Albuquerque Development Thread

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New East Downtown bank receives approval to move forward


Damon Scott
Reporter-
Albuquerque Business First

The transformation of a dilapidated former Pop 'N' Taco in Albuquerque's East Downtown has moved closer to fruition.
Plans to locate a First National Rio Grande bank at the high-profile site at 501 Central Ave. NE were approved by city planning officials, bank officials told Business First. The new branch will be part of a mixed-use development at the site that will also include a coffee shop. Plans are to have the facility open by August 2015.
The construction and architect team include Jim Trump of Build New Mexico and Randy Shortridge of [au]workshop | architects+urbanists of Ft. Collins, Colo.
Bank officials are describing the forthcoming branch at the northeast corner of Central Avenue and Edith Boulevard as a piece of the emerging Innovation Corridor, which includes the nearby First Baptist Church site as it's centerpiece — Innovate ABQ.

http://www.bizjournals.com/albuquerq...00464&page=all

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Innovate ABQ master plan taking shape

By Kevin Robinson-Avila
Journal Staff Writer

The master plan won’t be ready until next February, but a broad design vision for Innovate ABQ and the surrounding areas that will form the city’s planned Innovation District Downtown are rapidly taking shape.

Perkins & Will, the design firm creating the master plan, presented the basic strategies now guiding its planning and development of Innovate ABQ to the University of New Mexico’s Board of Regents on Friday.

Emerging plans include new street development and re-alignment of existing roads in and around the seven-acre First Baptist Church site where Innovate ABQ will be located to make that area highly accessible and pedestrian friendly. They also outline measures to better interconnect the site with targeted development areas along Central Ave. from East Dowtown to the University of New Mexico to make the whole Innovation District more integrated and inviting.

The goal is not just to build out the church site itself, but to facilitate the emergence of a broad high-tech research and development zone where people can live, work and play.

“They’re taking into account the entire ecosystem to outline opportunities and challenges and identify areas where developers can come in to build out not only the seven-acre site, but the whole Innovation District,” said UNM Chief Economic Development Officer Lisa Kuuttila.

http://www.abqjournal.com/496364/biz...ing-shape.html

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Innovate ABQ master plan starting to take shape

By Kevin Robinson-Avila / Journal Staff Writer


The master plan won’t be ready until next February, but a broad design vision for Innovate ABQ and the surrounding areas that will form the city’s planned Innovation District Downtown is rapidly taking shape.

Perkins & Will, the design firm creating the master plan, presented the basic strategies now guiding its planning and development of Innovate ABQ to the University of New Mexico’s Board of Regents on Friday.

Emerging plans include new street development and re-alignment of existing roads in and around the seven-acre First Baptist Church site where Innovate ABQ will be located to make that area highly accessible and pedestrian friendly. UNM purchased the church site last July.

Design plans also outline measures to better interconnect the site with targeted development areas along Central Ave. from East Downtown to the University of New Mexico to make the whole Innovation District more integrated and inviting.

The goal is not just to build out the church site itself, but to facilitate the emergence of a broad high-tech research and development zone where people can live, work and play.

“They’re taking into account the entire ecosystem to outline opportunities and challenges and identify areas where developers can come in to build out not only the seven-acre site, but the whole Innovation District,” said UNM Chief Economic Development Officer Lisa Kuuttila.

http://www.abqjournal.com/496374/biz...ake-shape.html

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Major health care company to move 650 employees Downtown

Dan Mayfield
Reporter-
Albuquerque Business First

Molina Healthcare will move Downtown and bring 650 employees to the city's core, Mayor Richard J. Berry said at his State of the City address on Monday.
In 2013, Lovelace sold its Medicaid book of business, which included around 80,000 members, to Molina Healthcare of New Mexico for $53.5 million. The company had planned to move to the Jefferson Corridor.
The announcement was one of many Berry made in recapping 2014 at his State of the City address.
He also announced the Kauffman Foundation will bring the Village Capital company to Albuquerque, which allows founders to learn, grow, thrive and scale. The new program uses a peer-selection model to help fund startups. The city is trying to raise $40,000 in matching funds for the program.
"You can see we have a lot going on, and it's happening faster than I could have imagined," Berry said.

http://www.bizjournals.com/albuquerq...b&t=1416256638

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Downtown's Simms Building completes $7 million renovation

Damon Scott
Reporter-
Albuquerque Business First

Downtown's iconic and formerly ailing 114,000-square-foot Simms Building was bought by Albuquerque's Peterson Properties last year for a price that was well below the cost of needed renovations. Indeed an almost two-year, $5 million renovation ended up costing $7 million. The purchase price of the building at 400 Gold Ave. SW was $1.75 million.
But Doug Peterson says the 60-year-old, 13-story high-rise is ailing no more. It has been modernized and is ready for new tenants, he said.
"Over the years, so many wonderful Albuquerque buildings have been demolished," Peterson said. "We gravitated toward the property both to protect it and its unique place in New Mexico's architectural history and for its potential to be returned to its former glory. We had to upgrade the building but didn't want to lose its charm."
The multimillion-dollar renovations include a new HVAC system, which mostly consisted of the building's original 1950s equipment. There are now three energy-efficient elevators, as well as new plumbing and electrical fixtures. Peterson said the new elevators are among Albuquerque's fastest, using regenerative technology that captures energy that would normally be wasted — feeding the power back into the building's system. Other renovations included modernizing the restrooms, which are also equipped with low-water and no-water fixtures.

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EDo’s Gravy restaurant opens to eager foodies

Damon Scott
Reporter-
Albuquerque Business First

This Gravy simmered for almost two years and is finally ready to serve.
One of the most anticipated new restaurants in Albuquerque — Gravy — opened its doors Dec. 5 in East Downtown at 725 Central Ave. NE. The partners behind the corridor's popular Holy Cow at 700 Central Ave. SE have been working on the space for almost two years. The restaurant was previously Milton's, and before that it was one of the city's first Denny's.
They kept the retro diner feel and paid meticulous attention to detail in the lighting, seating and a bar area. The menu offerings are American-style, diner-inspired comfort food with some unexpected twists.
Breakfast items include a breakfast pot pie, brisket hash and nine pancake, french toast and waffle offerings. You can get New Mexican standards too, such as huevos rancheros and a breakfast burrito. There are five sandwiches and salads to choose from at lunch, including some entrees that are offered at dinner such as fried chicken, meatloaf, chicken fried steak and a spinach, artichoke and feta phyllo triangle.

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Albuquerque eyes big New Year’s celebration

By Chris McKee
KRQE

ALBUQUERQUE (KRQE) – From Atlanta, Georgia to Elmore, Ohio, cities both large and small throw big parties to ring in the New Year nearly every year. Las Cruces is now joining the mix as well, so why doesn’t Albuquerque throw a big party for New Year’s Eve? KRQE News 13 went to the city to find out and learned something may be in the works shortly.

New Year’s events in the U.S. range from the iconic to the strange. In New York City, it’s the crystal ball drop. In Atlanta, it’s the Peach Drop. Over in Raleigh, North Carolina, it’s the Acorn Drop.

The list of cities that drop things on New Year’s is long, but New Mexico has been missing from it for years. That is, until now.

Las Cruces will host the so-called Chile Drop this New Year’s. The plan is to drop a 15- to 16-foot metallic chile lit with Christmas lights from a crane in the city’s downtown in order to ring in 2015.

“At midnight we do have that 30-second countdown to an exploding color of red or green which is essentially the voting in the community,” said Russ Smith, chairman of the Las Cruces Main Street program and the Chile Drop planning committee.

Smith says the event is brand new for Las Cruces and spawned out of a push to drive more people toward downtown events.

[southtucsonboy77]

mgs11, I've been reading your posts for several months now...keep them coming! You're my newsfeed for Downtown Albuquerque. I was born, raised, and currently live in Tucson...but I lived in Albq for a couple of years and met (and married) my wife there. I always consider Albq my 2nd city. Thank you for the information.

[mgs11]

Originally Posted by southtucsonboy77

mgs11, I've been reading your posts for several months now...keep them coming! You're my newsfeed for Downtown Albuquerque. I was born, raised, and currently live in Tucson...but I lived in Albq for a couple of years and met (and married) my wife there. I always consider Albq my 2nd city. Thank you for the information.

Thanks! I sure will. Merry Christmas and Happy New Year to you!

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New Mexico’s first parquito unveiled in Downtown Albuquerque

Damon Scott
Reporter-
Albuquerque Business First

Downtown Albuquerque opened the state's first known "parquito" this week.
A parquito, or parklet, is a small park-like space built near a business. It's an idea and design that other cities across the U.S. have used and are increasingly starting to recognize. Tim Trujillo, a coordinator, urban planner and designer for Dekker/Perich/Sabatini, has been heading up efforts for almost two years to bring one to Downtown. He says it's an effective way to create street vitality and provide "street calming," as it tends to slow down traffic. Trujillo identified the Zendo Art and Coffee Bar at 413 2nd St. SW for the first one.
"The city was very helpful in finding a solution to allow this project to happen," said Trujillo. "Many people donated and offered to help in various ways. The [MiABQ Millennial Project] advocated for it as well as members of Urban ABQ. [Parquitos] have helped to drive more foot traffic to businesses that have seen these parklets in other cities. Hopefully the project will help to create a boost in revenues for Zendo."

http://www.bizjournals.com/albuquerq...0&t=1419607577

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Brewery and tap room coming to Downtown Albuquerque

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque's Downtown area has some nearby breweries such as Marble and Tractor, but it doesn't have its own. That looks to be changing soon, however.
Boese Brothers Brewery has signed a lease and is beginning preliminary work for a brewery and tap room at the northwest corner of Gold Avenue and 6th Street in a space that has been operating as a 7,000-square-foot parking structure adjacent to the 609 Gold office building. The parking structure is also adjacent to the Quickel Office Complex at 600 Central Ave. SW and the Anasazi Downtown high rise.
Sam and George Boese worked with Tom Jenkins and Julie Ferguson of CBRE New Mexico on the deal. Ferguson told Business First the brothers initially looked for a location outside of Downtown in the Sawmill District. "They didn't think Downtown was an option, as the city sector plan would not allow for any manufacturing, brewing or selling of [growlers]," Ferguson said. "During this time, Tom learned that the Downtown sector plan had recently been sent to the city council to make some changes to it — the most important one for the Boese brothers was that [it] would allow for a brewery in the Downtown area." Jenkins was also the broker behind Tractor Brewing Co.'s expansion and second location at 1800 4th St. NW, just north of Downtown.

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A Great 2014 + The 2015 Forecast

Dan Majewski
Urban ABQ

Cheers to a successful and momentous year! Ending the year with the first parquito in New Mexico, now available in front of Zendo Cafe, couldn’t have been better. Seeing the streets filled with people for our first ever ABQ CiQlovía this fall was incredible and inspiring. Whether it was the Railyards Market, tactical crosswalk painting in Nob Hill, the CNM STEMulus Center or the completion of the Silver Moon Lodge, it has been exciting to see so many initiatives manifest or finish to completion this year.

Below is a list of 2014 highlights (feel free to add more in the comments section!) as well as some expectations and desires for 2015.

http://urbanabq.com/2014/12/29/thanks-for-2014/

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The 8 issues holding up development at the Rail Yards

Dan Mayfield
Reporter-
Albuquerque Business First

Several issues could hold up future development of the city's Rail Yards, according to developer Jim Trump of Samitaur Constructs, the private developer of the area near Downtown.
In a Rail Yards Advisory Committee hearing on Tuesday morning, Trump said bankers and brokers will tour the historic site in late January and could help finance and lease the site.
Trump said the site is now designated as historic, but it has issues with transients breaking in, crumbling roofs and environmental contaminants. He said it will take millions of dollars to get it up to code.
The meeting was packed with supporters of the Rail Yards Market, a weekly farmers market that brings thousands to the site. The city is trying to scale down the market's use of the yards to three Sundays per month instead of four.
"Our position is we totally support the Rail Yards Market," Trump said. "It goes beyond that to car shows, weddings and more. We do also have a position that the Rail Yards Market buildings are deteriorating rather rapidly."

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North 4th, Trumbull land $27.5 million in housing developments

Damon Scott
Reporter-
Albuquerque Business First

A mix of apartments for Albuquerque families and seniors — $27.5 million worth — is coming to North 4th Street and the Trumbull Village neighborhood.
Cuatro is a 55-unit, $12.5 million senior apartment development that will break ground this month at 1319 4th Street NW. A final mix of funding was approved for the 55-and-older project last month through the New Mexico Mortgage Finance Authority, the city and the Greater Albuquerque Housing Partnership, who is spearheading the work.
Felipe Rael, the GAHP's new executive director, told Business First he hopes to be renting the units in about a year. Located just north of Wells Park, Cuatro will likely add to the momentum of projects north of Downtown that include Anthea @ The Granite and a revamp of the Harwood Art Center and Escuela del Sol Montessori school. Those projects join solid businesses in the area north of Lomas like Slate Street Cafe, Tractor Brewing Co. and Marble Brewery.

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Entertainment District, De Anza proposals nearing city decisions

Damon Scott
Reporter-
Albuquerque Business First

Two projects that have implications for developers and others in the real estate sector are in the home stretch of proposals before the city decides on the next steps.
The first is the proposed Entertainment District, to be located on a city-owned piece of land that is now a parking lot at the northeast corner of 1st Street and Central Avenue. The public-private collaboration idea is part of the city's Downtown revitalization efforts. A request for proposals (RFP) was issued and taken through Dec. 5. See a rendering of the proposed site by clicking on "View Photos."
Albuquerque's Metropolitan Redevelopment Manager Rebecca Velarde said an ad hoc selection committee is currently reviewing the proposals that came in before the deadline. She said a recommendation will be made to the Albuquerque Development Commission soon. The value of the land has been appraised at $1.4 million.

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TOMORROW!
Downtown Grocery Store Breaks Ground

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Silver Street Market to become new Downtown Albuquerque grocery store

By Jessica Dyer
Journal Staff Writer

Downtown Albuquerque’s long-awaited grocery store finally has a name: Silver Street Market.

The new market will be owned and operated by a couple with 25 years’ of grocery experience.

The news came Tuesday as the Imperial Building’s developers and their public partners celebrated the groundbreaking of the new store and the larger four-story, mixed-use project it will go inside.

Downtown dwellers have long lamented the lack of an area grocery store, and Mayor Richard Berry took up the cause in 2012 by announcing the city would offer about an acre of city-owned property at 2nd and Silver to spur its development. The project has since evolved into a complex public-private partnership with Geltmore LLC and Yes Housing Inc. joining forces to develop the building, and the city, Bernalillo County and the New Mexico Mortgage Finance Authority offering various incentives.

The building, located at 205 Silver SW, will feature 23,000 square feet of ground-level retail space. The grocery store will take up about half of that.

The Imperial will also feature 74 housing units, and a 97-space, underground parking garage.

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Rembe embarks on $9 million phase at Country Club Plaza

Damon Scott
Reporter-
Albuquerque Business First

Work continues at Jay Rembe's County Club Plaza mixed-use project near Albuquerque's Old Town.
Rembe told Business First the next phases underway include an almost $7.4 million, three-story, mixed-use building that will include 7,000 square feet of commercial space on the ground floor and 23 apartment rentals on the second and third floors. The building is being designed by Mullen Heller Architecture and financed by Sandia Laboratory Federal Credit Union, Rembe said.
In addition, a new $1.5 million office building that will try to achieve LEED certification is under construction now. It will be a multitenant building and include the headquarters of Rembe's firm, Rembe Urban Design + Development. That office building is also being designed by Mullen Heller, and the financing comes from First Citizens Bank. Rembe said it will mark the fourth time he's used First Citizens to finance his projects.

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UNM launches effort to find Innovate ABQ developer

Dan Mayfield
Reporter-
Albuquerque Business First

The Innovate ABQ board of directors on Wednesday formally released its first request for statements of interest and qualifications — the first step to launching the Innovate ABQ master plan.
The new RFI outlines many of the site's details and asks interested developers and teams to respond with their visions of what they could bring to the project Downtown.
"We're sending this out on behalf of the Innovate board, and it shows what it will look like. We're really starting to solicit interest from developers both locally and nationally that may be interested in participating in one way or another," said Lisa Kuuttila, who is the CEO of STC.UNM and the Innovate ABQ coordinator.

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City deep in development negotiations for big projects

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque's Metropolitan Redevelopment Agency is working on a slew of high-profile projects that have the potential to transform their respective corridors.
Rebecca Velarde, the Metropolitan Redevelopment Manger, said a couple of the projects have ended the request for proposals (RFP) phase — which are then evaluated by committees who send recommendations to the MRA for approval. Others, she said, are in the midst of negotiation agreements with developers in lieu of starting construction. The MRA promotes redevelopment of both housing and commercial projects, often in neighborhoods that are considered distressed. Here's a breakdown of some current projects, according to Velarde.
1) Entertainment District: An ad hoc selection committee is evaluating proposals for the site at 1st Street and Central Avenue in Downtown. The RFP is now closed, and a developer should be chosen in February or March.
2) De Anza Motor Lodge: The RFP is also closed for proposals to redevelop the site in East Nob Hill. It is expected that it will come out of an ad hoc selection committee phase in March or April, when a developer will be announced.