Albuquerque Development Thread

[southtucsonboy77]

Originally Posted by mgs11

Innovate ABQ Renderings
[IMG]innovate-abq-rendering-1 by mgs11, on Flickr[/IMG]
[IMG]Innovate ABQ_Elevations by mgs11, on Flickr[/IMG]
[IMG]2015-02-16 - Board-01 by mgs11, on Flickr[/IMG]
[IMG]2015-02-16 - Board-01 by mgs11, on Flickr[/IMG]

Looks very similar to student housing project here in Tucson off of 4th Ave/6th St. It's long...so I hope it fits in with the surrounding development...other than that it should be a boost for downtown Albq.

[mgs11]

Sandia Peak could someday be home to ‘mountain coaster’

By Dan McKay
Journal Staff Writer
Albuquerque Journal

ALBUQUERQUE, N.M. — Bernalillo County commissioners agreed late Tuesday to consider financial incentives to help improve the attractions atop Sandia Peak – including the possibility of building New Mexico’s first “mountain coaster,” a roller coaster that could race beneath the forest canopy.

The commission accepted introduction of a proposal to issue $9 million in industrial revenue bonds to help finance renovation of the High Finance restaurant and other improvements.

The applicants are Sandia Peak Ski Co. and Peak Dining LLC, and they would be responsible for repaying the bonds. The IRB transaction, however, usually reduces borrowing costs and provides tax breaks.

The details will come before the County Commission for final approval at a future meeting.

[mgs11]

U.S. Eagle Federal Credit Union Sign
• Video Link

[mgs11]

Planned stadium development could double in size

By Jessica Dyer
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — Forget the previously released renderings of University of New Mexico’s new sports entertainment district — it turns out the project is about to double in size.

The group selected by UNM to build the sports entertainment district in part of the parking lot adjacent to the stadium recently completed a study that indicated their original plan was too small. Previously conceived as a 25,000-square-foot project with four to five tenants, the consultant recommended something closer to between 50,000 and 55,000 square feet with space for an estimated 10 tenants and a larger plaza, said Paul Silverman of 54 Development LLC, the team spearheading the project.

The size increase will help ensure the development’s viability, creating a larger magnet to attract people on the days and nights without Lobos or Isotopes games, Silverman said. He called it achieving the necessary “retail gravity.”

[mgs11]

Work on Downtown entertainment district to begin this fall

By Jessica Dyer
Albuquerque Journal Staff Writer
[IMG]ONE-CENTRAL 1 by mgs11, on Flickr[/IMG]
ALBUQUERQUE, N.M. — Better brush up on your bowling: the new Downtown entertainment district moved another step closer to reality with the city inking a contract with the project’s developer.

City officials said on Thursday they had signed a contract with One Central Operating Associates LLC and that the nearly $40 million construction project should break ground this fall at First and Central.

The contract remains subject to a 120-day contingency period as both parties finalize individual obligations.

The plan calls for a mixed-use development, including at least 39,000 square feet of commercial space with an entertainment tenant — so far described as an upscale bowling alley — at least two other retail or restaurant tenants, 60 residential units and a 429-space parking garage, according to city spokeswoman Rhiannon Samuel.

[mgs11]

Downtown bar revamped into specialty tequila concept

Stephanie Guzman
Reporter
Albuquerque Business First

First it was the Golden West Saloon, then the Stereo Bar. Now, the popular Downtown bar next door to the El Rey Theater will undergo another transformation.

The bar's owner, Emiliano Vasquez, told Business First he'll introduce a new tequileria concept at 622 Central Ave. SW, called Mezcal.

"The Stereo Bar was a great introduction, but we've been seeing the progress of Downtown since taking the building over in 2014," Vasquez said. "We built a beautiful place that's deserving of an elevated experience."

Vasquez, an Albuquerque entrepreneur, and his business partner Stephen Anthony Segura, a well-known promoter, are also the operators of El Rey and The Hanger.

Vasquez said they recognized a Stereo Bar revamp was needed due to Downtown's changing demographics and increased competition. Several breweries and taprooms have opened Downtown recently, including the nearby Boese Brothers Brewery and Duel Brewing.

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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."

[mgs11]

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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Downtown's Anasazi finally lands a commercial tenant

Stephanie Guzman
Reporter
Albuquerque Business First


For years, the bottom floor of the Anasazi building in Downtown Albuquerque had posted "for lease" signs in its windows facing Central Avenue.

Now, two years after the mixed-use building welcomed its first condo residents, the property finally has a commercial tenant, and one that's taking up the entire first floor.

Siembra Leadership High School, an entrepreneurship-focused charter school, will occupy the 7,570-square-foot space, located at 524 Central Ave. SW.

The building's owner, Arizona-based PEM Real Estate Group, was represented by Glenn Wright and Kris Wright of SVN | Walt Arnold Commercial Brokerage. Tom Jenkins of CBRE New Mexico represented the charter school.

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Carlisle condos rising above Central

By ABQJournal News Staff

ALBUQUERQUE, N.M. — East Nob Hill appears to be one of the busiest sections for development in the Central Avenue corridor, with construction underway on The Carlisle condominums.

The three-story, 36-unit development will feature underground parking, some retail and a rooftop patio.

Veteran Albuquerque builder and developer Kenny Hinkes, who described the building’s architectural style as “New Orleans meets Hollywood” in a previous Journal story, said the $8.2 million construction project is aimed primarily at baby boomers who want to “move down in size without moving down in quality.” General contractor on the project is HB Construction.

Condos at The Carlisle will be marketed in the $340,00-$350,000 range.

[mgs11]

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.

[southtucsonboy77]

[QUOTE=mgs11;7482296]A good Reason to use Albuquerque Rapid Transit (ART).

More restaurants making Nob Hill's parking situation worse

I couldn't get full access into the article, but are there any proposed solutions?

[mgs11]

[QUOTE=southtucsonboy77;7482317]

Originally Posted by mgs11

A good Reason to use Albuquerque Rapid Transit (ART).

More restaurants making Nob Hill's parking situation worse

I couldn't get full access into the article, but are there any proposed solutions?

Sorry about that. Albuquerque Business first is going to publish an article about a $50,000 pilot project taking place that will create the equivalent of 100 new parking spaces in Nob Hill.

[mgs11]

The city's $50,000 plan to add parking in Nob Hill

Stephanie Guzman
Reporter
Albuquerque Business First

After years of talks about a Nob Hill parking garage, the city is now pursuing other options to easing Nob Hill's parking problems.

Nob Hill business owners say the city has been promising them a parking garage for years.

Earlier this year, City Councilor Pat Davis said he would dedicate $50,000 to acquire land for a parking garage and design it.

Davis quickly found out parking garages are expensive. The city is spending $15.5 million for a 400-space parking garage Downtown. The city estimates parking garages cost roughly $30,000 per space.

What's more, the city's capital improvement budget won't allow the parking garage to get off the ground for years.

Instead, Davis is taking the $50,000 and applying it towards a parking pilot program that will ease Nob Hill's parking woes sooner. Davis thinks doing this could free up as many as 100 spaces in Nob Hill.

[mgs11]

Apartment complex planned for Downtown

Stephanie Guzman
Reporter
Albuquerque Business First

On the heels of the Imperial Building, another Downtown apartment project is in the works.

Though this one is just residential, it includes 111 units that will provide mixed-income and workforce housing.

The new four-story, 78,000-square-foot development will be located on the southwest corner of Silver Avenue and 8th Street. The lot is currently used as a parking lot.

The Greater Albuquerque Housing Partnership, a local nonprofit, submitted a $10 million project revenue bond to Bernalillo County for the new complex. The $10 million refers to how much the project costs to acquire the land and construct the building, not how much the county is paying towards the project.

The 42-year bond term would mean the county would hold the title to the property, so the development's property taxes and gross receipt taxes will be exempt.

[mgs11]

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.

[mgs11]

Innovate ABQ ready to rise Downtown

By Kevin Robinson-Avila
Albuquerque Journal Staff Writer
[IMG]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.

[mgs11]

City to use electric buses for rapid transit

By Dan McKay
Albuquerque Journal Staff Writer

[IMG]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.

[mgs11]

Why this Downtown apartment project in the works for years still isn't ready

Stephanie Guzman
Reporter
Albuquerque Business First

If you peek into the windows of the former federal office building at 517 Gold Ave. SW Downtown, you'll see brand new apartments.

A year ago, construction crews were putting the finishing touches on those apartments, decorated in the millennial trappings of open concrete ceilings and minimalist aesthetics.

Those apartments have been completed for months, yet they remain empty.

With Downtown residents and businesses hungry for more living units, the delay at the building is notable.

The reason no one is living in the renovated office building is because the city's fire marshal has put the brakes on the project.

Albuquerque Fire Marshal Jason Garcia said the building must get its standpipe up to current code. Standpipes are installed in high-rise buildings and used during firefighting.

Garcia said the building owner must perform a test on the system showing that fire trucks can supply the required water pressure all the way up to the building's top floor. If the system fails that test, the building owner must install a new fire pump, which, according to a local fire protection company, can cost $100,000 to $200,000.

Albuquerque-based AIC General Contractor is overseeing the construction. David Shaffer, president of the construction company, said the building's fire alarm system and sprinkler system were replaced with up-to-date systems that meet code. He said the building's owner has been working with the fire department to get the final OK.

[mgs11]

Cabela’s coming to Albuquerque

By Jessica Dyer
Albuquerque Journal Staff Writer

ALBUQUERQUE, N.M. — Albuquerque has reeled in a really big retail fish.
Cabela’s, one of the most recognizable names in outdoor recreation merchandise, has announced it will open its first New Mexico store, likely in 2017. It plans to put a 70,000-square-foot location at Legacy at Journal Center, a new mixed-use project on 20 acres at the southwest corner of Interstate 25 and Paseo del Norte.

Construction should start later this year.

“We are thrilled to announce Albuquerque as our first location in New Mexico,” Tommy Millner, Cabela’s CEO, said in a news release. “We’ve had a strong customer base through our online and catalog businesses in this area for many years. Building a store here will allow us to serve those customers better, while also introducing thousands of additional outdoor enthusiasts to the Cabela’s brand and experience.”