Albuquerque Development Thread

[mgs11]

Regents approve Innovate ABQ's Downtown plan

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico Regents have given the school the go-ahead to make an offer to purchase the old First Baptist Church site Downtown for its Innovate ABQ project.

The regents, after a marathon meeting Friday, approved the school to make a $6.5 million offer for the property, with a handful of caveats, which include an environmental assessment, a study of environmental concerns and an approval of an indemnification clause with BNSF Railway Co.

The regents' go-ahead doesn’t guarantee the purchase. Jim Wible, the commercial leasing agent who has the listing for the First Baptist Church, said that a deal has not been signed. “It’s not really clear. There are a lot of conditions we need to meet for the regents to be happy. We’ll be working with them to move that contract forward,” said Wible. “We’re all for Innovate ABQ.”

http://www.bizjournals.com/albuquerq...vate-abqs.html

[mgs11]

Innovate ABQ timeline will likely work

Dan Mayfield
Reporter-
Albuquerque Business First

Though it sounds ambitious, within a year Innovate ABQ could begin construction.

Jason Terry, vice president of Signet Development, the company that is building much of the University of Florida’s Innovation Hub, which the Albuquerque site takes inspiration from, said the University of New Mexico’s overall timeline is achievable.

“It depends on what they start with. An office building will take longer than housing, but because you have the audience, the students and your occupants, and you’re just taking them to the site, it could be sooner. It depends on what they start with,” Terry said.

http://www.bizjournals.com/albuquerq...kely-work.html

[mgs11]

Innovate ABQ looks forward to 2014

By Katie Kim

ALBUQUERQUE (KRQE) - It's been almost a year since a group of city, business and University of New Mexico leaders took a trip to Florida that sparked a major economic development project in the heart of Albuquerque.

Innovate ABQ is a live, work and play community. It is spearheaded by UNM and University President Robert Frank and it aims to take inventions created in university labs, then commercialize and manufacture them in Albuquerque. The project is modeled after the University of Florida's Innovation Square in Gainesville.

"We provide all the infrastructure, all the support systems, all the mentoring and advisory services to these young companies," University of Florida Economic Development Director Ed Poppell told KRQE News 13 last year.

Everything startup companies need, such as accounting and legal services and access to investors, is located in one place called the "hub" near campus and downtown, in an old remodeled hospital.

http://www.krqe.com/news/on-assignme...tm_source=t.co

[mgs11]

County may pour $1 million into Innovate ABQ

Dan Mayfield
Reporter-
Albuquerque Business First

The Bernalillo County Commission is looking at approving $1 million in county funds to help with the new Innovate ABQ project.

The county commission is scheduled to hear a proposal, sponsored by Commission Chairwoman Maggie Hart Stebbins, on Tuesday night that would approve the funds to help the University of New Mexico construct a business incubator in the heart of Albuquerque. The agenda for Tuesday’s meeting was released Monday morning.

The county funds would help the school develop the project. Already, UNM has been pledged $2 million for Innovate ABQ from the city of Albuquerque, $3 million from the New Mexico Educators Federal Credit Union and received a $1.5 million grant from the U.S. Economic Development Administration.

“This fits into what we’ve been talking about for years,” said Hart Stebbins on Monday. “We are willing to be a part of this.”

http://www.bizjournals.com/albuquerq...01-06&page=all

[mgs11]

State corrections department plans to use new building for administration only

By: Danielle Todesco,
KOB Eyewitness News 4

The New Mexico Corrections Department is moving forward with the purchase of the Plaza Maya building in downtown Albuquerque, but there is a group right across the street still pushing to stop that.

KOB Eyewitness News 4 has been following the story since April 2013. NMCD wanted to buy the building for their probation and parole office, but after several complaints from YDI, YMCA, and the New Mexico Extreme Sports Association who hold after school programs for kids, NMCD says they plan to solely use the building now for administrative offices. That means probationers would go to their Gold and Broadway office and they would close down their Monte Vista office.

http://www.kob.com/article/stories/S....shtml?cat=500

[mgs11]

County holds off on Innovate ABQ

Dan Mayfield
Reporter-
Albuquerque Business First

The Bernalillo County Commission voted on Tuesday night not to immediately allocate $1 million to help with the Innovate ABQ business incubator Downtown.

The commission did vote for a motion made by Commissioner Wayne Johnson for preliminary approval, or to commit the $1 million, pending further staff analysis including clawback provisions, said county spokesman Andy Lenderman. The commission will hear from both the county’s Economic Development Department and the Finance Department when it meets again on Jan. 28.

The county commission was to vote Tuesday night on providing $1 million to help the University of New Mexico build the new Innovate ABQ center on seven acres of land at Broadway Boulevard and Central Avenue.

http://www.bizjournals.com/albuquerq...&ed=2014-01-08

[mgs11]

Early rendering of Innovate ABQ


http://www.abqjournal.com/335532/biz...-training.html

[mgs11]

A Silver Moon Rising over Downtown ABQ

Photos of the Silver Moon Apartments that I took during lunch.

[PHX31]

/\ do you have a map that shows where these are going up? And a rendering?

[mgs11]

Originally Posted by PHX31

/\ do you have a map that shows where these are going up? And a rendering?

Here you go.

[PHX31]

Thanks. Looks like a good fit for that area.

[mgs11]

City seeks developer for Downtown land

Damon Scott
Reporter-
Albuquerque Business First

Albuquerque officials are ready to receive proposals for the development of a plot of city-owned land in Downtown Albuquerque.

The site, about .7 acres, is located at 507 4th Street SW, on the southeast corner of the intersection at 4th Street and Coal Avenue. The Metropolitan Redevelopment Agency has issued a request for proposals (RFP) for design-build ideas. The city purchased the site in 1994 for about $230,000.

City project manager Chris Hyer said the land will probably end up being mixed-use with a multifamily component and perhaps retail and office. The city said the Barelas Neighborhood Association has suggested that a mixed-use development would be beneficial as well. The site is considered a gateway to Barelas and the city said it wants a “high quality and well-designed development that fits in the Barelas community.”

http://www.bizjournals.com/albuquerq...medium=twitter

[mgs11]

Plaza Maya purchase will bring 250 workers Downtown

Damon Scott
Reporter-
Albuquerque Business First

The state’s purchase of Plaza Maya this week will have some offsetting effects for Downtown Albuquerque’s high office vacancy rate and the looming loss of Downtown workers from the Gap’s relocation to North I-25.

Funds were approved Jan. 22 for the purchase of the almost 63,000-square-foot, four-story building at 615 First St. NW. The total funds approved were $7.28 million, with about $1.77 million toward the purchase and the remainder for renovations, something many older Downtown buildings face.

Alex Tomlin, public affairs director for the Corrections Department, said the decision was made, after concerns from groups near Plaza Maya, that the building will only house administrative employees and will not serve as a check-in location for parolees. Those functions will happen more often in the field, she said, and at Corrections’ Gold Street office in East Downtown. Corrections’ Monte Vista office in Nob Hill will eventually be vacated, alleviating concerns from residents and those affiliated with the nearby Monte Vista Elementary School.

http://www.bizjournals.com/albuquerq...01-23&page=all

[mgs11]

NAIOP panelists call Innovate ABQ ‘huge opportunity’

Dan Mayfield
Reporter-
Albuquerque Business First

Economic and real estate development professionals came together Monday to make a push for a new “innovation corridor” that would span the city’s core and be a haven for entrepreneurs.

At the NAIOP New Mexico chapter meeting Monday, representatives from the city, the University of New Mexico, Nob Hill Mainstreet and private companies made a pitch for the idea. The parties are pushing an effort to turn the city, from Old Town through Nob Hill, into an innovation district, anchored by UNM’s Innovate ABQ incubator.

“We’ve been waiting for an anchor Downtown, and this is it,” said Gary Oppedahl, the director of the city’s Economic Development Department. “This is so important to the future of Albuquerque it cannot be understated.”

http://www.bizjournals.com/albuquerq...7&s=article_du

[mgs11]

Innovate ABQ officials hope to complete First Baptist purchase by April

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico is progressing on its plans for the Innovate ABQ campus near Downtown.

UNM said it is doing due diligence on the former First Baptist Church, which includes an asbestos survey, and is working on an agreement with the Burlington Northern Railroad that the school will not be held liable for any contamination. The school’s regents asked for both assurances when they approved the plan to purchase the site in December.

“If all goes well, we hope to have the transaction complete by April,” UNM Chief Economic Development Officer Lisa Kuuttila said in a news release Tuesday. “Once that happens, UNM will begin work with Perkins & Wills and Dekker/Perich/Sabatini on a master plan for the property and for the area surrounding the property. This will be done in collaboration with the surrounding neighborhoods.”

http://www.bizjournals.com/albuquerq...medium=twitter

[mgs11]

Final touches put on latest EDo restaurant

Damon Scott
Reporter-
Albuquerque Business First

The partners behind East Downtown’s popular Holy Cow restaurant are putting the final touches on their next venture.

Gravy is set to open in about a month in the space that was Milton’s for decades at 725 Central Ave. NE.

Chris Medina, Michael Wewerka and David Boyd have been at it for about a year now on the interior of Gravy as well as some exterior work. A new sign is soon to be erected.

The menu hasn’t yet been completely finalized, the partners say, but the food will be similar to the decor — upscale diner.

http://www.bizjournals.com/albuquerq...medium=twitter

[mgs11]

County commits to Innovate ABQ

Dan Mayfield
Reporter-
Albuquerque Business First

The Bernalillo County Board of Commissioners Tuesday night committed $1 million to the Innovate ABQ project.

The county’s $1 million contribution adds to the $2 million from the city of Albuquerque, $3 million from New Mexico Educators Federal Credit Union, $1.5 million from the U.S. Economic Development Agency and about $800,0000 From the University of New Mexico regents to the project.

Innovate ABQ is designed to be a business incubator and idea factory in Downtown Albuquerque.

The commission voted 4-0 to support adding $1 million to the project. However, the measure includes a clawback that the funds be distributed on a cost-reimbursement basis.

http://www.bizjournals.com/albuquerq...&ed=2014-02-12

[mgs11]

Downtown lands new Chinese restaurant

Damon Scott
Reporter-
Albuquerque Business First

If you think all downtown corridors should have at least one Chinese restaurant, worry no more about Albuquerque.

While there are Asian-influenced eateries Downtown, like Sushi King, Asian Noodle Bar and Thai Saweiy, some which have Chinese-inspired dishes, none have been strictly labeled as such. Until now.

Mak’s Quick Fire Kitchen opened Feb. 7 in the former Al’s Big Dipper space at 411 Central Ave. NW. Owner Peng Mak and his chef/father Houil Mak are running the show.

http://www.bizjournals.com/albuquerq...&ed=2014-02-12

[mgs11]

Latest Innovate ABQ funding to spur incubator construction

Dan Mayfield
Reporter-
Albuquerque Business First

With Bernalillo County now pledging $1 million to help move the Innovate ABQ concept along, a new plan is coming together for the University of New Mexico’s planned Downtown incubator.

The school is hoping to close on an anticipated $6.5 million purchase of the old First Baptist Church no later than July—but hopefully in April— said Lisa Kuuttila, CEO of STC.UNM and the school’s chief economic development officer.

But the new $1 million, which is expected to come through in the county’s next budget cycle, “will go towards actual construction of the incubator facility," Kuuttila said Wednesday.

http://www.bizjournals.com/albuquerq...medium=twitter

[mgs11]

MLS stadium in downtown ABQ?

http://krqe.com/2014/02/17/lawmaker-...tadium-in-abq/