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Old Posted Dec 12, 2012, 5:33 PM
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UNM regents approve plan for mixed-use retail site

New Mexico Business Weekly by Dan Mayfield, Reporter
Date: Tuesday, December 11, 2012, 3:34pm MST

UNM regents Tuesday approved a plan to turn acres of vacant land around The Pit and off University Boulevard into a mixed-use retail site.

Jack Fortner, president of the Board of Regents, confirmed the agreement to the Business Weekly. The agreement is with Fairmount Properties LLC of Cleveland, Ohio to lease and develop land into a mixed-use facility.

Fortner, an attorney from Farmington, said leasing the land but continuing to control it will provide the most financial benefit to the university.

Lobo Development Corp. located Fairmount, a company that specializes in university developments.

According to a memo from Kim Murphy, vice president of Lobo Development Corp., posted with the materials for Tuesday’s Board of Regents meeting, the agreement includes three land parcels located on the South Campus, the largest of which is located north of Gibson Boulevard and west of University Boulevard. Two smaller parcels are on the south side of Avenida Cesar Chavez near I-25.

Since 2007, Lobo Development Corp. has been working to develop the land. UNM had signed an earlier development agreement that fell through as the economy collapsed. This spring, Lobo Development inked a deal with Fairmount. The plan is to complete the project in five years.


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