In Rio Rancho, near the intersection of US 550 and NM 528, lies a property AMREP Southwest Inc. has proposed big plans for, including bringing a new movie theater to the area. And it’s now one step closer to making those plans a reality.
The developers, who are looking to bring a new theater and retail development to the Commerce Center Commercial subdivision at Enchanted Hills, got the green light for economic development incentives from Rio Rancho’s City Council last week.
The council approved a Gross Receipts Investment Policy agreement for a 25-year period up to $4.3 million for the project – with the estimated cost of the land acquisition at $2.5 million and the estimated cost of the public infrastructure improvements at $1.8 million.
If ASW’s project doesn’t fully fund the $4.3 million in the 25 year period, then the company isn’t eligible for reimbursement after that, according to the GRIP agreement.
The plans for the approximately 5.49 acres of land include a theater complex and city-owned parking lot, plus 14 nearby retail outparcels. According to the project’s fiscal analysis, a 45,000-square-foot sporting goods store and 22,500-square-foot office supply retailer are also projected for the space.
“At this time the movie theater is the single tenant committed to the project – the remainder of the establishments shown are based on the expectations of the developer,” the company wrote in the analysis.
ASW’s plan is to work with Premiere Cinema Corp. for a 43,000-square-foot theater. Business First reached out to AMREP Southwest and a representative said there isn’t a contract yet and they declined to comment further.
On Monday, Mayor Greggory Hull told Business First the City Council has done everything it needs to on its part to move the development forward and said the next steps are up to Big Spring, Texas-based Premiere Cinema Corp. and AMREP Southwest to finalize the deal.This would be Premiere’s second Rio Rancho location.
Hull also noted GRIP states ground must be broken by July.
“We believe this is a great fit for an ongoing investment,” said Hull.
AMREP Southwest – a subsidiary of Pennsylvania-based AMREP Corp. – markets itself as the principal developer of Rio Rancho. Ben Perich with Colliers International is the broker for AMREP Southwest on this development.
By: Shelby Perea (ABQ Business First)
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