Albuquerque, New Mexico 2021-01-12 19:44:36 –
Albuquerque, New Mexico (KRQE) – It’s like a “city in a city”. Large-scale development in Albuquerque has materialized and the next phase is currently underway. Highlands are slowly progressing across the hospital, but they are seeking further help from the city to take the next step.
The Highland project has been created over the years and is slowly rising across from the Central Presbyterians. The Spring Hill Suite was completed in October and more projects are underway. “Within a few months, we will open Highlands North, a 92-unit condominium community, with the Sky Bridge right behind me,” said Josh Rogers, Vice President of Development for Titan Development. .. “It is scheduled to open in March.”
Next is Highlands East. The $ 50 million community has five stories: residential space, pools, retail stores, and the artisan food market. “We’ve put it in a book for about four years,” Rogers said. “It’s about 3 acres and has a retail store on the ground floor. It’s an amazingly beautiful project.”
The complex covers five square blocks. The Albuquerque redevelopment team says that’s exactly what the city needs. “This is the type of community that wants to be developed along Central Avenue, and the type of live workplay community,” said Karen Iverson of the Metropolitan Redevelopment Agency. “It’s really the center of the city that we want to see built along downtown and the central corridor.”
This kind of space walking distance in Presbyterian churches — can also bring in coveted health care workers. To that end, developers are demanding a seven-year property tax cut.
“These projects have huge upfront costs. They often require structured parking. In these older areas of town, there are infrastructure costs,” says Iverson. .. “It’s really necessary to make the project financially feasible.”
By removing these taxes, developers (Titan Development and Maestas Development Group) can save over $ 3.5 million. That is to say that the city will be better in the long run. “This helps facilitate other redevelopment projects along the core,” Iverson said. “It generates total income, taxes and provides housing for workers who want to come and live in Albuquerque.”
According to Titan, it is likely that it will take another five years for the project to be fully completed. They say COVID is influencing their schedule and may not land in Highlands East until the end of this year or the beginning of next year. This Thursday, the Albuquerque Development Commission will decide whether the Highlands East project should be tax-reduced. If approved, it goes to the city council.
Highlands development across from Presbyterian, moving into next phase Source link Highlands development across from Presbyterian, moving into next phase