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Work to Begin on $80M Expansion of Presbyterian Rust Medical Center

28 May 2014, 9:33 pm

By Anca Gagiuc, Associate Editor

Presbyterian Rust Medical Center in Rio Rancho has been scheduled for an expansion. Construction has started and will materialize into a new patient tower and a cancer center at 2400 Unser Blvd. SE.

The new patient tower will occupy six stories and will include 120 beds, and the cancer center will encompass 21,500 square feet, reports Albuquerque Business First. The total investment will be of $80 million. The general contractor for the expansion project is McCarthy Building Cos. which collaborated with architect Dekker/Perich/Sabatini, keeping the same team structure as on the original Rust project.

The medical center spans over 66 acres and currently is the workplace for 600 people. The new development will make room for 100 more. During construction, patients will access the Emergency Department through the main hospital entrance on Wellspring Blvd. Parking will be available in the lots east of the Physician Office Building adjacent to the hospital and whenever possible, in the lots closest to the main entrance. The current Emergency Department is expected to reopen in March 2015.

The massive expansion is scheduled to be completed in late-2015 to early-2016.

One of the top U.S. commercial builders, McCarthy is headquartered on St. Louis with offices nationwide. The 150 years of existence made them experienced in 44 states and with $3 billion in annual revenues.

Photo courtesy of Dekker/Perich/Sabatini.



NewLife Homes Turns The Sundowner Motel, Former Bill Gates Abode, into Affordable Apt. Community

21 May 2014, 9:43 pm

By Anca Gagiuc, Associate Editor

The Sundowner Motel is famous for its location in the heart of Albuquerque on historic Route 66 and for having served as home to Microsoft founders Bill Gates and Paul Allen in the mid-1970s, but it is no longer what it used to be. The property has been transformed into a residential complex with commercial space for small businesses by NewLife Homes.

The building was originally built in 1959; after the construction of Interstate 40 it entered a difficult period which ended with the motel closing in 2009. The vintage Vegas makeover required over $9 million; the redevelopment now offers 71 studio, one-, two-, and three-bedroom apartments for low-, middle-income families and disabled people. Funding includes $5.4 million in Low Income Housing Tax Credits through the Mortgage Finance Authority and $2.1 through the city of Albuquerque’s Workforce Housing Trust Fund. Through an Affordable Housing Program grant, $500,000 was provided by the Federal Home Loan Bank of Dallas.

The project complies with LEED for HOMES certification and each unit has ENERGY STAR appliances. Moreover, throughout design and construction the developer worked with Green Insight who focuses on finding opportunities for energy savings. Trees have been planted to reduce the local heat island effect, providing shade for at least 50 percent of sidewalks, patios and driveways within 50 feet of the home. Additionally, a system that harvests and stores rainwater has been installed to be used for landscape irrigation.

Taking into account that the majority of its residents do not own vehicles, a parking waiver has been granted so that the site has less parking than required by code. Furthermore, being “pro-public transportation” in an effort to reduce heat-island effect, Sundowner is conveniently located adjacent to a Central Ave bus stop.

Photo courtesy of NewLife Homes



Santa Fe Opera’s ‘Setting the Stage’ Campaign Undertakes $35 Million for Renovation and Expansion

14 May 2014, 4:31 pm

By Anca Gagiuc, Associate Editor

Since New York conductor John Crosby founded the company in 1956 and presented its first performance of Puccini’s Madama Butterfly a year later, The Santa Fe Opera has built up its influence becoming one of the world’s most highly regarded summer opera festivals. The facility it calls home is a major piece of real estate with a splendid fusion of nature through its dramatic adobe theater. The 200-acre facility has its own waste water treatment plant, a feature that no other opera company in the world can claim.

On the stage everything looks flawless—the props, the scenery, the costumes—but off-stage things are different. “There is a critical need to bring our backstage facilities into the 21st century,” said General Director Charles MacFay, and necessary steps toward achieving this goal are in progress. The opera will begin an ambitious three-year renovation program in September 2014, scheduled to be completed in time for the SFO’s 60th anniversary. The work has been carefully scheduled to not disrupt the opera seasons.

The daring project costs $35 million of which $24.3 million has been raised with help from the board of directors and friends of the company. The funds are being divided into three categories: $23 million will be spent on construction, $8 million reserved for upkeep and maintenance, and $4 million to support mainstage programming.

“This multi-year plan has been carefully thought out,” according to MacKay. “It follows the ‘Building a Sound Future’ campaign launched in 2006 during the company’s 50th anniversary season. That project addressed dining, rehearsal and practice facilities, and administrative offices.”

The work will be completed in three phases. Around 36,000 square feet will be renovated and more than 28,000 square feet added to current facilities.

The shop will be relocated and doubled in size, a covered food service will be added, the lavatories will almost double and they will be moved to more convenient locations, the dressing rooms will be refurbished and upgraded and the costume shop will be expanded. More importantly, the backstage and production areas will be renovated and enlarged. The parking lot will be repaved and enlarged and storage warehouses for sets and props will be built.

The architect hired for the new campaign, “Setting the Stage,” is New York-based Juan Matiz of Matiz Architecture & Design, formerly of Polshek Partners, the firm that designed the 1998 theater, and thus fully committed to maintaining the original aesthetic. Harris Consultants will oversee the construction.

Photos courtesy of The Santa Fe Opera.



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.