Albuquerque Development

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Big win for Downtown: Major health care company to relocate headquarters there Stephanie Guzman Reporter Albuquerque Business First A year after attracting Molina Healthcare, Downtown is gaining even more momentum with another major health care tenant relocating there. ABQ Health Partners will move its administrative and support services offices into the former Bank of America building, taking 63,000 square feet at 303 Roma Ave. NW. Carly Newlands, manager of communications for ABQ Health Partners, said the company will move there at the end of the year. The tentative move-in date is Nov. 1, and 242 employees will make the move for the headquarters relocation. "We’re excited to be part of the mayor’s renovation efforts Downtown," Newlands said. "There is a great vibe and positive momentum with even more offerings and attractions forthcoming. The central location, proximity to restaurants, availability of public transportation including ART [Albuquerque Rapid Transit], all add to the appeal of the Downtown setting. The energy is building and it’s a perfect fit for our awesome teammates."

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Third option surfaces for potential county move Stephanie Guzman Reporter Albuquerque Business First Bernalillo County has said there's two options on the table for a potential move. Wanting to consolidate its operations, it's considered Downtown's Alvarado Square and First Plaza Galeria. After a closed-door meeting in March, Roger Paul, deputy county manager of the Public Works Division, gave county commissioners and the public an update on the potential move during Tuesday night's commissioners meeting. The agenda item was just a discussion item, and no decisions were made. The update was vague, but mentioned a third option on the table. Paul said the third option is a public-private partnership concept. That means a private company would build the county a new facility, and the county would lease it back. While the discussion is preliminary and the details haven't been disclosed to the public, Mary Murnane, the county's fleet and facilities department director, said four groups have expressed interest in proposing a public-private partnership project. She declined to say who is involved in those groups or where a new building is proposed to be built.

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A good Reason to use Albuquerque Rapid Transit (ART). More restaurants making Nob Hill's parking situation worse Stephanie Guzman Reporter Albuquerque Business First As with most urban areas, Nob Hill has had a perceived parking problem for decades. But with more restaurants opening in Nob Hill along Central Avenue, the long-expressed parking complaints by business owners and nearby residents are getting louder. This comes at a time when more restaurants have taken over traditional retail spaces, such as Matanza, which took the former Savvy Boutique, and the forthcoming Jennifer James restaurant, which will replace Elsa Ross. In general, it's understood by planners that restaurants and bars take up more parking spaces than traditional retail stores because they typically have more customers and employees. Yet new restaurants and bars coming to Nob Hill don't have to create new parking areas. "There are 13 restaurants in one block that have zero parking. I don't think it's fair," said Steve Paternoster, the owner of Scalo Northern Italian Grill. Paternoster said his restaurant is located in the Nob Hill Business Center, which has its own parking lot in front and an additional parking lot on Silver Avenue. He said his employees have a hard time finding parking, so he rents 10 spaces from a nearby church and four spaces in a different parking lot for his employees. City Councilor Pat Davis, whose district covers Nob Hill, has heard similar stories from both restaurants and retailers.

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City retracts plans for arena Joe Cardillo Reporter Albuquerque Business First If you've been holding your breath to find out whether Downtown will get a new arena, you can let it out. The city of Albuquerque announced in a press release Wednesday that a study to examine possible renovation plans for the eastern side of the Albuquerque Convention Center found low ceilings and limited seating would have made it difficult to secure an anchor tenant.

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Innovate ABQ ready to rise Downtown By Kevin Robinson-Avila Albuquerque Journal Staff Writer Innovate ABQ Bldg by mgs11, on Flickr[/IMG] Innovate ABQ will break ground next Tuesday on its first building in the planned technology research and development hub at Central and Broadway Downtown. The $35 million, 160,000-square-foot facility will house the University of New Mexico’s tech-transfer office and Innovation Academy, along with startups and partners involved in collective efforts to build a bustling, high-tech business zone in the heart of Albuquerque. Students studying in entrepreneurial education programs and launching businesses will be housed in student apartments in the building’s five upper floors. The six-story building will be on the northeast corner of the former First Baptist Church property, which UNM acquired for Innovate ABQ in 2014 for $6.5 million. It marks the first phase of development for the Downtown project, which includes the city, the county and private sector partners, said Lisa Kuuttila, UNM’s chief economic development officer and head of the Science and Technology Corp., UNM’s technology commercialization office.

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City to use electric buses for rapid transit

By Dan McKay 
Albuquerque Journal Staff Writer

ART Electric by mgs11, on Flickr[/IMG]
The buses being purchased for the Albuquerque Rapid Transit project will be powered with electricity, not diesel – a move Mayor Richard Berry says will save money and reduce pollution.

The purchase, he said, would put Albuquerque in position to be the first city in the country to operate a fleet of 60-foot-long electric buses. It also would give the city’s bus rapid transit system a chance to earn a gold environmental rating; no other rapid ride transportation system in the U.S. is gold-rated.

Berry told the Journal on Tuesday that his administration is negotiating with BYD Motors Inc. to buy 18 electric buses, which would serve as the fleet for ART, his signature transportation project. The contract is written, and both parties are giving it a final read before signing, Berry said.

The electric-powered fleet is expected to cost roughly $24 million, or $7 million more than diesel buses, city officials said. But operating the buses would cost about $21 million less over the next 12 years – the life of their warranty – for a net savings of $14 million.

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Downtown construction preps for ‘Entertainment Hub’ By Madeline Schmitt KRQE News ALBUQUERQUE, N.M. (KRQE) – Construction is underway downtown to make way for another major, multi-million dollar project coming to the city’s Entertainment District. Right now, crews are tearing up where Central, 1st and Copper meet to square off the intersection. This is in preparation for the new ‘Entertainment Hub’ building planned for the northeast corner of the intersection. The ‘Entertainment Hub’ project just snagged a contractor. “This is part of a much bigger downtown revitalization,” Mayor Richard J. Berry said. As soon as the intersection re-do wraps up in the fall, ground will break on the building that will become the home of a bowling alley, restaurants, shops and apartments. “This site…is an old parking lot that will turn into a public-private partnership with a 430 space parking garage that you and I will ultimately own as taxpayers,” Mayor Berry said.

Edited July 19, 2016 by BigTymeABQ

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ABQ says it has federal approval to begin spending on rapid transit By Dan McKay Albuquerque Journal Staff Writer ALBUQUERQUE, N.M. — Mayor Richard Berry’s administration says it has the federal approval it’s been waiting for to start spending on the construction of the Albuquerque Rapid Transit project. In a letter to U.S. District Judge Kenneth J. Gonzales, City Attorney Jessica Hernandez said the city has received what’s called a “Letter of No Prejudice” — which allows the city to immediately spend up to $59 million that is eligible for reimbursement by the Federal Transit Administration for ART. Similar cities have started construction after receiving a letter of no prejudice, Hernandez said. But she also said the city plans to wait for Gonzales to rule on litigation aiming to stop the project, before any construction begins, “barring unforeseen circumstances.”

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Vacant Downtown property hits auction block Stephanie Guzman Reporter Albuquerque Business First A Downtown building that's been vacant for four years is about to hit the auction block, or rather an online auction platform. Alvarado Square, the former home of Public Service Co. of New Mexico, was listed Wednesday for auction by FRE.com, an online real estate auction platform. It's being marketed by LFC Marketing Services LLC, and locally by John Ransom, Tim With and Keith Bandoni of Colliers International. “I anticipate that this well-maintained office building which is centrally located in Downtown Albuquerque will sell at a fraction of its replacement value," said William W. Lange, president and CEO of FRE.com. The minimum bid for the 251,000-square-foot building at 415 Silver Ave. SW is $2.95 million. To bid requires a deposit of $10,000, and Sept. 15 is the deadline. The owners of the building, Albuquerque Plaza Associates, have been trying to land a tenant in Alvarado Square since PNM moved its last employees out of the building in 2012. Alvarado Square was built for PNM, which stayed in it for 35 years. The energy company later moved its employees to the building next door, 414 Silver Ave. SW, and another office in the North I-25 area. The eight-story office building was then listed for $11.1 million, a price that later dropped to $6 million. Bernalillo County considered buying the building, with negotiations on and off for years.

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A plan that could change ABQ development is headed toward a key vote Stephanie Guzman Reporter Albuquerque Business First After a year and a half of public hearings and workshops, the city's new comprehensive plan, the reworked document that will guide new development in the future, will have its first vote. The Albuquerque/Bernalillo County Comprehensive Plan will go before Albuquerque's Environmental Planning Commission Thursday from 1 p.m. to 8 p.m. at City Hall. The commission is tasked with looking at the updated comprehensive plan, a more than 500-page document, and making a recommendation to the City Council. The commission will likely take public comment and discuss the plan over several meetings, as the planning department staff recommends a continuance of the meeting until Aug. 25. The comprehensive plan is a vision guide for development. While it primarily covers land use, it also addresses other topics including transportation, environmental and cultural resources, economic development and housing.

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Downtown ABQ grocery store to open Thursday By Jessica Dyer Albuquerque Journal Staff Writer ALBUQUERQUE, N.M. — Downtown denizens won’t have to go far to buy a dozen eggs any more. The neighborhood’s new full-service grocery store will finally open this week. Silver Street Market’s owners say they will crack open their doors at 6 a.m. Thursday following 1½ years of work and many more years of civic planning and community longing. “We’re thrilled to finally open the doors,” said Kelly Ortman, who owns the store with husband Rob. “We’re as excited as everyone around us. It’s been a long time coming.” Silver Street Market occupies 12,000 square feet of street-level space at the new Imperial Building at 2nd and Silver.

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Construction on entertainment complex could begin as early as next year By Nikole Mckibben DailyLobo.com Planning and pre-development on a sports entertainment complex in the shadow of University Stadium is progressing, with construction expected to begin early next year on a project that is currently bigger than originally was expected. The director of UNM's Real Estate Department, Tom Neale, who has worked for UNM for 10 years, said his department handles all of the leasing and property entities under the Board of Regents, in addition to helping academic departments acquire space off campus as well as on campus for businesses. Neale is also the director of the nonprofit UNM entity Lobo Development, which is facilitating the plans for the entertainment complex on South Campus. “54 Development was originally going to develop 25,000 square feet of entertainment and retail space. Their plans have grown to a 50,000-55,000 square foot project,” Neale said. Sean Elliott, 54 Development’s brand and public relations developer, said he looks forward to bringing more people to the area to enjoy what makes Albuquerque tick, especially for sports fans. “Ultimately, we will be successful if we engage the residents of Albuquerque and the surrounding areas with our offerings and provide a lifestyle space that students, educators, sports fans and families can enjoy year round,” he said. There is confidence that the project will be successful, as more than $125 million dollars in renovations have been funneled into south campus over the years, Neale said. The $60 million renovation at WisePies Arena aka the Pit, $25 million construction of Isotopes Stadium, and $40 million spent by American Campus Communities at Lobo Village and the BMX complex have allowed South Campus to become a distinct district, he said.

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Major construction work on ABQ Rapid Transit to start in mid-October By Dan McKay Albuquerque Journal Staff Writer ALBUQUERQUE, N.M. — Bradbury Stamm is on the clock. Mayor Richard Berry’s administration signed an $82.6 million contract Wednesday that calls for the local construction company to finish work on Albuquerque Rapid Transit in 16 months, or by late 2017. The city is entitled to damages of $2,500 a day if the work isn’t done on time, city officials said. Heavy demolition and disruptions along a nine-mile stretch of Central Avenue are expected to begin in mid-October as Bradbury Stamm puts hundreds of people to work building a network of bus-only lanes and bus stations between Louisiana and Coors. Berry said he hopes the project will reach “substantial completion” by the time he leaves office. His second four-year term as mayor ends Nov. 30 next year. He announced the signing of the construction contract during a 45-minute news conference that featured 14 speakers, including business owners, city councilors and the heads of business associations. It was a celebration of sorts after the project survived litigation aimed at preventing the start of construction. Opponents also filled a series of public meetings earlier this year and shouted down city officials supporting the project.

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Facebook picks Los Lunas for its data center By Marie C. Baca Albuquerque Journal Staff Writer ALBUQUERQUE, N.M. — Facebook has chosen to build its data center in Los Lunas, according to a statement from New Mexico’s congressional delegation. “We welcome Facebook to New Mexico and are proud to help secure this new investment in our state’s future. Facebook will bring innovative opportunities for our economy and much needed jobs. As a leader in energy development, New Mexico is an ideal fit for the new facility, which is planned to be powered with 100 percent renewable energy, ” according to the statement from U.S. Senators Tom Udall and Martin Heinrich, and U.S. Representatives Steve Pearce, Ben Ray Luján and Michelle Lujan Grisham. The announcement that Facebook will build its new $250 million data center in Los Lunas follows months of speculation. The proposed data center has generated breathless enthusiasm throughout New Mexico since the beginning of the summer, uniting interest groups here that have traditionally found themselves at odds. In the race to beat out Utah for the deal, New Mexican politicos demonstrated that the state’s regulatory process could move beyond dissension and procedural issues to be accelerated under certain circumstances.

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New Rail Park May Spark Industrial Boom for Central New Mexico By Garry Boulard constructionreporter.com A sweep of undeveloped desert land some four miles to the west of the center of Los Lunas could soon become a hub of manufacturing and transportation. The plans for what is being called the Central New Mexico Rail Park have taken a significant step forward with a unanimous Los Lunas Village council vote approving annexation of 1,627 acres on the north side of New Mexico State Road 6. At the same meeting, council members also voted to approve a special zoning designation for the land based upon the earlier recommendation of the Los Lunas Planning and Zoning Commission. “I really think it represents a tremendous opportunity for us,” says Gino Romero, a Los Lunas council member who voted in favor of both the annexation and the special zoning. “It’s true that with any rail park you don’t necessarily know what you are going to get until you get it,” Romero continues. “But we could eventually be looking at seeing anything from Fed Ex to UPS moving there,” says Romero, who adds that, at full build-out, the rail park could be worth up to 5,000 jobs. An idea that has been talked about and studied for roughly a decade, the Central New Mexico Rail Park was conceived as an inland port providing designated space for manufacturing and distribution facilities. But what makes that space so special is that it will be served by the Burlington Northern Santa Fe Railway. “It will be a rail park, not a rail yard,” Tim Cummins emphasizes when talking about the development, noting that opponents of the proposal have fixated on the rail part, imagining heavy and groaning trains coming and going at the site all hours of the day. “This is not going to be a rail yard like what is in Belen or the Abajo yards in the South Valley,” says Cummins, who is the owner of Rio Real Estate Investment Opportunities, which is developing the project.

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Exclusive first look: Downtown's latest loft units Stephanie Guzman-Barrera Reporter Albuquerque Business First The former federal building in Downtown Albuquerque is sort of like a big experiment, with a big price tag. Buy a vacant office building for $1.51 million and completely gut it. Then drill through the concrete floors to add new plumbing and electrical lines. Add loft-like features with open-concept units and exposed ceilings. What you end up with is 27 units on the first floor, between 406 and 716 square feet. Rents start at $450 and top off at $750. The building, renamed Merhan Lofts after the New Jersey-based developer Anthony Mehran, is located at 517 Gold Ave. SW. Only the bottom floor of the Mehran Lofts has been renovated, with renovation ongoing on the second and third floor. The developer plans to tackle each of the eight floors one by one, potentially changing design based on market demand.

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BernCo set to buy Downtown office building

 

By Marie C. Baca

Albuquerque Journal Staff Writer

Bernalillo County officials have announced plans to purchase the Alvarado Square office building in Downtown Albuquerque for $2.7 million – a dramatically lower price than the 2013 market price of $11 million.

The purchase agreement, which was signed Jan. 17, will need to be approved by the County Commission before April 17 to complete the transaction. The county has already paid $75,000 in earnest money.

The purchase will be financed with money the county has in savings. Those funds will then be replenished through the issuance of gross receipts tax bonds, as well as through the sale of some of the more than 150 buildings the county has in its inventory.

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‘505 Central’ bringing new lofts, life to old Sears building By Jessica Dyer Albuquerque Journal Staff Writer ALBUQUERQUE, N.M. — An 80-year-old Downtown building that once housed Lovelace and Sears will soon be actual housing — plus offices, a coffee shop and restaurants. Albuquerque architect Mark Baker has begun a mixed-use redevelopment of the property at the northwest corner of 5th and Central. The project, dubbed “505 Central,” will include 34 loft apartments and commercial space for his architecture firm, a second location of his cafe, Humble Coffee Company, and other tenants that should include two restaurants. Work has begun on the 58,000-square-foot project, Baker’s first Downtown development. It should open by July. Baker declined to provide the cost of the development, which was designed by Baker A+D, financed by Washington Federal and will be built by Insight Construction.

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Big Central Avenue project moves forward Christopher Ortiz Managing Editor Albuquerque Business First A major mixed-use project on Central Avenue got a key city approval Thursday. The city's Planning Commission approved phase two of The Highlands project, which includes a mixed-use, multifamily community with ground-floor retail and the Marriott Springhill Suites Highlands hotel. The 10-acre community, across the street from Presbyterian Hospital, is being developed by Titan Development and Maestas Development Group. The project area's boundaries are Interstate 25 to the west, Central to the south, Sycamore Street to the east and Copper Avenue to the north.

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Brewery expanding into old Jackalope building Colton Shone KOB 4 The craft beer scene in New Mexico is growing so fast that many microbreweries are expanding. Now a building that has sat empty for years is undergoing a major redevelopment to make way for Bosque Brewing Company. Crews are finally doing the initial phase of demolition at the old Jackalope building on U.S. Highway 550 along the Rio Grande. The huge empty structure will undergo a major renovation to a massive commercial space with Bosque Brewing Co. as the anchor tenant. "This is the coolest project that I've been a part of so far," operations director Jotham Michnovicz said.

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Goodman Realty exec on what future could hold for Hotel Andaluz and more Shelby Perea Digital Producer Albuquerque Business First Goodman was the company behind the redevelopment of Downtown's Hotel Andaluz. Sand said one possibility for Albuquerque could be "Andaluz Two," a second tower for the Hotel Andaluz Downtown, where the south parking lot currently is. Sand told Albuquerque Business First that idea would depend on how Albuquerque's economy grows and whether there is demand for a second tower in the future. He said with Albuquerque Rapid Transit and Innovate ABQ, the economy could get a boost and prompt Andaluz to grow.

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City looking for developers to create 'iconic' Downtown high-rise May Ortega Reporter Albuquerque Business First The Duke City is looking to real estate developers for a growth spurt, as announced by Mayor Richard Berry at the monthly NAIOP luncheon Monday morning. “It has been 27 years since Albuquerque has seen an iconic high-rise building,” Berry said. “I believe it’s about time to add to our skyline another building that will further spur economic opportunity in the heart of our city.” Berry and the city's Metropolitan Redevelopment Agency are hosting a competition to change Albuquerque’s skyline with the tallest building in New Mexico. The MRA is requesting redevelopment proposals to partner with one or more private developers to construct iconic buildings in the heart of Downtown. There are two plots of property in Downtown Albuquerque up for sale or long-term leasing— two acres at 400 4th St. NW and one acre at 101 Silver St. SW. The buildings could be used for a variety of purposes ranging from retail to housing, city officials said. Both spaces also have surface-level parking. Hopefuls can apply for one or both plots, or propose the redevelopment of an existing property they own Downtown.

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City of Albuquerque Skyline Competition for the Tallest Building in New Mexico

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The Carlisle condo reconstruction to begin in April Eddie Garcia KOB 4 The day before Thanksgiving in 2016, all seemed lost as an arson fire ripped through The Carlisle, a nearly completed 34 unit luxury condominium complex. It was devastating for developer Kenny Hinkes , who had a vision for his newest project and the Nob Hill neighborhood. "We are providing a need for high quality small spaces in a community that has a deficit of that kind of product," said Hinkes.