Titan to break ground on Broadstone Cottonwood development
Damon Scott
Reporter-
Albuquerque Business First
Titan Development is set to break ground this summer on a 13-acre, 254-unit multifamily housing project on Albuquerque’s Westside near the Presbyterian Rust Medical Center.
The project, Broadstone Cottonwood, is a joint venture between Titan and Phoenix-based Alliance Residential Co. Alliance has previously developed multifamily units in north Albuquerque, including Broadstone Estates and Broadstone Heights. Titan and Alliance’s latest project — Broadstone Santa Monica — is under construction near San Antonio Drive and San Pedro Drive in north Albuquerque on the site that once was the Del Rey mobile home park. That project is estimated to take 18 months to complete.
According to President Drew Dolan, Titan owns the plot of land for Broadstone Cottonwood and will act as the codeveloper with Alliance. Alliance will be the contractor. Dolan declined to give the price estimate of the project.
Dolan said the project was important in order to offer choices for residents that have taken, or will take new jobs that are available due to the recent opening of the Presbyterian Rust Medical Center at 2400 Unser Blvd. SE in Rio Rancho. “These will be great apartments for nurses, technicians and resident doctors,” he said. He pointed out its proximity to Intel Corp. as well.
Amenities include a resort-style pool, a large fitness center and a site design that maximizes the views from the property. “Our east-facing units will have unbelievable views of the entire Bosque and the Sandia Mountains,” Dolan said.
Dolan said the development will offer mostly one- and two-bedroom units, but will also have three-bedroom units with an average square footage of 1,050. He added that he expects rents will be consistent with market rates for Class A multifamily properties in Albuquerque.
Dolan said Titan, which traditionally had developed office, retail and industrial projects, has entered the multifamily development arena in a significant way. “Until our state starts to create jobs and be competitive with neighboring states in attracting businesses, the real estate and construction industry is going to struggle to recover. We have had to diversify our capabilities,” he said.
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