Albuquerque Development Thread

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County agrees to buy Downtown property

Christopher Ortiz
Managing Editor
Albuquerque Business First

Bernalillo County commissioners voted Tuesday night to buy the Alvarado Square office building Downtown to house county offices. The county will purchase the former home of Public Service Co. of New Mexico for $2.7 million and could spend more than $36 million renovating the more than 282,478-square-foot vacant building, according to the Albuquerque Journal.

The decision came after county commissioners have spent years and more than $150,000 in studies weighing their options Downtown. Albuquerque Business First reported in May the county at one point was considering three options — Alvarado Square and First Plaza Galeria and a public-private partnership concept for a new facility. County offices are spread across several buildings.

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Compromise reached for wider Nob Hill sidewalks

By Martin Salazar
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — City Councilor Pat Davis has reached a compromise with Mayor Richard Berry’s administration on the widening of sidewalks for several Nob Hill businesses not slated to get them as part of the Albuquerque Rapid Transit construction.

Davis has withdrawn a resolution he introduced previously that would have required the sidewalks to be expanded as part of the ART project. In its place, he substituted a measure that reserves $500,000 from his set-aside funding for design and construction of the sidewalks after ART has been completed.

The revised resolution addresses a major concern that Michael Riordan, the city’s chief operations officer, had raised, namely that requiring the sidewalk widening at this point would delay the completion of ART by four to six months.

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Expo New Mexico looking into new arena to replace Tingley Coliseum

ALBUQUERQUE, N.M. (KRQE) – Expo New Mexico, the home of Tingley Coliseum, is looking into the possibility of a bigger, better arena.

Weeks ago, Elton John sold out the 60-year-old roughly 11,000 capacity arena. Officials at the State Fair grounds say the concert solidified what they’ve been seriously considering for the last year or so.

“Albuquerque deserves this,” said Expo New Mexico General Manager Dan Mourning. “New Mexico deserves this.”

Mourning says Elton John may have worked out, but there’s a reason Garth Brooks performed five shows at the Pan American Center in Las Cruces this past weekend instead of coming to Albuquerque.

According to Mourning, Tingley Coliseum wasn’t big enough for Brooks’ staging equipment.

[southtucsonboy77]

Originally Posted by mgs11

Expo New Mexico looking into new arena to replace Tingley Coliseum

ALBUQUERQUE, N.M. (KRQE) – Expo New Mexico, the home of Tingley Coliseum, is looking into the possibility of a bigger, better arena.

Weeks ago, Elton John sold out the 60-year-old roughly 11,000 capacity arena. Officials at the State Fair grounds say the concert solidified what they’ve been seriously considering for the last year or so.

“Albuquerque deserves this,” said Expo New Mexico General Manager Dan Mourning. “New Mexico deserves this.”

Mourning says Elton John may have worked out, but there’s a reason Garth Brooks performed five shows at the Pan American Center in Las Cruces this past weekend instead of coming to Albuquerque.

According to Mourning, Tingley Coliseum wasn’t big enough for Brooks’ staging equipment.

Tucson has a worse problem. Albq has Isleta Amphitheater which has great concerts and tours...we have AVA Amphitheater that only sits 5,000. The Tucson Convention Center Arena has been remodeled, but has a small capacity of under 10,000. I went to a concert in Tingley back in 1997...and it was OLD then! If Albq can't afford a new arena its not the end of the world, Isleta already brings in great acts and major tours. If Albq can afford it, then go for it because Tingley is too old and small for those major arena (indoor) tours.

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Originally Posted by southtucsonboy77

Tucson has a worse problem. Albq has Isleta Amphitheater which has great concerts and tours...we have AVA Amphitheater that only sits 5,000. The Tucson Convention Center Arena has been remodeled, but has a small capacity of under 10,000. I went to a concert in Tingley back in 1997...and it was OLD then! If Albq can't afford a new arena its not the end of the world, Isleta already brings in great acts and major tours. If Albq can afford it, then go for it because Tingley is too old and small for those major arena (indoor) tours.

Preach it borther!

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Local group buys Downtown office tower

By Steve Sinovic
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — A local ownership group has acquired a 10-story office building in downtown Albuquerque as well as a nearby surface parking lot, which it intends to develop into a mixed-use project with retailers, a brewpub and apartments.

Scott Throckmorton, owner and president of Albuquerque-based ARGUS Investment Realty, said Thursday that an investment group called Roma Capital LLC, which includes ARGUS, purchased the former Bank of America building at 303 Roma Ave. NW and a 3/4-acre tract at Third and Lomas in a package deal from the seller, Dallas-based Hudson Capital.

Tenants of the 230,000-square-foot building include DaVita Medical Group, which recently located its New Mexico corporate headquarters in the building after extensive tenant improvements and the Modrall Sperling law firm The two businesses lease about 75 percent of the total square footage.

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How this Nob Hill apartment project will rebuild after fire

Shelby Perea
Digital Producer
Albuquerque Business First

After The Carlisle apartment project was destroyed in a fire late last year, reconstruction is now set to begin.

On Tuesday, community members, developers and city officials will break ground on the luxury condominium development.

The re-groundbreaking comes after the Nob Hill apartments were destroyed by a fire in November. Located on the southeast corner of Carlisle and Central Avenue, it was nearly complete when it caught fire. Back in November, Albuquerque Fire Department said it was investigating the cause of the fire, including arson.

The reconstruction will go forward with the same plans for The Carlisle before the fire, according to Jamie Dickerman with Griffin & Associates. The project includes 34 for-sale condominiums and commercial on the ground floor. Albuquerque Business First reported The Carlisle units range from $185,000 to $460,000, with a monthly homeowner's fee of $240.

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Tallest Albuquerque Building Proposal Sparks Potential Opposition

By Garry Boulard
Construction Reporter

A plan to build the tallest building in downtown Albuquerque will be opposed by a local neighborhood association if that structure goes up at a currently vacant lot in the 300 block of Second Street SW.

A group called the Silver Platinum Downtown Neighborhood Association has said that the proposed 360-foot tall structure would block the sun from the rooftop of the nearby Imperial Building, which was completed last year.

The Imperial Building is located across the street from the potential site of the new high-rise. A second site under consideration by city officials is located at the corner of Third Street and Marquette Avenue.

[southtucsonboy77]

Originally Posted by mgs11

Tallest Albuquerque Building Proposal Sparks Potential Opposition

By Garry Boulard
Construction Reporter

A plan to build the tallest building in downtown Albuquerque will be opposed by a local neighborhood association if that structure goes up at a currently vacant lot in the 300 block of Second Street SW.

A group called the Silver Platinum Downtown Neighborhood Association has said that the proposed 360-foot tall structure would block the sun from the rooftop of the nearby Imperial Building, which was completed last year.

The Imperial Building is located across the street from the potential site of the new high-rise. A second site under consideration by city officials is located at the corner of Third Street and Marquette Avenue.

Don't you love NIMBYs? Every city and town has them...

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Innovate ABQ moves forward, lands CNM ‘FUSE Makerspace’

By Madeline Schmitt
KRQE 13

ALBUQUERQUE, N.M. (KRQE) – Work chugs along at the Innovate ABQ project on the northwest corner of Central and Broadway near Downtown Albuquerque. Tenants are starting to move into the seven-acre lot, including Central New Mexico Community College.

The idea is to create a complex for researchers and innovators, with everything from UNM student housing, to a cafe, bank and now CNM’s “FUSE Makerspace.”

The “FUSE Makerspace” will soon move into the former location of NoonDay, into a 13,000 square-foot building. The makerspace will house workshops, like 3-D printing, welding and electronic fabrication, available for students, entrepreneurs and even hobbyists to use.
• Video Link

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L.A. businessman bringing new convenient store to EDo

Shelby Perea
Digital Producer
Albuquerque Business First

A new convenient store coming to East Downtown was born from a pair of scissors and a glass of water.

Los Angeles businessman Brian Gage had just moved into an Albuquerque loft when the idea for Qbrik's convenient store was born. Gage had the realization most new movers get: all his essentials were packed in moving boxes, and all he wanted was a drink after a long day but there was no store close enough for him to grab a soda or a water.

That's when Gage said he saw an opportunity to bring Qbrik's to the EDo.

"When I realized there were available retail spaces downstairs and no walkable store of this type in my neighborhood, I spoke with Rob Dickson of ABQ High lofts and he was very receptive to the idea," said Gage.

The 756-square-foot store located on 300 Broadway Blvd. NE is expected to open in mid-May and no later than June 1. He expects to hire 15 to 20 people in the next year to 18 months.

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Federal budget plan includes $50 million for ART

By Martin Salazar
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — The $1 trillion-plus budget deal unveiled by federal lawmakers this morning contains $50 million for the Albuquerque Rapid Transit project.

The budget deal is for the current fiscal year, and would fund most government operations through September.

Albuquerque city officials were breathing a sigh of relief at the news, particularly given that President Donald Trump’s budget blueprint for next fiscal year calls for significant cuts to domestic programs.

Among the programs Trump has targeted for cuts is the Federal Transit Administration’s Capital Investment Program, the same New Starts grants that Albuquerque has been banking on to provide $69 million for the ART project. Specifically, Trump’s blueprint calls for limiting New Starts grants “to projects with existing full funding grant agreements only.”

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UNMH a step closer to new, 120- bed hospital

By Jessica Dyer
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — The University of New Mexico continues to inch closer to a new hospital, with a key committee on Tuesday voting to begin more intensive planning for the new facility.

UNM’s Health Sciences Center Committee unanimously approved a request by UNM Hospitals’ administrators to pay for full architectural renderings and construction documents for the first phase of the project – a 120-bed, 372,000-square-foot facility on UNM-owned land northeast of the Lomas/University Boulevard intersection. Officials say it would cost between $230 million and $250 million and could be completed by 2021.

The architectural services would go out to bid, and UNM Health System’s Executive Physician-in-Chief Mike Richards said the design process would likely cost around $12 million and take about a year.

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Developer has plans for Menaul-Eubank parcel

By Steve Sinovic
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — A developer is hoping to turn the southwest corner of Eubank and Menaul into a walkable, bikeable and dog-friendly retail development.
Sapir Real Estate Development this week described an ambitious goal of transforming one of the last big chunks of land available in the Northeast Heights into the 125,000-square-foot Snow Heights Promenade, according to a broker who is lining up new tenants.

In keeping with the new retail reality, expect a lot of entertainment, food and booze tenants, said Glenn Wright, a retail specialist with SVN/Walt Arnold Commercial Brokerage.

Commitments have been inked with Donut Mart, which will have a drive-thru on the Eubank side of the facility; a hair and nail salon, a pizza purveyor and the soon-to-be announced “award-winning local brewery” that’s looking to open a 2,800-square-foot taproom at the site, said Wright.

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Tractor Brewing serving up new East Side taproom

By Charlie Moore
Albuquerque Journal Business Editor

The Four Hills Village will be getting its very own taproom soon.

Tractor Brewing, the Los Lunas born, Albuquerque-based brewery has signed a lease with Daskalos Development and Investments to occupy one of the open pads in the shopping center on the Southeast corner of Central and Tramway.

Other tenants include Sprout’s Farmers Market and the locally-owned and operated Icon Cinema.

The new location will feature a large patio area and 24 Tractor beer and cider selections.

David Hargis, master brewer and co-owner of Tractor Brewing sees the expansion as a way to keep up with trends. In a news release he explained that Tractor has noticed people are wanting to stay at bar and brewery locations close to home. “It’s a very responsible practice and we want to encourage it,” said Hargis. “A taproom in Four Hills is a step in that direction.”

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Anticipated Downtown retail, residential development now leasing

Shelby Perea
Digital Producer
Albuquerque Business First

One of Albuquerque's newest residential and retail developments is ready to get tenants in the door.

One Central announced it is ready to start leasing for the winter season.

One of its targeted tenants is millennials, according to Jerry Mosher of Mosher Enterprise. The development will feature Uber pickup and drop-off spaces and an Amazon delivery station that allows safe and direct package delivery for tenants. There will also be bike lockers and restaurant options on site.

Mosher said interest levels were high and he had been getting tenant inquiries last month and expects interest to continue to grow.

One Central's announcement said the development is now leasing for winter of 2017 and into 2018. There are both one-bedroom and two-bedroom units that range in design and size with 66 units total. Mosher Enterprise was not available to say when people could expect to move in.

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Bernalillo County finalizes purchase of Downtown ABQ building

May Ortega
Reporter
Albuquerque Business First

Bernalillo County has finalized paperwork to become the owner of the Alvarado Square office building in Downtown Albuquerque, the county announced Wednesday.

The 282,478-square-foot office building, located at 415 Silver Avenue SW, was sold to the county by Albuquerque Plaza Associates for $2.7 million. The listed price was $11 million in 2012, according to a county release.

The county used money from its savings to purchase Alvarado Square. That money will be returned to the county's savings via issuance of gross receipt tax bonds. Money from the sales of several other county office buildings over time will pay off the low-interest loan, according to the release. No day-to-day revenues will go towards the purchase of the building, said the county.

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One Central
[IMG]One Central crane.jpg-large by mgs11, on Flickr[/IMG]

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One Central
[IMG]One Central 5-23-17 by mgs11, on Flickr[/IMG]

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Utility ‘spaghetti’ delays Central Ave. development

By Steve Sinovic
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — Delays in removing old utilities are pushing back the construction timetable for the first phase of The Highlands, according to the development team behind the $90 million mixed-use community.
Construction that was scheduled to start this summer on the 74-unit The Broadstone Highlands now will begin in September or October, said Josh Rogers, Titan Development’s director of the multi-family division.

Rogers and Kurt Browning, Titan’s chief development officer, said building permits probably will be pulled with the city in early July, once removal crews work through the old infrastructure issues.

“There are aging water lines and a spaghetti-like network of utilities that no one knew existed,” which are being decommissioned and replaced, Browning said.