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Posted Feb 3, 2022, 3:05 AM
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Registered User
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Join Date: Dec 2019
Location: Albuquerque, NM
Posts: 578
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Albuquerque Business First reported yesterday about the kicking-off of construction of the apartments at 2818 4th St NW. They interviewed the developer, Michael Dreskin, who says they should be completed by the end of summer 2023. He also says that he's exploring more development possibilities in the future.
https://www.bizjournals.com/albuquer...partments.html
Quote:
Contractors have poured the concrete for the North Valley's newest apartment.
Michael Dreskin, the Albuquerque developer behind the 84-unit multifamily project, said construction will wrap up by the end of summer 2023 at 2818 4th Street NW. Albuquerque-based J&S Development and Scott C. Anderson are the project's general contractor and architect, respectively, Dreskin said.
Sandia Laboratory Federal Credit Union was Dreskin's lender for the apartment project. He declined to disclose the development's total cost.
....
Upon opening, apartments will feature studio, one-bedroom and two-bedroom units that range from the mid-$800s up to $1,250 in monthly rent, depending on the size. The apartments will include card access and security measures in hallways and parking lots. There will also be commercial space on-site that Dreskin envisions will include multiple 500-800-square-foot spaces rented by subcontractors and related services.
Dreskin planned to break ground in late 2020 on the apartments, but the project went through multiple hearings with the city of Albuquerque's Development Review Board, which pushed back the start date, he said.
For Dreskin, navigating the supply chain was paramount in moving forward on this project. He said he was given the all-clear from the city to start construction about four to five months ago, but lumber was almost four times higher than the going rate pre-Covid-19. Instead, he waited a few months to purchase, buying lumber at about a 50% higher cost and locking the materials in before they fluctuated. Since then, he said those prices have risen.
As of Jan. 27, the lumber index was $994.90 per thousand board feet, according to Nasdaq.
"The whole process is going to be like that: ordering enough ahead of time so there aren't big delays waiting for stuff," Dreskin said.
Business First has also reported on Dreskin's other 4th Street multifamily developments like 4322 4th St. NW and 4419 Fourth St. NW in 2016. Dreskin previously said he completed a five-story, 52-unit apartment complex at 3308 4th St. NW in February 2020.
Dreskin said he's exploring other development possibilities with land but there are no definite plans as of Jan. 28.
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On Monday the Albuquerque Journal reported about the Hope Village project. It says that it's waiting for its certificate of occupancy from the city to open and that it's expected to welcome residents within the next 30 days.
https://www.abqjournal.com/2466140/h...estory-bu.html
Quote:
The most difficult individuals among the homeless population are those who have been chronically homeless, suffer with mental or behavioral health issues, and struggle with substance abuse.
These are the people least amenable to staying in overnight emergency shelters or seeking out social services, and are exactly the people being targeted for placement in Hope Village – a new 42-unit apartment building built and operated by HopeWorks, one of Albuquerque’s largest nonprofit providers of services to the homeless.
Called a “single-site” project, Hope Village, in addition to housing, will have on-site services and programs specifically for its residents.
“This is not transitional housing, it’s not emergency shelter, this is permanent supportive housing,” said HopeWorks co-Chief Executive Officer Greg Morris. “People can obviously leave if they want to, certainly if they get to a place of high self-sufficiency and stabilization, and they want to live somewhere else.”
Hope Village is currently waiting to receive a certificate of occupancy from the city and expects to begin moving residents in within the next 30 days, Morris said.
Located adjacent to the HopeWorks day shelter at 1201 Third NW, the first floor of the three-story Hope Village will contain space for wraparound support services and programs. These include on-site case management, medication management, counseling and treatment for people with mental and behavioral health problems, and drug addictions. There will also be a host of life skills and peer-run programs available, Morris said.
The first floor will also provide offices for round-the-clock security, a mail room, a fitness room, a demonstration kitchen and a large sitting space with a television, library and fireplace.The two residential floors above both feature a smaller common sitting area and a laundry room. The one-bedroom apartments, 10 of them fully accessible under Americans with Disabilities Act guidelines, and all of them ADA-adaptable, are designed for single-person occupancy. Contained within the 410 square feet of space are a full-size bed, a bathroom with a shower, a kitchenette with a two-burner stove top and microwave, a dormitory-size refrigerator/freezer, sofa, table and television.
Hope Village was constructed at a cost of about $12 million, with major funding from the federal and state Mortgage Finance Authority, Bernalillo County, city of Albuquerque, and the Federal Home Loan Bank of Dallas. Bernalillo County will pick up the annual operating costs, estimated at $1 million, Morris said.
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Pavilion Construction posted these pics of Hope Village recently on its Facebook page.
https://m.facebook.com/story.php?sto...63603933694493
The building permit for the 92-unit Hiland Plaza project was issued yesterday. It received its final approval from the Development Review Board late last year.
https://posse.cabq.gov/posse/pub/lms...ctId=143533745
The project now has an official website, where it says that there will be a virtual groundbreaking ceremony on March 3rd. It gives an expected grand opening date of late spring next year.
https://www.pahhiland.com/
A building permit application for the Lofts at Winrock project was submitted last week and it is under review by the city. The project will have 207 units total, with 8 of those being townhouse-style units and the rest in two 4-story buildings.
https://posse.cabq.gov/posse/pub/lms...ctId=152313531
A building permit application for the park at Winrock Town Center was also submitted last week and it is also currently under review by the city. Below is the final site plan for the park dated January 14th of this year, as well as an overall site plan for Winrock Town Center with that same date. I've also included two of the colorized plans to better visualize how the park will end up like. Note that the commercial structure additions to the Dillard's Women's store and the park's commercial pavilions aren't included in the building permit, even though they were part of the DRB approval late last month. Presumably those elements will be forthcoming for building permit applications.
https://posse.cabq.gov/posse/pub/lms...ctId=152340549
Here's a pic of the work being done on one of the last remaining parts of the old Winrock mall, the glass pyramids that once covered the main entrance area at the west end of the main corridor of the mall. These were added in the early 1990s renovation of the old mall. They will now stand over the new main roadway through the outdoor center. The pic was posted last month on Goodman Realty's LinkedIn account.
https://www.linkedin.com/posts/goodm...05665792-PauH/
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