Hatch Seeks Buyer for Picacho Hills

LAS CRUCES >> Nearly two years after buying a large parcel of land in Picacho Hills, the village of Hatch is searching for a buyer.
Hatch paid $2 million to Picacho Mountain Development LLC for the 125 acres of undeveloped land as well as 21 residential lots in 2012 as an investment. The municipality bought the land with the hope that Picacho Hills Mountain Development and its president, Bob Pofahl, would eventually buy it back at a higher price.
That deal, though, never came to fruition and Hatch is now on the lookout for another buyer.
“We’re looking to sell,” confirmed Hatch Trustee James Whitlock.
Hatch Mayor Andy Nuñez said he wishes his town wasn’t in the current situation with the land and is looking to dispose of the property north and west of Las Cruces.
“Things aren’t working out the way they were supposed to,” Nuñez said.
When Pofahl and former Hatch Mayor Judd Nordyke signed a real estate contract on May 30, 2012, it included the language: “Seller and purchaser acknowledge that is it their intent to negotiate in good faith a contract or contracts for the repurchase of the property by seller or seller’s affiliates.”
Hatch’s lawyer, Las Cruces-based Bill Lutz, said Pofahl made quarterly payments of a little more than $30,000 to keep the option open. He said Pofahl stopped making the payments, though, after nearly a year and a deal was never reached. Lutz said Hatch does not have to repay Pofahl the money because it was not an actual payment for the land.
“We tried to get him to pay, but things just didn’t work out. I have no idea why,” Nuñez said. “We did try to collect.”
Lutz said he has had contact with Pofahl’s lawyer.
“We agreed to go our separate ways,” Lutz said.
For his part, Pofahl said he decided not to buy the land back.
“I haven’t exercised the contract to repurchase the property,” the developer said.
Pofahl, though, said he has not ruled out the idea of buying the land back in the future. He said he guesses the land could be worth about $2.5 million or more.
Nuñez said he does not think the board of trustees will be interested in another deal with Picacho Mountain Development.
“I don’t think they would accept that right now,” he said.
Las Cruces developer John Moscato, who has no part in the deal, said he could not speak specifically to the land Hatch is trying to move, but said selling land has to do with variables.
“Location has a lot to do with it. Zoning has a lot to do with it,” Moscato said. “For a large parcel, there might have to be a volume discount.”
Hatch officials do not want to talk specifics of a potential sale yet, but said the wheels are in motion to list the property.
“We’re working on trying to get an organization to sell it for us,” Nuñez said.
Both Nuñez and Lutz said they have no hard feelings against Pofahl.
“He’s a super guy, ” Nuñez said. “He’s done a lot of good for the city of Las Cruces.”
Pofahl has formed a couple of investment groups and is currently involved in several high-profile projects in Las Cruces.
He’s part of Las Cruces Community Partners LLC, which hopes to develop a city plaza downtown and also turn the former Doña Ana County Courthouse into a five-star hotel. Las Cruces City Manager Robert Garza has told the Sun-News the city would move forward on plaza plans without Las Cruces Community Partners if a deal wasn’t put together by April 14.
Pofahl is also part of a group that plans to develop the 110 acres where the Las Cruces Country Club used to reside. That development could include a hospital as well as commercial and residential aspects.
By: Brook Stockberger (Las Cruces Sun-News)
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