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)
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