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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