If the city’s Downtown Albuquerque plans coalesce as hoped, could the real and perceived barriers between the corridor and East Downtown melt away?
Last week, the city announced a slew of plans to revitalize Downtown. Those plans include an attempt to harness the momentum and opportunity already taking place with its EDo neighbors.
All the activity would have big implications for the city’s commercial real estate industry.
Perhaps the biggest opportunity for the city are the plans to transform the old First Baptist Church site at Central Avenue and Broadway Boulevard, which has sat vacant for years. Through a city partnership with UNM and others, the property is set to be purchased so that plans for Innovate ABQ can begin.
Innovate ABQ involves a lot of public-private entities, and its goal is to develop an Innovation District to spur new jobs and economic development. The site is across the railroad tracks, which puts it in the EDo corridor.
If the city can secure a $15 million TIGER (Transportation Investment Generating Economic Recovery) grant, with matching funds, to bring the adjacent pedestrian underpasses at 1st and Central Avenue above ground, it would create a connection point not only for Innovate ABQ, but the Alvarado Transportation Center, Albuquerque Convention Center, and points west to Civic Plaza, which connects with the 4th Street Mall at the core of Route 66 at Central and 4th.
A 4th Street Mall reconstruction is moving forward, too. The project is waiting for final construction-bid approvals, and city officials hope work will begin this summer.
In addition, a plot of city-owned land that was long a parking lot, at the northeast corner of 1st and Central, will soon see bids go out for what the city hopes is a future Entertainment District — another public-private partnership.
That would serve as a further connection and draw between the points between EDo and Downtown.
EDo has a lot going for it already. It has some of the city’s most popular restaurants, such as Farina Pizzeria, Holy Cow, the Artichoke Cafe and Standard Diner, to name a few. Furthermore, it has one of the city’s most unique boutique hotels in Hotel Parq Central, which has one of the best views of the city from the patio of its Apothecary Lounge.
Successful redevelopment has already taken place at the old Albuquerque High School, where lofts are at near capacity and some retail has sprouted. Stuart Rose, the founder of The BioScience Center, is opening his Fat Pipe technology incubator there. There are other amenities that has made EDo one of the more walkable neighborhoods in the city, with salons, barbershops, yoga studios and boutique retailers.
By: Damon Scott (Albuquerque Business First)
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