Writer George Martin Purchases, to Renovate Jean Cocteau Cinema

By Anca Gagiuc, Associate Editor

George R. R. Martin needs no further introduction. Since his bestseller novel, A Song of Ice and Fire, has seen the printer’s ink, he’s become one of the world’s most influential people. HBO recognized the success and turned it into the very popular dramatic series, Game of Thrones. The novel is yet to be finished, readers and movie fans are looking forward to the sixth and seventh books of the series.  

The writer has been residing in Santa Fe since 1979 and back then, he told ABQ Journal, Jean Cocteau Cinema was a “small cult theater run by people who really loved film.” It “is the theater where I became addicted to putting Parmesan on my popcorn.” This movie theatre has one screen and 123 seats and used to be home to independent and foreign films. Seven years in a row it won the Best of Santa Fe award. In 2006, it closed. Now, Martin hopes to restore the building to its former glory.

The property located at 418 Montezuma Ave had been on the market for $1.9 million listed by the movie theatre’s last operator, Trans-Lux Montezuma Corp. Neither the price nor the estimated costs for the renovation have been made public by Martin. It is certain that the building that dates back to 1910-1912 will have its 1950s 35mm projector upgraded and the lobby, the offices, and the basement renovated to meet the current standards.

“The theater is in very good shape for something that has been dark for seven years,” Martin said. For the new Jean Cocteau, he plans a themed film program, with series and musicals included. The midnight movie special is also something he would like to revive.

So far, the writer didn’t decide what movie will mark the reopening of the theatre. The date for the grand event has not been set either.

Photo credits: ABQ Journal

Microsoft’s Birthplace Converted into Apartments in $9M Redevelopment by NewLife Homes

By Anca Gagiuc, Associate Editor

Representatives from NewLife Homes and the Federal Home Loan Bank of Dallas (FHLB Dallas) celebrated with the Mayor of Albuquerque Richard J. Berry and other officials the official groundbreaking of the Sundowner Uhuru, a residential redevelopment of the former Sundowner Motel. The event took place on Thursday, April 18^th, at 6101 Central Avenue NE.

The historic Route 66 motor lodge will be transformed into an apartment complex with 71 studio, one-bedroom and two-bedroom apartments. The project has been awarded a $500,000 Affordable Housing Program (AHP) grant by FHLB Dallas. The complex will feature market-rate units, as well as residences for very-low-income residents, veterans and their families, the homeless, and individuals suffering from mental illness. The development is estimated to cost $9 million and is part of a neighborhood revival project, which includes a growers market, retail and community space.

The Sundowner Motel was built in 1960 and has been “ground zero” in the personal computer revolution as this is where Bill Gates and Paul Allen lived during the early stages of Microsoft Corp. In fact, it’s where a version of the BASIC programming language for the Altair 8800 computer was written in 1975.

NewLife Homes was formed in 1993 by seven New Mexico nonprofit corporations whose mission is to provide safe, affordable, quality housing for persons with mental and physical disabilities, the elderly and the homeless. They have provided housing for over 300 people with support provided by HUD, the New Mexico Mortgage Finance Authority, the City of Albuquerque and private foundations.

Photo courtesy of: http://newlifehomesnm.com

Central New Mexico Community College Undergoes $13M-Plus Renovation

By Anca Gagiuc, Associate Editor

Central New Mexico Community College, the largest higher education institution in New Mexico, has big plans for its campus, Albuquerque Business First reports.

Two renovation projects have been initiated: of the science building located on its main campus and of the old Albuquerque Public Schools data center located on University Blvd. Both projects are scheduled to be finished later this year.

The science lab design contract was signed with Albuquerque firm SMPC Architects for $375,000. The 33,000-square-foot two-story building will be renovated to accommodate the school’s science, chemistry and biology labs. The intention is to bring them closer to a “state of the art” design, CNM spokesperson, Brian Moore told the Albuquerque Business First. Renovations will include replacing the HVAC systems, and addressing the exhaust problems the building had been facing in the past. The school is working towards achieving LEED Silver certification on the project, Moore added. The building is north of the main campus at 525 Buena Vista Drive SE.

The major investment at CNM is made in the data center. The 10,000-square-foot building will be expanded to 25,000 square feet to house CNM’s future bookstore, currently located in a nearby complex. Room for a culinary arts and baking lab is also part of the plan, as well as the relocation of CNM Foundation and other faculty offices. $13.4 million is the cost allocated for the work that is being done by Jaynes Corp. and NCA Architects • Planners. The school is aiming to receive LEED Silver certification for this project as well, and expects the project to be completed by the middle of the summer and ready to receive students by the fall term, Aug. 26.

Photo credits: www.facebook.com/CNMonline

Yes Housing, Romero Rose Break Ground on $16.2M Downtown Affordable Project

By Camelia Bulea, Associate Editor

Romero Rose LLC, in partnership with Yes Housing Inc., recently broke ground on Casitas de Colores, a $16.2 million multifamily affordable project in downtown Albuquerque.

The 71-unit development targets people with incomes that range from 30 percent to 60 percent of Area Median Income. Featuring mostly two- and three-bedroom units, the affordable project will also include four units that will be offered to homeless families, reported the Albuquerque Business First. Additional plans include on-site laundry facilities and a community building.

Casitas de Colores sits on a 1.23-acre site, just west of Romero Rose’s Silver Gardens development – a mixed-income rental project – and east of another Romero Rose townhome project – the Elements Town Homes, according to the Albuquerque Journal.

The designer of the downtown project is Dekker/Perich/Sabatini. Bradbury Stamm is the general contractor.

Just a year ago, Romero Rose LLC held a ribbon cutting ceremony for Silver Gardens II, the second phase of the affordable housing development totaling 121 units. The $21 million Silver Gardens development is considered to be the first LEED Platinum affordable housing project in the Southwest.

Expected to complete in the fall, the Casitas de Colores project is also designed to attain LEED Platinum green building status. In 2012 the project won the first place in the LIHTC Design Competition, which was an important step in making this project a reality. The mayor of the Duke City noted the two affordable projects and the huge number of applicants for affordable housing. According to the Albuquerque Journal, the city’s affordable-housing needs assessment lists a shortfall of about 8,000 affordable-housing rental units.

Rendering of the Silver Gardens project, courtesy of PRWeb

For more news from Albuquerque, click here.

Titan, Alliance to Break Ground on 13-Acre Apartment Community

By Camelia Bulea, Associate Editor

Titan Development is planning to break ground on an upscale apartment community near Cottonwood Mall this summer.  The Albuquerque developer has teamed with Phoenix-based Alliance Residential Co. to build a 254-unit multifamily housing complex on a 13-acre site in West Side Albuquerque.

Dubbed Broadstone Cottonwood, the multifamily project features a mix of one-bedroom, two-bedroom and three-bedroom apartments, with an average size of around 1,100 square feet.

Amenities include a resort-style pool and a large fitness center. Additionally, “a lot of the east-facing units will have some of the best views in the city,” said Titan President Drew Dolan, as quoted by the Albuquerque Journal. “It will be really phenomenal from a view standpoint,” added Dolan.

Titan Development, the owner of the 13-acre site, will act as the co-developer of Broadstone Cottonwood with Alliance Residential. The latter will serve as contractor for the project.

This is not the first multifamily project for the joint venture; in the summer of 2012 Titan and Alliance broke ground on Broadstone Santa Monica, a high-end residential complex of 280 units built near San Antonio Drive and San Pedro Drive in north Albuquerque. This gated community will include 64 townhome units with one and two car, direct- access garages and 216-units of two and three story stacked flat units.

According to KOB.com, the north Albuquerque development has created about 350 construction jobs over circa 18 months, the time estimated to complete the project.

Rendering of the Broadstone Santa Monica project, courtesy of Titan Development

For more news from Albuquerque, click here.

Prime Properties Breaks Ground on $70M Retail Development in South Valley

By Camelia Bulea, Associate Editor

The long awaited Las Estancias retail project in the South Valley is finally set to break ground.

Scheduled for Feb. 16, the groundbreaking ceremony will mark phase one of the area’s first large-scale retail development, a project that has been in the works for several years, as reported by the Albuquerque Business First.

Spanning over 146,000 square feet of space, the $70 million project received $1.5 million in Local Economic Development Act funds from Bernalillo County last year. Developers Prime Properties, previously known as SCM Property Co., have chosen a 79.15-acre site near Coors Boulevard and Rio Bravo to build the retail project, which is expected to create 1,170 construction jobs and 568 long-term jobs.

According to the official grant application for LEDA funds, the project will be built in multiple stages, the initial stages including construction of retail uses, restaurants and entertainment businesses.

At the moment, there are already some tenants announced for Las Estancias: Dion’s Pizza and New Mexico Bank & Trust, as well as an unnamed medical facility and an assisted living community, according to Keith Meyer, a broker with NAI Maestas & Ward. Analysts believe that the major retail project will be a major success and more tenants will soon show interest in leasing space there, due to the fact that it’s being developed in an under-served area.

According to the Prime Properties website, the developer is currently working on five other projects in New Mexico: Five Points and the Presbyterian project in Albuquerque; Venada Plaza in Bernalillo; Rio Rancho Shopping Center and Southern & Unser in Rio Rancho.

Image credits: NAI Maestas & Ward

For more news from Albuquerque, click here.

Enterprise Builders Starts Construction on 190,000SF Presbyterian Healthcare HQ

By Camelia Bulea, Associate Editor

Enterprise Builders Corp. has begun construction on a new 190,000-square-foot office building that will serve as the corporate headquarters for Presbyterian Healthcare Services. The builder expects to complete the three-story complex by the spring of 2014.

According to the Albuquerque Business First, the developer of the project confirmed that PHS had awarded the $22 million contract to Enterprise. The two parties have worked together on multiple projects in the last 20 years.

The new PHS headquarters will be located at 9521 San Mateo Blvd. NE and will accommodate circa 2,000 of the health care provider’s employees. When the new office project is complete, the nonprofit health care giant will move its operation from a 310,000-square-foot office it leases at 2301 Buena Vista SE near the Albuquerque International Sunport.

Expected to generate between 200 and 250 construction jobs, the development is considered to be one of the most ambitious projects in the Duke City due to the lack of new commercial projects in the local real estate market.

The owner used Dekker/Perich/Sabatini as the architect for the office complex, which will be built near a Silver LEED standard, reported the Albuquerque Business First. According to the architect, the building will be a stucco and glass composition with some masonry elements.

Presbyterian Healthcare Services is actively investing in new hospital projects in New Mexico. The nonprofit organization plans to invest about $100 million to upgrade four hospitals in Albuquerque, Socorro and Española. Its largest project is Presbyterian Rust Medical Center, a $190 million project in Rio Rancho.

Photo rendering of the Presbyterian Rust Medical Center, via Dekker/Perich/Sabatini

For more news from Albuquerque, click here.

SFCC Gets Green Light to Build $10M Higher Education Center

By Camelia Bulea, Associate Editor

Santa Fe Community College has received approval from the New Mexico Higher Education Department to build a $9.8 million, 31,000 square-foot higher education facility. Construction will start later this spring, according to college officials.

The approval to build the facility marks the end to a three-year quest to develop the higher education facility. According to Ana “Cha” Guzmán, president of the College, SFCC will initially use the first floor of the building, meaning about 15,000 square feet of space. Guzmán added that some existing SFCC programs will relocate to the facility once it is completed, and it will also host classes by university partners.

The new building will be located on land formerly owned by the College of Santa Fe, at 1600 St. Michaels Drive, which will be especially convenient for the downtown community, according to a news release by SFCC.

Meanwhile, Inland Kenworth Inc. will relocate to a new $7 million facility that will be built at the Interstate 40 and Unser interchange, as Albuquerque Journal reported. The seven-acre site was bought several years ago, and the company had put the project on hold during the recession. The firm, which commercializes Kenworth trucks, announced that it would open the 30,000-square-foot facility in the fall of 2013.

Kenworth will move its Albuquerque operation, employing about 40 people, from the North I-25 corridor, where it has owned a facility for years. Inland Kenworth’s U.S. division currently has five locations, with two more planned in Arizona and California, according to the Albuquerque publication.

Architect’s rendering of the Higher Education Center Building, courtesy of hec.sfcc.edu

For more news from Albuquerque, click here.

Lovelace Health to Develop $55M Hospital in Las Lunas in 2013

By Camelia Bulea, Associate Editor

A partnership between Lovelace Health System and Oklahoma-based Miller Architects Inc. has recently announced plans to develop a $55 million hospital in Los Lunas. Construction on the 110,000-square-foot healthcare project is expected to begin in late 2013 with an opening date set for 2015.

According to ABQ Journal, the hospital will contain between 30 and 40 inpatient beds, about 25,000 square feet of medical office space, an obstetrics unit, MRI and CT scan services, and an outpatient surgical rehabilitation unit.

“It will be a first-rate, quality facility close to so many people who have to drive right now, especially in cases of emergency,” said Lovelace President and CEO Ron Stern.

Lovelace will manage and operate the new hospital, while Miller Architects will fund, design and build the property, reports the Albuquerque Business First. Lovelace also plans to open a primary care clinic in Los Lunas in 2013 to service Lovelace Health Plan members.

The hospital will have an important economic impact on the area, as it is expected to create 500 construction jobs and 450 full-time jobs when it opens.

Darin Miller, CEO at Miller Development + Architecture said the firm would seek Valencia County Commission approval to tap approximately $12 million in property taxes to subsidize operation of the hospital. It’s an essential condition in the decision of developing a hospital, Miller said.

Miller has completed more than 200 projects in the health care field in the last 20 years. Lovelace owns six hospitals and the 210,000-member Lovelace Health Plan.

Photo rendering of the proposed hospital in Los Lunas, courtesy of Miller Architects

For more news from Albuquerque, click here.

Indian Pueblos Marketing Plans to Build Shopping Center on Former Albuquerque Indian School Site

By Camelia Bulea, Associate Editor

Indian Pueblos Marketing Inc. has recently announced plans to develop a shopping center on the former Albuquerque Indian School, near 12th Street and Indian School Road.

Currently negotiating with a natural foods grocery store and two large restaurants to anchor the future retail development, IPM hopes to break ground on an ABQ Uptown-like retail center in 2013, according to the New Mexico Business Weekly. CBRE is marketing the property for IPM.

The site is currently anchored by Bureau of Indian Affairs, which occupies two 140,000-square-foot offices. The rest of the project includes plans for three new federal offices, totaling 400,000 to 500,000 square feet, and about 123,000 square feet of new retail space, according to the IPM website.

“The vision of the Albuquerque Indian School District is to become a self-sustaining district that we can manage as a micro-economy, a district where we can conduct government-to-government relations, a central location for celebrating Pueblo arts and culture,” said Michael Canfield, president and CEO of Indian Pueblos Marketing, as quoted by the New Mexico Business Weekly.

According to Studio SW Architects, the architect for the 47-acre Indian Pueblo Federal Development Corporation Masterplan, the mixed-use campus will incorporate hotels, restaurants and commercial development to support the office users.

The project has numerous LEED-driven sustainable design features such as sunshades, energy efficient HVAC, rainwater recovery and healthy/recycled content interior materials.

Photo rendering of the Indian Pueblo Federal Development Corporation Masterplan, courtesy of Studio SW Architects

For more news from Albuquerque, click here.

Rosemont Realty Partakes in Largest Office Acquisition in Albuquerque

By Camelia Bulea, Associate Editor

Rosemont Realty LLC has recently acquired Pinetree Corporate Center, consisting of five multistory buildings totaling 204,229 square feet of Class B office space in Albuquerque.

This marks the largest office real estate acquisition in the Duke City this year, in terms of square footage, reports the New Mexico Business Weekly. Built between 1975 and 1980, the office complex is currently 80 percent leased. Among its tenants are names such as New Mexico State University, The Manuel Lujan Agencies, National American University, Webster University and Brookline College, adds the local publication.

The Pinetree acquisition increases the company’s portfolio in the greater Albuquerque area to 42 properties totaling approximately 2.1 million square feet of commercial space.

It seems that the company’s shopping spree does not end within the city’s limits. Rosemont Realty has recently announced four other office deals in in Denver, Houston, San Antonio and Birmingham, Ala, adding 720,000 square feet of office space to its national portfolio.

According to the New Mexico Business Weekly, the four new deals include:

• One Federal Place – a 300,012-square-foot Class A office building in Birmingham, Ala.;
• Cole Center at Denver West – 167,205 square feet of Class A office space in three buildings in Denver;
• One Thousand Oaks – 140,946 square feet of Class B office space in San Antonio;
• Ashford East – a 112,368 square foot Class B office building in Houston.

Photo rendering of Pinetree Corporate Center, courtesy of Rosemont Realty LLC

For more news from Albuquerque, click here.

Historic Motel Converted to $5.7M Low-Cost Housing; Downtown Sears Building on the Market

By Camelia Bulea, Associate Editor

Renovation work on the historic Luna Lodge is almost complete, and residents will be able to move in after Thanksgiving.

Built in the 1950s, the Route 66 motel has been converted to low-cost housing, including 14 apartments and a new 16-unit wing added to the north part of the property, according to the New Mexico Business Weekly. Developer NewLife Homes also plans to convert the adjacent Mexican restaurant as part of the Luna project, adds the publication.

Financing for the $5.7 million project consists of:

• $1.2 million grant from the city of Albuquerque
• $1.3 million in construction loans from the Mortgage Finance Authority
• $3.2 million in federal tax credits purchased by RBC Capital Markets

The developer is currently working on another motel renovation in Albuquerque. Back in September 2012 the company announced the conversion of the Sundowner Motel into a low-income apartment complex, under a contract worth $5 million. According to the New Mexico Business Weekly, the motel located on Central Avenue will include 71 apartment units.

In other news, the historic Sears Building in downtown Albuquerque is on the market for $3.8 million. Built in 1936 as a Sears store, the building was converted into an office building years after Sears closed it.

In 1991 the U.S. military leased almost half the building’s 56,000 square feet for its New Mexico entrance processing station. Earlier this year the building’s anchor tenant announced it would move its entrance station to Copper Pointe, vacating the 25,000 square feet of space it has leased for the past 21 years.

Photo courtesy of Route 66 News

For more news from Albuquerque, click here.

Developers to Start $13.6M Affordable Project Near Albuquerque Downtown

By Camelia Bulea, Associate Editor

Greater Albuquerque Housing Partnership plans to break ground on a 68-unit affordable housing apartment development located at the gateway to Albuquerque’s Downtown in January 2013.

The $13.6 million project, dubbed Plaza Ciudana, is the first phase of a master-planned community planned to include between 250 and 300 units of affordable and market-rate housing, according to the New Mexico Business Weekly. The project, designed to revitalize the neighborhood, will include 15,000 square feet of commercial space along Broadway.

To finance the entire project, which is expected to cost circa $60 million, the developer will need financial support from the city, said Louis Kolker, executive director of the Greater Albuquerque Housing Partnership, as quoted by the New Mexico Business Weekly.

The project will be built to achieve a rating of LEED Gold or higher.  Its design is guided by new urbanism and traditional neighborhood design principles with all of the units facing the street, and all on-site parking for the development located in the rear of the buildings. Pavilion Construction will serve as builder for the Plaza Ciudana development, while The Hartman + Majewski Design Group will be the architect of the project.

Given the area’s industrial nature, the multifamily project has many opponents who fear that the project will not only create an unsafe environment for renters, but it will also lower property values. According to the Albuquerque Journal, dozens of entrepreneurs have formed a coalition that opposes city proposals to “down-zone” commercial and industrial activities in the area.

In other interesting news, Chamisa Village Phase II, a 127,000-square-foot residential complex on the campus of New Mexico State University, was certified Leadership in Energy and Environmental Design (LEED) Gold according to Steinberg Architects.

Photo courtesy of Greater Albuquerque Housing Partnership

For more news from Albuquerque, click here.

Dick’s Sporting Goods Opens 45,000-Sq.-Ft. Las Cruces Store

By Camelia Bulea, Associate Editor

Dick’s Sporting Goods has opened its first Las Cruces store. Located at 200 North Telshor Blvd., the 45,000-square-foot store is located in a remodeled former Sportsman’s Warehouse, reports the New Mexico Business Weekly.

This is the second store under Dick’s name in New Mexico. The company’s first store in the state was launched on Albuquerque’s Westside last year. The Pittsburgh-based retailer signed a 10-year deal for nearly 51,000 square feet in a former Walmart, adjacent to Cottonwood Commons, in the summer of 2011.

Two additional locations are possible in the state, but no other information has yet been disclosed, Bob Feinberg of Grubb & Ellis | New Mexico, which represents Dick’s in the state, told the New Mexico Business Weekly.

According to a company news release, the grand opening featured two great appearances: former Dallas Cowboy Everson Walls on Saturday and two-time NBA All-Star Reggie Theus on Sunday.

DICK’S Sporting Goods, Inc., an authentic full-line sporting goods retailer, operates 501 DICK’S Sporting Goods stores in 44 states and 81 Golf Galaxy stores in 30 states.

The Albuquerque retail market has been slowly showing signs of recovery in the first half of this year, compared to the same period over the last three years, according to a CBRE retail market report. As illustrated in the chart below, net absorption in the second quarter was 112,700 square feet, which is the highest quarterly absorption rate since the third quarter of 2010. Moreover, the vacancy rate continued to decline and was at 12.1 percent in the second quarter. CBRE reports that the largest activity this quarter was Savers relocating to a 45,000-square-foot space in the NE Heights submarket.

Photo courtesy of www.skyscrapercity.com

Chart courtesy of CBRE’s MarketView Retail Albuquerque

For more news from Albuquerque, click here.

Construction Begins on $12M Regal Cinema at Winrock Town Center Redevelopment

By Camelia Bulea, Associate Editor

Construction on the Regal IMAX Cinema at Winrock Town Center has begun after nearly 18 month of delay. The 71,156-square-foot, 16-screen cinema is expected to open in the fall of 2013.

According to the New Mexico Business Weekly, the $12 million cinema is the first phase of the major Winrock Town Center’s redevelopment, which broke ground in May with the demolition of the Winrock Inn motel. This first phase also includes three new restaurants: BJ’s Restaurant and Brewhouse, Genghis Grill and Dave & Buster’s. The four businesses are expected to generate about 700 jobs.

Subsequent phases will build out the remainder of the site with numerous retail, entertainment, restaurant, office, residential, hospitality and community uses, according to an official presentation. The contractor of the Regal project is VCC, a major builder of cinemas and shopping centers.

On paper for over five years, the mixed-use development is projected to cost about $600 million, up from the original forecast of $400 million, according to Gary Goodman, developer of the new Winrock, as quoted by the Business Weekly. Goodman is self-financing the first phase of Winrock’s redevelopment, but seeking financing for future phases.

Built under a public/private partnership, the City and Winrock Partners officially entered into a Master Development Agreement in December 2008, which spelled out the specifications for developing the approved public infrastructure and the terms for financing the infrastructure through TIDD bonds. According to the Goodman Realty Group website, the city, county and state have allocated $137 million in TIDD bond financing for the development of public infrastructure within Winrock Town Center.

Photo rendering of Winrock Theatre and Plaza, courtesy of Goodman Realty Group

For more news from Albuquerque, click here.

Pulte Homes buys 86 developed lots in Stormcloud

By Camelia Bulea, Associate Editor

Pulte Homes is planning to expand its presence on the Westside of Albuquerque with the purchase of 86 developed lots in Stormcloud. The developer has begun marketing these communities.

According to the developer’s website, Pulte recently opened The Boulders and Mesa del Sol communities in Albuquerque, in addition to featuring new homes at Volterra.

At The Stormcloud six home designs are available, ranging in size from 1,776 to 3,123 square feet, and priced from the high-$180,000s. The one and two-level single-family homes also feature three and four bedrooms. This new project marks the second time Pulte has sold homes in Stormcloud. So far, it has sold 129 units more than two years ago, according to an official statement.

“We are pleased to be back at Stormcloud, offering new floor plans and lower prices,” said Wade Messenger, the company’s vice president of sales, in a news release. “Stormcloud is attractive to value-oriented families and empty nesters alike who prefer convenience to the highway for easy commuting and who love living near outstanding recreational facilities.”

The New Mexico Business Weekly, quoting DataTraq, reports that Pulte Homes was nominated the second-largest production homebuilder in the Duke City, behind D.R. Horton.

Meanwhile, Albuquerque Mayor Richard J. Berry announced the groundbreaking of a $19 million recycling facility on Sept. 6. The 87,000 square foot facility is part of a public-private partnership between the city and Friedman Recycling, according to a news release. It is estimated that 120,000 tons of recyclable material will be sorted at the new facility each year, helping to reduce the amount of trash that is sent to the landfill.

The facility is also expected to generate 35 jobs initially and eventually 75, according to officials.

Photo rendering of Jade at Stormcloud, courtesy of Pulte Homes

For more news from Albuquerque, click here.

Branch Design Breaks Ground on 176-Unit Market-Rate Apartments in Sante Fe

By Camelia Bulea, Associate Editor

Branch Design and Development announced it would break ground on the 176-unit San Isidro Apartments in Santa Fe this week. The New Mexican reported that the developer stated this is Santa Fe’s first large market-rate apartment community in 15 years.

The financing for the project is provided by Key Bank Real Estate Capital, while the construction and permanent loan is guaranteed by the U.S. Department of Housing and Urban Development, the New Mexico Business Weekly reported.

The first of several buildings should be available for occupancy in June of next year, according to an official statement from the company. Conceived in 2004 as a master plan community, San Isidro Village will soon be able to offer its 1,700 residents a community where people could work, play, live, eat and shop without ever needing their car, said Jeffrey Branch, the project developer. Apart from the apartments, the complex will include a swimming pool, community center, fitness center, barbecue area and hot tub. Branch Design also plans to build a 3-acre neighborhood park that will include a “mini soccer field, basketball court and play structure, according to The New Mexican.

In other multifamily news, Aragon Holdings acquired Broadstone Towne Center, a 240-unit multifamily property located near the Albuquerque International Sunport. The seller of the property is Alliance Residential LLC, a buyer and developer in Albuquerque.

New Mexico Business Weekly reports that the Class A property, which was completed in 2009, is currently 95 percent occupied. The deal represents one of the largest apartment complex acquisitions this year in the Duke City, although financial terms were not disclosed.

Photo rendering of Broadstone Towne Center, courtesy of ForRent.com

For more news from Albuquerque, click here.

Architect Chosen to Design $8.6M Eddy County Sherrif’s Offices

By Camelia Bulea, Associate Editor

Albuquerque-based Van H. Gilbert Architect PC (VHGA) has won the bid to design the new Eddy County Sheriff’s Department offices.

The $8.6 million project already has most of the financing necessary for construction. New Mexico Business Weekly quoted County Manager Allen Sartin saying that $2 million for the law enforcement complex had been set aside, and another $5 million would be allocated the next year. Allen Sartin said the outstanding $1.6 million would probably come from a budget surplus.

The architecture firm was selected to design the project in a 3-2 vote, raising a large number of protests, as the company isn’t located in Carlsbad. According to Carlsbad Current-Argus, the initial estimate to build the new sheriff’s complex is about $8 million, but Sartin pointed out to the commission that the price tag wouldn’t be firm until the project was put out for bid, and the bids were returned to the county.

VHGA has been in business for 36 years. According to their website, their portfolio includes a variety of commercial projects such as the Mack Energy Corporate Office, Mountain States Mutual Corporate Headquarters and 911 Emergency Operations Center.

Meanwhile, Albuquerque will be home to a new 20,000-square-foot biotech incubator, The BioScience Center, reports the New Mexico Business Weekly. Stuart Rose bought the building and plans to convert it into a center after implementing upgrades, including a new roof and painting. The 10-year old building, which will be leased solely by startup biotech companies, will be converted with the purpose of creating a prosperous environment for technology businesses and attracting more companies of this kind to New Mexico.

Although the purchase price was not disclosed, the Albuquerque publication reports that the property, which had been vacant for the last year, had been listed for sale by Grubb & Ellis | New Mexico at $1.65 million.

Photo rendering of 911 Emergency Operations Center, courtesy of Van H. Gilbert Architect PC

Charts courtesy of CBRE

For more news from Albuquerque, click here.

Sanbusco Market Center Sold at Auction to GE Capital Affiliate

By Camelia Bulea, Associate Editor

Santa Fe’s Sanbusco Market Center was sold at auction to its lender.

An affiliate of General Electric Capital Corp. bought it for $8.8 million, the value of the loan, thus ending 28 years of ownership by Joseph Schepps, according to the New Mexico Business Weekly.

The new owner foreclosed on the shopping center at the end of May 2012, according to The New Mexican. The main factor that the former owner cited for the financial problems was the loss of the large Borders bookstore early last year. “We have unfortunately not been able to recover from the Borders bankruptcy and subsequent loss of our anchor tenant and the prolonged economic downturn,” said Schepps as quoted by the New Mexican.

A complaint for foreclosure was filed in May, according to which Sanbusco Corp. had been paying $91,785 a month on the loan, but has been in default since last August, and owed nearly $9 million in principal, interest, late charges and fees as of May 1.

Joseph Schepps developed the shopping complex at 500 Montezuma Ave. in 1984 after purchasing the century-old Santa Fe Builders Supply Co. property next to the Santa Fe Railyard. Anchored by shops like Bodhi Bazaar, Cost Plus World Market and Dell Fox Jewelry, Sanbusco has more than 20 stores, creating an interesting mix of local artisans and restaurants.

In other news, officials have broken ground on a new medical center to serve the Pecos area. Albuquerque Journal reports that the new 15,000-square facility will serve the 8,200 residents of the northern New Mexico community. The $3 million project is being funded by the Agriculture Department’s Rural Development’s Community Facilities program through an American Recovery and Reinvestment Act loan.

Photo rendering of Sanbusco Market Center, courtesy of sanbusco.com

For more news from Albuquerque, click here.

Albuquerque Plans $20M Facelift for Convention Center

By Camelia Bulea, Associate Editor

Albuquerque Mayor Richard Berry recently unveiled a $20 million plan to redesign the exterior of the Albuquerque Convention Center.

Twenty-one years have passed since the Convention Center, built in 1972, received a fresh look, according to Cvent Blog. The redesign will focus on the center’s west end and will turn it into a space that represents Albuquerque and New Mexico, much like the Albuquerque International Sunport, reported New Mexico Business Weekly.

The current design relies mainly on concrete with a small amount of windows. The changes are intended to bring a new look that better represents the architectural elements of the region. The redesign plans, which include a new exterior facade, a new entertainment deck in the ballroom, massive windows with panoramic views and complete remodeling of the ballroom, were developed by local architecture firm Dekker/Perich/Sabatini. Additionally, Cvent Blog reports that the west building lower level atrium will include a fireplace and a lower-level food court.

Redesign works are planned to begin by mid-2013 with completion set for the end of 2014.

In other news, PNM Resources’ Alvarado Square was listed for sale for $11.1 million. The 250,000-square-foot office campus is being marketed by Grubb & Ellis | New Mexico, according to the New Mexico Business Weekly. The seller is Albuquerque Plaza Associates LP, an affiliate of Minneapolis’ Hunter Keith Industries.

Built in 1981, the building is priced at $45 a square foot, which is considered to be a bargain price. The eight-story office building is considered to be unique in Albuquerque as it might be the only building Downtown that has an airspace agreement with the city.

Photo credits: LoopNet