Albuquerque Development Thread

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Study will explore adding public transit to Paseo corridor

There will be two public meetings May 8 regarding a transit study that would create new public transportation connecting northwest Albuquerque and Rio Rancho with Journal Center and other major destinations.

The Mid-Region Council of Governments and the Rio Metro Regional Transit District are conducting the study along Paseo del Norte. The first round of public open houses will discuss potential routes, destinations and the type of services being proposed. The meetings will take place at 11:30 a.m. at the Journal Center Auditorium, 7777 Jefferson St. NE, and at 4 p.m. at APD Northwest Substation, 10401 Cibola Loop Road NW.

“We think transit will play an increasingly important role in the region, and this study gives us a chance to figure out what the service in this area should look like,” said Terry Doyle, Rio Metro director, in a news release.

The Westside is projected to add 250,000 residents in coming decades, Doyle noted, and traffic along Paseo is expected to grow from 82,000 vehicles per day to 180,000 by 2035.

“We can’t build enough roads to carry all Westside residents, so it’s important to explore other options such as premium transit service,” Doyle said.

Dan Lewis, an Albuquerque city councilor who represents the Northwest Mesa, said changes in land-use patterns and improvements to existing roadways and transit systems are needed.

“I’m excited about the potential this study has to lay the groundwork to expand our transit system and provide an attractive alternative to the single-occupancy vehicle,” he said in a news release.

The transit study will consider a range of modes and routes and will select a “locally preferred alternative” that will be considered by transit providers for funding and implementation, according to MRCOG.

http://www.bizjournals.com/albuquerq...=Google+Reader

Not sure what happened to the Albuquerque threads or if this is the right subforum to put them in, but I can't find any so this makes sense to me.

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Rail Runner adds express trains, ups fares

The New Mexico Rail Runner Express is adding two express trains and quiet cars to its schedule, as well as ticketing via mobile phones. It is also implementing a new fare structure, according to the Rio Metro Transit District.

Fares for one-way trips and day passes are set to increase by $1 to $2, while monthly passes will increase by $4 to $11. This is the first time the Rail Runner Express has implemented a fare increase and the changes follow meetings last fall to address a funding shortfall for the train.

The cost for the two new trains and other services will be covered by the fare increase as well as new federal clean air grant funds of about $4.8 million, said Jay Faught, marketing manager with Rio Metro. The district saved about $1.2 million by renegotiating its contract with Herzog Transit Services, which operates the Rail Runner under contract with Rio Metro.

Starting May 21, passengers using the express trains will be able to save 20 to 25 minutes in each direction on their commute between Albuquerque and Santa Fe because the express trains will skip three stations (downtown Bernalillo and the pueblos of Sandia and Santo Domingo/Kewa) and they will have a second locomotive attached to save time traveling the steep grade enroute to Santa Fe.

The new express service is designed to get people to work by 8 a.m. The evening train departs Santa Fe shortly after 5 p.m. There are also changes in the weekend schedule.

Rio Metro will inaugurate a bus route in the Village of Los Lunas to bring residents to the Rail Runner station in the morning and then back in the evening. And it is piloting a program that will allow passengers to purchase tickets with their smart phones and present them to ticket agents to scan on their phones. A new smart phone app will be released later this year to facilitate the process.

Faught said the district is also highlighting the commuter tax benefit program that allows participating employers and employees to set aside pre-tax dollars for transit passes. Many employers are already working with third-party providers to offer this benefit, he said, but others might not know it is available.

http://www.bizjournals.com/albuquerq...rains-ups.html

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Updated: Wednesday, 22 Aug 2012, 7:51 AM MDT
Published : Tuesday, 21 Aug 2012, 10:10 PM MDT

Tim Maestas
ALBUQUERQUE (KRQE) - Albuquerque office buildings are getting increasingly empty with the highest amount of office vacancies in about 20 years, according to statistics from a commercial real estate firm tracking the numbers.

The vacancy rate is about to grow even more, with PNM planning to move out of one of downtown Albuquerque’s biggest buildings.

“The office market is experiencing the biggest challenges,” said Ken Schaefer, Director of Brokerage Services for Grubb & Ellis New Mexico.

Grubb & Ellis says the citywide vacancy rate is 18.8 percent, but the numbers are even higher for the city’s busiest business districts.

Uptown’s vacancy rate is 23.6 percent.

Downtown’s vacancy rate is 21.9 percent, and the number is expected to grow dramatically once PNM exits the eight-story Alvarado Square building in the heart of downtown.

New Mexico’s largest utility company is consolidating all of its downtown employees from two buildings into one.

Soon Alvarado Square will be completely empty.

“The two buildings we occupy downtown had a 40 percent vacancy rate, so it just wasn’t efficient use of the space,” said Valerie Smith, PNM Director of Communications.

The company’s workforce dropped by almost 1,000 employees when the company sold off its natural gas business in 2009.

Now PNM is moving employees out of Alvarado Square and into the company-owned 12-story building next door. PNM’s 30-year lease for Alvarado Square expires in 2015.

The move is expected to eventually save the company about $3 million every year.

It turns out many companies are doing what PNM is doing and cutting down on space.

Others have either laid off employees, moved away, or shut down completely.

“Office vacancy rates are directly tied to unemployment,” said Ed Anlian, Senior Associate for Grubb & Ellis New Mexico. “Until the unemployment levels return to 4 percent or 5 percent it’s going to be difficult to fill up buildings.”

PNM”s move out of Alvarado Square will leave downtown with a giant amount of available office space.

According to numbers provided by Grubb & Ellis, the 250,000 square-foot building accounts for about 9 percent of downtown’s office space.

But the real estate firm sees it as an opportunity, too.

“We’d like to sell it to an owner-user, or lease it to a single tenant that currently doesn’t have a presence in Albuquerque,” Schaefer said.

A single tenant would mean a new, major employer for the city.

According to Schaefer, having a downtown office building completely available is a good thing to offer big companies considering a move.

No one knows how long that will take.

PNM is planning to vacate Alvarado Square by the end of the year and says the want to see the building occupied.

“We want a vibrant economy. Because the more vibrant the economy, the better our business is,” PNM’s Valerie Smith said.

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Lawn re-do to give Downtown a boost
Updated: Friday, 28 Sep 2012, 7:37 AM MDT
Published : Friday, 28 Sep 2012, 7:36 AM MDT

Amanda Goodman
ALBUQUERQUE, N.M. (KRQE) -

The pristinely manicured Pete Domenici Federal Courthouse lawn seems like a distant memory these days as torn up concrete, mounds of dirt and a chain link fence have taken its place.
“There is just quite a mess, I catch the bus here in front of federal court so I was just kind of wondering, okay what’s going on, where’s the money going now and… what’s happening,” said Metro Court Employee Sarae Smiel.
It turns out a lot of other people are wondering the same thing with construction at the court house entrance seemingly coming out of nowhere. “I’ve seen it but I didn’t know what was exactly happening,” said Downtown resident Amanda Jauneka.
News 13 has learned the feds are re-landscaping the lawn to make it more sustainable and cost efficient, taking out the water-hungry grass and xeriscaping at a cost of $2.8 million.
“Initially I was like wow, this is a waste of taxpayer money to do some renovation but then I found out the water conservation that’s involved,” Jauneka said.
According to the company doing the work there, Rios Clementi Hale Studios, changing the landscape will save roughly 230,000 gallons of water a month.
The old landscaping sucked up nearly 300,000 gallons of water a month.
“It’s nice to know we’re able to save money, save water as well as make it look beautiful,” Smiel said.
People who live and work downtown told News 13 between all the court buildings and concrete this area sometimes gets a bad rap.
However, they think once the project is finished it will create a new oasis and may even soften some people’s perceptions of the area.
“It will be more people friendly, sitting outside looking at their books or just having a nice lunch get out of the office, it will create a more positive vibe for down here,” said Jauneka.
At this point it is not clear when the project will be completed.
The contractors are re-using a lot of the concrete for the new look as well as creating a rain garden to collect water so it can be re-used.


http://www.krqe.com/dpp/news/politic...wntown-a-boost

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New Mexico Business Weekly by Damon Scott, Editorial Researcher
Date: Thursday, October 18, 2012, 7:05am MDT




Albuquerque officials were in Cleveland this week in the hopes of gathering ideas that will improve and expand the city’s transit system.

City directors and business people toured Cleveland’s bus rapid transit system Oct. 17. The transit system in Cleveland, is also known as The HealthLine. It began operations in 2008.

The HealthLine comes within a half mile of more than 200,000 employees and 58,000 households. In three years its ridership increased more than 60 percent over the regular bus routes that formerly ran along the corridor.

“We believe that The HealthLine and a potential future bus rapid transit system in Albuquerque could share many commonalities,” Bruce Rizzieri, director of ABQ Ride said in a news release. “An Albuquerque [bus rapid transit system] running along Central [Avenue] could help revitalize this corridor — similar to the revitalization [in Cleveland] and could provide more timely transit service ... ”

Some of the attributes of the system include dedicated lanes and strategically located stations, not just stops, according to officials.

The HealthLine has also helped spur new developments in the form of the rehabilitation of old buildings into housing and retail centers, as well as major expansions of a nearby university, museum and hospital.

“I’m really impressed with the renaissance of this area of Cleveland ... and the revitalization,” Kurt Browning, an Albuquerque developer/builder said. “And I think there’s probably opportunities like this along Central Avenue — [on] old Route 66 in Albuquerque.”

The trip is part of ABQ Ride's “Central Avenue Bus Rapid Transit” study. Beginning November 20, ABQ Ride will schedule a series of six public meetings to get ideas and opinions from the public about the project.

Details of the time and locations of meetings are not yet available.

http://www.bizjournals.com/albuquerq....html?page=all

[HooverDam]

^^^^ BRT? Looking to Cleveland? wtf?

ABQ ought to do Modern Street along Central Ave from San Mateo Blvd to Central Ave and Atrisco. That connects the Knob Hill area, the University, Downtown (and Amtrak/the Rail Runner) and the Botanical Garden, Aquarium, Country Club, Old Town, the museum area, Rio Grande river, etc. Crossing the Rio Grande would allow for a nice park and ride connecting the west side of ABQ. Its only a 6.5 Mile line, so it likely wouldn't be too terrible expensive.

Then a 2nd branch line could run N/S from University and Indian School down to the Airport. That connects all the various hospitals, University buildings, the community college, the sports complexes for the University and the Isotopes to the airport. Its a 4.5 mile line.

You're talking about a total 11 mile system that could entirely change ABQ forever without a terrible huge investment.

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This blog (UrbanABQ)has some info on the rail yards master plan.
http://urbanabq.blogspot.com/

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Steve GinsbergReporter- New Mexico Business Weekly

The first restoration project for the city of Albuquerque’s Rail Yards redevelopment has attracted interest from 30 companies, according to Gilbert Montaño, deputy chief administrator. Requests for proposals are due this Friday on the $750,000 contract to upgrade the former blacksmith shop.
"In my experience, we usually see five or six companies bid on a project of this size, but we have gotten interest from architects, contractors and different design-build teams," Montaño said. "We were surprised to see this much interest in the project. We expect to see some of these companies team up and submit proposals."
Mayor Richard Berry hopes that if the public can attend events at the blacksmith shop, such as car shows and farmers’ markets, it will support restoring the entire site. Montaño said a contractor will likely be selected before the year is over and the site could be open for events late next summer.

The historic Rail Yards are located in Barelas, south of Downtown, and have been off-limits to the public for decades. The city seeks to make the former blacksmith shop safe for the public and meet current building codes. The blacksmith shop renovation will be an interim use and will eventually be part of an overall master plan that will unfold over the next five years. California’s Samitaur Constructs is the master developer and has been holding neighborhood meetings this fall to get the public’s input on the project.

http://www.bizjournals.com/albuquerq...&ed=2012-11-06

[mgs11]

City of ABQ just posted some cool info on the Rail Yards redevelopment Masterplan on their website.
http://www.cabq.gov/council/council/...-redevelopment

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Updated: Thursday, 15 Nov 2012, 7:24 AM MST
Published : Thursday, 15 Nov 2012, 7:24 AM MST
Katie Kim
ALBUQUERQUE (KRQE) - More than four years after construction stopped on downtown Albuquerque's Anasazi building, more obstacles are delaying the project's completion.
The 10-story tower was supposed to be home to luxury condos, shops and restaurants. Now, it is home to vandals. Its walls are covered in graffiti and trash litters the property.

The Anasazi was near completion when bank funding for the $9 million project went under. Developer Vincent Garcia of the Anasazi Downtown LLC was stealing money meant for the project. Garcia plead guilty to one count of bank fraud in August. He faces up to 20 years in prison at sentencing.

The Federal Deposit Insurance Corporation took over the incomplete Anasazi, then sold the mortgage and note to Kentucky-based bank, First Southern National Bank.

Albuquerque attorney William Keleher, who represents the bank, said his client made good on most of the building's bills. All the bank needed was for the courts to officially approve its ownership of the Anasazi, according to Keleher.

"It's a troublesome property, and we need to try to get it finished as quick as we can," said Keleher.

A judge in August denied the bank's summary judgment for foreclosure because of a legal technicality, said Keleher. Keleher said the issue could be resolved if one Albuquerque investor stepped out of the way.

"It would not be a problem if Kurt Lambert agreed to the foreclosure," said Keleher.

Lambert invested close to $200,000 in Garcia's development group in 2007. Lambert declined an interview but told KRQE News 13, he lost all his money and sued Garcia. In return, Lambert became part owner of Anasazi Downtown LLC but did not recoup his investment.

Now, Lambert said he's blocking the bank's deal in court, demanding Anasazi's new owners pay him what he feels he's due.

Keleher said Lambert has no claim in the building. The Anasazi is about $22 million in debt, which has not been paid. Today, the building is worth much less than what it owes.

"It's time to complete the foreclosure, have the sale and get that project finished," said Keleher.

The potential new owners have asked a district court judge again to approve Anasazi's foreclosure, so it can go ahead and finish the building. No word on when the judge will make her decision.

http://www.krqe.com/dpp/news/local/c...ntowns-anasazi

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Posted at: 11/20/2012 8:14 PM | Updated at: 11/20/2012 10:16 PM
By: Chris Ramirez, KOB Eyewitness News 4

The 4th Street Mall in downtown Albuquerque is one step closer to getting a major facelift with the help of a federal grant.

Currently, many people avoid 4th Street near Civic Plaza downtown. People loiter there for hours and the planters have turned into beds for the homeless. On top of that, rodents have infested the area and businesses are moving out.

In an effort to rehabilitate the 4th Street Mall, the City of Albuquerque secured a $2 million federal grant. The funds come from a federal program that helps downtowns in need.

"What we would like to do is take out the pedestrian features and basically convert it back into a street with pedestrian sideways for retail, cultural, and youth type activities," said Rob Perry, City of Albuquerque Chief Administrative Officer.

The plan adds a one-way vehicle accessible road through the mall and incorporates both retail and restaurant space on each side.

Perry said he hopes to have the project done within one year.

http://www.kob.com/article/stories/S....shtml?cat=504

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UNM regents approve plan for mixed-use retail site

New Mexico Business Weekly by Dan Mayfield, Reporter
Date: Tuesday, December 11, 2012, 3:34pm MST

UNM regents Tuesday approved a plan to turn acres of vacant land around The Pit and off University Boulevard into a mixed-use retail site.

Jack Fortner, president of the Board of Regents, confirmed the agreement to the Business Weekly. The agreement is with Fairmount Properties LLC of Cleveland, Ohio to lease and develop land into a mixed-use facility.

Fortner, an attorney from Farmington, said leasing the land but continuing to control it will provide the most financial benefit to the university.

Lobo Development Corp. located Fairmount, a company that specializes in university developments.

According to a memo from Kim Murphy, vice president of Lobo Development Corp., posted with the materials for Tuesday’s Board of Regents meeting, the agreement includes three land parcels located on the South Campus, the largest of which is located north of Gibson Boulevard and west of University Boulevard. Two smaller parcels are on the south side of Avenida Cesar Chavez near I-25.

Since 2007, Lobo Development Corp. has been working to develop the land. UNM had signed an earlier development agreement that fell through as the economy collapsed. This spring, Lobo Development inked a deal with Fairmount. The plan is to complete the project in five years.

http://www.bizjournals.com/albuquerq...&ed=2012-12-12


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Developer seeks help to build apartments

Updated: Wednesday, 12 Dec 2012, 9:47 AM MST
Published : Wednesday, 12 Dec 2012, 9:47 AM MST

Elizabeth Alvarez
ALBUQUERQUE (KRQE) - A developer wants to build a major apartment complex on Central Avenue in downtown Albuquerque and is now asking for the county's help.

“The developer is requesting property tax abatement so they essentially wouldn't pay property tax in lieu of providing a lower rent rate for workforce housing,” Director of Economic Development, Mayling Armijo, said.

For now, the county commission has deferred taking any action the request.

The Silver Moon Lodge Complex, a three story 150 unit complex, would be built on the site of old Silver Moon Motel near 10th Street.

The city tore down the crime ridden motel last year and the property is now a large vacant lot.

The apartments would be reasonably priced and cater to people working downtown.

http://www.kasa.com/dpps/news/krqe_n...tments_5087896

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Albuquerque population could reach 1 million in 2018
Albuquerque Business First by Gary Gerew, Assistant Editor
Date: Monday, January 7, 2013, 7:22am MST

Albuquerque could have a big boost in population during the next five years, according to an American City Business Journals On Numbers report.

Fifty-two U.S. metropolitan areas currently have more than 1 million residents. Tucson, Ariz., was the latest to join the million-plus club, crossing the threshold just five months ago.

But it won’t be the last entry. On Numbers has identified 28 other metros that have a decent shot at reaching a population of 1 million by 2050.

The closest to that goal are Honolulu, Fresno, Tulsa and Albuquerque, according to the report.

Honolulu should get there first. It’s Jan. 1, 2013, population was 976,894, based on On Numbers’ latest estimates. If its recent growth patterns continue, Honolulu will reach 1 million on July 28, 2015.

Albuquerque is expected to grow from 918,876 at the start of 2013 to 1 million on Sept. 21, 2018.

On Numbers has developed a computer program that analyzes more than a decade’s worth of demographic data to project the populations of states, metropolitan areas, counties and cities at any given moment.

http://www.bizjournals.com/albuquerq...&ed=2013-01-07

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Construction Begins!

Construction has begun on 2nd and Silver on the new Casitas de Colores residential units, a multi-family housing project featuring 71-units, mostly two- and three-bedroom apartments. The $16.2 million project is expected to be completed by February 2014. It is also expected to contain many green and social-services features that adhere to Enterprise Green Communities’ standards. Check out the Albuquerque Business First article linked here.
http://www.bizjournals.com/albuquerq....html?page=all

Albuquerque Downtown Action Team

Weekly Alert for January 10

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Downtown grocery store could be one step closer

Jan 15, 2013, 6:11am MST
Dan Mayfield
Reporter-
Albuquerque Business First

On Thursday, Downtown will take another step towards a new grocery store when the Albuquerque Development Commission will vote on an RFP the mayor released last summer.

In June, Mayor Richard Berry announced that he was releasing a city contract, or request for proposals, to redevelop a one-acre site on Silver Avenue between Second and Third streets. The city bought the land 13 years ago and remediated and rezoned it with the purpose of attracting a grocery store and pharmacy.

City spokeswoman Dayna Gardner said Monday the vote to accept the recommended bid will be Thursday. The bid must be voted on by the commission before the names of the bidders can be made public.

A Downtown grocery store is a big part of the redevelopment plan for the area, which has struggled in recent years. Retail and office vacancies have continued to rise in the Downtown core.

There were multiple bids, said Debbie Stover of the Downtown Action Team, on Monday, “They were scored and then the ADC decides if they will select or negotiate with bidders,” Stover said.

The store, according to the RFP released last summer, would be part of a public/private partnership. The city has been working for more than a decade to revitalize Downtown, and a big part of that has been public/private partnerships. The Downtown Theater block is an example of one of the city’s partnerships.

The city is seeking a 6,000-square-foot store, which is only about an eighth of the average size of a grocery store, according to the Food Marketing Institute.

Downtown has been called a “food desert,” because it isn’t served by a large grocery store. The area, though, is not completely underserved. The Lowe’s grocery store, at 12th Street and Lomas Boulevard, was recently remodeled and now features more produce and a full liquor section. The small County Club Market at 10th Street and Coal Avenue, and the 7-Eleven on the Fourth Street Mall, are both convenience stores with limited amounts of food.

Downtown has about 11,600 residents and nearly 30,000 people work in the area.

The city adopted the Downtown 2010 Plan, a redevelopment plan for the Downtown core, in 2000. The plan’s goals, which included retail services, were supposed to be complete in 2010.

http://www.bizjournals.com/albuquerq...01-15&page=all

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Geltmore wins vote to run new Downtown grocery store
Dan Mayfield
Reporter-
Albuquerque Business First

On Thursday, the Albuquerque Development Commission picked Geltmore LLC to run the new Downtown grocery store.

Last summer the city put out a contract proposal for a 1-acre site Downtown with the intent of opening a small grocery store. The request for proposal called for a mixed-use, 6,000-square-foot store on a vacant lot the city owns on Silver Avenue.

The city had five responders, two of which didn’t qualify, said Gabe Rivera, acting division manager of the Metropolitan Redevelopment Agency.

The staff recommended David Silverman of Geltmore LLC, representing UR 205 Silver LLC, which presented a four-story building of 60,000 square feet. The first floor would have a 6,000-square-foot grocery, and the rest would be one- and two- bedroom apartments.

The committee voted unanimously for Geltmore to take over the project.

Rivera said 30,000 people live within one mile of Downtown, and 40,000 people work in the area.

“We see all these people as potential customers to our grocery store,” Rivera said. “We realized there was a need. There was a need for 30 years.”

“The three bidders were always local vendors. That’s what’s always been a priority for the mayor,” the City of Albuquerque's deputy chief administration officer, Gilbert Montano, said.

The grocery store was a major part of the Downtown 2010 plan, which was drafted in 2000 by the city and the Downtown Action Team.

“They said if or when a grocer would come into the area, it would be a catalytic endeavor the city would undertake. That’s the model we’re taking,” Montano said.

The location is within 500 feet of a church or school, Montano said, making alcohol sales unlikely due to state laws.

The RFP process, Montano said, was designed to streamline the approvals for the store.

“It has to go through the same permitting processes, but what makes this a little unique is that it’s in an MRA, a Metropolitan Redevelopment Area, and it allows it to bypass the city council process,” Montano said. “It does save a significant amount of time.”

The city isn’t giving the land away, but it will work with a developer, Montano said.

Groups that presented had a variety of ideas.

A second group planned a seven-floor hotel, and grocery store with a pharmacy.

Rob Dickson, of Paradigm LLC, who responded to the RFP, said, "Our team really felt the biggest need was market rate housing. In looking at the trade area outlined by the staff, we felt the Lowe's provided a good choice in a Downtown grocery store."

His company's approach was a specialty market, with a cafe, called The Daily Market & Cafe, with 85 housing units renting for about $500 to $750 per month.

http://www.bizjournals.com/albuquerq....html?page=all

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I took this photo of the construction of the new IMAX theater at Winrock in Uptown ABQ.

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Renovation of 517 Gold SW begins

Damon Scott
Reporter-
Albuquerque Business First

New Jersey developer and furniture retailer Anthony Mehran says he is moving forward on the first phase of a residential development at 517 Gold Ave. in Downtown Albuquerque.

The eight-story former federal office building, vacant for more than a decade, will see its first two floors converted into 60 units of studio-sized apartments between 350 and 600 square feet, Mehran said.

Albuquerque architect Garrett Smith Ltd. has been working as the designer on the project, and AIC General Contractor is doing the construction. Mehran paid $1.51 million for the building in an online federal auction in 2007.

“We’re finishing demolishing the interior to start phase one and want to have the units ready in six to nine months,” Mehran said. “Depending on the speed of leasing, which we’re very confident will move quickly, we will see where we stand and start phase two on floors three and four.”

Mehran estimated that phase two could be completed in 12 to 15 months.

Built in 1958, 517 Gold was vacated when the government moved across the street to 500 Gold, a more modern office building, about 11 years ago.

http://www.bizjournals.com/albuquerq...&ed=2013-02-11

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Peterson Properties buys Simms Building
Damon Scott
Reporter-
Albuquerque Business First

The historic Simms Building at 400 Gold SW Downtown has been bought at its $1.75 million list price by Peterson Properties.

According to listing agent John M. Henderson III, a director at NAI Maestas & Ward, the deal was signed and approved Feb. 11.

“I think the best part of this is that now this classic, iconic building, that people [previously had] questioned if it could be built that high, will hopefully be returned to its grandeur,” Henderson said. “This will be a real shot in the arm for the downtown core.”

Maestas & Ward this month listed for sale the 13-story office building, which is about 60 percent vacant. Henderson said the building had attracted a number of potential buyers and offers.

The building comprises 113,699 rentable square feet sold at $15.39 per square foot. The building also contains a five-story parking garage with 227 spaces.

Henderson said the nearly-60-year-old building needs considerable renovations — possibly $3.5 million to $5 million for upgrades on its plumbing, electrical and HVAC systems.

Peterson Properties develops and manages commercial properties throughout the Southwest. It is involved in leasing and developing properties across the Albuquerque area. Representatives from the company were not immediately available for comment.

http://www.bizjournals.com/albuquerq...&ed=2013-02-11