Albuquerque Business First has a story about the Metropolitan Redevelopment Agency's 2021 report and its plans for the coming year. The report highlights projects completed over the past year and outlines upcoming projects that are in various stages of development and planning. The story linked to the report that was released on Friday. It's an interesting read even if it has many mistakes in the descriptions of the projects.
https://www.cabq.gov/mra/documents/mra-annual-report-2021.pdf
https://www.bizjournals.com/albuquerque/...ill-focus-on-these-projects-in-2022.html
Quote:
More than $160 million in public-private redevelopment projects are on tap for 2022 in Albuquerque.
The city's Metropolitan Redevelopment Agency released its annual report for 2021 on Friday, closing the book on five projects from the past year. Combined, they totaled nearly $79 million of investment for housing, improvements to the Rail Yards and $500,000 in outdoor restaurant grants in response to occupancy restrictions from the Covid-19 pandemic.
For its 2022 plan, the MRA — an arm of the city's economic development department — has targeted 14 projects. The city will be partners in those projects by contributing monetarily, offering tax abatements and/or land. The types of projects range from residential housing to a new charter school and are in various stages of development.
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Here is the list of the MRA's top projects for 2022, the development company the city is working with and the total investment:
- Springer Square Skyline with Zydeco LLC: $6 million
- Springer Square Outlying Development with Zydeco LLC: $20 million
- Broadstone Highlands East with Titan Development: $56 million
- Spirit Station with Metal the Brand: N/A
- Labs @ Innovate ABQ with Lobo Development: $5.2 million
- E&E Redevelopment with BCSW Properties: $1 million
- Rail Trail Phase 1 as a city project: $5 million
- Palladium Townhomes with Homewise: $4 million
- Nuevo Atrisco Commercial Corner with Maestas Development Group: $7 million
- Imperial Inn with Palindrome Communities: $7.7 million
- First and Silver with a developer TBA: $20 million
- Sawmill Phase 3: Tierra Adentro Charter School with Sawmill Community Land Trust: $8.5 million
- Broadstone Nob Hill with Titan Development: $21.5 million
- Rail Yards Streetscape: $2.4 million
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The most interesting upcoming project mentioned is the First and Silver RFP, which they say is still in negotiations. The report lists it as a 150-unit micro-housing project anticipated to cost $20 million. Previous reports said it would have "about" 200 units. With the various mistakes made in the descriptions of other projects I'm not so sure the description in the MRA report is correct. Some of the other mistakes made are that the Palladium Townhomes are described as having 14 units when there are actually sixteen. The Marriott SpringHill Suites project is described as having 198 rooms when it's actually 118, plus the 20 rooms for the Ronald McDonald House.
Another interesting project which they are now outlining in the report is the "Springer Square Outlying Development" with a cost of $20 million and described as having 140 hotel or apartment units. Downtown Albuquerque News earlier this year tried to determine how firm and far along the plans are for the outlying parcels of Springer Square. The developer responded that the plans so far were visionary and not yet set in stone. More recently Downtown Albuquerque News also linked to a City Council committee meeting with the developer where the ideas for the outlying Springer Square parcels were discussed.
https://downtownalbuquerquenews.us3.list...d6f0128cc4af9&id=15ec63ed59&e=08c25cc31c
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