Albuquerque Development Thread

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Mixed-use plaza planned for W. Central

By Jessica Dyer / Journal Staff Writer

The Albuquerque developer behind the Aveda Institute and Vinaigrette project has more in store for the Central Avenue corridor between Downtown and Old Town.

Jay Rembe said he plans to start site work early next year on Country Club Plaza, a 3.4-acre mixed-use development near the intersection of Central and Laguna SW. The project eventually will feature 80,000 square feet of combined commercial, office and residential space.

Five Star Burgers and Chama River Brewing Co. each already have signed leases for spots in the development and talks have commenced with a few more potential tenants.

Attracting tenants is getting easier, Rembe said, because Aveda Institute, a salon and cosmetology school, and Vinaigrette restaurant are flourishing nearby.

Rembe and Aveda Institute owner Mark Pardo Gonzales worked to convert an old movie theater into a salon, school and office. It opened about two years ago at 1816 Central SW.

Restaurateur Erin Wade moved in next door, turning a onetime grocery building into Vinaigrette. The popular salad bistro opened last November.

http://www.abqjournal.com/285405/biz...w-central.html

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ABQ

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I saw this at the parking lot of the SE corner of 4th and Granite in downtown ABQ.

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Innovate ABQ Pieces Coming Together

Albuquerque, NM - October 31, 2013 The October 25th edition of Albuquerque Business First featured a front page story on the latest developments and thinking behind Innovate ABQ, the economic development initiative to building an innovation district being spearheaded by UNM and the City of Albuquerque. Innovate ABQ is a public/private partnership among the University of New Mexico (UNM) and New Mexico's government, education and business communities to purchase properties and develop innovation districts that will be catalysts for substantially growing the innovation economy in New Mexico. See Dan Mayfield's article, "Innovate ABQ: Putting the Pieces Together," reprinted below.

Innovate ABQ: Putting the pieces together

The city is inspired.

The University of New Mexico, the city of Albuquerque, economic developers and private real estate developers are coalescing around Innovate ABQ, a multimillion-dollar project that could create the kind of business ecosystem that experts say helps startups thrive.

When Robert Frank, president of the University of New Mexico, took a group of 18 business leaders from Albuquerque to visit the University of Florida's Innovation Hub last year, he set the school on a path to remake how it does economic development. The major ingredient: its own version of Florida's Innovation Square concept.

"When we saw what they did, they seemed so far ahead of us," Frank said. "Now, 18 months later, we're making a lot of progress."

The vision is to create a giant new business factory, where students and experienced entrepreneurs converge, bump into each other, create new businesses, design new products and boost the city's economy. And Innovate ABQ should be more than simply an incubator or business park.

https://stc.unm.edu/news/news.php?newsid=476

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UNM's Frank makes push to acquire Aperture Center

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico is charging ahead in its goal of acquiring the Aperture Center building at Mesa del Sol, said UNM President Bob Frank.

At next Tuesday’s UNM Board of Regents meeting, Frank said, he will present a plan that would allow the university to make a $4.5 million bid for the LEED-certified building, into which it would expand its STC.UNM incubator.

“We don’t own that building. We want to. It’s just sitting there,” Frank told Business First.

http://www.bizjournals.com/albuquerq...medium=twitter

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InnovateABQ gets $3M boost from NMEFCU

Dan Mayfield
Reporter-
Albuquerque Business First

InnovateABQ is a step closer to becoming a reality, with a new $3 million gift from the New Mexico Educators Federal Credit Union.

NMEFCU has pledged to give the University of New Mexico $1 million annually for the next three years to help the school purchase the 7.5-acre plot currently occupied by the old First Baptist Church at the corner of Broadway Boulevard and Central Ave, and use it as the site of the new InnovateABQ business incubator, said NMEFCU president and CEO Terry Laudick.

The gift is the first private funding the school has received for the project. UNM has also been promised about $3 million from the city of Albuquerque, and is awaiting another $1.5 million in U.S. Economic Development Administration grant funding, said UNM President Bob Frank.

http://www.bizjournals.com/albuquerq...11-11&page=all

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Potential Urlacher sports bar-restaurant creates UNM buzz

Damon Scott
Reporter-
Albuquerque Business First

The idea of a sports bar-restaurant concept involving former University of New Mexico football star Brian Urlacher got some renewed attention last week.

When Urlacher’s jersey was retired at UNM’s Nov. 8 football game, he and UNM President Robert Frank were asked about the potential for development of a sports bar-restaurant on south campus that would bear his name, or at least, have his hand in it. Rumors that Urlacher might get involved in a restaurant project on south campus have swirled for months.

UNM Director of Communications Dianne Anderson said Urlacher answered questions at the game about the idea of the sports bar and said he thought it should be a good fit and he is in talks with UNM about the possibility.

http://www.bizjournals.com/albuquerq...a=twt&page=all

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Investors plan to revive long-idle hotel in prime location

Damon Scott
Reporter-
Albuquerque Business First

The hotel has sat empty for four years, a symbol of the recession in Albuquerque.

An investment group that includes members of the Allen Sigmon Real Estate Group said Friday that it has purchased what was originally slated to be a Four Points by Sheraton hotel at 1660 University Blvd. NE. The structure is located near the Big I interchange and sits just west of a University of New Mexico-owned office building.

The 121-room hotel broke ground in 2007 and was about three months from being completed when the parent company of the lender that financed the project was taken over by the FDIC in 2009, according to a 2010 Albuquerque Business First story. It has been sitting idle ever since.

http://www.bizjournals.com/albuquerq...h.html?ana=twt

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In Laid-Back Albuquerque, Millennials See a Chance to Live Well

Nona Willis Aronowitz
The Atlantic Cities

When I first started this “Where Millennials Can Make It” series, I put Albuquerque in the category of “Towns Luring Back Their Townies,” likening its appeal to the revitalization happening in Cleveland or Pittsburgh. But when I sat down to write this piece, I realized the city was in a category of its own. It’s not a post-industrial city being made over by its natives. It’s also not a place that’s just overflowing with jobs, nor one that particularly attracts young artists or scrappy entrepreneurs. You won’t find Albuquerque on many other “best cities for Millennials” lists.

But what I learned during my visit there is that Albuquerque’s off-the-radar status is exactly why young people love it. Since the recession, the U.S. economy has been been downright scary for Millennials. Albuquerque offers an oasis of sorts, where the property is cheap, the mountains are beautiful, and the nightlife is vibrant—but not overwhelming.


The new geography of being young in America
See full coverage The number one word Albuquerque Millennials used to describe their city was “livable.” That’s the reason Lauren Foley, 27, came home to Albuquerque from San Francisco a couple of years ago to get her master’s degree in nutrition. She loved the Bay Area, and she was making a decent living working at a mortgage company there, but the work didn’t interest her. She wanted to go back to school, and just the thought of living off loans in pricey California stressed her out. So she convinced her boyfriend, another Albuquerque native, to come home with her. She enrolled at the University of New Mexico and they signed a lease for a one-bedroom right near campus for $625 a month.

http://m.theatlanticcities.com/jobs-...ive-well/7612/

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http://ow.ly/i/3Kd5t/original

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How old buildings are dragging down ABQ's office market

Damon Scott
Reporter-
Albuquerque Business First

Despite some slight declines in vacancy rates this year, the office and industrial markets in the metro area have significant obstacles to overcome.

The subject was center stage Monday at a NAIOP luncheon in Albuquerque, with experts in both markets providing an up-to-date outlook.

NAIOP is the commercial real estate development association with a New Mexico chapter. The event was co-sponsored by the local chapter of SIOR, the Society of Industrial and Office Realtors.

Tim With, the event’s moderator, said the soft office and industrial market since 2008 is directly tied to a lack of job growth.

http://www.bizjournals.com/albuquerq...11-25&page=all

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State’s plan to buy Plaza Maya stalls

Damon Scott
Reporter-
Albuquerque Business First

The state’s plan to purchase Downtown Albuquerque’s Plaza Maya has stalled in the face of opposition from various groups.

Last summer the state signed a purchasing agreement to buy the Plaza Maya in order to consolidate probation and parole offices now located in Nob Hill and East Downtown. Plaza Maya is an almost 63,000-square-foot building at First St. NW.

The move would have lowered Downtown’s chronically high office vacancy rate, sitting at 30 percent.

However, groups located near Plaza Maya, some of which serve young people, have vigorously opposed the move since the announcement. Those groups include NMX Sports, which operates the Warehouse 508 venue; Youth Development Inc.; The Cell Theatre; FUSION Theatre Co.; and a child care arm of the YMCA.

http://www.bizjournals.com/albuquerq...itter&page=all

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STC.UNM Receives $1.5M EDA Grant for Innovate ABQ

Source: U.S. Economic Development Administration

WASHINGTON — U.S. Secretary of Commerce Penny Pritzker today announced that the Department's Economic Development Administration (EDA) is awarding $2.4 million in grants to support economic development projects in Louisiana, New Mexico and Texas. The projects are expected bolster job creation and spur stable and sustainable economies, according to grantee estimates.

"The Obama administration is committed to investing in higher education and fostering innovation," said Secretary Pritzker. "The EDA grants announced today support regional economic competitiveness and job creation in Louisiana, New Mexico and Texas."

The $2.4 million in EDA investments announced today include:

$300,000 to the University of New Orleans in New Orleans, Louisiana, to support the implementation of the New Orleans Regional Innovation Alliance, a collaborative effort between universities, colleges, industry partners, and economic development organizations throughout southeastern Louisiana that will work to advance the region as an innovation engine.

$1.5 million to STC.UNM in Albuquerque, New Mexico, a nonprofit corporation on the University of New Mexico's (UNM) campus that works with researchers, scientists, and companies to help get technologies developed at UNM to market. The funds will help establish a new innovation center to anchor Innovate ABQ, a collaborative initiative to bring together the research powers of the state's flagship university and Albuquerque's entrepreneurial and established business community to create new companies, grow existing ones, and attract more out-of-state business.

https://stc.unm.edu/news/news.php?newsid=490

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UNM regents mull $13 million for Innovate ABQ

By Kevin Robinson-Avila
Journal Staff Writer

The University of New Mexico Board of Regents will review proposals to invest $13 million in UNM’s Innovate ABQ initiative at a special meeting Dec. 6.



The Friday meeting will provide regents with their first opportunity to fully vet the project, which aims to establish a high-tech research and development center in Downtown Albuquerque that could turn the city’s core into a bustling center for technology-based economic growth.

“It will be a very important meeting, because there’s a lot of interest in Innovate ABQ,” said Board of Regents Vice President Jamie Koch. “This will be the first time the regents have all the financials and other information that they need to make a decision.”

UNM President Bob Frank unveiled the Downtown project, which is modeled on a similar technology jobs “ecosystem” around the University of Florida in Gainsville. Mayor Richard Berry and city business leaders are strong supporters.

University administrators want to spend $13 million to acquire two separate properties as part of the Innovate ABQ initiative, according to a UNM financial breakdown obtained by the Journal.

http://www.abqjournal.com/310894/new...ovate-abq.html

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Work progressing on the ABQ Convention Center.



https://www.facebook.com/photo.php?f...5&l=6fe7f53623

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Council approves redevelopment plan for ‘blighted’ stretch of Central

Dan Mayfield
Reporter-
Albuquerque Business First

It’s official: Central Avenue west of Downtown is “blighted.”

But that’s not necessarily a bad thing, said City Councilor Isaac Benton.

“It’s a scary word, but we have to make that determination. It’s not terrible, but I would say we can do so much better,” Benton, who represents the area, said.

On Monday night, the City Council voted to approve the Historic Central Metropolitan Redevelopment Area Plan, deeming the business district from Laguna Road west to the Rio Grande “blighted.” The designation will allow for incentives to induce more businesses to move to the area, and hopefully for redevelopment.

The MRA designation by the city removes certain city fees such as impact assessments, Benton said, and allows the city to work closely with developers.

http://www.bizjournals.com/albuquerq...&ed=2013-12-03

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FAIL!!!

Dirt blunder stalls Downtown grocery store

Dan Mayfield
Reporter-
Albuquerque Business First

The wrong kind of fill dirt has put the long-awaited Downtown grocery store project on hold.

Gabe Rivera, acting division manager of the city’s Metropolitan Redevelopment Agency, said Wednesday that the dirt that was used to fill in the vacant lot on the site is noncompactable, and won’t support the planned four-story building and apartment complex.

“So, when you try and put a structure on it, it shifts, like standing on marbles,” Rivera said.

As a result, the city will have to dig out the dirt, Rivera said. So the city and Geltmore Inc., the developers, are trying a new approach to the project, he said: “We took a floor off the top and put one underground for parking. It’s great for retail, residents and Downtown and the [building’s] foundation ends up better.”

http://www.bizjournals.com/albuquerq...&ed=2013-12-04

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Regents table vote on Innovate ABQ plan

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico Board of Regents was expected to approve the school’s plan to create two Innovate ABQ centers at a special meeting Friday.

Instead, the school’s governing body voted to table the measure, postponing a vote until a special meeting in January.

“I perceive an urgency. This has been in play for a long time,” said UNM President Bob Frank, who was clearly unhappy with the vote.

The regents heard about two hours of testimony on Friday, describing everything from the real estate plans to the scope of the Innovate project and the potential legal issues related to the purchase of both the old First Baptist Church Downtown and the Aperture Center at Mesa del Sol. The Innovate ABQ plan, which Albuquerque Business First explored in an Oct. 25 cover story, is to create two incubators for new businesses launched with UNM’s help, and to increase the school’s capacity for technology transfer.

http://www.bizjournals.com/albuquerq...itter&page=all

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Regents move up meeting on Innovate ABQ

Dan Mayfield
Reporter-
Albuquerque Business First

The University of New Mexico board of regents is expected to hold a second special meeting on Friday, Dec. 20, to vote on spending about $13 million to kickstart the Innovate ABQ incbator.

The regents had decided Dec. 6 to table a vote on the measure, based on concerns regents had about environmental surveys and what-if scenarios for funding. The vote was initially postponed until a special meeting in January.

But Lisa Kuuttila, the school’s head of economic development and CEO of STC.UNM, said Friday that the regents are expected to vote at next Friday’s special meeting.

http://www.bizjournals.com/albuquerq...&ed=2013-12-13

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So long to Winrock 6

By Journal Staff

A longtime local cinema complex is literally turning to dust, and Albuquerque’s long-awaited Dave & Buster’s is a step closer to reality.


Crews last week began the demolition of the old Winrock 6 movie theater, a project that is helping clear the way for the city’s first location of the Dallas-based restaurant/arcade chain.

Darin Sand of Goodman Realty, the company behind Winrock’s redevelopment, said restaurant construction could begin in April at the old theater site. Dave & Buster’s is aiming for a late summer or early fall opening, he said.

The venue will be about 25,000 square feet.

Dave & Buster’s was among the first restaurant tenants announced by the Winrock redevelopment team in mid-2012 but will be the last from that wave – which also included BJ’s and Genghis Grill – to actually open.

http://www.abqjournal.com/321486/new...winrock-6.html