Bank of the West Center project looking to revamp part of Downtown
By Shelby Perea
Real Estate Reporter
Albuquerque Business First
Development team Roma Fourth Capital LLC has big plans to alter the Bank of the West Center in Downtown Albuquerque.
On Thursday, the team presented those plans to the Albuquerque Development Commission, which recommended approval from Albuquerque City Council for a $30 million Metropolitan Redevelopment Bond.
"The Applicant is requesting a $30 million Metropolitan Redevelopment Bond for the sole purpose of the tax abatement mechanism that the MRB provides the property owner. The abated taxes will be reinvested into the project, in addition to other financing tools including personal equity and conventional loans, to improve the site’s existing structures, develop the new infill mixed-use project, and improve the site’s overall layout and circulation to better provide connections and complementary uses to the rest of Downtown," the development team wrote in its plans.
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http://documents.cabq.gov/planning/a...rt-1-18-18.pdf
http://documents.cabq.gov/planning/a...nt-1-18-18.pdf