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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.



Seven-Acre Townhome Project Breaks Ground in Rezoned Sawmill District

19 Feb 2014, 10:50 pm

By Anca Gagiuc, Associate Editor

Located north of Albuquerque’s Old Town, the Sawmill district is an area that recently has been rezoned from industrial to residential. The scenery changes progressively into a colorful mix of housing, commercial spaces and industrial lots. A groundbreaking event was by Sawmill Community Land Trust and Sawmill Crossing Partners last week to welcome Sawmill Crossing, a 78-unit townhouse complex.

The residential development, west of 12th Street and along Aspen NW, will be built on seven acres in the biggest private residential subdivision in the district so far, reports Albuquerque Journal. The first phase of the project encompasses six units and will be silver-certified through Build Green New Mexico and is scheduled to become available in May. Floors plans range in size from 1,200 square feet to over 1,600 square feet, with prices starting in the mid-$100,000.

Keith Cheshire of Sawmill Crossing Partners differentiates the 78 planned townhouses from the majority of the owner-occupied housing built in the last 20 years in two major ways:

  • They will be market rate units unsubsidized by government tax credits and income restrictions.
  • The units will be sold in a traditional “fee-simple” manner, unlike owner-occupied homes on trust land, which one buys and leases the land they sit on.

Last but not least, the Sawmill Crossing will differ from the existing housing through its architectural style: no New Urbanist vision here, no front porches, but garage doors are the dominant feature of its building’ fronts. Out of the 78 units, 44 have the potential for two-car garages. Garages are rare in this area, and the properties that lack them are usually deal breakers, stated Lynette Manzanares of Mercury Properties, the marketer of the townhomes in collaboration with Joe Corso.



Walmart Develops Two Neighborhood Markets in the Albuquerque Area

13 Feb 2014, 5:16 pm

By Anca Gagiuc, Associate Editor

With about 300 Walmart markets throughout the country, the retail giant is in the process of adding two more in New Mexico: one in Albuquerque and the other in Rio Rancho, reports the Albuquerque Journal. New Mexico has four Neighborhood Markets, three in Albuquerque and one in Rio Rancho, and 13 Supercenter Stores.

The Albuquerque neighborhood market store will be built in Northeast Heights; the one in Rio Rancho is already in pre-construction at the site of a former movie theater at Southern Boulevard and NM 528, the Rio Rancho Twin Cinema, that’s currently being demolished. The grand opening is scheduled for later this year. It will encompass about 40,000 square feet, just a fifth of the super center at Unser and Southern boulevards that has 200,000 square feet.

The new store will eventually employ 65 people, said spokeswoman Delia Garcia. “We’ll be staffing for various positions, including sales, cashiers, the pharmacy,” Garcia added. “For anyone, whether they have experience in retail, or want to begin a career in retail, it will be a great opportunity to join a company that’s growing and is continuing to focus on its presence in New Mexico and in the Albuquerque area market in particular.”

“The focus is the convenient grocery shopping experience,” continued Garcia. “There are services like a pharmacy, health and beauty, pet supplies, household supplies — what you would find in a traditional grocery store.” The estimated cost for the development has not been made public, but the spokeswoman said the store is a “multimillion” dollar capital investment that has as objective the revitalization of the area.

Photo courtesy of Walmart



Former Nob Hill Parole Building for Sale or Lease through Allen Simon RE Group

6 Feb 2014, 10:58 pm

By Anca Gagiuc, Associate Editor

The building at 3010 Monte Vista Blvd. NE in Nob Hill has been placed on the market. The property, which also offers redevelopment possibilities, is now available for sale or for rent.

The 30,000 square-foot property, which sits on .3496 acres, has previously served as the probation and parole offices of the corrections department. It is listed by Allen Simon Real Estate Group at $1.8 million, with additional land available for parking.

Nob Hill is located at the connection point between the commercial and residential areas of Albuquerque. It is one of the state’s best preserved areas, overlapping with the renowned Route 66. The famous road goes through many neon signs and deco-inspired towers in the epicenter of Albuquerque.

Vice Presidents Jeff Martinez and Allen Powell have started working with local architects to determine the possibilities of the building, and the types of updates the property needs in its current condition. The complex stands in close proximity to the main campus of the University of New Mexico and area tenants include Urban Outfitters, Starbucks, Yanni’s Mediterranean Restaurant, Wells Fargo, Taco Bell, and Pizza Hut. Transit is offered through Rapid Ride Bus.

The property is listed as redevelopment opportunity which, due to its location, can become a new office or retail space, or even multifamily project.

Photo courtesy of Allen Simon Real Estate Group.



Albuquerque’s Area Plans Will Be Scrutinized

30 Jan 2014, 8:14 pm

By Anca Gagiuc, Associate Editor

City Councilor Chuck Wilkins has set a new goal for the beginning of 2014. He wants to bring clarity, simplicity, and coherence in the land-use plans the city has adopted in the recent years by having them re-examined. A series of work sessions will be held in the following weeks to investigate the plans and the proposed changes.

In the respective 12-area plans there are lots of land on which there is chance of future development. These plans set requirements for building height, materials, access management, zoning and infrastructure. The problem is not the existence of these requirements, but the fact that they are not consistent with the zoning ordinance the council approved last May. A pertinent example is the building height: the zoning ordinance restricts the building height to 50 feet, and the area plans limit is at 32 feet, said Wilkins. Land use and access management guidelines are good, he said, but stricter standards are not, and some street access rules could be fixed.

His proposal found supporters especially in the commercial sector represented by an organization present at the meeting. The president of the Albuquerque branch of the National Association of Industrial and Office Properties, Lynne Andersen, said that dozens of similar plans often overlap, causing confusion, frustration and delays for the development projects. NAIOP board member Paul Wymer added that the city’s sector plans increase costs and uncertainty.

On the other hand, councilor Tamara Gutierrez made a point when she said that some of these plans were created with input from residents. She didn’t say “no” to the work sessions, but didn’t agree with getting rid of area plans.

It has not yet been decided who will participate in the work sessions, but NAIOP, businesses and developers are most probably going to attend as they are directly affected by these area plans.



Harley-Davidson Announces Second, 12,000-Sq.-Ft., Retail Store in Albuquerque

22 Jan 2014, 8:32 pm

By Anca Gagiuc, Associate Editor

Albuquerque proved to be so prosperous an environment for the Harley-Davidson product that a second retail store has been announced to open to meet customer demands. The new location will open in March at 8605 Lomas Boulevard NE.

Industry leader Scott Fischer Enterprises is behind the expansion and named the new store Duke City Harley-Davidson. The space encompasses 12,000+ square feet and is only 10 miles from the sister Harley-Davidson Thunderbird store. It will feature retail space for motorcycles, parts and accessories, and will offer more service bays for customers needing motorcycle maintenance or repair. Currently the site is undergoing renovations and has scheduled two openings in March.

Around 30 employees will be hired for sales and service positions. Thunderbird General Manager Sean Delaney and Assistant Manager Karen Henz will oversee Duke City as well. The store will also share the local Turquoise Trail H.O.G. Chapter.



Community College’s Technology Center Receives LEED Gold Certification

15 Jan 2014, 8:04 pm

By Anca Gagiuc, Associate Editor

A $4.5 million renovation has exceeded expectations. The Central New Mexico Community College Advanced Technology Center (ATC) has been awarded Leadership in Energy and Environmental Design (LEED) Gold Certification by the U.S. Green Building Council. ATC is the third CNM building and the second renovation project to receive the recognition.

“We thought we were going to meet silver requirements with this building,” stated Luis Campos, executive director of CNM’s Physical Plant, in a press release. “The gold came as a surprise. We met all the challenging standards that were required for the gold award.” The revamp works were completed in five months.

Previously a Motorola factory, ATC opened to students in fall of 2011. The renovation decreased the water usage by 30 percent; the restrooms are equipped with low-flow, motion-detecting faucets and water-saving toilets and urinals. CNM also invested in green power by purchasing off-site renewable power.

Tymn Waters is the project manager who coordinated the renovation of the 82,000-sq.ft. building. He stated that 62 percent of the interior architectural elements in the original building were restored, including interior walls, ductwork and steel mezzanines that were recycled as shade structures. In all, more than 1,036 tons of potential construction waste was diverted from landfills. “Blending the old and the new saved cost but was a design challenge,” Waters stated in the press release.

The ATC facility offers 18 career technical education programs, including Aviation Maintenance, Truck Driving, Film Technician, Landscaping, Architectural Drafting, Construction Management and Geographic Information Technology.

Photo courtesy of Central New Mexico Community College.



$8.3M Library Broke Ground in Albuquerque’s Westside

19 Dec 2013, 11:13 pm

By Anca Gagiuc, Associate Editor

A new library has broken ground in Albuquerque at the intersection of Central Avenue and Unser Boulevard NW.

HB Construction Inc. is the contractor, and local design company Rhode May Keller McNamara is the architect for the project.

The project raised $8.3 million, through GO Bonds in 2009, 2011 and 2013, and through private donations, Bernalillo County, and the NM State Legislature. “One of the best ways to help bring the gift of reading to our children is our library system,” said Mayor Berry at the breaking ground event. “As City Councilor for district one, I am proud to be a part of this very important project. One of the ways we empower a community is through literacy and education. With the efforts and teamwork of the community, we were able to obtain $8.3 million to make this project a reality in a short time,” Council President Sanchez said.

The development will boost the economy not only through the job openings it will offer, but also through the role it will play in the community, as Council President Sanchez stated:  ”The Central and Unser library will serve as a valuable resource for many of our families to work on school projects, apply for jobs, and stay engaged in community events.  It will also serve as a catalyst to much needed development on the Westside.”

The new library will encompass 25,305 square feet, featuring a 23,250 square feet main level and a 2,055 square feet lower level for advanced mechanical systems. It will include an adult general collections area, adult lounge area, adult computer area, adult reading area, young adult room, three group rooms, children general collections area, children learning center, six children reading areas, children computer area, quiet reading room, community lecture room, storytelling/children’s activity room, administrative offices/operations support areas, restrooms and accessory support/utility rooms.

Construction is expected to be finalized by the end of next year. The Department of Municipal Development will manage the institution.

Photo courtesy of the City of Albuquerque



NextCare Opened its Second Clinic in Albuquerque

12 Dec 2013, 11:10 pm

By Anca Gagiuc, Associate Editor

A new urgent care clinic which was a partnership between Phoenix-based NextCare Holdings Inc. and Lovelace Health System opened in Albuquerque. This is the second clinic the two entities opened in the last months. The first clinic had a ribbon- cutting ceremony on Oct. 1st.

“We have received such a warm welcome in Albuquerque and value being part of the community,” said in a press statement NextCare CEO John Julian. “We plan to open additional centers in the Albuquerque area to offer the community more options to receive exceptional health care, in their urgent care needs.”

The firm has planned to open five urgent care centers in the area by the end of 2014. Those additional centers are expected to create around 100 jobs.

The clinic is located at 9551 Paseo Del Norte Blvd., NE Unit D and is open every day of the week, from 8 a.m. to 8 p.m. from Monday through Friday and from 9 a.m. to 4 p.m. Saturday and Sunday. One new feature of the clinic is WAHOO® (Wait at Home or Office), NextCare’s signature online check-in that allows patients to be seen without waiting in the lobby. The urgent care centers will accept most insurance plans such as Lovelace Health Plans, Blue Cross and Blue Shield, Molina Healthcare, Medicare, Workers Compensation, and more.

Dr. John Cruickshank, CEO of Lovelace Medical Group and CMO at Lovelace Health System, stated “We are proud to align with one of the nation’s leading urgent care operators. NextCare is known for the same high standards of patient care that is at the core of our values. We look forward to more growth together in the future.”

Photo courtesy of NextCare Urgent Care



Sandia Resort & Casino Announces Contractors for Expansion Project

5 Dec 2013, 10:18 pm

By Anca Gagiuc, Associate Editor

The Pueblo of Sandia recently announced the two contractors for the expansion of Sandia Resort & Casino. The project is scheduled to begin by next year.

The Sandia Casino dates back to 2001, whereas the seven-story hotel with the relaxing spa and 18-hole golf course were added in 2005. The properties are located 10 miles north of Albuquerque.

The expansion includes a new spa, a golf pavilion and a parking garage on four stories. All are part of  “on-going improvements” to Sandia Resort & Casino and will take approximately one year to complete, according to a news release. Both contractors are from New Mexico.

Jaynes Corp. has been contracted to build the parking garage, while Arviso Okland will develop the new Green Reed Spa and the new Sandia Golf Pavilion. The parking garage will be placed up the north side of the property, and the spa and golf pavilion will be built on the east side of the resort.

The two contractors are expected to hire New Mexico expertise for both projects. “We are excited about these projects and are even more thrilled at the opportunity to provide additional employment for local residents,” said Victor Montoya, governor of the Pueblo of Sandia.

Photo courtesy of Sandia Resort & Casino.



Cree LED Lighting Chosen for Albuquerque’s Convention Center

27 Nov 2013, 9:05 pm

By Anca Gagiuc, Associate Editor

The Albuquerque Convention Center is in the middle of a makeover with the mission of attracting tourist dollars to the area. Phase I of the project, representing the remodel of the East Complex, was finalized during the summer months, and a facelift of the West Complex is in the works.

A key part of the renovation revolves around energy usage as the Convention Center is one of Albuquerque’s biggest energy consumers. Thus the lighting requirements for the 270,000 square feet of meeting and exhibit space were among the prime candidates for the City’s Energy Council Three Percent Program. After a mock-up study of several LED lighting manufacturers, Cree Inc. was selected to install the best solutions based on “the light output, the quality of light and fixtures, the warranty and how they interacted with Lutron in terms of controllability,” said Tony Gurule, energy and sustainability program manager for the City of Albuquerque, in a statement.

“The high-quality illumination delivered by the LED lights makes the ceilings look higher, the restrooms and stairwells brighter and makes all of the colors in the East Complex incredibly vivid. We’re excited to see economic development initiated by this installation and how it will benefit Albuquerque,” added Gurule.

Cree TrueWhite Technology and Lutron Controls are built to reduce the Center’s annual lighting energy consumption to a level below the industry standard of 40 percent to 7.6 percent of the total electrical energy usage for all loads. Among the strategies used are occupancy sensing, daylight harvesting, task level tuning, scene selection and event scheduling. The estimated reduction in annual energy costs is $100,000, and annual maintenance is expected to be reduced by another $120,741.

Albuquerque is not the first city to use Cree LED lighting. Los Angeles and Raleigh are also using the product, and even NASA headquarters in D.C. recently took the Cree LED offer.

Photo courtesy of Cree Lighting



Unfinished Four Points Hotel to be Redesigned as Extended-Stay Hotel

21 Nov 2013, 10:45 pm

By Anca Gagiuc, Associate Editor

2007 was a great year for investments. The economy was flourishing and so were those who had a little money to invest, business initiative and the willingness to take measured risks. Nothing seemed to go wrong. Or so they thought.

Chandrakant Patel was breaking ground on a 121-room hotel located at 1660 University Blvd. NE. Close to the finalization of the project, in May 2009, the recession dug a little deeper and his lender, Specialty Finance Group, failed. The project was foreclosed, and the Federal Deposit Insurance Corp. took over.

Ever since, the building has sat idle, 85 percent built. Albuquerque Business First reports that a group of investors have decided to bring it back to life. Its prominent location, near the Big I Interchange, made this investment attractive to Allen Sigmon Real Estate Group and to Prakash Sundaram, senior vice president of Total Management Systems, a company specializing in hotel consultancy and development. Century Bank was the financier of the acquisition for an undisclosed sum.

The original concept was to create a Four Points hotel by Sheraton, but the new owners have something else planned. The six-story, 103,000-square-foot hotel with a lobby of 7,000 square feet will become an extended-stay facility, and the rooms will be renovated to become a “business class” product. “We’re excited. This is an eyesore at the highest-traffic intersection in New Mexico,” Sigmon stated. “We want to take this eyesore, spend money and create local jobs.”

Photo courtesy of Flickr.



Dreamcatcher Opens 79-Room Hamptons Hotel in the Entertainment District

15 Nov 2013, 7:50 pm

By Anca Gagiuc, Associate Editor

Albuquerque’s hospitality scene has made room for the fourth Hampton hotel property in the metro area.

Located in the heart of the business, dining, and entertainment district at 4412 The 25 Way, the Hampton Inn & Suites Albuquerque allows guest to easily reach I-25, local restaurants and area attractions such as Cliffs Amusement Park, the New Mexico Rail Runner Train System, several casinos and award-winning golf courses.

The 19th Hampton property in the state, the five-story hotel totals 57,045 square feet. The cost of construction was of $4.1 million, and the developer was Sun Capital Hotels. The owner, who also operates the new facility, is Dreamcatcher ABQ LLC.

The Hampton Inn & Suites Albuquerque North/I-25 offers 79 rooms. Through the brand’s approach to service– “Hamptonality” – guests are provided with helpful suggestions about area attractions and historical facts. Furthermore, the hotels are decorated with local photography and art work, reflecting the connection and support to the community.

The hotel amenities feature free hot breakfast, modern fitness facility, meeting space, and Hampton’s signature Perfect Mix lobby, aimed at being an extension of the guestroom. Guestrooms offer the Clean and Fresh Hampton bed®, free Wi-Fi, flat screen TV and lap desk.

“Hampton combines quality, innovation, comfort and plenty of value-added extras, making it the brand of choice in the marketplace today,” said in a press release Jay Blount, general manager of the Hampton Inn & Suites Albuquerque North/I-25.  “Quality accommodations and amenities combined with proactive, friendly service from our team members – all backed by the 100 percent Hampton® Guarantee – make us highly competitive in the Albuquerque area.”

Photo courtesy of Sun Capital Hotels Facebook Page.



Dreamstyle Remodeling Breaks Ground on $4.5M Albuquerque Showroom

6 Nov 2013, 5:03 pm

By Anca Gagiuc, Associate Editor

A new showroom/office building broke ground in the dynamic Renaissance corridor. Dreamstyle Remodeling, the new umbrella name for Four Seasons Sunrooms, Renewal by Andersen and Cal Spas, will be joining Sam’s Club and Costco in undertaking the $4.5 million development.

The company has been in operation since the 1990s, without having a well-defined identity. “Nobody really knew who we were on the whole – they assumed they were separate companies,” stated Larry Chaves, the founder and CEO of the Albuquerque-based company. Since it planed to enter the Southern California scene, creating a distinct identity became mandatory.

“With a strong commitment to superior product quality, expert installation, and exceptional customer service we are proud to have helped more than 15,000 customers improve their homes. Our business has grown substantially in recent years, and we feel grateful to be able to construct this beautiful new facility to continue providing exceptional service to our community,” said Chaves.

The new 20,000-square-foot project is located at 1460 Renaissance Boulevard and will be replacing the current Albuquerque showroom. Completion date is set for March 2014. Architect Rick Bennett designed the building, Wells Fargo financed it, and Jaynes Structures is in charge with the construction, superintended by Josh Wilmot and Rick Letscher.

Dreamstyle Remodeling currently employs 204 people across six offices in three states: Santa Fe, El Paso, Texas, and three in Arizona (Phoenix, Prescott and Tucson); they’re in the process of hiring 20 more. The company expects to gross $28 million this year, keeping the rising trend of the previous years – $21 million in 2012 and $13.5 million in 2011.

Photo courtesy of Dreamstyle Remodeling.



Developer Obtains Approval for 80,000 SF Mixed-use Development

1 Nov 2013, 6:35 pm

By Anca Gagiuc, Associate Editor

The intersection of Central and Laguna SW will turn into a construction site early next year. Jay Rembe, the developer responsible for the Aveda Institute and Vinaigrette project, isn’t ready to depart from Albuquerque’s Central Avenue corridor between Downtown and Old Town.

Country Club Plaza is next on his list and has been approved by the city’s Environmental Planning Commission earlier this month. The project has been on his mind for the past 10 years now, but it was delayed for financial reasons. The plan features a 3.4-acre mixed-use development that will encompass 80,000 square feet of commercial, office, and retail space. A three-story building with 21,000 square feet of retail space on the ground floor, holding two levels of residential units, is also part of the construction plan. A two-story office building is designed for Rembe’s Urban Design + Development, Mullen Heller Architecture and other tenants and a gathering place is on paper, as well, under the form of a 40-by-150-foot plaza.

The developer told Albuquerque Journal that on top of the aforementioned project, he wants to obtain approval for a 40- to 45-unit residential development nearby. For now, work is scheduled only for the Country Club Plaza. The leasing stage is being handled by Brett Hills of NAI Maestas & Ward. Five Star Burgers and Chama River Brewing Co. have already signed leases, and Rembe said that the Aveda Institute, a salon and cosmetology school, and Vinaigrette restaurant in the surrounding area should help attract residents.

Photo courtesy of NAI Maestas & Ward.



New $30M Westside Apartment Complex on the Rise

24 Oct 2013, 9:35 pm

By Anca Gagiuc, Associate Editor

The largest sale in 2011 for a multifamily project in the Albuquerque area is now ground for preliminary works on what will become an upscale apartment complex. Andalucia Villas will occupy 16.5 acres at Coors and Montaño in the Westside of the city, close to the Bosque School. The buyer and developer, Bay Hill Development LLC, was represented by NAI Maestas & Ward.

The estimated cost for the project is of $30 million, with land acquisition included. In August a building permit has been issued by the city for the $18.8 million construction of the 240-unit apartment community at 5300 Antequera NW. The Andalucia Villas will be green certified and will total 380,188 square feet, probably including rental garages. A clubhouse and other amenities will complete the residential development.

The project manager at Andalucia Villas is Mike Bauduin, and the general contractor is Louisiana-based List Construction. Construction is scheduled to be finalized in the third

quarter of 2014.

Vacancy in Albuquerque metro increased in the second quarter to 6.6 percent, according to a Marcus and Millichap report. Marcus and Millichap forecasts a drop in the vacancy rate to 6.3 percent by the end of the year. Construction of rentals increased from last year, from 144 to 219 units, the first 96 units being delivered in the first half of the year.

 



The Phoenix Apartments Rises From the Western Palisades Ashes

16 Oct 2013, 9:58 pm

By Anca Gagiuc, Associate Editor

Once a foreclosed property, the Western Palisades residential community located at 1720 Atrisco Drive SW was rescued by Chuck Sheldon of T&C Management and will open its doors to low-income families.

The history of the property is a stormy one, which resulted in the new owner changing its name to The Phoenix apartments. After Sheldon’s purchase of the property in 2010 for approximately $1.5 million, the Western Palisades went through a renovation stage that began in June 2011. Close to the finalization of the works, two of the main buildings were destroyed by fire, Sheldon told Albuquerque Business First. “Finalizing plans for the replacement buildings and insurance settlements then took nine months,” he added.

This was not the first time the building had experienced a fire. In 2007 a 9-year-old girl died at the development because of a candle that was left unattended. After the second fire, the community gave up its initial name and switched to The Phoenix Apartments.

“These apartments were renamed not only for them coming out of the ashes but for all of their troubled history.” This week the building is going through the final inspections and on Oct. 22 the ribbon-cutting event will take place.

The Phoenix offers 32 units to low-income families in the Coors Boulevard and Arenal Road area. Eight of them have been preleased.

Photo courtesy of Google.



Mehran Changes Strategy from Leasing to Loft Conversion for Office Building

11 Oct 2013, 9:46 pm

By Anca Gagiuc, Associate Editor

Built in 1958, the office building at 517 Gold Avenue has been a federal office until the early 2000 when the office vacated the space. For the next decade the eight-story block property was vacant.

New Jersey developer and furniture retailer Anthony Mehran purchased the building in 2007 at an online auction for $1.51 million. He tried to lease it the first five years, but unsuccessfully. Changing the strategy, he decided to convert it to market-rate apartments using his own funds. For this the plumbing and electrical systems had to be reinstalled. The unit ceilings heights had to be increased to bring the living spaces closer to the industrial aesthetics design that’s currently in trend in newer urban apartment construction. The costs for the renovations have not been made public.

The building is planned to be renovated two floors at a time; once the first two floors are finalized, the leasing stage will start. The first phase of the project consists of transforming the first two floors into 60 loft-style studio-sized units that range in square footage from 350 to 600 square feet, reports Albuquerque Business First.

Completion on phase one has been postponed for the second quarter of 2014. “Things are moving along and we’re up to framing and doing plumbing and electric work on the first two floors,” said Anthony Mehran.

The architect hired for the redevelopment is Albuquerque-based Garrett Smith Ltd., and AIC General Contractor is in charge of the construction works.

Photo courtesy of Google.



First Baptist Church in Albuquerque Listed at $7.5M

4 Oct 2013, 3:41 pm

By Anca Gagiuc, Associate Editor

Located at the corner of Broadway Boulevard NE and Central Avenue, the First Baptist Church has sat vacant for several years. The property is now back on the market, listed by Keith Meyer and Jim Wible with NAI Maestas & Ward.

The church was built in the 1970s and entitles almost 87,000 square feet of building space and seven acres of land. Near the largest university in the state, the property is also sited next to the convention center. The listing price is $7.5 million.

The University of New Mexico is the latest group that is considering purchasing the property, after the City of Albuquerque and Albuquerque Public Schools attempted to acquire it in the past. They’re counting on a $1.5 million grant from the U.S. Economic Development Administration, currently pending.

UNM envisions creating the “Innovate ABQ” business incubator, a cheaper place for new small businesses to start. “There could be literally tens to hundreds of small businesses that get started in an incubator like this,” said Lisa Kuuttila, CEO and chief economic development officer of STC.UNM.

The Maestas brokers believe that “Innovate ABQ is a great thing and could be a great project,” one that would grow jobs and that has shown positive results in other communities. Moreover, both UNM’s president, Dr. Robert Frank, and the mayor are interested to see the project successful.

Photo courtesy of Google



Candelaria Business Center For Sale at $2.9M

26 Sep 2013, 9:02 pm

By Anca Gagiuc, Associate Editor

A new investment opportunity is available in Albuquerque’s NE Heights market. Candelaria Business Center has been listed for sale under the representation of Todd Clarke CCIM of NM Apartment Advisors. The mixed-use business park includes office, retail and warehouse space with flexible zoning, marketed as a stable investment with steady cash flow. The list price is of $2,995,000, or $86.06 per square foot.

The property is sited on 4.47 acres, totaling 34,800 square feet, located in the epicenter of New Mexico’s employment centers. It consists of four buildings with access to Interstate 40/Carlisle Blvd., Interstate 25/Candelaria Blvd., and Interstate 25/Montgomery Blvd. Each of the buildings ranges in size from 8,400 to 9,600 square feet and has alley access roll-up doors. 180 parking spaces are part of the deal with a ratio of 5.3 parking spaces per 1,000 square feet. Additional land, which can support a building of about 1,200 square feet, is available on a pad site facing Amherst Drive.

The complex, currently 96 percent occupied, has three addresses–3301/3311/3351 Candelaria Road NE–consisting of 8,400 square feet, 9,600 square feet and 16,800 square feet respectively. Among the tenants are: Catholic Charities USA, Unidas Case Management, Tax Professionals Inc., NM Consumer Personal Care, Compass Construction, Protection Security Solutions, SCS Engineers and Issa Shokoohi.