Albuquerque Development

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County holds off on Innovate ABQ

Dan Mayfield
Reporter-
Albuquerque Business First

The Bernalillo County Commission voted on Tuesday night not to immediately allocate $1 million to help with the Innovate ABQ business incubator Downtown.

The commission did vote for a motion made by Commissioner Wayne Johnson for preliminary approval, or to commit the $1 million, pending further staff analysis including clawback provisions, said county spokesman Andy Lenderman. The commission will hear from both the county’s Economic Development Department and the Finance Department when it meets again on Jan. 28.

The county commission was to vote Tuesday night on providing $1 million to help the University of New Mexico build the new Innovate ABQ center on seven acres of land at Broadway Boulevard and Central Avenue.
 

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/01/county-holds-off-on-innovate-abq.html?ana=e_abq_rdup&s=newsletter&ed=2014-01-08

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Early rendering of Innovate ABQ

 

http://www.abqjournal.com/335532/biz/unm-plans-entrepreneurship-training.html

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A Silver Moon Rising over Downtown ABQ

Photos of the Silver Moon Apartments that I took during lunch.

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City seeks developer for Downtown land

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque officials are ready to receive proposals for the development of a plot of city-owned land in Downtown Albuquerque.

The site, about .7 acres, is located at 507 4th Street SW, on the southeast corner of the intersection at 4th Street and Coal Avenue. The Metropolitan Redevelopment Agency has issued a request for proposals (RFP) for design-build ideas. The city purchased the site in 1994 for about $230,000.

City project manager Chris Hyer said the land will probably end up being mixed-use with a multifamily component and perhaps retail and office. The city said the Barelas Neighborhood Association has suggested that a mixed-use development would be beneficial as well. The site is considered a gateway to Barelas and the city said it wants a “high quality and well-designed development that fits in the Barelas community.”

http://www.bizjournals.com/albuquerque/news/2014/01/16/city-seeks-developer-for-downtown-land.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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Plaza Maya purchase will bring 250 workers Downtown

Damon Scott
Reporter-
Albuquerque Business First

The state’s purchase of Plaza Maya this week will have some offsetting effects for Downtown Albuquerque’s high office vacancy rate and the looming loss of Downtown workers from the Gap’s relocation to North I-25.

Funds were approved Jan. 22 for the purchase of the almost 63,000-square-foot, four-story building at 615 First St. NW. The total funds approved were $7.28 million, with about $1.77 million toward the purchase and the remainder for renovations, something many older Downtown buildings face.

Alex Tomlin, public affairs director for the Corrections Department, said the decision was made, after concerns from groups near Plaza Maya, that the building will only house administrative employees and will not serve as a check-in location for parolees. Those functions will happen more often in the field, she said, and at Corrections’ Gold Street office in East Downtown. Corrections’ Monte Vista office in Nob Hill will eventually be vacated, alleviating concerns from residents and those affiliated with the nearby Monte Vista Elementary School.

 

http://www.bizjournals.com/albuquerque/news/2014/01/23/plaza-maya-purchase-will-bring-250.html?ana=e_du_pub&s=article_du&ed=2014-01-23&page=all
 

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NAIOP panelists call Innovate ABQ ‘huge opportunity’

 

Dan Mayfield
Reporter-
Albuquerque Business First

 

Economic and real estate development professionals came together Monday to make a push for a new “innovation corridor” that would span the city’s core and be a haven for entrepreneurs.

 

At the NAIOP New Mexico chapter meeting Monday, representatives from the city, the University of New Mexico, Nob Hill Mainstreet and private companies made a pitch for the idea. The parties are pushing an effort to turn the city, from Old Town through Nob Hill, into an innovation district, anchored by UNM’s Innovate ABQ incubator.

 

“We’ve been waiting for an anchor Downtown, and this is it,” said Gary Oppedahl, the director of the city’s Economic Development Department. “This is so important to the future of Albuquerque it cannot be understated.”

 

http://www.bizjournals.com/albuquerque/news/2014/01/27/naiop-panelists-innovate-abq-opportunity.html?ed=2014-01-27&s=article_du

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Innovate ABQ officials hope to complete First Baptist purchase by April

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico is progressing on its plans for the Innovate ABQ campus near Downtown.

UNM said it is doing due diligence on the former First Baptist Church, which includes an asbestos survey, and is working on an agreement with the Burlington Northern Railroad that the school will not be held liable for any contamination. The school’s regents asked for both assurances when they approved the plan to purchase the site in December.

“If all goes well, we hope to have the transaction complete by April,” UNM Chief Economic Development Officer Lisa Kuuttila said in a news release Tuesday. “Once that happens, UNM will begin work with Perkins & Wills and Dekker/Perich/Sabatini on a master plan for the property and for the area surrounding the property. This will be done in collaboration with the surrounding neighborhoods.”
 

http://www.bizjournals.com/albuquerque/news/2014/02/04/innovate-abq-buy-first-baptist-april.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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Final touches put on latest EDo restaurant

Damon Scott
Reporter-
Albuquerque Business First

The partners behind East Downtown’s popular Holy Cow restaurant are putting the final touches on their next venture.

Gravy is set to open in about a month in the space that was Milton’s for decades at 725 Central Ave. NE.

Chris Medina, Michael Wewerka and David Boyd have been at it for about a year now on the interior of Gravy as well as some exterior work. A new sign is soon to be erected.

The menu hasn’t yet been completely finalized, the partners say, but the food will be similar to the decor — upscale diner.

http://www.bizjournals.com/albuquerque/news/2014/02/06/final-touches-put-on-edo-eatery.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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County commits to Innovate ABQ

Dan Mayfield

Reporter-

Albuquerque Business First

The Bernalillo County Board of Commissioners Tuesday night committed $1 million to the Innovate ABQ project.

The county’s $1 million contribution adds to the $2 million from the city of Albuquerque, $3 million from New Mexico Educators Federal Credit Union, $1.5 million from the U.S. Economic Development Agency and about $800,0000 From the University of New Mexico regents to the project.

Innovate ABQ is designed to be a business incubator and idea factory in Downtown Albuquerque.

The commission voted 4-0 to support adding $1 million to the project. However, the measure includes a clawback that the funds be distributed on a cost-reimbursement basis.

 

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/02/county-commits-to-innovate-abq.html?ana=e_abq_rdup&s=newsletter&ed=2014-02-12

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Downtown lands new Chinese restaurant

Damon Scott
Reporter-
Albuquerque Business First

If you think all downtown corridors should have at least one Chinese restaurant, worry no more about Albuquerque.

While there are Asian-influenced eateries Downtown, like Sushi King, Asian Noodle Bar and Thai Saweiy, some which have Chinese-inspired dishes, none have been strictly labeled as such. Until now.

Mak’s Quick Fire Kitchen opened Feb. 7 in the former Al’s Big Dipper space at 411 Central Ave. NW. Owner Peng Mak and his chef/father Houil Mak are running the show.

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/02/downtown-lands-new-chinese-restaurant.html?ana=e_abq_rdup&s=newsletter&ed=2014-02-12

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Latest Innovate ABQ funding to spur incubator construction

Dan Mayfield
Reporter-
Albuquerque Business First

With Bernalillo County now pledging $1 million to help move the Innovate ABQ concept along, a new plan is coming together for the University of New Mexico’s planned Downtown incubator.

The school is hoping to close on an anticipated $6.5 million purchase of the old First Baptist Church no later than July—but hopefully in April— said Lisa Kuuttila, CEO of STC.UNM and the school’s chief economic development officer.

But the new $1 million, which is expected to come through in the county’s next budget cycle, “will go towards actual construction of the incubator facility," Kuuttila said Wednesday.
 

http://www.bizjournals.com/albuquerque/news/2014/02/12/new-innovate-abq-funding-to-spur.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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MLS stadium in downtown ABQ?
 

http://krqe.com/2014/02/17/lawmaker-wants-mls-team-stadium-in-abq/

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New incubator planned near Innovate ABQ site

Dan Mayfield
Reporter-
Albuquerque Business First

Stuart Rose, the founder of The BioScience Center, has plans to open his next business incubator and collaborative working space by April 1.

Although the final details still need to be worked out, Rose is working with Rick Davis to open his next incubator, called Fat Pipe ABQ, in the old library of the former Albuquerque High School.

The new space will offer a variety of services, including 300mb Mbps Internet.

“That’s the wow,” Rose told Business First. “The plan is to take the building at 200 Broadway, the library at old AHS, and to modify it. We have to run fiber to the building, and put furniture in. That’s about it.”

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/02/new-incubator-planned-near-innovate.html?ana=e_abq_rdup&s=newsletter&ed=2014-02-18

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High-profile Downtown properties sold

Damon Scott
Reporter-
Albuquerque Business First

A group of buildings at perhaps the most visible corner of Downtown Albuquerque has found a local buyer.
The buildings comprise three addresses: 401/405 Central Ave. SW and 109 4th Street NW. 401 Central was previously the Club 405 Lounge, while 405 Central was most recently Dublin’s Street Pub. A live music and dance club, Blackwater Music, is the current tenant at 109 4th Street.
The purchase price was not disclosed, but the total 10,500-square-feet of properties were most recently listed at $1.3 million. Western States Retail & Investment advisers Matt Reeves and Mike Barker represented seller Vasso Chalamidas and the buyer, a local businessman who chose not to be identified.
“He saw the value in Downtown and the fact that it is a hard corner that is the best real estate in Downtown,” Reeves told Business First Tuesday. Reeves said immediate plans are not known, but that it will likely be restaurant and retail space.

 

http://www.bizjournals.com/albuquerque/news/2014/02/25/high-profile-downtown-properties-sold.html?ana=twt

Edited February 25, 2014 by BigTymeABQ

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City seeks federal funds to advance bus rapid transit

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque has applied to the Federal Transportation Administration for funding and permission to enter into project development for a bus rapid transit plan.
The idea is one of several projects under study for Mayor Richard Berry’s “ABQ the Plan” is bus rapid transit. The city is looking at a BRT plan for the Central Avenue corridor from 98th Street to Tramway Boulevard. Many in the public and private sectors agree it would provide infrastructure, enhance neighborhoods and spur commercial and residential development.
BRT wouldn’t be more Rapid Ride buses on Central Avenue on the weekends, as some think. It is a subway-like bus system that has a dedicated lane, and raised platform stations that take electronic payments. Often riders don’t need schedules, as the buses come and go at a rate that makes it unnecessary.

 

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/02/city-seeks-federal-funds-to-advance-brt.html?ana=e_abq_rdup&s=newsletter&ed=2014-02-26

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It’s official: New Mexico is a finalist for Tesla “gigafactory

Dan Mayfield
Reporter-
Albuquerque Business First

On Wednesday, Tesla Motors confirmed New Mexico is, indeed, a finalist for the new Tesla Motors gigafactory.
New Mexico is one of four states Tesla said it will be looking at for the gigafactory, which will produce the batteries for the company’s electric cars.
The company said on its blog on Wednesday that it and its partners will invest up to $5 billion to build the plant by 2020. New Mexico will now be competing with Texas, Arizona and Nevada for the site, which would be on 500 to 1,000 acres and have 6,500 employees.
The company would start construction in 2015, install equipment in 2016 and by 2017 launch.

 

http://www.bizjournals.com/albuquerque/news/2014/02/26/its-official-new-mexico-finalist-tesla.html?page=all

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Quiet change could spur Winrock redevelopment

Edited February 27, 2014 by BigTymeABQ

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Councilor seeks to alter Downtown district

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque City Councilor Dan Lewis plans to introduce legislation today aimed at changing the makeup of the Downtown Business Improvement District.
A news release by Lewis’ office says the legislation is intended to “ensure that the [bID] provides the services and benefits required by all residents and businesses downtown.”
The BID, which is a collective tax that property owners pay for Downtown improvements, has been managed by the Downtown Action Team since 2000.
DAT has touted successes in its management of the BID and cites positive momentum Downtown, which includes the resurrection properties such as the Anasazi high rise and of new multifamily projects on its west and east ends.

 

http://www.bizjournals.com/albuquerque/blog/morning-edition/2014/03/councilor-seeks-to-alter-downtown.html?ana=e_abq_rdup&s=newsletter&ed=2014-03-03

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Dickson on BRT: Don’t run off the pedestrians you want as riders

Damon Scott
Reporter-
Albuquerque Business First

The city is moving toward the possibility of a bus rapid transit development, initially for the Central Avenue corridor from 98th Street to Tramway Boulevard, and the conversation is growing among the public and private sector.
East Downtown lies in the heart of the proposed stretch, and developer Rob Dickson of Paradigm & Co. thinks a BRT development done inadequately could have a reverse effect on its goals. He says it boils down to getting the proper transit vehicles at the right size, that come and go at the right frequency.
“By definition, all transit riders begin and end each trip as a pedestrian. Transit stops located in the middle of complete neighborhoods and corridors that are comfortable and safe for pedestrians will have the most potential ridership,” Dickson said.

 

http://www.bizjournals.com/albuquerque/news/2014/03/03/dickson-on-brt-dont-run-off-pedestrians.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter&page=all

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BNSF will build needed railways if Tesla chooses ABQ

 

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Downtown BID bill slated for March 10 hearing

Damon Scott
Reporter-
Albuquerque Business First

Legislation aimed at changing the makeup of the Downtown Business Improvement District is set for a hearing March 10.
City Councilor Dan Lewis’ bill was introduced at Monday’s council meeting, which would, among other goals, prompt a consideration to terminate the BID at its five-year review near the end of 2015 and reestablish a new one.
The BID, which is a collective tax that property owners pay for Downtown projects and improvements, has been managed by the Downtown Action Team since 2000.
Tony Duran, policy analyst for Lewis, who represents District 5, said the next step for the bill is a hearing with the finance and government operations committee. Depending on committee votes, he said, it would then be placed on the city council agenda to be heard at the regular March 17 meeting.

 

http://www.bizjournals.com/albuquerque/news/2014/03/05/downtown-bid-bill-slated-for-hearing.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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Throckmorton advancing on North I-25 projects

Damon Scott
Reporter-
Albuquerque Business First

Scott Throckmorton will be the first one to admit that times aren’t exactly booming for Albuquerque developers. Nevertheless, the president of ARGUS Investment Realty has some compelling projects that are underway in the North I-25 corridor and in Rio Rancho.
A building was demolished and 7.1 acres of land has been cleared north of Osuna Road on Jefferson Street where Throckmorton will be building a mixed-use development. He said the project would likely land a bank, restaurants and retail on the exterior and that the interior would be targeted for an office user — one that has not yet been identified. An office user would have anywhere from 70,000 to 140,000-square-feet, he said, and the building could end up anywhere from two to four stories tall.
Also in the North I-25 corridor on the northeast corner of Paseo del Norte and Jefferson Street, Throckmorton has cleared 9.5 acres in advance of another development. Throckmorton’s Paseo-Jefferson project will also be mixed use, and could likely land a large retail tenant too. He said potential tenants are very interested in locating near Paseo and Jefferson.

 

http://www.bizjournals.com/albuquerque/news/2014/03/05/throckmorton-advancing-on-north-i-25.html?ana=RSS&s=article_search&utm_source=dlvr.it&utm_medium=twitter

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CNM says it could train Tesla workers

Dan Mayfield
Reporter-
Albuquerque Business First

When the city recruited Eclipse Aviation to Albuquerque, CNM trained the workers.
When Intel Rio Rancho started hiring, CNM trained the technicians.
When HP, Canon, Lowe’s and the Gap all started hiring locally, CNM trained the workers.
And now, Central New Mexico Community College hopes that if Tesla Motors chooses to build its new gigafactory here, it would again train the workers.
The luxury carmaker announced last week that it is considering New Mexico, as well as Arizona, Texas and Nevada, for its $5 billion, 1,000-acre gigafactory.
The city and state are competing to lure the company here. Wherever the company moves, it will need to train workers.
CNM President Katharine Winograd told Business First on Wednesday that the school was involved in discussions when Eclipse, HP, Phillips Semiconductor and others moved to the city, and would be well positioned to train workers for Tesla if needed.

 

http://www.bizjournals.com/albuquerque/news/2014/03/05/cnm-says-could-train-tesla-workers.html?ana=twt&page=all

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Big Innovate Albuquerque Project Seen as Catalyst

Garry Boulard
Construction Reporter News

Due diligence is under way on the University of New Mexico’s bid to purchase a 7-acre downtown site anchored by the First Baptist Church at Central Avenue and Broadway Boulevard.

If all goes well, that purchase will usher in an era of business incubator research and growth known as Innovate ABQ, with the site itself seeing the construction of an incubator building and dorm, among other structures.

“There is no hard date for when the purchase will be completed,” says Elizabeth Kuuttila, UNM’s Chief Economic Development Officer. “But we’re estimating a May time frame.”

The $7.2 million site purchase was approved by UNM’s Board of Regents in December, capping a year of activity during which the project won the financial backing of the City of Albuquerque, the U.S. Economic Development Administration, and the New Mexico Educators Federal Credit Union, among other parties.

“UNM has been a part of our credit union in terms of eligibility and we’ve been supporting their community for about 25 years now,” says Anneliese Elrod, senior vice-president for strategy and development with the New Mexico Educators Federal Credit Union.

Noting that credit union President Terry Laudick and UNM President Robert Frank visited the University of Florida’s Innovation Space early last year, Elrod continues:

 

http://constructionreporternews.com/2014/03/03/big-innovate-albuquerque-project-seen-as-catalyst/

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ABQ gets prestigious ‘Living Cities’ grant

By Dan McKay / Journal Staff Writer

Albuquerque will join the likes of San Francisco, Seattle and two other cities in potentially qualifying for tens of millions of dollars from a national consortium of charitable groups and banks – money that could be put toward Downtown revitalization as part an effort to improve “economic mobility.”

Mayor Richard Berry told the Journal on Wednesday that his office will lead the effort, in partnership with the University of New Mexico and New Mexico Educators Federal Credit Union.

The money is available through “Living Cities,” a collaborative effort by 22 of the world’s largest charitable foundations and financial institutions. Communities across the country applied, but only five cities were selected. They will receive initial grants of $100,000 each to plan out ways to help low-income people and improve their communities. Besides Albuquerque, the other four are Seattle, San Francisco, San Antonio, Texas, and New Orleans.

Future funding in the form of low- or no-interest loans and grants depends on proposals generated in the planning process.

The “Living Cities” selection is an endorsement, the mayor said, of local efforts to bring a “bus rapid transit” system to Central Avenue, revitalize Downtown and improve economic development through UNM’s “Innovate ABQ” effort at the old First Baptist Church. All of those projects might receive financial help through “Living Cities.”

“This really opens up the door for Albuquerque,” Berry said in a meeting with Journal reporters and editors. “That’s good company to be in.”

UNM President Bob Frank said he’s incredibly excited and hopeful about the opportunity.

“New Mexico should be the biggest innovation state in the country with the labs and the opportunity we have here,” he said. “… I think it’s the biggest moment the city’s ever had.”
 

http://www.abqjournal.com/363403/news/abq-gets-prestigious-living-cities-grant.html