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Former Beach Waterpark Site Listed for Sale for $12.5M; Uptown Square Venture Closed on $3.6M Refinance for Mixed-Use Property

7 May 2014, 10:17 pm

By Anca Gagiuc, Associate Editor

For 18 years the Beach Waterpark has been a staple of the summer for Albuquerque’s children. Unfortunately, it was shut down in 2005 after it received an “unsatisfactory” rating from the Environmental Health Department. A year later everything on site was auctioned off, and ever since the land has remained empty.

The 23-acre lot is located off North Interstate 25 and Montaño and, according to Albuquerque Business First, it is now listed for sale at a price appraised by Sedberry & Associates at $12.5 million. Its location makes it ideal for a mixed-use development, including retail, hotel, restaurants, entertainment, office, and showrooms, while its size makes it suitable for one or multiple developers.

“The restaurant users can be strategically placed along the frontage road with direct frontage road access and maximum visibility to 200,000 cars per day on I-25,” John Sedberry, president of  Sedberry & Associates reported.

On different news, Uptown Square Venture closed a refinance loan for a mixed-use building development with help from EverBank Commercial Real Estate Group. The amount of the transaction was of $3.6 million over a term of 25 years.

“In our business, speed, flexible loan terms and competitive rates are essential to our bottom line,” stated John Whisenant, managing partner, Uptown Square Venture. “Dave Christiansen of Berkadia and the team at EverBank not only made sure the deal closed on time despite market fluctuations, but also provided us with a structure that ensures we can continue to take advantage of other opportunities. We look forward to working with them again for our commercial mortgage needs.”



Nordstrom Rack Enters the Albuquerque Retail Market at Winrock Town Center

30 Apr 2014, 10:21 pm

By Anca Gagiuc, Associate Editor

Well-known Seattle-based Nordstrom Inc. announced its plans to enter the Albuquerque market by opening a Nordstrom Rack at Winrock Town Center in the Uptown corridor. The retail store is scheduled to open in the fall of 2015.

“We’ve long heard from customers in New Mexico that they’d love to have a Nordstrom offering and we’re thrilled to bring a Nordstrom Rack to Albuquerque,” said Geevy Thomas, president of Nordstrom Rack, in a news release. “We believe Winrock Town Center represents a great mix of shopping and entertainment in the area and we look forward to opening our doors next fall.”

Located along Interstate 40, the 83-acre Winrock Town Center is ideally located for Albuquerque and also Santa Fe. Goodman Realty Group is the developer, and Pegasus Retail is exclusively managing the leasing process.

The new Nordstrom Rack store will encompass approximately 33,500 square feet, adding to the over 140 Nordstrom Racks in the U.S. This move represents an important gain for Winrock’s strategy of  adding restaurants, retail, the Regal IMAX theater, and, in the near future, high-end apartments, to its perimeter. Another retailer to enter Winrock is DSW (Designer Shoe Warehouse), also opening its first store in New Mexico.

“Nordstrom Rack is a pivotal retailer in the New Mexico market, adding even more punch to our powerful retail, entertainment and restaurant lineup,” said Colette Wharton, asset manager for Goodman Realty Group.

Still under development, Winrock is said to eventually support 1.5 million square feet of large and small national and local retail. Moreover, 500,000 square feet of office space, 2,000 multifamily units, and boutique hotel, restaurants, and recreational facilities will complete the town center.



Geltmore’s $20M Mixed-Use Project in Downtown Albuquerque to Receive Tax Credit

16 Apr 2014, 10:54 pm

By Anca Gagiuc, Associate Editor

Albuquerque-based family-owned firm Geltmore LLC has scheduled to start construction by the end of the year on a mixed-use development at 205 Silver Avenue SW, between Second and Third Streets.

The project consists of a grocery store of 12,000 square feet, retail space, eateries, and 74 residential units.

The Imperial Building will be the result of a public-private partnership. Geltmore will work with YES Housing on the living spaces. The estimated cost for the project, which will occupy about one acre, is almost $20 million.

Recently, the project received a preliminary award for a 9 percent low income housing tax credit through the New Mexico Mortgage Finance Authority, becoming the first urban mixed-use developments to receive funds from the NMMFA. David Silverman, principal at Geltmore, told Albuquerque Business First that they anticipate to receive the final award at the NNMFA’s May board meeting. The tax credits will be applied to the residential units.

The project has received the support of several city institutions, including the Metropolitan Redevelopment Agency, Family & Community Services Department, Bernalillo County, the New Mexico Environmental Department and the NMMFA.  “It is very exciting that the grocery store, which will be the catalytic project for Downtown Albuquerque, will soon be a reality. We are confident that our city will have the opportunity to start shopping at the grocery store in the first quarter of 2016,” David Silverman added.

Photo courtesy of Geltmore LLC



Owner of La Posada Purchases La Castaneda Hotel

10 Apr 2014, 10:03 pm

By Anca Gagiuc, Associate Editor

Some rescue animals, other choose to rescue pieces of history. One such person is Allan Affeldt, famous for the spectacular renovation of one of the historic Harvey House hotels – La Posada in Winslow, Ariz. Recently Affeldt announced his purchase of the historic Castaneda Hotel.

Originally built by renowned immigrant Fred Harvey, the hotel has been on the market for the last 10 years, and for five years its listing agent has been Santa Fe’s DeAnne Ottoway of Sotheby’s. Although prohibited from making public the selling price, Ottoway told Albuquerque Journal a few months ago that Sotheby’s listed it at $450,000. Details about the final transaction have not been disclosed.

The hotel had opened on Jan. 1st, 1899 and represented the first of a new generation of grand Harvey House hotels. Its architectural style, Mission Revival, managed by California architects Frederic Louis Roehrig and A. Reinsch, was at that time new to New Mexico. The hotel on Railroad Avenue “sits a few miles from Route 66, but has become a common side trip for travelers exploring the 1926-37 alignment of the old road that looped to Santa Fe,” the route66news website says. In 1948 the hotel closed.

La Posada and La Castaneda are sister buildings on the National Register of Historic Places. The $12 million renovation invested in La Posada turned it into what readers of Conde Nast magazine voted as theseventh best hotel in the Southwest. Renovating the Castaneda “would be catalytic for Las Vegas with its historic buildings and its amazing downtown,” Affeldt said in February.

Photo courtesy of Harvey Houses



Albuquerque Opens Public Comment Period for Apartment Development on Uptown Transit Site

3 Apr 2014, 9:55 pm

By Anca Gagiuc, Associate Editor

The southeast corner of Albuquerque’s Uptown and American Parkway NE is the focus of attention for city officials this year. Private developers are submitting proposals for the Uptown Transit Center development consisting of apartments, commercial space and parking.

The one-acre site was acquired by the city in the 1990s using federal funding. One quarter-acre was to be used as transfer station for the city’s bus system, the ABQ Ride. “We’re moving forward now because we think the timing is right,” Bruce Rizzieri told Albuquerque Journal. “We think there’s a need for the type of studios and apartments that are being proposed for this area.”

Renowned Albuquerque consulting firm Dekker/Perich/Sabatini has presented a conceptual design comprised of 122 apartments of one- and two-bedrooms plus studio units, a parking structure displayed on two levels that will fit 220 vehicles, and almost 16,000 square feet of commercial and retail space.

The apartments are designed as market-rate units priced around $800 per month, meant for younger residents who prefer to live closer to jobs and the array of activities the Uptown offers. “They like to be near activities where they don’t need to have a car to get to,” Rizzieri stated. “Uptown obviously is an active area.” Coronado Center, ABQ Uptown, and other retail establishments are close by, and the Uptown Transit Center offers access to the Rapid Ride limited-stop, express bus service and the rest of the transit system.

Public comments are accepted at Lkline@cabq.gov by the end of the week, and a proposal will be drafted by late April. After that, the city will accept request for proposals from developers through the end of the current year.



Developers Launch 71-Unit Public/Private Tax Credit Development Located in Downtown Albuquerque

28 Mar 2014, 10:29 pm

By Anca Gagiuc, Associate Editor

 

About a year ago, Romero Rose partnered with Yes Housing Inc. to construct a three-building multifamily development at 215 Lead Ave. SW. This public/private development was recently finalized and leasing is booming, with occupancy already registering at 51 percent.

Casitas de Colores was built with Low-Income Housing Tax Credits. The tax credits were awarded to the partnership in 2012 by the New Mexico Mortgage Finance Authority. The project provides 71 one- to three-bedroom units: 49 units are income-restricted based on HUD guidelines, and 22 units are market-rate.

The community is a “family-focused community,” located two blocks from the Alvarado Multi-modal Transportation Center, close to retail and entertainment places, and local government offices and employment opportunities.

All units have private patios or balconies, and two of the three buildings feature courtyards with outdoor living amenities such as gas grills. The interior common areas offer a laundry facility, a fitness room and a learning center. The development is designed to achieve LEED Platinum, Energy Star and Enterprise Green Communities certifications.

Water-conserving fixtures and Energy Star-rated appliances are installed in all the units. A photovoltaic array takes care of the common area electrical needs, while rain water is collected in underground retention tanks and used for supplement irrigation of the low water usage landscape. Reflective white roofs are installed to reduce cooling loads.

Casitas de Colores was designed by Dekker/Perich/Sabatini architects, and Bradbury Stamm Construction was the general contractor. The cost of the 53,644-square-foot multifamily rental development was $16.3 million.

Photos courtesy of Jonathan Rose Companies



Affordable Solar Announces Projects for Three Businesses in Albuquerque

20 Mar 2014, 9:34 pm

By Anca Gagiuc, Associate Editor

Albuquerque-based Affordable Solar provides solar project design, project development, construction, distribution and solar integrator support. Since 1998, the company has supplied over 15,000 photovoltaic systems to properties in 96 countries.

Recently, the company announced the completion of three commercial solar array systems for commercial properties from the metro area in Albuquerque. This type of investment translates into higher value for the properties. The improvement pays for itself as soon as it gets financed, and allows for savings in electric utility costs.

One of the three businesses that turned to Affordable Solar’s systems is The Center for BioScience, a business incubator located in the northeast part of the city. They’ve had installed a 25.5 kW DC solar electric array, more precisely 126 Canadian Solar 245 watt panels, anchored on Unirac mounting equipment made in Albuquerque. The new system is expected to save the Center for BioScience $5,640 after the first year and $142,028 over a 25-year period, in avoided energy costs.

Goodman’s Interior Structures is another of the three companies to have chosen Affordable Solar. This office furniture dealership installed the solar electric array in their Albuquerque showroom; it consists of 30 kW DC, 100 Canadian Solar 285 watt panels and Unirac mounting racking system. Their savings after one year will total $9,571, and in 25 years nearly $400,000 will be spared through energy savings.

The third company that considered investing in Affordable Solar is Autry Plaza, a multi-unit office building on San Pedro Neb. they’ve installed 30 kW DC solar array, composed out of 100 Canadian Solar 300 watt panels, using the Unirac gear. The forecasted savings after year one is $8,330 and $261,316 after 25 years. Attorney Will Ferguson, owner of Autry Plaza said, “The process was quick, painless and professional. I’m pleased with the installation and the prospects for the project going forward. The revised economics will be transformational for our older, but still desirable building.”

The three buildings feed renewable energy back into the grid, helping create a cleaner future for the city; combined, they will save at least $1,057,556 according to a press release.

Photo courtesy of Affordable Solar.



Del Webb Announces Its First Community in Albuquerque

13 Mar 2014, 9:56 pm

By Anca Gagiuc, Associate Editor

Three years ago, Del Webb was opening Alegria, its first active adult community in Bernalillo, adding it to its portfolio of over 50 communities spread across 20 states throughout the Southwest, coastal regions and Midwest. Now they’re planning their first community in the heart of Albuquerque.

Del Webb will purchase 284 acres from Western Albuquerque Land Holdings LLC, and the parcel will make room for 538 Del Webb homes. The new community will be part of the Mirehaven master plan, an 886-lot project designed and developed by PulteGroup, the parent company of Del Webb. One of America’s largest homebuilding companies, PulteGroup operates in approximately 50 markets throughout the country.

“This is the first Del Webb community in the heart of Albuquerque and is ideally located for those boomers who want to continue to work and live in the city,” said in a news release Jay Gillilan, president of PulteGroup’s New Mexico Division. “We know many baby boomers will continue to work as they look to semi-retire or make plans to buy their new home for the future.  This will truly be a unique [55-plus] community with its intimate size, sought-after location and physical beauty of the area.”

To better suit the high number of baby boomers, the site is located 10 minutes from downtown, close to hospitals, the University of New Mexico, and retail businesses. Positioned in northwest Albuquerque, it is bordered by the Petroglyph National Monument open space on three sides. Both communities are tentatively scheduled to open in early 2015 with pre-sales in late 2014. On top of the regular separate amenities, the communities are planned to share centralized walking, hiking, and biking trails, as well as some private park areas.

Photo courtesy of Del Webb



LGI Homes Offers Affordable Single-Family Homes in Albuquerque

8 Mar 2014, 12:02 am

By Anca Gagiuc, Associate Editor

Albuquerque has a new option for inhabitants who want to change their housing status from renters to homebuyers. The newest community constructed by Woodlands-based LGI Homes Inc., Camino Crossing offers affordable homes starting at $799 per month in the city of Rio Rancho.

Located 15 minutes northwest of downtown, the community’s floor plans include three-to-five bedroom, single-family homes that range in size from 1,300 to 2,500 square feet. Standard features are granite kitchen countertops with undermount sinks, energy-efficient appliances, upgraded 36’’ maple cabinets with crown molding, brushed nickel hardware and fixtures, and raised two-panel doors. Two car garages, covered back patios, and ceramic tile flooring in the entryway, kitchen, dining rooms, and bathrooms are included. A 10-year homeowner warranty is part of the offer, as well as fenced backyards and landscaping.

A large park, children’s playground, and walking and biking trails are part of the surrounding areas, and the proximity to the Sandia Mountains offers magnificent views. Camino Crossing is serviced by the Rio Rancho School District. It is located five miles from grocery stores, restaurants and shopping, and 10 miles from Cottonwood Mall. Entertainment opportunities aren’t missing: the community is also located near the Rio Rancho Sports Complex, Indoor Aquatic Center, Sandia Peak Ski and Tramway and Loma Colorado Public Library.

“There is no better place in Albuquerque to fulfill your dreams of homeownership,” Jody Pauza, vice president of Operations, said in a statement. “In Camino Crossing, homebuyers will find Rio Rancho’s best housing value in a picturesque location that they can feel proud to call home.”

Photo courtesy of LGI Homes



Edgewood Town Council Approves Master Plan for State Trust Land

28 Feb 2014, 11:07 pm

By Anca Gagiuc, Associate Editor

The Edgewood Town Council has approved the master plan for Edgewood Commons. After holding public meetings, it has signed the Joint Planning Agreement (JPA). State Land Commissioner Ray Powell and Edgewood Mayor Brad Hill have given the go-ahead to the revision of the master plan for the state trust land, also known as Section 16.

The JPA goes beyond the cooperative working relationship between the State Land Office and the Town of Edgewood on Section 16. It targets the marketing of state trust lands for economic development purposes. Based on the open discussions with the public, the master plan includes a town center, recreational trails, public buildings, land, the expansion of the healthcare facility, economic development, and residential opportunities.

The Edgewood Commons master plan was initially produced in January 2000 by the New Mexico State Land Office. This is an update that details the process of turning a parcel into a central piece of the developing community.

“I greatly appreciate the outstanding working relationship we have with the elected, community, and business leaders of Edgewood. These relationships extend over 20 years and are based on mutual respect,” said Powell in a press release. “Edgewood has developed an outstanding vision for the future that will make it a wonderful place to live, do business, raise a family, and retire in. The healthier and more vibrant the community is, the more valuable state trust lands become and result in additional revenues for our public schools, universities, and hospitals and thus keep our taxpayer’s bills lower.”

“The master plan was designed to foster a community with a strong identity, while preserving the rural character of Edgewood as expressed by the public during the three public meetings,” added Edgewood Mayor Brad Hill. “The master plan exemplifies the Town’s desire to incorporate the residents’ vision of what their community should be.”

The Edgewood Commons master plan is posted on the website of New Mexico State Land Office.