Archives for 2015

Between major employers moving out of Downtown to restaurants that no longer felt a location there was viable, Downtown experienced some setbacks this year.
Yet Downtown also had some major wins. We couldn’t include all of Downtown’s victories, but here are five that stood out this year and mattered most to businesses and the future of a vibrant Downtown.
U.S. Eagle Federal Credit Union landed a five-year lease to take over signage rights and real estate space at Albuquerque Plaza.
1. Molina Healthcare chooses Downtown offices

Molina Healthcare of New Mexico moved into its Downtown digs in July, bringing with it 800 employees and a much needed daytime population back into Downtown. The healthcare company chose Plaza Campana, 400 Tijeras Ave. NW, taking up 137,000-square-feet of space. The building’s owner will make a significant investment and upgrade the building’s bottom floor retail spaces. Bank of Albuquerque will open a branch there, and real estate brokers are marketing other spaces for restaurants and more services.

2. Downtown grocery store nearly complete
Construction of Downtown’s first grocery store went vertical this year. The Imperial Building, located at Silver Avenue and Second Street, will add more residences and amenities to the Downtown area. Though small, the 12,000-square-foot grocery store, called Silver Street Market, will provide fresh produce and food options for both residents and employees Downtown. The retail storefronts, along with the 74 apartments in the building, will be open by spring.
3. Banking shakeup
When the Bank of Albuquerque announced it would move out of Downtown’s tallest building, Albuquerque Plaza, the question was what company would take over the tower’s naming rights. Ultimately, U.S. Eagle Federal Credit Union landed a five-year lease to take over both signage rights and real estate space at Albuquerque Plaza. The new sign should go on the building in January, adding a new element to Albuquerque’s Downtown skyline.
4. Mayor’s investment
Mayor Richard Berry proposed in November the city should invest $23.5 million into Downtown. Berry wants to spend $5 million to convert a part of the Convention Center’s East Complex into a retractable, convertible-style arena space with the ability to seat up to 10,000 people. Civic Plaza would get $2 million to replace its existing fountain and add design features to the open space. Another $15.5 million would be spent to build a 400-space parking structure on the northeast corner of First Street and Central Avenue — the site where a proposed Entertainment District is to be constructed. The money would provide more entertainment options and amenities Downtown.
5. Innovate ABQ moves forward
Innovate ABQ landed a development team this year, which includes Signet Development, Dekker/Perich/Sabatini and Goodman Realty Group. The group will revamp and add new facilities to the former First Baptist Church site, on the northwest corner of Central Avenue and Broadway Boulevard. The team is expected to deliver an initial site plan to Innovate ABQ’s board soon. Meanwhile, Innovate ABQ is still in the process of interviewing candidates for an open CEO position.
By: Stephanie Guzman (Albuquerque Business First)
Click here to view source article.

Downtown Albuquerque is now lined up to receive a $24 million investment toward three main projects that are expected to further revitalize the corridor.

The funds, approved unanimously by the Albuquerque City Council Monday night, will be used for further renovations to the Albuquerque Convention Center, upgrades at Civic Plaza and a new city-owned parking garage.

The $24 million will come from bonds leveraged against the city’s lodgers’ tax. Mayor Richard Berry first proposed plans for the three projects in November.

The majority of the money — $15.5 million — will be spent on a 400-space parking structure on the northeast corner of First Street and Central Avenue. The parking garage is part of a proposed Downtown entertainment district and multifamily living project called One Central.

Civic Plaza would get $2 million to replace an its existing fountain and add new shade structures. And $5 million would go towards a retractable, convertible-style arena in the east area of the convention center. The retractable arena would be able to seat up to 10,000 spectators. In addition, Downtown parking meters would receive a $1 million upgrade.

City Councilor Isaac Benton, whose district includes the Downtown corridor, said approval of the fund is an important investment in Downtown. He said he’s heard concerns about the proposed parking garage and how it would affect Downtown walkability efforts, but said it would be an important amenity for the convention center, employers and Downtown visitors.

City Councilor Ken Sanchez asked whether the idea of a brand new Downtown event center had been considered by Mayor Berry. He said he liked the idea of creating the retractable arena in the Convention Center, but wanted to keep other options open, too.

Benton said the retractable arena is a short-term fix that would allow the convention center to book more events in the near term.

Becky Ellis, director of sales at the convention center, agreed that the flexible arena space would allow her to attract more groups.

Damian Lopez-Gaston, director of event services at the convention center, voiced support for the proposed improvements at Civic Plaza, located just west of the convention center. He said his department has taken over booking events at Civic Plaza and has helped to organize a free family-friendly movie series, festivals, pop-up happy hour socials and other events. He said the response has been positive, but the plaza could “use a little help to make it more user friendly and softer.”

“The timing feels just right because there’s so much attention on what’s happening in Civic Plaza,” Lopez-Gaston said. “It would also increase the viability of everything we’re doing out there.”

By: Stephanie Guzman (Albuquerque Business First)

Click here to view source article.

NAR’s latest Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets.
Highlights

• Demand for commercial leases kept a positive pace in the third quarter of 2015.
• Construction has been growing across all property types, but the gap between demand and supply exerted downward pressure on availability.
• Commercial fundamentals are expected to improve, with vacancies continuing on a downward trend.
• Prices are poised to continue their advance in the last quarter of 2015, as shortage of inventory and larger capital pools—both equity and debt—search for yield.

Recently released data shows demand for commercial leases has continued on a positive pace. Fundamentals are expected to improve, with vacancies continuing on a downward trend.
By: National Association of REALTORS®
Click here to view source article and to download full report.