Albuquerque Development Thread

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Imperial Building tenant reveals opening date

Shelby Perea
Real Estate Reporter
Albuquerque Business First

One of the Imperial Building's tenants is planning to open soon.

The first-to-New Mexico Albuquerque City Drug location has announced it will open Aug. 15.
Albuquerque City Drug is part of a chain of other pharmacies in the Southwest. The store will offer prescription drugs, over-the-counter remedies, vitamin supplements and personal care products. It came to New Mexico, owners Jason Graves and Justin Graves say, because they love it here and knew they wanted to do business in the Duke City.

It enters the city in the Downtown area at 205 Silver Ave. SW. Downtown has been in the headlines for businesses threatening to leave because of crime and for initiatives Mayor Richard Berry has unveiled as efforts to curb that crime. While the crime has been on owner Jason Graves' mind, he says it didn't keep them from choosing the area to launch their first New Mexico store.

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The Highlands EASTBLOCK 170203
• Video Link

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Albuquerque skyline may get new ‘tallest skyscraper

By Jeannie Nguyen\
KRQE 13

• Video Link

ALBUQUERQUE, N.M. (KRQE) – Albuquerque could be a little closer to adding a new tallest building to its skyline. The proposals are in as the mayor’s office wraps up its skyline competition.

“Over the last 20 years we haven’t had a skyscraper really reach the height we were hoping for,” said Gilbert Montano, the Mayor’s Chief of Staff.

Project proposals were accepted up until a month ago, but the submissions have remained a secret even from the mayor and his staff.

For confidentiality reasons, the mayor’s office won’t say how many entries they’ve gotten, except to say several.

“We don’t want to taint or bias any kind of the scores or opinions of it,” said Montano.

Right now, downtown’s tallest building is the newly named U.S. Eagle building and it stands at 351 feet and built in 1990.

[southtucsonboy77]

Originally Posted by mgs11

The Highlands EASTBLOCK 170203
• Video Link

That's very nice...very beautiful, and at the same time urban.

[mgs11]

Originally Posted by southtucsonboy77

That's very nice...very beautiful, and at the same time urban.

It's going to change that area of the city.

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Nob Hill to West Central corridor booming with apartments

By Madeline Schmitt
KRQE
• Video Link

ALBUQUERQUE, N.M. (KRQE) – Take a drive down Central from the river to the east end of Nob Hill and it’s new building after new building, all apartments.

The new spaces are going up left and right, allowing more people to call the heart of Albuquerque their home – so long as they renew their lease.

“With this new Generation Z that’s coming along, we’re finding that they’re well educated, they want to get really good jobs,” John Lopez, VP of the Greater Albuquerque Association of Realtors said. “They’ve kind of lived through this recession period, but I think there’s going to be a challenge of commitment.”

Lopez gave KRQE News 13 some insight into the seemingly endless rental construction along Route 66.

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Ideas for new downtown skyscraper revealed
[IMG]Skyline Idea by mgs11, on Flickr[/IMG]

Brittany Costello
September 25, 2017 06:29 PM

ALBUQUERQUE, N.M. – Beyond the historic Rail Yards, a new grocery store and condominiums, there seems to be no shortage of homeless campus, vacant buildings or open space in downtown Albuquerque. For city officials, there is something missing, and it could change the downtown Albuquerque skyline as the city knows it.

Mayor Richard Berry earlier this summer announced a skyscraper competition, calling on drafts of ideas and sketches for a new, eye-opening addition to downtown. It took some time, but those proposals – three in all – were presented Monday to the Albuquerque Development Commission.

One of the proposals would create a building called the Symphony Tower, which would come with rental space, residential space, a hotel and more. It stands 34 stories tall in its current design. If selected, it would be the tallest building in the state.

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The last story that I posted was very poorly reported. This one is much better reporting.

City gets closer to choosing building for Albuquerque skyline challenge

• Video Link

By Rebecca Atkins
KRQE 13

ALBUQUERQUE, N.M. (KRQE) – The renderings are in, and the city is one step closer to adding the new tallest building to the Albuquerque skyline.

From high-end apartments and a hotel, to shopping and more, it’s all in the plans for the city’s top choice in their skyline contest.

“People are wanting to invest in Albuquerque. My understanding is the proposals that came in, a lot of them were from locals, people who have built their businesses here,” said Mayor Berry.

The mayor said he’s excited to see these grand renderings for the proposed “Symphony Tower” — unanimous top choice of the city’s Development Commission.

The city’s Planning Department said there were two options for the site at Third Street and Marquette, right across the street from Civic Plaza.

The Symphony Tower would be 386 feet tall, nearly 35 feet taller than the U.S. Eagle building. There would be shops and offices, a pool with a sprawling outdoor deck on the tenth floor, and a hotel above that.

Apartments would occupy the higher floors. Some of those apartments could have up to 6,000 square feet.

[southtucsonboy77]

Makes more sense now...

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Central Avenue redux: Blighted stretches come back to life


By Steve Sinovic
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — Formerly blighted and vacant stretches of Central Avenue are coming back to life, thanks to continuing investment by Albuquerque’s development community.
Transformation of Central Avenue is an ongoing, incremental process. In 2015, the Journal reported that an estimated 60 properties or more had undergone radical improvement in the previous decade, either through new construction or major renovations, for those looking to live, work or play along the avenue.

At that time, veteran developer Paul Silverman, whose company was behind the four-story Imperial Building Downtown, predicted that up to $2 billion would be invested in the corridor’s redevelopment over the following 20 years. “You’re basically going to see a new city built,” he said then and still asserts.

Sharing this vision of resuscitating the corridor, other development teams are thinking big, with hotels, apartments, eateries and breweries, and retail spaces.

[southtucsonboy77]

Originally Posted by mgs11

Central Avenue redux: Blighted stretches come back to life


By Steve Sinovic
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — Formerly blighted and vacant stretches of Central Avenue are coming back to life, thanks to continuing investment by Albuquerque’s development community.
Transformation of Central Avenue is an ongoing, incremental process. In 2015, the Journal reported that an estimated 60 properties or more had undergone radical improvement in the previous decade, either through new construction or major renovations, for those looking to live, work or play along the avenue.

At that time, veteran developer Paul Silverman, whose company was behind the four-story Imperial Building Downtown, predicted that up to $2 billion would be invested in the corridor’s redevelopment over the following 20 years. “You’re basically going to see a new city built,” he said then and still asserts.

Sharing this vision of resuscitating the corridor, other development teams are thinking big, with hotels, apartments, eateries and breweries, and retail spaces.

I'll be visiting Albq in December, can't wait to cruise downtown, Nob Hill, and the rest of Central Ave. to see this development rising.

[mgs11]

Originally Posted by southtucsonboy77

I'll be visiting Albq in December, can't wait to cruise downtown, Nob Hill, and the rest of Central Ave. to see this development rising.

I hope that you have a great time in ABQ. It's starting to look different.

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ALBUQUERQUE SKYLINE COMPETITION SYMPHONY TOWER SUBMISSION

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See the project moving forward in skyline competition

By Shelby Perea
Real Estate Reporter
Albuquerque Business First

The city's plan to make Albuquerque taller is inching forward.

In February, Albuquerque Business First reported on the mayor's call to investors and developers to heighten up Albuquerque's skyline and in August KRQE reported the proposals were in and the competition was closed. Little was known about the project's plans as the mayor's office said the proposals were kept a secret from them in the name of confidentiality, even declining to disclose the number received.

Now details on the proposal moving on have been released but ground is far from broken.

Symphony Tower LLC's proposal for "Symphony Tower" has been pushed forward but there's still tweaking to be done. The developer for Symphony Tower – which includes lead developer Geltmore LLC and SC3 Development LLC – has to go back to the drawing board and revise the plan with the Metropolitan Redevelopment Agency team.

Symphony Tower beat a different proposal by Albuquerque Skyline Partners LLC that was being considered. The Albuquerque Development Commission said Symphony Tower was "more grand in scope" than the other but felt it needed refining and more detail for full consideration, according to Planning Department Public Information Officer Melissa Perez.

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• Video Link
https://www.youtube.com/watch?v=J_BJJICUHHU

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Silver Avenues Flats

By Shelby Perea
Real Estate Reporter
Albuquerque Business First

Plans to give Albuquerque's skyline a boost are underway but there is another project on the same RFP that is also aiming to give part of Downtown a facelift.

When Mayor Richard Berry called for developers to amp up Albuquerque's skyline, there was also a call for revitalization on a second city-owned site – Site B – located on Second Street and Silver Avenue.

"Site A and Site B are part of the same RFP but the proposals did not have to include development or redevelopment of both sites," said Planning Department Public Information Officer Melissa Perez.

After a hearing in September, the Albuquerque Development Commission voted unanimously to approve a proposal named Silver Avenues Flats from a group of developers for Site B. The next step for the development team will be to negotiate with the Planning Department’s Metropolitan Redevelopment Agency to finalize a contract.

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City rolls out plans for high rises and urban look to Central corridor

By Rebecca Atkins
KRQE 13
• Video Link

ALBUQUERQUE, N.M. (KRQE) – The City of Albuquerque has big plans for the Central Avenue corridor. From high rise buildings to a booming economy, a new website with renderings for each district shows what the city hopes for the area.

“We project over time there will be a significant increase in commercial development, high rise,” said Gilbert Montano, the Mayor’s Chief of Staff.

Montano said the city’s plans for a much more urban feel to Albuquerque’s signature street is all tied into the Albuquerque Rapid Transit project. The new plans are referred to as Central: Good to Great.

He said the idea came from, “Other research through other cities, market-driven analysis that has spurred some of the development both now, and we hope in the future.”

[Obadno]

Phoenix has 3 30 story towers under construction but I cant believe Im about to see ABQ get a new tallest before we do.

The chase (formerly Bank One, Formerly Formerly Arizona National bank) building has been the tallest building in Arizona for nearly 50 years.

Good for you guys!

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Meeting Thursday for potential new tallest building in Albuquerque

By KRQE News 13

The Albuquerque Development Commission is set to hear more about the what could be Albuquerque’s tallest building, the “Symphony Tower.”

The city gave the developers of the plan a chance to hash out more details on the grand plan before giving it an official thumbs up or thumbs down.

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City approval on ‘Symphony Tower’ delayed until January

By KRQE News 13
Madeline Schmitt
• Video Link

One of Mayor Berry’s pet projects won’t get his final approval.

After months of talks, the possibility of downtown Albuquerque’s new tallest building is inching closer, but it will be the next mayor, Tim Keller, who ultimately signs off on it.

The Albuquerque Development Commission has to approve the proposal for the “Symphony Tower” first, then the city and the developers can start negotiating a deal. Thursday afternoon, the ADC postponed approval, saying it wanted to wait until incoming mayor Tim Keller is in office.