Albuquerque Development Thread

[ABQalex]

Here are a few more pics of the Ex Novo project posted by Mark Baker this afternoon on Instagram. They apparently had a soft opening or preview event last night. It looks great, I'm so glad to see the transformation come to fruition and the space come to life! I can't wait for the official opening!

https://www.instagram.com/p/C-bIVcjvuJr/

[ABQalex]

Here are some more pics and a link to a post about last night's event at Ex Novo from the local brewery scene blog, the Dark Side Brew Crew. I'll quote just the beginning of the post and a portion where they mention that the deli and coffee shop portion of the structure has not been completed. That makes sense, and is something that I suspected. It seems they focused on finishing the taproom, bar and eatery portion in order to be able to open up quickly. I'm not gonna complain, I think they've done a great job so far!

https://nmdarksidebrewcrew.com/2024/...-advance-hype/

Ever since Ex Novo Brewing announced that they were taking over the former Firestone garage at Seventh and Central downtown, just about everyone has been waiting with baited breath as to how it would look when it’s finished, how it would feel, how it would bring some needed class and change to a much-maligned part of town.

Four of us in the Crew got a first-hand look at the new spot Wednesday night, invited to a friends-and-family soft opening. There were other brewery reps galore, from Canteen to Bosque to Steel Bender to Sidetrack to Marble and quite possibly more over the course of the evening. Mayor Tim Keller was even there with his entourage, and everyone played nice, which is rare in this charged political climate. The good vibe of this place even stamped out that.

The main taproom/dining area was fully operational, as was the cocktail bar/whiskey lounge/speakeasy upstairs. The outside patio is mostly finished, while the lunch deli/breakfast coffee bar is not ready quite yet.

Oh, but we digress, the most important thing for all of you is when this glorious place will be open to the general public. Ex Novo will be announcing that, so for now we can only say soon. Good things will come to those that wait.

...

The main floor houses the taproom, which also has a full bar and plenty of other seating, including very comfortable chairs. That is not always the case in a taproom. The southwest portion of the bottom floor of the building is still under construction and the plan is for a coffee shop and deli area. Upstairs is a dark, seductive, and swanky cocktail bar area. The outside patio is sizable with plans for fire pits.

[ABQalex]

Here's KOB-TV's coverage of yesterday's huge economic development announcement in Albuquerque. They have more of a look at Mesa del Sol and what this means for its growth and development. They note the impact of the almost 3,000 jobs of both solar energy companies and the Australian hydrogen company that have chosen to set up shop there over the last year, and how it may become the epicenter of solar manufacturing in the country.

Mesa del Sol already alludes to the sun, but I'd love to see it develop a moniker like "Solar Mesa" to really highlight and promote its position in the industry. That would go well with Intel's "Silicon Mesa" in Rio Rancho. In fact, Mayor Keller compares this concentration of solar manufacturing on Mesa del Sol to Intel’s impact on Rio Rancho in terms of growth.

The story also gives somewhat of an update on the timeline for the Maxeon construction, and now the Ebon Solar construction as well. It also has nice recent aerial views of the area throughout the story.

https://www.kob.com/new-mexico/secon...-mesa-del-sol/

ALBUQUERQUE, N.M. – It appears a manufacturing revolution could be taking off in the U.S. and New Mexico is playing a major role.

More companies are choosing to build new factories here, and most of them are planning to set up shop in one of Albuquerque’s newest neighborhoods – Mesa del Sol.

Mesa del Sol is already home to Netflix’s U.S. production hub, but it could soon become the solar energy capital of the country.

It’s expected to bring at least 900 high-paying jobs to the metro, and that’s on top of the 1,800 jobs the first solar panel factory is also planning to bring.

It’s another huge win for Albuquerque as the city positions itself as a renewable energy manufacturing hub. City leaders suggest this is just the beginning.

“There is a very high likelihood, within months, we are going to be the capital of solar manufacturing in America,” said Mayor Tim Keller.

Keller knows that might sound too good to be true, but he says Ebon Solar’s plans to build a new factory in Mesa del Sol is proof the solar train has left the station.

“Right now, no one manufactures solar panels in America, and to have them start and have that hub here in Albuquerque, New Mexico, truly will define us for a generation to come,” said Keller.

Keller says the Delaware-based company is planning to spend $942 million on a new solar cell factory, and it’s going up right next to Maxeon’s billion dollar solar cell factory.

Together, the two factories are expected to bring 2,700 new, high-paying jobs to the metro.

But of course:

“We all know it’s not real until ground is actually broken, and those jobs are actually created,” Keller said. “We’ve signed our agreements, Mesa del Sol has signed their agreements. But in all of these economic development deals, the big question is the actual private company and when they’re ready.”

Steven Chavez manages Mesa del Sol and says both factories are expected to break ground later this year.

He says they will occupy a combined 500-acre development, and there’s some work that needs to be done ahead of time.

“We are preparing right now, we’re putting about $86 million worth of infrastructure in the ground,” said Chavez.

Keller says the city is already thinking about new fire and police stations, as well as expanding utilities for the fast-growing community. He predicts the 2,700 new jobs will really put Mesa del Sol on the map.

“To put that in perspective, that’s the same size as Intel when it started, roughly. And that literally created sort of the modern Rio Rancho. That’s why, when I say things like Mesa del Sol may have 20,000 people in 15 years, that is not at all an exaggeration,” Keller said.

As of Wednesday night, it seems city leaders are betting both factories will be up and running by 2026.

Keller hinted even more renewable energy companies are interested in Mesa del Sol, and that shouldn’t be surprising.

People can find specific industrial hubs all over the country. For example, companies in Silicon Valley and oil companies in Houston.

President Biden visited Belen to help solidify a new renewable energy manufacturing hub here in New Mexico.

On top of the two solar cell factories, there’s also a wind turbine factory coming to Belen, and an Australian-based hydrogen company is also planning to expand to Mesa del Sol.

Reps with all of these companies say they plan on hiring mostly New Mexican workers. That’s a big reason why we’re seeing more job training programs from CNM and the City of Albuquerque.

But Keller says these companies are confident in our existing workforce.

“They believe the workforce is here, more or less. Of course, with anything this big, yeah, we hope people move here because of it. We absolutely expect that. But they believe to get started the workforce is here, and of course, CNM will help train them,” said Keller.

Keller says the predicted average wage at the new factory will be $75,000 a year.

[ABQalex]

Here's a project on Mesa del Sol that I posted about over on SSC last year when I first learned about it, but never got around to posting here. The Woodbury Corporation from Salt Lake City is planning a 420-unit apartment project near the Aperture Center. It will include several 3 and 4-story structures. The project will also have a total of 13,500 sq ft of ground-floor commercial space in two of the four-story buildings facing along West University Boulevard. A third 4-story building will have the management/leasing office and amenity spaces on its ground floor. Below are a description, site plan and renderings from its submittal before the Development Facilitation Team last year.





















The DFT ultimately approved the project and the developer has applied for building permits.

https://posse.cabq.gov/posse/pub/lms...ctId=193480270

The Encanto Mesa del Sol apartments are nearing completion, with residents already living in the completed portions of the project.

https://www.apartments.com/encanto-a...ue-nm/0qwr8g2/























A new condo building is also being planned on the site of a temporary dog park that exists across the street from the Aperture Center and directly north of where the Woodbury apartments will be built. The site of the proposed Eclipse Condominiums is the dirt lot in the lower left corner of the second pic below.





A build-to-rent community is also being planned on Mesa del Sol. Larson Capital Management plans to build a community with 210 homes for rent. That's according to a post by its CEO on LinkedIn, who toured the Aperture Center and Netflix on a trip here.

https://www.linkedin.com/posts/paul-...46112257-zvPD/



New single-family home subdivisions are also continuing to be developed and come online at Mesa del Sol. Below are pics from DR Horton's Mesa del Sol page on its website. They show views of Mesa del Sol and the areas being prepped for new subdivisions, including its Montage at Mesa del Sol subdivision.

https://www.drhorton.com/new-mexico/...e/mesa-del-sol
























Titan Development also announced late last year that it would develop and get ready between 500 and 1,000 lots for new homes on Mesa del Sol. The lots are supposed to come online later this year.

https://www.abqjournal.com/business/...559247ff3.html

Mesa del Sol and Titan Development are partnering up to bring more single-family residential lots to the area, as the master planned community continues to expand its residential and commercial offerings.

The partnership, Mesa del Sol managing partner Steven Chavez told the Journal, is expected to bring online between 500 to 1,000 single-family residential lots and the supporting infrastructure like roads, water lines, sewer lines, electric and gas.

[ABQalex]

Albuquerque Business First has another story with more information about the Ebon Solar announcement, which includes an interview with the company’s CEO, Judy Cai. She recounts a bit of what led them to pick Albuquerque over more than 20 other sites across the country. She also gives a timeline for when construction on the facility may begin. That timeline depends on an IRB request from the county. The Bernalillo County Commission is scheduled to take up that request at its meeting next week.

https://www.bizjournals.com/albuquer...e-project.html

Judy Cai, the CEO of Ebon Solar LLC, was standing at Mesa del Sol with Steve Chavez, managing partner of the master-planned community, when he pointed at a road stretching east toward the Sandia Mountains far in the distance.

"He said, 'Judy, this road … I'm going to name it Solar Way'," Cai recounted.

"I like that," the CEO continued. "It shows his plan, and his vision, of bringing more renewable energy solar companies into the area."

That meeting took place a couple of months ago, when Ebon Solar was still using the codename "Project Apollo" in early negotiations with Albuquerque and New Mexico officials and economic development leaders. A lot's changed since then, most notably Ebon's official announcement Wednesday on its plan to set up a $942 million solar cell manufacturing plant at Mesa del Sol.

Following that Wednesday news, Albuquerque Business First sat down with Cai to talk more about Ebon's nearly-billion-dollar project at Mesa del Sol, which the CEO said could kick off before the end of this year.

Ebon Solar wants Albuquerque plant to help fill gap in solar manufacturing market

Cai told Business First Thursday the Albuquerque site at Mesa del Sol — roughly 100 acres in total — was among more than 20 spots Ebon Solar looked at across the U.S. Ebon wants that chosen Mesa del Sol site to house an 834,000-square-foot manufacturing plant, the company's inaugural manufacturing project.

It'd use that plant to produce solar cells, small photovoltaic units used in the manufacturing of solar panels.

Cai wants Ebon Solar to "fill a gap" between solar cell production capacity and solar module production capacity; module production has accelerated in the U.S. in recent years, but domestic cell production hasn't kept up.

Ebon hopes its specific production method, built around a similar technological process used in advanced semicondcutor chip manufacturing, could make it a particularly appealing cell producer. Applying semiconductor technological processes to solar cell manufacturing could boost the "conversion efficiency" — the percentage of energy from the sun turned into electricity — by an estimated 20% or more, Cai said.

The company's targeting U.S.-based solar module manufacturers as customers, and manufacturers located in the Southwest, in particular. There are many existing solar module manufacturers in the region, Cai said, and abundant sunlight makes the Southwest an appealing spot for solar module end-users — energy firms developing large-scale solar projects — as well, she added.

Maxeon Solar Technologies Ltd. (NASDAQ: MAXN), one such solar module manufacturing firm, announced plans last August to build a $1 billion manufacturing plant at Mesa del Sol, which would sit in the same industrial park area as Ebon's planned facility. Cai said, down the line, Maxeon could be one of Ebon's solar cell customers.

"We did definitely get the impression that the state has a very strong commitment to developing the renewable energy industry," Cai said about early discussions with stakeholders in New Mexico. "This is a very good sign, when you see other people … coming here. There are good things about this place."

CEO says 'rough' early timeline points to groundbreaking in Q4

Ultimately, Cai said early estimates point toward Ebon breaking ground on the first phase of its manufacturing plant in the fourth quarter of this year, with hopeful phase-one completion by the end of 2025. The plant's first phase would have a production capacity of one gigawatt of solar cells, expanded to 3.5 gigawatts through its second phase.

That timeline is contingent upon a few things — one, finalizing the company's land purchase at Mesa del Sol and, two, securing an Industrial Revenue Bond (IRB) incentive from Bernalillo County. County Economic Development Manager Carolyn Tobias confirmed Wednesday Ebon applied for an IRB, which would act as a partial tax abatement for the company's project.

Ebon's IRB application will be introduced at the Bernalillo County Board of County Commissioners meeting on Aug. 13, Tobias said over email.

After those two milestones are reached, Cai said the company plans to "nail down" a more specific time frame for the buildout of its Albuquerque plant.

Maxeon, other Albuquerque manufacturing firms present workforce competition

To staff up that large manufacturing plant, Ebon Solar expects to hire upwards of 900 employees, with the goal of 90% of its workforce coming locally.

But it's not the only company eyeing local talent for both high-tech manufacturing needs and advanced engineering requirements, and construction workers before that. Maxeon, building a $1 billion manufacturing plant at Mesa del Sol, said it wants to fill around 1,770 jobs in Albuquerque — close to double the amount Ebon hopes to bring on.

Array Technologies (NASDAQ: ARRY) expects to hire nearly 100 employees in Albuquerque to work at its expanded manufacturing and headquarters campus, which broke ground in West Albuquerque in April. Array primarily makes solar tracking systems, pieces of equipment that attach to solar panels and allow them to rotate to align with the sun.

And although they're not in the solar industry, Austalia-based Star Scientific Ltd., a hydrogen research and development company, and Mtex Antenna Technology, a German antenna and telescope manufacturer, hope to hire roughly 200 employees and around 60 employees in the Duke City, respectively.

Cai said Ebon considered the hiring competition between it and other Albuquerque advanced manufacturing companies looking to expand their employee counts when considering the city for its first plant. But she doesn't see that competition as a zero-sum game.

"When business competes, you're not only competing for one piece of pie," Cai said. "You're actually trying to make the pie bigger, so each of you will get bigger slices."

Cai said when she was in Albuquerque around two months ago ahead of Ebon's Wednesday announcement, she met with leaders from the University of New Mexico and Central New Mexico Community College to talk about growing the area's workforce pie, with a "special focus" on job needs in the renewable energy industry.

"I was truly impressed to talk to these leaders and to see that they have a commitment in building this robust high-tech workforce," Cai said.

For Ebon Solar, in particular, Cai said a bulk of the company's anticipated workforce needs surround engineering — mechanical engineers, chemical engineers and electric engineers, she said.

New Mexico's tuition-free college program, which applies to public colleges and universities in the state, is a big boon for workforce training and education efforts, and also a key reason as to why Ebon selected Albuquerque as the home of its first manufacturing plant, Cai added.

"This is a long-term project," Cai said. "It's not like you're here for a couple years to make money. No, that's not the case. You build this huge capital investment not only in the tangible asset, it's also in the workforce, the talent, that could last from generation to generation."

[ABQalex]

Here's another project coming to Mesa del Sol that I recently learned about. It seems Roses Southwest Papers is planning a new warehouse and two additional structures near the Netflix Albuquerque Studios campus. The additional phases will include office and manufacturing space. Each phase will be 100,000 sq ft. I'm not sure if this means that Roses is planning to move from its existing facility in the South Barelas Industrial Park near Downtown, but it looks that way. But perhaps they just needed more space and it will be a satellite facility. Time will tell.

Roses mostly manufactures and sells its products for commercial and institutional customers, but it was a Godsend and gained notoriety in the early months of the pandemic when it offered its toilet tissue and paper towels, etc. to the general public during the shortages. It even set up a delivery system when the lines of cars around its facility got unwieldy and increasingly unmanageable.









A new Love's Travel Center is being planned on Broadway at the Sunport Boulevard extension. It will also apparently include Subway and Dunkin' locations.





Another Dunkin' location has been approved on Avenida Cesar Chavez between 3rd and 4th streets at the north end of the South Barelas Industrial Park adjacent to Roses' existing facility. It faced considerable neighborhood opposition, mostly to do with traffic and pedestrian/bike safety. I'm not exactly ecstatic that it's an auto-oriented design, but it will go in an awkward empty lot that has been an eyesore for as long as I've been alive, more than 40 years.



I'm glad that they at least put the structure against the street and the parking and drive-through is in the back and mostly hidden. I think it's an improvement over that empty lot. I don't think we can realistically expect everything to be built in an urban manner.

Perhaps if the South Barelas Industrial Park were ever emptied out completely we could redevelop the area and rebuild it in an urban manner to replace the neighborhood that was lost in the 1970s. But I just don't see that happening any time soon. Even though Roses may be leaving, Bueno Foods is still there and has recently expanded its facility in the industrial park.

https://buenofoods.com/the-bueno-story/





The planned QuikTrip facility at 12th and I-40 is facing an uphill battle after the Zoning Hearing Examiner denied it the ability to sell nicotine and also to have a fueling center for heavy vehicles, citing pedestrian safety and a rule which doesn't allow nicotine sales within 1,000 feet of another establishment that sells nicotine. The property where the QuikTrip is proposed is just within 1,000 feet of the property where Walgreens is located at 12th and I-40. The permissions QuikTrip was seeking are conditional uses under its existing zoning, so they'd have to seek a zone change or appeal to the city council in order to have a chance at getting what they want. The deadline to appeal the ZHE decision is August 15th.



Here are plans for a new industrial/warehouse space near Coors and Central on the Westside. The first phase will have 50,000 sq ft and the second will have 65,000 sq ft. It's a spec facility by Brunacini Development.





A new Chuze Fitness location recently opened nearby directly on Coors and Central in a former Albertsons location that closed a few years ago.

https://signnn.com/listing-inventory...ue-new-mexico/



Here also are plans for a new 90,000 sq ft data center in the WestPointe 40 development at 98th Street and I-40 on the Westside. The data center is being planned by Oppidan, which apparently builds data centers and leases them to various customers. They've built or have planned several similar data centers across the country in places such as San Jose, Memphis and Kansas City. Most of their locations this size have only about a dozen permanent employees.









The first structure to be completed at WestPointe 40 is a 150,000 sq ft spec warehouse. It secured Scholastic Books as a tenant soon after it opened last year. It was developed by Titan Development.

[ABQalex]

Another project at WestPointe 40 is something that I discovered last month and which I posted about recently over at SSC.

It looks like Amazon is planning yet another facility in Albuquerque on the Westside. BH Devco, which developed and built all of the current Amazon facilities in New Mexico, has submitted plans for a 132,000 sq ft facility on Daytona Road and Los Volcanes Road NW. It looks like it's gonna be very similar to the existing Amazon Hub facility nearby on Bluewater Road.

Like the other projects that they've developed and built for Amazon, it has a code name, "Project Chase" They dont identify Amazon anywhere in their submittal but that also fits with the secretive way that Amazon develops its facilities. So, I'm fairly certain this will indeed be another Amazon facility on the Westside. That will make for six total Amazon facilities in the metro area overall.





Here are a couple more screenshots from their recent submittal before the Development Facilitation Team that I've cropped a bit closer to see some more detail. As you can see, it's gonna have about 275 parking spaces for "associates" and also parking spaces and queuing areas for "vans" which fits with Amazon's operations, fleet and terminology. The awnings on the south side of the structure are similar to the one at the nearby Hub facility, which accommodates their vans but also independent contractors and customers coming to pick up or drop off packages.





Albuquerque Business First also recently had a story with two pics about the new Amazon fulfillment center officially opening in Los Lunas. They talk to the economic development director of the village about this and other projects in Valencia County like the Facebook (Meta) data center.

Unfortunately, however, they don't inquire about the status of the $2 billion aluminum recycling/manufacturing facility. I wish someone in our local media would. It's great to have all these announcements and planned projects, but as the KOB-TV story about the Ebon Solar announcement above said, it really means nothing until the projects actually come to fruition.

https://www.bizjournals.com/albuquer...nt-center.html

A massive Amazon fulfillment center has started operations in Los Lunas, nearly three years after construction got underway on the more than 1 million-square-foot site.

Work started on the Los Lunas fulfillment center, operated by Seattle-based global retail giant Amazon.com Inc. (NASDAQ: AMZN), in late 2021, Albuquerque Business First reported in December of that year. Phoenix-based BH DevCo served as the development firm for the project at the time, and Ryan Companies and DKD Electric, based in Minneapolis and Albuquerque, respectively, completed general contracting and electrical work on the project.

Now, following a large job fair hosted by the Village of Los Lunas in mid-June, Sam Bailey, manager of economic development policy in New Mexico for Amazon, confirmed operations have started at the company's Los Lunas fulfillment center.

The 1.1 million-square-foot fulfillment center, dubbed "ABQ2," services Amazon's customer fulfillment centers across New Mexico and the broader Mountain West region, Bailey said in an email to Business First. The site will receive inventory from Amazon vendors, including small- and medium-sized businesses, before shipping items out to the company's customer fulfillment centers throughout the region.

The operation is the first of its kind in New Mexico, Bailey added.

Amazon currently employs upwards of 750 full- and part-time employees at the center and intends to continue hiring at the Los Lunas site, Bailey said. The company has 11 open positions in New Mexico listed on its website, including one for a senior site workplace health and safety manager in Los Lunas.

Amazon site part of broader Los Lunas industrial development

Los Lunas Mayor Charles Griego, who was re-elected for a third four-year term in November 2023, said in February 2023 the site could have a total economic impact of approximately $300 million. A 2021 building permit listed the project's valuation at above $114 million.

Victoria Archuleta, senior economic developer for the Village of Los Lunas, said a site launch team from Amazon held a "launch and learn" event in Los Lunas in early June as part of the fulfillment center's opening process.

"They've been very transparent with the community," Archuleta said of the company, "which we certainly appreciate."

The fulfillment center is located at 6251 Pioneer Trail NW, just west of a 4 million-square-foot data center operated by Meta Platforms Inc., a Walmart Distribution Center and a Niagara Bottling LLC facility.

Those three sites are part of the Los Morros Business Park, which is tucked just west of Interstate 25 and north of NM-6. Amazon's fulfillment center, further to the west, sits in the Huning Business and Tech Park, Archuleta said.

A BNSF-certified rail hub, called the Central New Mexico Rail Park, falls to the west of the large business and tech park. Altogether, Los Lunas has over 2,200 acres of available industrial land, Archuleta said.

Valencia County, more broadly, is home to other developments, including a wind tower manufacturing facility in Belen operated by Arcosa Wind Towers and a 240-megawatt solar energy site developed by a subsidiary of NextEra Energy Inc. (NYSE: NEE) that sprawls hundreds of acres just west of Interstate 25.

To help bring in more projects to the Village and the broader County, Archuleta said her team works closely with other economic development organizations in the region, including the Albuquerque Regional Economic Alliance and the New Mexico Partnership, as well as the state's Economic Development Department, to hunt down leads and eventually lure firms to Central New Mexico.

"Recently, I'm getting a couple of inquiries a week," Archuleta said. She said she's seen a lot of interest from renewable energy, advanced manufacturing and solar development companies, specifically.

Developments like Amazon's fulfillment center and Meta's data center in Los Lunas help "put Los Lunas on the map" and diversify its economic base, she added.

"The fact that these big names are here, I'm certain that will continue to draw attention," Archuleta said. "It already has. We've definitely gotten a lot of attention from related and similar industries that would benefit from co-locating to the data center or a fulfillment center.

"It's not just limited to big names like Meta or Amazon," she continued. "We get companies of various sizes that are interested in being in Los Lunas because of the action and activity here."

[ABQalex]

The Albuquerque City Council at its meeting last week approved $8 million in funding for a proposed affordable housing project by YES Housing on the Westside. West Mesa Ridge will be located at Coors and Fortuna NW and will be built in three phases. The $43 million first phase will have 128 units, with an additional 72 units to be built in each of the next two phases, for a total of 272 units. An early learning center is also planned to be built on the site.

https://www.bizjournals.com/albuquer...3-housing.html

On Aug. 5, the Albuquerque City Council approved a proposal to build new affordable housing in West Mesa.

West Mesa Ridge Apartments is located on a 12.4-acre site at 701 Coors Blvd. NW. Once built, the project will bring 128 residential units to Albuquerque, with rents starting at 70% of the area median income, according to a memorandum submitted to City Council.

Following the approval, Chris Baca, president and CEO of YesHousing Inc., a nonprofit community development corporation, will start applying for city permits, with construction expected to begin in the second quarter of 2025, he said.

The $43 million complex is being developed in partnership with YesHousing and the City of Albuquerque. Approximately 19% of the project will be funded through Albuquerque’s Housing Forward Fund. Additionally, Baca is seeking 4% in low-income housing tax credits from Housing New Mexico, according to the memorandum.

“The motivation is that there isn't sufficient, affordable housing in this city to house families that are struggling,” Baca said. “The goal of the city and the county has been to produce more units of affordable housing. This is one of many efforts [in play] right now to address that goal.”

The multifamily complex will be constructed in three phases, with the first phase totaling 128 units. The community will feature a mix of one-, two-, and three-bedroom apartments, along with amenities such as an on-site garden and child care facility, Baca said.

Although Baca hopes to complete the project by 2026, a contractor has not yet been determined.

“[As] soon as we have everything in place, we can do an [request for proposal] for a general contractor,” Baca said.

Earlier this year, the Bernalillo County Board of Commissioners granted YesHousing a zoning change for a multi-use development project at 450 and 410 Rio Bravo Blvd. SW. This change enables the creation of affordable multifamily and single-family housing, retail spaces and community amenities in the area, Baca said during an interview with Albuquerque Business First on June 11.

As of today, there is a shortage of 32,000 housing units in Albuquerque, Isidoro "Izzy" Hernandez, executive director of Housing New Mexico, said during an interview with Albuquerque Business First on May 29.

Another affordable housing community broke ground last week on the Westside. Route 66 Flats is a 48-unit supportive housing development for those transitioning out of homelessness. It will be built along Central Avenue between 75th Street and Unser Boulevard SW. I had posted about this project last year over at SSC but never got around to posting about it here.

The story below says 47 units because they aren't including the onsite manager's unit in the total. Having an onsite manager living in the complex was one of the assurances the developer gave to neighbors who were vehemently against the project. As I posted over at SSC last year, the pre-application neighborhood meeting for this project was particularly nasty, with obscenities and accusations flying.

https://www.krqe.com/news/albuquerqu...t-albuquerque/

ALBUQUERQUE, N.M. (KRQE) – A groundbreaking ceremony was held in southwest Albuquerque on Wednesday for a new affordable housing complex.

The Route 66 Flats near Central and Unser will have 47 one-bedroom units for people with disabilities, mental or behavioral needs, and who earn less than 18,150 a year. Officials working on the project hope it will help Albuquerque residents exit homelessness.

“This project is not just about building apartments; it’s about building a community where residents can thrive and receive the support they need to live stable, fulfilling lives. We are proud to partner with Albuquerque Health Care for the Homeless, the City of Albuquerque, Housing New Mexico and other stakeholders to bring this vision to life,” Kara Summers, executive director of High Desert Housing, stated in a news release.

All the residents’ one-bedroom apartments will have access to community space, a shared laundry on the main floor, seating areas for gatherings, and meeting rooms for supportive services. An enclosed outdoor space will offer residents a patio, pet area, and outdoor seating. There will also be a large community garden on the south end of the property.

Albuquerque Health Care for the Homeless will provide on-site services to help residents be successful and stable.

“Albuquerque Health Care for the Homeless actively sought opportunities like Rt 66 Flats where each participating entity leverages resources and expertise to create the best living environment and beautiful design. We are eager to see this project go up and begin to offer integrated services on-site to residents,” Jennifer Metzler, chief executive officer of Albuquerque Health Care for the Homeless, stated in the news release.

The City of Albuquerque Planning Department reviewed and approved the building plans this summer, as submitted by the Route 66 Flats team. Albuquerque City Council approved $1.7 million to go toward the construction of the $16.6 million building. Additionally, Housing New Mexico MFA, contributed a $1.7 million HOME American Rescue Plan grant in capital funding.

The three-story apartment building is expected to open in late summer 2025.

Sol Housing is proposing a 99-unit affordable housing community near Coors and Central at Churchill Road and Bataan Drive SW. The project is to be built in two phases, with the first having 46 units and geared toward seniors. Sol Housing used to be known as the Greater Albuquerque Housing Partnership, but changed its name earlier this year.

The neighbors are also firmly against this project, despite it being senior housing. This is another awkward empty lot that has been vacant basically forever and which was made rather undesirable and unmarketable by the realignment of Coors Boulevard. It seems the neighbors would rather it remain that way than have to deal with a bunch of problematic and unruly seniors.



The Albuquerque Housing Authority is planning a rehabilitation and new build project further down Central Avenue at 60th Street. The project will involve the renovation and rehabilitation of 42 existing city-owned housing units along 60th Street NW and the construction of an additional 46 units in an empty lot just to the west of the existing units. A new community building will also be built. The entire project will be named Casitas del Camino.

[ABQalex]

Here are some pics showing the progress on the commercial portion of Nuevo Atrisco. They were posted last week by the Metropolitan Redevelopment Agency on its social media accounts.

https://www.instagram.com/p/C-acmmluaY4/







It seems another similar food park/permanent food truck community is being planned near Nuevo Atrisco further up Central Avenue at 98th Street. Below are two building permit applications for a project at 9511-9561 Central Avenue NW. The first is the main one filed back in February and which says it's ready to be issued. The second is one of its associated permit applications which gives a fuller description of the project. I haven't been able to find much information about this project other than what's shown on the building permit descriptions, which I'll quote below as well.

https://posse.cabq.gov/posse/pub/lms...ctId=198307241

https://posse.cabq.gov/posse/pub/lms...ctId=190902497

2 Buildings/Metal Canopy & 8 Food Trucks.
Building 2/Metal Canopy Permit#: BP-2024-05781

Application Specific Location
Construct a 4,350 sq.ft. warm shell metal building, and (10 space) food truck courtyard with an accessory restroom building under a metal canopy.

Below is a screenshot of the site from Google streetview which shows a crude food truck setup that they may be trying to build off of and improve with this project.



It would be great to continue to see these food truck parks develop across the city, to improve the look and operation of such roadside setups that are fairly ubiquitous along major streets. The Nuevo Atrisco Food Park is also actually being built on the site of a popular food truck hangout spot on a former empty lot. Popular places such as With Love Waffles used to set up there.

Below are a few pics of the ABQ Food Park in the Far Northeast Heights, which is another recent example of an improved food truck community.

https://www.instagram.com/abqfoodparkofficial/







Another old Route 66 motel is slated to be renovated and repurposed in Albuquerque. The La Hacienda Motel on Central Avenue between 61st and 64th streets on the Westside is being redeveloped into a "Mexican food court with a full-service restaurant, six food vendors, four retail spaces, indoor-outdoor patios galore, and a soccer bar"

That's according to Mark Baker's description of the project in a post that he made on Instagram along with his architecture firm's account back in April. They applied for building permits in June and July.

https://posse.cabq.gov/posse/pub/lms...ctId=206119030

Below are pics of the property from the post. It sounds very interesting, I hope it will add to the string of successful motel redevelopment projects along Central Avenue in the past few years, especially as we're coming up on the Route 66 Centennial!

https://www.instagram.com/p/C5jFQwDv_sk/



















It looks like a new mini food hall is also being planned for the ground floor of the smaller structure of El Vado Place. A building permit was recently issued for the 2,100 sq ft space, which will include a common dining area and food pods, according to the permit description.

https://posse.cabq.gov/posse/pub/lms...ctId=201767524

The ground-floor space of the larger structure has always been able to attract tenants and be filled, but this space hasn't had the same luck. It was always envisioned to be a larger restaurant, but it seems the developer thinks they'll have better luck expanding the food pod setup of the El Vado Motel, only in an indoor setting. That's actually similar to the setup at the Imperial Motel.



Here are some pics of the new Vinaigrette location at Country Club Plaza which opened back in April. It's one of several projects being developed by Erin Wade in West Downtown. You can also see the small food truck-like operation that will be known as Tiny's, which is located in a vintage Airstream trailer that's parked under a canopy out front.

https://www.krqe.com/news/business/n...nd-pickleball/

https://www.facebook.com/VinaigretteNM/











Here's a look at the interior of the trailer which will house Tiny's.



Next door to the new Vinaigrette space will be The Pickleballer, a watering hole/cocktail lounge with food service adjacent to an outdoor pickleball court that's also in front of the new Vinaigrette space.











The Pickleballer is also planned to have a new neon sign on Central Avenue. It was one of the recipients of the city’s grant program earlier this year for the restoration of signs along Route 66.



I haven't seen much about Schweinhund, which is the new establishment that is supposed to go into the former Vinaigrette space at Country Club Plaza. I assume that it is undergoing interior demolition and prep work now that Vinaigrette has vacated the space. I've been keeping an eye out for building permit applications, but haven't seen any thus far.





The building permits for The George at Country Club Plaza were recently issued. I look forward to this project getting underway!

https://posse.cabq.gov/posse/pub/lms...ctId=200421814

https://posse.cabq.gov/posse/pub/lms...ctId=202770874

https://posse.cabq.gov/posse/pub/lms...ctId=202772206



The proposed Cambria Hotel on Central Avenue adjacent to the Old Town ART station was recently approved by the Development Facilitation Team. The developer told Downtown Albuquerque News earlier this year that they are aiming to begin construction before the end of the year.

https://documents.cabq.gov/planning/...f_Decision.pdf

Below are two renderings from its final submittal before the DFT, including an angle that we've never seen before. The hotel will have 114 rooms and a rooftop bar/restaurant overlooking Central Avenue.

https://dmdmaps.cabq.gov/DRB/PR-2023...e%20P.%20DFT)/





Sunday Bagels is supposed to be coming to the former Cafe Laurel space on Central Avenue adjacent to the West Downtown ART station. Below is a post that they made last summer announcing their first brick and mortar location. I got excited when a building permit was recently issued for the project, but it was ultimately canceled shortly after. I'm unsure of what's going on or if it's still planned.

https://posse.cabq.gov/posse/pub/lms...ctId=206506659

https://www.instagram.com/p/CuiCa2pyl9v/



The post is still pinned at the top of their Instagram feed and they actively post on Instagram, so I'll hold out hope that it's still in the works. This would be the second local bagel shop along this stretch of Central Avenue. Kaufman's Coffee & Bagels opened a couple of years ago at El Vado Place.

https://kaufmanscoffeebagels.com/our-story



I have dreams of the empty lot directly west of the former Cafe Laurel structure being turned into a multilevel, mixed-use structure with lots of apartments and very little or no parking. It's right next to the West Downtown ART station and would be a perfect opportunity for a TOD project. I have high hopes that someone in our local development community who is urban-minded, such as Jay Rembe, Mark Baker or Chad Rennaker, has an eye on the property and is planning something big here!



Here are a couple of pics looking toward the area around the West Downtown ART station from real estate listings for units in the Park Plaza condominium building.

https://www.estately.com/listings/in...e-nm-87102--75



https://www.estately.com/listings/in...e-nm-87102--70



And here's a view from the ground looking toward the ART station with the former Cafe Laurel structure beyond.

[ABQalex]

Here's some more information and an unfortunate update about Schweinhund that I learned over at SSC just now and wanted to copy over here. It's a quote of posts and replies between me and two other posters over there.

Originally Posted by ABQalex

Oof, thanks for this information and link! It's too bad, but hopefully something great is still coming for this space.

Now that we know Schweinhund is dead, at least in that space, I just hope that Tiny's and The Pickleballer won't eventually be affected by the whole landlord-tenant relationship that has apparently soured.

Now that you mentioned it about Erin Wade and her ideas morphing and changing, I was remembering that there were supposed to be several different concepts originally, something like seven total. La Planta apparently morphed into The Pickleballer, as a sort of membership club that's nonetheless open to all. Krolicki's Fine Foods was also supposed to be a sort of Polish deli/market. It was named after her fiance, who is an architect and designed these most recent projects of hers.

Both Schweinhund and Krolicki's would've been awesome additions to our food scene. I hope they still might come to fruition!

If you read Erin Wade's blog post about the situation she says that The Pickleballer and Tiny's are still happening despite the Schweinhund project falling apart. Let's hope that's so!

To brighten things up a bit and add visual interest, here's another nice pic showing West Downtown and the main part of Country Club Plaza. It's from the Manzano Day School profile on the Homes.com website. Check out the other pics at the link for nice aerial views of Old Town and the school's campus and surroundings with the Downtown skyline beyond. This website really is a treasure trove of nice Albuquerque pics, aerial ones especially!

https://www.homes.com/school/albuque...d0xssqzyc6b1f/

[ABQalex]

The mayor and the heads of business groups had a news conference yesterday about the efforts to create a Downtown business improvement district and a tax increment financing zone. Below are stories fom KRQE and the Albuquerque Journal about the event and efforts.

https://www.krqe.com/news/politics-g...n-albuquerque/

ALBUQUERQUE, N.M. (KRQE) – Albuquerque city leaders announced two major changes that could give the downtown area new life. “Downtown has to save itself, but we’re going to help,” said Mayor Tim Keller, City of Albuquerque.

Putting power back in the hands of Albuquerque’s downtown community is the goal, fueled by two initiatives meant to increase funds and enhancements. “Number one, we are going to give downtown it’s money that it generates for itself. So how do you give people power? We are going to give downtown funding, and we are going to give downtown in many ways operational control of its own community,” said Keller.

$200 million over the next twenty years is what the city hopes Tax Increment Financing, ‘TIF’ for short, will contribute to the area. “So, if you are a property owner in downtown, the money that you’re paying in taxes is going back into downtown,” said Terry Brunner, Metropolitan Redevelopment Agency Director.

The second change, a Business Improvement District also known as a ‘BID’, gives the community control to collaborate with the city to enhance things like beautification, safety, and parking.

“And for a BID to be exciting and productive and successful, it has to be driven by entrepreneurial people looking for innovative ways to get the job done,” said Terri Cole, President & CEO at Greater Albuquerque Chamber of Commerce.

There are also plans to submit legislation to Albuquerque City Council to crack down on landlords responsible for abandoned downtown buildings.

https://www.abqjournal.com/business/...9e99bc73e.html

City and business leaders want to change the economic landscape of Downtown Albuquerque — a problem that has plagued many administrations over the years — and they’re offering up a series of initiatives that can create hundreds of millions of dollars for reinvestment.

Gathered at the Greater Albuquerque Chamber of Commerce on Wednesday, city officials said they plan to implement a Tax Increment Financing, or TIF, district in Downtown Albuquerque. They also plan to urge business owners in the area to create a Business Improvement District, or BID, a mechanism used in other cities throughout the country to boost commercial efforts.

Albuquerque Mayor Tim Keller, who spoke at the Wednesday press conference, said he believes “we need to put the power of Downtown back Downtown.” He said part of the problem has been how politicians look at helping Downtown through only a singular person or idea.

“That attitude is the problem,” he said. “Downtown has to save itself, but we’re going to help. And we’re going to put skin in the game, and we’re going to be there because we’re part of Downtown.”

Terry Brunner, director of the city’s Metropolitan Redevelopment Agency, said a Business Improvement District is a common and popular mechanism used in other areas of the country “to give rights in a sense back to commercial interests.”

That includes, he said, allowing businesses to run their own services such as parking, marketing and security “in a specific area to attract more business activity.” He said the BID process is underway.

“We have an ordinance in the city that allows for this to take place, and business owners and property owners can petition the city to do a study and create a Business Improvement District, and then assess a fee across those property owners that that group of property owners then can use in their own interest to promote their businesses,” Brunner said. “It’s really, in a sense, a business rights-, property owners’ rights-kind of organization.”

Brunner said tax increment financing is also commonly used to improve downtowns in other cities, including Colorado Springs, Tucson and Denver, which all spend upwards of $60 million a year through that mechanism.

“We don’t do that,” Brunner said. “It inhibits our ability to really go after properties and redevelopment ideas that are out there.”

He said in the case of the Downtown TIF, which spans 20 years, the city will take an “increment of the property tax growth in the area and reinvest it from where it came.” While the TIF will be property-tax based, Brunner said a new state law will also allow up to 75% of the increment of growth of city, county and state gross receipts tax to be reinvested in the area over that period.

City officials said a Downtown TIF could produce roughly $200 million.

“What’s great about the 20-year growth timeline is we can plan; we’re not living year to year by the budget we’re given,” Brunner said. “We can see into the future how much revenue is coming in and then anticipate the opportunities that are Downtown that we can invest in.”

Terri Cole, president and CEO of the Greater Albuquerque Chamber of Commerce, called the announced BID and TIF “at-scale transformations.”

“That’s the potential they have,” she said.

I find it rather ironic for the mayor and others to say that we can't expect one thing to fix and improve Downtown yet they are acting like this BID is going to be a game-changer and savior of the area. We instituted a BID over twenty years ago when this current era of Downtown revitalization began. It was in place until the beginning of the last decade.

If a BID is going to be so transformational and a better way of doing things downtown, then why wasn't that the case with the last one? I'm not against the formation of a BID at all, but to act like Albuquerque hasn't already tried this and that we are somehow failing by not having one currently is rather ridiculous. It will help, but so will a million other things that we could be doing that we've done in the past.

Having Summerfest entirely Downtown, the Twinkle Light Parade and Holiday decorations on Central Avenue, and the skating rink in the winter on Civic Plaza are things that immediately spring to my mind that should also make a comeback. Those things were canceled or moved to other areas of the city by the city government when they shouldn't have. They all helped bring people down here and reinforce the area as the heart and rightful focus of our city.

We did a heck of a lot Downtown in the last decade under Mayor Berry just after the previous Business Improvement District was dissolved. The Imperial Building with its grocery store and One Central were the result of the previous mayor’s successful management of the RFP redevelopment tool. The completion of the unfinished and abandoned Anasazi Downtown structure was also prompted by him.

We had the massive renovation and facelift of the Convention Center's West Complex, the renovation of Civic Plaza and the restoration of 4th Street all under his leadership. We had events on Civic Plaza, like Shakespeare on the Plaza, the New Year's Eve Balloon Rise and the winter skating rink. We had great momentum and a building up of pride and interest in the heart of our city.

The Skyline Competition at the end of Mayor Berry's last term would've been transformational like never before, but the first thing this mayor did was to cancel it when he came into office. He killed great momentum and ended big projects for no good reason at the beginning of his first term. That was years before there was a pandemic that gave him an excuse for his failures and horrible vision and plans (or lack thereof). He's done nothing but waste precious time and resources since he's been in charge.

Most of the progress we've made since has mostly been at the hands of people like Mark Baker, the Silvermans, Jim Long and many other small businesses owners and developers who see the promise and have of a vision of a better Downtown Albuquerque.

I continue to be annoyed with the mayor’s attitude toward Downtown businesses and the way he tries to shift blame and responsibility to them. It's him and his administration who have failed the area, whether it be the many failed and mismanaged RFPs to his blind eye and hands-off approach when it comes to the effects of crime, vandals and vagrants.

He and the city government have failed at their basic responsibilities to the area and city overall.

People, developers and business owners have been improving Downtown Albuquerque despite the city and mayor’s failures and shortcomings when it comes to their basic responsibilities. They should be applauded and thanked for that, not lectured that they are expecting too much from the city and somehow not doing enough for themselves.

I've always said, it's a miracle what gets done in Downtown Albuquerque despite the incompetence of our leaders and the attitudes, negative opinions, and downright hate and hostility shown to it by all too many people in this city. All of that progress is due to a select group of people, and certainly not this mayor and his administration.

Like I also always say and acknowledge, the mayor has had some success and good ideas when it comes to Downtown, but they've mostly not come to fruition yet, so he can't be given full credit for doing something. As even he's said, proposals, announcements and ideas account for very little until they actually happen.

Ex Novo was a recipient of the Storefront Activation Grant Program and the Arrive Hotel a recipient of the Route 66 sign rehabilitation program. I think we need to extend and expand both those programs, the storefront program especially. I'd rather see us invest millions into that program than many others. It helped a lot of businesses get going, but only at about tens of thousands each grant. I'd like to see that expanded to the hundreds of thousands each grant. It was expanded to a maximum of $250,000 in its second go-round, but only if certain size thresholds were met. For that reason it wasn't as successful in attracting applicants and has apparently been ended, as the program page has been removed from public view on the city’s website.

https://www.cabq.gov/mra/storefront-...-grant-program

The mayor has proposed big things that will affect Downtown and he has just one RFP so far which may be successful in the area. The Rail Trail will be glorious and transformational, I hope to God nobody messes with that idea the way he messed with the Skyline Competition, and that we see it through successfully even if he doesn't get elected to a third term next year. The Marquette at-grade crossing has already been completed and the Central Crossing has gotten underway. And the Downtowner may also get underway soon.

These will the mayor’s chance at redemption in my eyes, and will improve his track record immensely if they really get going and begin to come to fruition over the next year, in the last year of his second term.

https://www.mullenheller.com/project...he-downtowner/



http://www.predock.com/RailTrail/RailTrail.html

[ABQalex]

Yesterday's news conference about the Downtown BID and TIF effort was held at the Greater Albuquerque Chamber of Commerce's offices in Century Plaza, which it moved to a few years ago from the Theater Block. The building also recently welcomed a new bank as a tenant. Capra Bank is a recently-formed bank with links to longtime and influential bankers in New Mexico. The bank's local president said that he wanted to locate the bank in Downtown Albuquerque in order to help with its revitalization. Below are recent stories and pics of the new location by Albuquerque Business First and the Albuquerque Journal.

https://www.bizjournals.com/albuquer...ue-market.html

What do Dubuque, Lubbock and Albuquerque have in common? A new community bank.

Capra Bank, founded in September 2022 in Iowa, has entered the New Mexico market with an official launch planned for July 15. And while the decision to move into each of these cities might seem random, its founder said it is the opposite.

L.H. “Tut” Fuller — who is the chairman, founder and CEO of Capra Bank — comes from a bit of a banking dynasty. His great-grandfather founded what is today Heartland Financial USA Inc. during the Great Depression. His grandfather ran it after World War II, then his dad eventually took the reins. Fuller, himself, spent a decade with the company.

Fuller’s father, Lynn Fuller, started New Mexico Bank & Trust — under the Heartland Financial umbrella — in the late 1990s with Greg Leyendecker, who retired from his role as president and CEO of NMBT in 2023. Leyendecker's son, Tyson, is president of Capra Bank's Iowa market.

Heartland Financial made big headlines this past spring when it was announced that Kansas City, Missouri-based UMB Financial Corp. would acquire Heartland Financial — including NMBT — in a deal valued at roughly $2 billion.

“If you want to know what connects Dubuque or Lubbock or Albuquerque, those are all the headquarters of different Heartland Financial Banks,” Fuller said.

Capra Bank’s Albuquerque branch is located Downtown at 400 Tijeras Ave. NW in Century Plaza, across from Civic Plaza. They have assembled 14 employees — from NMBT — to outfit their new location (see the employee list below). Capra Bank’s Albuquerque president is Andres Garcia, who had served as president and CEO of NMBT since the start of the year.

“Downtown, obviously, has historically been the financial district,” Garcia said. “And much like the brain drain has impacted New Mexico, I'm committed to revitalizing Downtown and felt that it was very important that, if we're going to strive to be the top community bank in the state — and in Albuquerque — that we also prop up Downtown.”

The Capra Bank model puts a premium on technology, with each of the bankers able to make business or house calls. As Garcia put it, they will “bring the bank to the client.”

How Capra Bank plans to forge a local path

Garcia, who left Bank of the West three years ago before joining NMBT, said the Capra Bank position appealed to him because he intends to stay rooted in New Mexico.

A native of the state with nearly 20 years of banking experience, he said he wanted to continue to “deliver” for his community and clients. That, paired with Capra Bank’s tech stack are why, he said, he joined.

“[I] felt that a strong, well-capitalized community bank is what New Mexico needs, but more importantly, what Albuquerque needs,” Garcia said.

Capra Bank got its start via the purchase of Peoples Savings Bank in Montezuma, Iowa. Fuller said in just over a year, they have grown from $50 million in assets to $350 million. Capra employees are also able to invest in the bank, as are the bank’s local clients. Fuller sees the emphasis on "local" as a differentiator.

“Although my family has control, it's not just about my family. It's about all the employees and the top clients owning part of the bank,” Fuller said. “And we think that's a very important thing.”

When describing the Capra team, Fuller called them “like-minded, community-oriented bankers.”

“They care about their local communities, and they want to do something about it,” he said. “And their way of doing something about it is banking.”

As for further New Mexico expansion plans, Fuller expects more than one brick-and-mortar facility but emphasized how having “mobile-enabled” bankers will allow them to be selective and strategic about any future locations.

Capra Bank's Albuquerque team

• Andres Garcia — President
• Trevor Lewis — EVP, commercial banking
• Mike Gaillour — SVP, commercial banking
• Ryan Jaseph — SVP, commercial banking
• Mike Sanchez — SVP, treasury management
• Liz Earls — EVP, commercial banking
• Aaron Wadley-Child — VP, commercial banking
• Matt Houston — VP, commercial banking
• Martha Tierney — VP, commercial banking
• Linnea Moe — Assistant VP, commercial banking
• Michelle Miranda — Assistant VP, private banking
• Tina Jaramillo — Assistant VP, commercial banking
• Lupita Orozco — Assistant VP, treasury management
• Kamryn Armstrong — Assistant VP, private banking

https://www.abqjournal.com/business/...22ea00d35.html

Before Capra Bank Chairman and CEO Tut Fuller purchased a bank, he knew he wanted to do business here in the state.

“In my plans, I was coming to New Mexico,” said Fuller, whose Capra Bank just opened its first Albuquerque branch this month. “I still remember when my dad started the bank in New Mexico — New Mexico Bank & Trust. I think I was 14 years old. I have a lot of fond memories as a kid, getting to go on work trips with my dad and coming to New Mexico.”

The bank, headquarted out of Dubuque, Iowa, opened on July 15 at 400 Tijeras NW in Downtown Albuquerque. The bank, like many others, offers the typical services — checking and savings accounts as well as loans and lines of credit on both the business and consumer sides.

Fuller, a fourth-generation banker, previously worked for Heartland Financial, the parent company of New Mexico Bank & Trust.

His family, who held stock in Heartland, took what they had and sold it. Fuller said he and his brother used their share of the money to purchase Peoples Savings Bank, which they changed in the spring of 2023 to Capra Bank “when we did our rebrand and relaunch.”

The bank has locations spread across Dubuque, Iowa, Montezuma, Iowa, Lubbock, Texas and, now, Albuquerque.

In coming to Albuquerque, Fuller found a formidable partner in Andres Garcia, whose career in banking spans nearly 20 years in New Mexico. Garcia serves as president of the bank’s operations in New Mexico.

A graduate of Del Norte High School and New Mexico Highlands University, Garcia began his banking journey in 2006 at Bank of America, working for Rick Wadley, the bank’s former president in New Mexico. He followed Wadley, who he calls a mentor, to Bank of the West a few years later and worked with him there until Wadley’s retirement in 2017, he said.

“And that was my first step into leadership,” Garcia said. “I took over the commercial department for Bank of the West locally, and had about seven direct reports like a sales staff, support staff, and we managed a little over a billion dollars in assets under management.”

He also met another mentor, Michael Wamsganz, now the president of Citywide Banks in Denver, while working at Bank of the West. Garcia was in Denver in late 2014, managing his New Mexico clients from nearly 500 miles away as he spent time up there with his daughter, who was being treated for a brain tumor.

“He basically gave me an office in the building that I had no real reason to be in,” Garcia said of Wamsganz, then an executive for Bank of the West’s west region in Denver. “I easily could have worked out of my apartment that I was living in. But he just really took me in and made me one of his own.”

Garcia joined New Mexico Bank & Trust in 2021, most recently serving as president and CEO. Garcia said he’s elated that he’s been able to find success in his home state, now most recently leading Capra Bank’s local operations.

“I hate that there’s a stigma that people think they have to leave to be successful,” he said. “Having those mentors and seeing what we had to go through has really allowed me to have a clear vision.”

Asked what Capra Bank’s plans are for the future in Albuquerque, Fuller said he’d like for the financial institution to be “a leading bank in the community.”

“We have some of the best — if not the best — bankers in Albuquerque,” Fuller said. “And we’re combining that with some of the best technology in Albuquerque. And we’re throwing that into a culture that empowers those people to do what they do best.”

Mark Baker attended yesterday's news conference and posted these nice pics of the interior atrium at the center of Century Plaza, which he had never seen before.

https://www.instagram.com/p/C-qHpVevMiI/







Century Plaza was originally known as Plaza Campana (Bell Plaza) and was built by Mountain Bell in the early 1980s to house its offices and local telephone infrastructure. CenturyLink is its successor company and still has its local offices in the building. The structure underwent an extensive renovation a few years ago and that's when the name was changed to Century Plaza. It is the largest office building in New Mexico, with over 400,000 sq ft of space.



As an aside, I also want to note that this will make for 7 banks that have their main offices in Downtown Albuquerque. That equals the number that we had a few years ago, before Bank of Albuquerque announced its move to North I-25 and Bank of America closed its main office completely. The local news media made a big to-do and ran stories about an "exodus" of banks and how this was proof of Downtown Albuquerque's decline and demise. How sweet it is to see that number rise again with Capra Bank. This place is nothing if not resilient, and that's despite the mismanagement and failure of leadership by the mayor and city, and those who hate it or who would love to see it decline and fail.

Below is the list of the seven banks with their main offices in Downtown Albuquerque, from north to south.

US Bank
Wells Fargo
PNC
BMO
Capra Bank
WaFd Bank
New Mexico Bank & Trust

Here's a screenshot showing a ranking and list of all the banks in metro Albuquerque and their deposits as of June 2023, the latest numbers available. Metro Albuquerque has $20.4 billion in total bank deposits. Most of the top ten banks have their market headquarters in Downtown Albuquerque. Southwest Capital Bank is also headquartered nearby in West Downtown. Chase Bank entered the market in 2021 and is rising in the ranks, just outside the top ten. I eagerly await this June's market report, which usually comes out in the fall.

https://www7.fdic.gov/sod/sodMarketBank.asp?barItem=2



Here's a pic of the signs for WaFd Bank atop Albuquerque Plaza from Heritage Real Estate's Facebook page. You can also see New Mexico Bank & Trust's signage in the bottom left corner.

https://www.facebook.com/HeritageREC/

[ABQalex]

FBT Architects announced last month that it will be moving its offices from Park Square in Uptown to 500 Marquette in Downtown Albuquerque. They will occupy the entire 16,322 sq ft top floor of the 15-story structure. The space has floor-to-ceiling windows, as it was originally home to the Petroleum Club and its members-only restaurant, noted for its views of the city. They recently applied for a building permit for the work to build out the space for their use.

https://posse.cabq.gov/posse/pub/lms...ctId=208734851

https://www.loopnet.com/Listing/500-...e-NM/19362205/





Here's a link to the announcement on their website, which quotes and links to a profile in Albuquerque the Magazine where the firm's president talked about his company’s history and its future in Downtown Albuquerque.

https://fbtarch.com/making-big-moves...ighter-future/

Making Big Moves & Building a Brighter Future

Albuquerque, NM

"I’m excited about the opportunity to work in a great space that is designed to respect the 360-degree views of Albuquerque while providing opportunities for maximum staff interaction. Architecture and designing buildings should be fun. This new studio environment should only enhance that and be a place where our people want to be."

Art Tatum,
President, Director of Design

Albuquerque The Magazine Architects Profile Feature

In 1973, a small group of hungry architects came together with a vision to put pencil to draft paper and transform the burgeoning city of Albuquerque—one innovative design idea at a time. They never could have imagined 50 years later, their scrappy little architecture firm (yes, it was FBT Architects) would have grown to 60 people, three offices and hundreds of built projects that have elevated the landscape of Albuquerque and the region beyond. While many things may have changed during this time, their original vision remained, and their passion for design only grew with and permeated throughout the firm.

These last few years have been especially rewarding, as FBT has landed some exciting new projects in our own backyard that represent a promising future for the city of Albuquerque and reflect our mission as a firm. With great passion, service and collaborative spirit, we embrace our opportunities to enhance the human experience with every project we design. We are constantly working to revitalize and build a brighter future for our community to enjoy now and into the future. As part of that goal, we are excited to announce we’re moving our headquarters downtown after 11 cherished years at One Park Square.

This is yet more great news and another project to add to the current positive momentum for Downtown Albuquerque. While Downtown Albuquerque has traditionally been home to smaller and medium-sized architecture, design, planning and engineering firms, unfortunately that hasn't been the case for the larger and highly influential firms, who have mostly shunned the center of our city, instead preferring Uptown and North I-25. SMPC Architects moved to the top floor of the old First National Bank Building a few years ago. Hopefully FBT Architects also moving down here will inspire others to make the move to the heart of our city!

I also hope perhaps they will put a sign at the top of the building. The former Bank of the West had its sign at the top of the building before they moved into the former Bank of America space and eventually became BMO.

[ABQalex]

Here's a pic of what the city is apparently planning for Central Avenue downtown to add bike lanes and also parklets/parquitos and bike parking by removing parking spaces and getting rid of the middle turning lane that doubles as a delivery zone for businesses along Central Avenue. It was posted last week on Twitter, along with a nice pic of Central Avenue as it exists today in Downtown Albuquerque.

https://x.com/jackbranca/status/1821359495374639276/





I don't know that I like this plan. I know that businesses along Central Avenue have always been adamant about not getting rid of the middle turning lane, which allows them to get deliveries. And the getting rid of more on-street parking spaces I also don't like. The bike parking can be created on the existing sidewalks.

I like parklets or "parquitos" but not everywhere and not tons of them. They should be special and only a handful created. Otherwise we run into the problem of the Covid dining shacks in New York City. They need to be small in number so that they are taken care of, of quality design and construction, and not taken for granted or allowed to deteriorate.

The painted crosswalks are the only thing that I really like of this plan and which gets me excited, but I just know those will be scrapped, much like the turquoise wave patterns at the ART station crosswalks were scrapped.

[ABQalex]

Less than a day after my post above about banks downtown, it's now reported that Southwest Capital Bank has been acquired by US Eagle Federal Credit Union. No word on what that means for the bank's headquarters location on Central Avenue and 14th Street in West Downtown.

https://www.krqe.com/news/new-mexico...-capital-bank/

NEW MEXICO (KRQE) – U.S. Eagle Federal Credit Union said it has reached a deal to buy Southwest Capital Bank. The announcement comes after both boards of directors unanimously approved the agreement.

Once the purchase is complete, Southwest Capital Bank will be dissolved and its customers will become U.S. Eagle members. Right now, U.S. Eagle has ten branches in New Mexico while Southwest Capital has six.

They built their headquarters structure only about ten years ago. It was built on the site of the former, historic Castle Apartments that burned down a few years prior to that.



https://en.m.wikipedia.org/wiki/Castle_Apartments



US Eagle itself used to have a location in Downtown Albuquerque proper on Gold Avenue before moving to Albuquerque Plaza and eventually building their new downtown/central city location at Avanyu Plaza a couple of years ago.







I wonder what their plans will be for the Southwest Capital Bank headquarters structure going forward since it is the one being acquired and dissolved. I wonder if US Eagle will sell it or just keep it as a branch or possibly even make it their new headquarters.

US Eagle when it moved to Avanyu Plaza, and First Financial Credit Union before that when it moved and built a new headquarters in North I-25, also fueled articles about Downtown's supposed decline.

I wonder if we'll see articles with that slant now as well, even though this is an acquisition and not in Downtown proper. I guess we'll see.



I thought I'd take this opportunity to also now post the listing and assets of credit unions that are based in metro Albuquerque. This is different than the bank deposits, because it doesn't separate how much of the assets are actually in the metro area. Many of these credit unions operate elsewhere in the state, but it's safe to say most of their assets are in Albuquerque.

Credit unions based in Santa Fe and Los Alamos or other parts of the state, such as State Employees Credit Union, also have locations in Albuquerque. But this does show the size of institutions based here in Albuquerque. The credit union site doesn't produce a nice total result that you can screenshot. I had to search manually and copy the information to post the numbers.

As you can see, credit unions based in metro Albuquerque currently have about $14.5 billion in assets.

https://mapping.ncua.gov/ResearchCreditUnion

Metro Albuquerque Credit Unions - $14,549,662,184 total assets

1 - $4,958,120,339 - Nusenda
2 - $4,093,390,340 - Sandia Laboratory
3 - $1,536,144,325 - US Eagle
4 - $1,193,339,466 - Sandia Area
5 - $1,027,715,244 - Kirtland
6 - $914,882,951 - First Financial
7 - $634,496,604 - Rio Grande
8 - $75,325,982 - Southwest
9 - $64,061,670 - Railroad Employees (Belen)
10 - $29,799,818 - Jemez Valley (Jemez Springs)
11 - $21,750,068 - Cuba (Cuba)

This is an increase of just shy of $2 billion in assets from the last time I compiled the listing and calculated the total, which I believe was for the previous year. Kirtland crossed the $1 billion threshold in assets and First Financial is growing nicely and looks like it will join that club soon as well. Only three of the credit unions declined, both of the smallest ones that are located in the Jemez area of northern Sandoval County, and the smallest of the ones that are headquartered in Albuquerque proper.

Metro Albuquerque Credit Unions - $12,553,264,846 previous total assets

1 - $3,887,988,896 - Nusenda
2 - $3,610,066,339 - Sandia Laboratory
3 - $1,466,780,419 - US Eagle
4 - $1,011,653,231 - Sandia Area
5 - $972,521,776 - Kirtland
6 - $854,247,002 - First Financial
7 - $567,902,654 - Rio Grande
8 - $79,123,642 - Southwest
9 - $50,525,048 - Railroad Employees (Belen)
10 - $30,070,394 - Jemez Valley (Jemez Springs)
11 - $22,385,445 - Cuba (Cuba)

I want to note that the one in Belen grew very nicely. No wonder it's known as the "Hub City" the hub of railroad operations in the metro area that apparently is fueling great growth in its credit union for railroad workers. Hopefully that will continue, along with the other recent economic development projects, like the Arcosa Wind Towers facility. I've always believed in Belen's potential!

Here are some nice pics of Belen from its Homes.com neighborhood profiles. Belen is of course the southern terminus of the Rail Runner. The actual station isn't anything special apart from the walkways to get to it, but Belen is lucky to also have its Harvey House still standing and in use as a museum and restaurant nearby.

https://www.homes.com/neighborhood-search/belen-nm/

[ABQalex]

Here's a pic of the completed mural on the side of the Arrive Hotel structure. It was posted on Monday by the Downtown Arts & Cultural District on Instagram. It came out great!

https://www.instagram.com/p/C-lLtEZv7D4/

[ABQalex]

Ex Novo ended up having its grand opening last Friday. Below are pics of the ceremony from the mayor's social media. He joined them in cutting the ribbon and having a beer.

https://www.instagram.com/p/C-eFLffPrWU/





Here are some pics of Ex Novo that Downtown Albuquerque News posted last Friday morning. They had attended one of the preview events. The upstairs cocktail bar/lounge is called "The Bitter Nun" hence the artwork on the wall. In the last pic they show the side of the structure where the deli and coffee shop operation will go. Joel Gregory told them that the opening of that portion of the operation will take place "in weeks not months"

https://downtownalbuquerquenews.com/



























Here are few more pics from Albuquerque Business First's story about the grand opening.

https://www.bizjournals.com/albuquer...e-gregory.html











And here are some more nice pics of the new Ex Novo location that are leftovers from the Dark Side Brew Crew blog post that they shared on their Facebook account after the grand opening last week.

https://www.facebook.com/nmdarksidebc

























Finally, here's a newspaper clipping from the Albuquerque Journal when the structure was completed and first opened as a Firestone location on June 21, 1930. The structure had only just broken ground in mid-March that year and apparently took about three months to build. But it's held up well for almost 100 years! Here's to a hundred more!

[ABQalex]

Here are two recent stories about the bike lanes and other changes coming to Central Avenue downtown. The city intends to start implementing the changes in the fall. The Albuquerque Journal article quotes Councilor Baca as promising businesses that there won't be any parking spaces removed as part of the plan. I sure hope that's the case, but that's not at all what's shown in the plans.

They also say that they will try to mitigate getting rid of the middle turn lane/delivery zone by setting up designated delivery spaces. But is that not getting rid of parking spaces? Notice the KRQE story says "most" parking spots will stay the same, which I think is the actual case.

Like always, everything's muddled and contradictory when it comes to reporting and the city communicating what it actually intends to do. It's unfortunate and that's often how things get out of hand in turns of opposition and feelings of animosity and mistrust. We need to be clear, honest and upfront with these things.

https://www.abqjournal.com/news/city...78b09277d.html

The city of Albuquerque’s plan to add bike lanes down Central Avenue in Downtown has bicyclists excited while others are unsure about potential impacts to businesses.

City Councilor Joaquín Baca said the lanes will be added from First to Eighth streets down Central and connect to the proposed Rail Trail — a planned 7-mile walkway encircling Downtown .

The project is in the design phase, which is nearing completion, Baca said.

The 5-foot bike lanes would be placed in between the current parking spots and 2-foot striped buffer zones on each side of the street. The lanes will create safer conditions and improve access to businesses, according to the city.

Baca said there were hopes that the lanes would be added later this month or early September, but it is “now looking more like October/November.”

He said he did not have a project cost due to the city having not yet decided on what kind of striping it intends to do.

“There are a few more boxes to check,” Baca said.

The new lanes will be welcomed by some city cyclists.

“I and our club ride through Downtown and find there’s limited bike lanes where we feel safe,” said Bill West of ABQ Cycling Club.

He said adding the bike lanes will promote “more and safer rides,” and riders will use them regularly. It will also be an attractive feature for visitors, making it a “win-win for everyone.”

JC’s New York Pizza Department General Manager Isaiah Apodaca said he is unsure what kind of impact the bike lanes will have, adding that he is hopeful that the lanes will add traffic to business.

New Mexico Touring Society President David Olson believes businesses like JC’s would benefit from the new lanes. An example of what worked is in Old Town.

“In this case, CABQ designated Mountain as (a) bike road,” Olson said. “Doing so allowed access to/from the North/South Diversion path to the Bosque trail. In between, (it gave) access to stores, cafes, and so on in the Old Town area.”

Dan Mayfield, city development municipal department spokesperson, said to make room for the bike lanes, the city will eliminate the center turn lane, which some people have used as a loading zone.

Apodaca said removing that lane could impact business.

“We get several deliveries every week and it’s already tight for them to park,” he said. “We’ll see.”

Baca said he talked to business owners and employees about the bike lanes and told them that no parking spots would be taken away.

The bike lanes, he said, are part of a larger plan for Downtown, which could include addressing the vacant buildings and safety concerns. He did not respond via email or phone outreach when asked to elaborate.

https://www.krqe.com/news/albuquerqu...n-albuquerque/

ALBUQUERQUE, N.M. (KRQE) – Bike lanes are coming to Central Avenue downtown and to make room for them, people will see some changes to the road. “Not only are you going to be able to drive Route 66 but you will be able to bike down Route 66, said Albuquerque City Counciloor Joaquín Baca.

It’s an idea that’s been in the works for years, putting bike lanes through the heart of downtown Albuqeurque, and now Baca is making it a reality.

The bike lanes, between First and Eighth Street, would be five feet wide on each side of the street with a two-foot buffer between bikes and traffic. Which people downtown say, makes the area unappealing for bicyclists. “I personally feel like it’s a safety risk to those cyclists because people are zooming really fast up and down central,” said Erin Greig an employee downtown.

Baca says his plan would change that. “A lot of the time they will be on the sidewalk sometimes they will come through Tijeras. This centralizes it in a safe way,” said Baca.

In order to make room for those bike lanes, a lane down the middle, will go away. KRQE News 13 spoke to business owners concerned about losing that lane, which is often used by delivery drivers. “I think it would impact businesses down here taking out that lane,” said Alexander Garcia owner of La Michoacana del Centro.

His business is along the corridor where the new bike lanes will go in. Garcia says businesses use that lane for a number of reasons.

“It’s used every day. The police use it when they need to. My delivery drivers use it to park and give us the food right away for customer service fast and efficient and it’s an ice cream spot and it’s an ice cream spot so they have to deliver it fast before it melts,” said Garcia.

The city said they are looking to add more loading zones and use more alleys for the delivery drivers. Most existing parking spaces will remain the same.

Baca said this is just one of the initiatives in the city’s effort to make downtown safer and more attractive. “This is long-term thinking. Trails coming in the Central underpass is being rebuilt so people cut across it so that will make it much easier for people on those to connect right down to Central businesses,” said Baca.

The city hopes to start the work by October or November. The project will include adding greenery and trash cans.

[ABQalex]

The Albuquerque City Council has once again approved the changes to the Balloon Fiesta Park master plan, making way for the new soccer stadium for the New Mexico United. The previous approvals had been appealed and remanded for do-overs. I'm sure this isn't over and all that will happen is even more time will be wasted, putting the project in jeopardy. But that's of course the aim here by those opposed to the stadium plans.

And I'm sure a 2026 opening in time for the World Cup is now out of reach

https://www.bizjournals.com/albuquer...-approval.html

The Albuquerque City Council on Monday approved an update to a master plan covering the City's Balloon Fiesta Park, paving the way for a new multi-thousand-person stadium for New Mexico United to go up on park grounds.

In an 8-1 vote, the City Council accepted a recommendation by Land Use Hearing Officer Steven Chavez to reject an appeal of an earlier Environmental Planning Commission (EPC) decision to amend the Balloon Fiesta Park's master plan.

Councilor Brook Bassan (District 4), whose district covers Balloon Fiesta Park, was the only vote against accepting Chavez's recommendation.

Pat Hauser, president of the Maria Diers Neighborhood Association, and other neighbors near to the park, in February 2024, challenged a November 2023 EPC decision to amend the master plan.

Chavez remanded the master plan case back to the EPC for review because of "improper notice," Albuquerque Business First reported in February.

During a special hearing in April, the Commission approved updated stadium plans that addressed neighborhood concerns like increased noise and traffic.

The neighbors kept up their fight, appealing that second EPC decision with Land Use Hearing Office Chavez in late April. Chavez, in July, recommended the City Council reject the appeal, with one exception — adopting certain traffic mitigation recommendations the neighbors argued weren't properly considered in earlier EPC decisions.

The Council did just that on Monday, passing the ball back to New Mexico United, the state's professional USL Championship soccer team.

That stadium would be the club's new home. Scheduled to host 17 games per year, it'd be built to hold 8,000 to 10,000 people.

City Council, in November 2023, approved a 30-year lease agreement between the City and New Mexico United for 7 acres of park land to build the stadium.

The club's lease agreement came with several stipulations, including:

• United must obtain financing for its stadium by Dec. 31, 2027.
• United can't host games at the stadium during the Albuquerque International Balloon Fiesta.
• United shall begin stadium construction within 60 days of government approvals.
• United has to receive approval from the United Soccer League for the stadium by March 31, 2024.
• $13.5 million in State and City funds will be used for infrastructure improved at Balloon Fiesta Park.

New Mexico United couldn't be reached Monday evening for more detail on its progress on these stipulations. The club, since its inaugural season in 2019, has been one of the best-attended teams in the USL Championship, ranking top four in attendance every season.

New Mexico United standalone stadium history dates back over five years

The idea of a standalone United stadium dates back over five years, following the club's inaugural season in 2019. The then-recently formed soccer club secured $4.1 million in capital outlay funds from the New Mexico Legislature for a "sport and culture center" project in February 2020, an Albuquerque Business First timeline shows.

United then, and now, plays its home games at Rio Grande Credit Union Field at Isotopes Park, shared with the Albuquerque Isotopes, the Triple-A Minor League Baseball affiliate of the Colorado Rockies.

Early United stadium plans pointed to a potential Downtown location for the proposed stadium. The City and United penned a letter of intent in September 2021, just over one month before a $50 million stadium bond proposal went in front of Albuquerque voters.

Burqueños voted against the bond proposal in early November 2021, with roughly 65% of ballots against the proposition. The $50 million bond would have been paired with $10 million promised by United.

While the club remained committed to setting up a standalone stadium, progress on stadium plans stalled out.

That remained the case for over a year until New Mexico United Owner Peter Trevisani told fans at the club's Black & Yellow Bash in March 2023 the stadium would be "close to something that rhymes with Lagoon Siesta Park," KRQE News reported at the time.

A City-led news conference at Balloon Fiesta Park shortly followed, where Albuquerque Mayor Tim Keller, former Chief Administrative Officer Lawrence Rael and David Simon, director of the City Parks and Recreation Department, discussed the park's potential for the soccer club's stadium.

Mayor Keller doubled down on Balloon Fiesta Park as the stadium's possible location in July 2023. But the park's decades-old master plan stood as a roadblock to stadium progress, reading, "An outdoor sports stadium is not allowed in the Balloon Fiesta Park."

A proposal to amend that master plan to allow for the stadium's construction went to the Albuquerque Environmental Planning Commission (EPC) in November 2023, after the City Council deferred a vote on a lease between the City and New Mexico United for 7 acres of Balloon Fiesta Park land.

In rapid succession, the EPC approved the master plan changes, and then the City Council approved its 30-year park lease agreement with United.

Local challenges to the EPC's decision came shortly thereafter, ultimately leading to the back-and-forth process between the Commission, the land use hearing officer and the neighbors that culminated in Monday's City Council decision.

[ABQalex]

The Albuquerque Development Commission at its meeting last week approved LEDA funding and IRB requests for three economic development projects in Albuquerque, including the Ebon Solar project. They will now go the city council for final approval.

The project by Kairos Power will create 100 new jobs at its facility on Mesa del Sol, which it has steadily been expanding over the last few years.

https://www.bizjournals.com/albuquer...-projects.html

Three high-profile Local Economic Development Act (LEDA) and city industrial revenue bond (IRB) proposals unanimously passed the Albuquerque Development Commission at its Aug. 15 meeting.

Mesa Film Studios

In its proposal, Mesa Film Studios was seeking $6.75 million in LEDA funds to construct a 130-acre complex near Double Eagle II Airport. Its first phase, which would include six soundstages, a mill, a backlot and office space, will take up 60 acres.

The Albuquerque City Council, earlier in August, approved changes to the Double Eagle II Airport Master Plan to allow for various non-aeronautical land uses, including the film studio project.

According to the LEDA submission, the studio will have 25 full-time employees and will create about 230 construction jobs. Construction is slated to start in the fourth quarter, with completion scheduled for Q1 of 2026, according to the proposal.

Kairos Power

Kairos Power LLC, a California-based nuclear technology company, was seeking $300 million in industrial revenue bonds. It plans to add to an existing location at Mesa del Sol to create a salt production facility to research, develop and test salt coolant technology, per its proposal. The company is also expected to create two fuel development lab facilities at the existing site.

According to previous Business First reporting, the company confirmed it had started work in July on its inaugural nuclear reactor in Tennessee, intended to demonstrate the company's nuclear energy production capabilities. Reactor modules would be fabricated in the Duke City before shipping them to Oak Ridge for assembly.

The IRB proposal stated Kairos' Albuquerque expansion would create 100 new engineering and technical jobs.

Ebon Solar

Lastly, Ebon Solar LLC was approved for $11 million in LEDA funds, in which the State will pay $10 million with the City paying the remaining $1 million. According to the proposal, the funds will be used to construct a facility that will manufacture photovoltaic solar cells, creating over 900 solar manufacturing jobs and 2,665 construction jobs to build the 800,000-square-foot building. The project, said to cost $942 million, is located at Mesa del Sol.

Ebon Solar and New Mexico Gov. Michelle Lujan Grisham announced the project Aug. 7. The company plans to use the facility for "beginning-to-end advanced manufacturing of solar cells."

A Metropolitan Redevelopment Agency spokesperson said all three proposals will next go to Albuquerque's City Council for final approval.