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Old Posted Feb 11, 2013, 10:36 PM
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Renovation of 517 Gold SW begins

Damon Scott
Albuquerque Business First

New Jersey developer and furniture retailer Anthony Mehran says he is moving forward on the first phase of a residential development at 517 Gold Ave. in Downtown Albuquerque.

The eight-story former federal office building, vacant for more than a decade, will see its first two floors converted into 60 units of studio-sized apartments between 350 and 600 square feet, Mehran said.

Albuquerque architect Garrett Smith Ltd. has been working as the designer on the project, and AIC General Contractor is doing the construction. Mehran paid $1.51 million for the building in an online federal auction in 2007.

“We’re finishing demolishing the interior to start phase one and want to have the units ready in six to nine months,” Mehran said. “Depending on the speed of leasing, which we’re very confident will move quickly, we will see where we stand and start phase two on floors three and four.”

Mehran estimated that phase two could be completed in 12 to 15 months.

Built in 1958, 517 Gold was vacated when the government moved across the street to 500 Gold, a more modern office building, about 11 years ago.
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