Posted 01 May 17 By: No comments yet

City’s ABQ land sale aims to spark redevelopment

ALBUQUERQUE, N.M. — Mayor Richard J. Berry said Thursday he hopes to spark redevelopment in  Southwest Albuquerque by offering 6.6 acres of city-owned land to developers, perhaps for retail uses.

The city hopes to transform a swath of vacant land on the northwest corner of Unser Boulevard and Central through a sale or a long-term ground lease to a developer for fair value, according to a news release.

“We are looking for a private-sector partner to redevelop this site to its full potential by creating a high-quality and well-designed development that expands opportunities for area residents and businesses,” said Berry in a statement.

A recent market study done by commercial real estate firm NAI Maestas & Ward indicated “that it is the time for retail development in the southwest part of Albuquerque,” said City Councilor Ken Sanchez. A 2006 study also identified the area as needing library and medical facilities, both of which have been built.  The property on offer is next to the Patrick J. Baca Library and the soon-to-be-upgraded Central and Unser Transit Center.

Proposals to develop the site should be directed to the city’s Metropolitan Redevelopment Agency through Sept. 1. Representatives from the agency will host a walk-through of the property and answer questions at 10 a.m. April 27.

This is the latest in a series of projects initiated by the agency that aim to remove blight, stimulate economic development and create job opportunities, according to Berry. Some of these developments have culminated in the Imperial Building, One Central, the El Vado Motel and Old Albuquerque High.

In late February, Berry also announced a competition to transform the city’s skyline with the tallest building in the state. The city, through its Metropolitan Redevelopment Agency, is requesting proposals to partner with one or more master developers to erect “iconic and skyline-defining” buildings in the heart of Downtown.

The city will offer two parcels “at fair value price” through sale or ground lease to the winning developers. They are: the parking lot on Third Street and Marquette Avenue, and the vacant lot on the northeast corner of Second Street and Silver Avenue.

By:  Steve Sinovic, Staff Writer - Albuquerque Journal

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments

memberships logomemberships logomemberships logomemberships logomemberships logomemberships logomemberships logomemberships logomemberships logo