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Archives for September 2015

Albuquerque's Rapid Ride Adequacy a Key Issue in BRT Debate

September 7, 2015 by mcarristo

jt090315i/a sec/jim thompson/ A city bus pulls out from a rapid ride stop along Central Ave. in front of the Frontier Restaurant. Thursday, Sept.03, 2015.(Jim Thompson/Albuquerque Journal.)
A city bus pulls out from a rapid ride stop along Central Ave. in front of the Frontier Restaurant. Thursday, Sept.03, 2015.(Jim Thompson/Albuquerque Journal.)

It’ll mimic light rail, only on rubber wheels.

Passengers could board every 10 minutes and take “bus rapid transit” up and down Central Avenue in new buses that communicate with traffic lights to smooth their way.

Sound familiar?

That’s how then-Mayor Martin Chávez pitched the “Rapid Ride” bus system a dozen years ago. The red articulated buses are now a staple of mass transit in Albuquerque.

But now a new mayor is pushing bus rapid transit, or BRT.

Mayor Richard Berry has made bringing BRT to Central Avenue a centerpiece of his transportation strategy.

Opponents say Albuquerque already has it.

Berry, however, is pitching a whole new project – a $100 million, 10-mile redesign of Central Avenue that would provide a new bus system with its own dedicated lanes, bus stations in the middle of the roadway and expanded sidewalks and landscaping.

Bus lanes and a passenger station would lie in the middle of Central Avenue under a transit initiative pursued by Mayor Richard Berry, as show in this rendering of a potential West Side stop. The city this summer is preparing applications for federal funding. dmckay@abqjournal.com Fri Jun 05 13:24:22 -0600 2015 1433532256 FILENAME: 193426.jpg
A rendering shows bus lanes and a passenger station in the middle of Central Avenue near Atrisco under a transit initiative pursued by Mayor Richard Berry. (Courtesy Of City Of Albuquerque)

“It’s what I would call old-school BRT,” said Dayna Crawford, deputy director of ABQ Ride, the city’s transit department. “Yes, it was remarkably successful, but it’s at capacity. It’s at standing-room only.

“What we’re moving toward is a modern transportation system to complete the growth of our community.”

Critics, however, question whether the upgrades are worth the investment, given the presence of Rapid Ride.

Former Mayor Chávez, for example, says Albuquerque already has the components of BRT that make sense for the city. He always viewed BRT as an intermediate step on the way to a fancier form of mass transit, such as a modern streetcar or light rail, which he says would trigger broad private investment by developers.

“When bus rapid transit is fully built out, it’s very pretty, just like our Rapid Ride is very pretty,” Chávez said, “but it doesn’t necessarily attract more riders.”

a01_jd_08sep_brt_graphic

Rating Rapid Ride

National transportation groups offer different opinions on whether Rapid Ride qualifies as bus rapid transit.

Dennis Hinebaugh of the National Bus Rapid Transit Institute in Tampa, Fla., said his agency adopts a broad definition of BRT. Albuquerque’s Rapid Ride, he said, sounds like it would qualify, but at the lower end of the scale.

Chris Van Eyken at the Institute for Transportation and Development Policy in New York City said he wouldn’t consider Albuquerque’s Rapid Ride a BRT system.

Bus rapid transit must include dedicated lanes for buses only in the center of the roadway, boarding stations level with the floor of the bus, coordination with traffic lights and collection of bus fare before people enter the vehicle – all elements that allow the bus system to move passengers quickly, he said.

Albuquerque’s Rapid Ride buses don’t normally have their own dedicated lanes, and they allow passengers to pay bus fare after they get on. Bus stops are on the side of the road, not the center, and the buses don’t currently coordinate with traffic lights, according to the city.

But Berry’s proposal would meet the BRT requirements outlined by the Institute for Transportation and Development Policy.

Van Eyken said his agency recommends bus rapid transit because it can be built relatively quickly and carry the same passenger loads as more expensive options.

“It’s very cost effective,” he said. “It costs a few times less than light rail.”

Seeking funding

Berry: Pitching a whole new project

Whether Berry will ever launch the new BRT system isn’t clear. The city is seeking about $80 million in federal funding to pay for it. The remainder would come from local sources, including $13 million already approved by the City Council.

Operating it would cost about $2 million a year, though the city could seek federal funding for that, too.

A decision on federal funding is expected by early next year.

If all goes well, city officials have said they hope people are boarding the new buses by September 2017.

The buses would have their own dedicated lanes along Central Avenue from Louisiana to Coors, though they’d actually travel farther out to Tramway and Unser during their rounds and up Louisiana to Uptown.

By: Dan McKay (Albuquerque Journal)

Click here to view source article.

Filed Under: All News

Crowdfunding for Commercial Real Estate

September 6, 2015 by jakobsmith

Crowdfunding is probably the biggest buzzword to hit the commercial real estate industry in the last couple of years. But what’s the reality behind the hype? As hundreds of crowdfunding portals appear online, is this really the disruptive technology that some experts claim or just another option for funding and investing in commercial real estate? – See more at: https://www.ccim.com/cire-magazine/articles/323787/2015/03/commercial-real-estate-crowdfunding#sthash.hJDwrH07.dpuf

Filed Under: All News

Commercial Lending Video

September 3, 2015 by mcarristo

Click here to view video.
The commercial lending space is undergoing a sea change due to changes in technology and regulation with peer-to-peer lending and crowdfunding companies leading the way. Tune in to learn about the evolving commercial lending landscape with David Manshoory, CEO and Co-Founder of AssetAvenue, part of the 2015 class of REach® accelerator companies.
Commercial Real Estate is everywhere: your local coffee shop, industrial park, downtown main street, and even the office where you work. NAR has a broad array of resources to help you provide the best service to your clients, and to be the best in your field. From education to advocacy efforts, from networking to property data – NAR works to help you be more profitable, while protecting the commercial real estate industry.
By: David Manshoory (National Association of REALTORS®)
Click here to view source article.

Filed Under: All News

September CCIM NM Properties

September 2, 2015 by mcarristo

Thanks to all of the brokers, sponsors and guests who attended the September 2015 CCIM NM Deal Making Session and to those who shared the September 2015 CCIM NM Properties. Over 17 million dollars of commercial real estate properties available for sale were presented from all over New Mexico.

Name Property Price
1. Tim House 4311 Sara SE, Rio Rancho $1,875,000
2. Todd Clarke CCIM Zia East Apartments, 419 Monroe NE $3,110,000
3. Anne Apicella 9798 Coors Blvd. NW, Bldg C $630,000
4. Todd Clarke CCIM & Steve Etkind Regal Manor Apts., 1502 E. Bender Blvd., Hobbs $3,500,000
5. Jim Wible CCIM 1221 Silver Ave. SW $942,700
6. Anne Apicella 10590 Second St. NW, A $284,000
7. Steve Caruso 8501 Candelaria Rd. NE $339,000
8. Larry McClintock & Tai Alley 12701 Lomas Blvd. NE $255,000
9. Anne Apicella 1108 Alvarado Dr. NE $410,000
10. Cole Flanagan CPA, Rich Diller CCIM, SIOR & Jake Mechenbier 2610 Main St. NW, Los Lunas $2,500,000
11. Todd Clarke CCIM North Fourth Village, 4322 4th NW $2,550,000
12. Todd Clarke CCIM 210-230 Silver SW $1,215,000

Filed Under: All News

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