is looking at ways to encourage greater use of public transportation on the Paseo del Norte corridor as it feeds workers to and from their jobs. The MRCOG is studying several different strategies for this, said Tony Sylvester, special projects manager for the organization. Those strategies will be on display and experts on hand to discuss them during two open house meetings this Wednesday. A MRCOG study showed Paseo del Norte carried 81,800 vehicles per weekday across the Rio Grande and it is projecting that number to rise to 180,000 by 2035 as the West Side is expected to see a growth of about 250,000 people in that time period. So anything that can be done to reduce that total number of vehicles – or even hold it static moving forward in time – is worth researching, Sylvester said. Nearly 40,000 people work along the I-25 corridor, Sylvester said, and when student transportation to the University of New Mexico and Central New Mexico Community College campus is factored in, that number rises even more. The goal of the ongoing study is to “identify a high-capacity transit system that uses the Paseo del Norte river crossing to link the northwestern portion of the metropolitan area with the Journal Center and potentially other activity centers east of the Rio Grande,” according the mrgog-nm.gov website. The study seeks to determine the appropriate type of transit service, routes and destinations, along with a plan to understand the financial investment necessary to implement new service, the website said. One of the important aspects to the study is determining how to make public transportation as efficient as possible, Sylvester said. That could mean the use of bus queue lanes and priority traffic signals, he added. “A lot of it is ensuring travel time reliability,” Sylvester said. “People want to know that the buses will be there on time. We want to make it competitive for commuters who drive to think about using buses two or three times a week.” It is too early in the process to even begin to estimate how much adding any new routes or enhanced transit services might cost, Sylvester said. Likewise, there is no timetable for when the work might be started because officials are still trying to determine the best methods for meeting those needs, he said. “We’re really trying to find out how we can meet the transit needs now and into the future,” Sylvester said. “That’s why we want input from people in the community.” — This article appeared on page 23 of the Albuquerque Journal http://www.abqjournal.com/main/2013/...e-traffic.html |
Forest City continues to try to sell Mesa del Sol stake
Damon Scott Reporter- Albuquerque Business First Mesa del Sol’s co-developer remains committed to selling its interest in the master planned community in south Albuquerque. Forest City Enterprises Inc. of Cleveland said in its March 27 FY 2012 filing with the U.S. Securities and Exchange Commission that Mesa del Sol was one of several properties it is holding for divestiture. The other properties are in Ohio and North Carolina. The firm also listed 562 acres of “other” properties that it plans to sell. “As the filing indicated, we have had and continue to have discussions with interested buyers that can come in and take over. But those [discussions] have not led to an exit strategy yet,” Jeff Linton, vice president of corporate communication for Forest City, told Albuquerque Business First March 28. The firm began trying to sell its Mesa del Sol interest in 2012. “During the extensive marketing activities, there were few buyers that expressed interest on taking on the long-term development risk, and those that were expected larger returns than previously estimated,” Forest City’s SEC filing said. On Jan. 28, Forest City Covington said it had stopped efforts to sell its interest in the 12,900-acre Mesa del Sol development. In its latest SEC filing, Forest City said, “On Jan. 31, 2012, our Board of Directors approved a strategic decision by our management to reposition or divest significant portions of our Land Development Group and executed our divesture strategy during the year ended January 31, 2013. Below is a summary of land projects that are considered held for divesture at January 31, 2013.” The filing went on to list Forest City’s Mesa del Sol property as land that is being held for divesture. Based on an updated valuation model, Forest City recorded a $15 million devaluation of the Mesa del Sol land, SEC documents show. Forest City said it owns 2,984 acres at Mesa del Sol, 1,620 of which are saleable. The total acreage includes land used for roadways, open spaces and parks. It also has an option to buy 5,727 acres at the development, the SEC filing said. Linton reiterated that as the company has previously announced, it intends to dispose of the majority of its Land Development Group, including Mesa del Sol, and focus on rental properties, apartments, retail centers and offices. Linton said one exception is the Stapleton Denver community, which has about 15,000 residents living and working among single-family homes, apartment buildings and retail businesses. “Mesa del Sol has been accounted for as land held for disposition for quite a while now,” he said. “As we look to sell our interest in that, we will continue to meet our obligations and do what’s necessary and continue to market the first phase.” Forest City (NYSE: FCEA) is a NYSE-listed national real estate company with $10.6 billion in assets in 26 states and Washington, D.C. While it maintains an Albuquerque office, the city is not listed as one of its core markets. The company lists its core markets, which make up about 77 percent of its portfolio, as Boston, Chicago, Dallas, Denver, Los Angeles, New York City, Philadelphia, the greater San Francisco metropolitan area and the greater Washington, D.C., metropolitan area. Fourth-quarter net earnings were $58.5 million, and net earnings for the fiscal year ended Jan. 31 were $36.4 million. http://www.bizjournals.com/albuquerq...61b90&page=all |
DAT searching for ‘retail pop-up’ candidates
Damon Scott Reporter- Albuquerque Business First The Downtown Action Team is looking for businesses to join its “retail pop-up” initiative. Organizers are seeking established businesses that are interested in testing their product or service at a downtown Albuquerque location. The program is aimed at turning vacant Downtown storefronts into temporary retail sites. The sites are created to generate buzz for the property and the retailers that participate. No long term leases are required, the commitment ranges from one week to six months, usually in relation to a season or holiday. Marketing support is provided by DAT and its downtown partners. To find out more information and to submit a pop-up proposal, email lbird@downtownabq.com. If your idea is selected, DAT will match the business with a rent-free retail or gallery space. If you’re a downtown property owner or broker with a space that is vacant and would like to host a retail pop-up, please contact DAT. DAT is located at 100 Gold Ave. SW Suite 204. For more information, click here. http://www.bizjournals.com/albuquerq...eDprQQ08961b90 |
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http://www.kob.com/article/11687/?vid=4001707&v=1 |
A vertual drive through of the Paseo del Norte/I-25 interchange reconstruction project.
http://paseoi25.com./ |
A photo that I took of downtown ABQ.
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$20M makeover under way
By Jessica Dyer / Journal Staff Writer on Wed Apr 3, 2013 The fancy new glass facade, light tower and balcony – aka “party deck” – are coming. But, for now, the Albuquerque Convention Center’s $20 million makeover is concentrated mostly on the inside. The property’s first major renovation in 21 years began in late January, and much of the first phase is devoted to overhauls of the kitchen and ballroom. The $8 million phase – which also includes the removal of a loading dock ramp and exterior storage unit and some new stucco – has gone smoothly so far. “We’re on schedule and on budget,” Keith Reed, manager of the city’s Construction Services Division, said during a recent site tour. The first phase – handled by contractor Gerald Martin – is on a tight time frame due to the center’s future commitments, Reed said. The kitchen and ballroom should be finished by early July. The promise of a renovated ballroom has been key in luring new meeting business to the city, said Albuquerque Convention & Visitors Bureau President and CEO Dale Lockett. He said it was instrumental in landing an American College for Clinical Pharmacy event expected to bring 1,500 attendees and an estimated $870,700 in direct spending this October. Lockett said the ballroom had previously been “on its last legs as something we could sell.” “We cannot say how much more business the upgrade will ultimately bring in. What we can say definitively is that without this reinvestment in our convention center product, we would not be competitive for much longer due to what our competition was doing,” Lockett said via email. Mayor Richard Berry announced the makeover last summer. The city refinanced some of its Convention Center debt at a lower interest rate to fund the project. The design by Dekker/Perich/Sabatini will be implemented in two phases. The second phase should begin in late August and conclude next summer, Reed said. It includes the facade and balcony as well as upgrades to the atrium – and its industrial, fractured-face concrete walls – designed to give the space a more inviting feel. That means a fireplace, new furniture and new plaster and paint for the atrium’s interior walls. Right now, though, the ballroom and kitchen are getting the attention. The 11,400-square-foot kitchen has been gutted and will be getting new plumbing, electrical wiring, lighting and an all-around more user-friendly redesign, Reed said. The kitchen work will also create space for food-related events, such as tastings. The ballroom – often divided into three smaller spaces by temporary walls – is getting a new ceiling as well as new carpeting, LED lighting and wall partitions. Crews are creating a new service corridor along the room’s western edge, enhancing staff access. The restrooms – which opened directly into the ballroom – will have their access points flipped so that users enter through the atrium instead. Convention Center General Manager Lewis Dawley said construction has meant shifting previously planned events from one part of the venue to another and preparing all meals in emergency kitchen trailers outside the building. But the center has been able to accommodate all scheduled events, he said, and crews have worked to minimize construction-related disruption. “We’ve moved people around and had to relocate folks, but we’re feeling pretty good,” Dawley said. “We’re on our way.” http://www.abqjournal.com/main/2013/...under-way.html |
Latest progress with the IMAX at Winrock Town Center.
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Downtown ABQ.
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