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February 13, 2013

Prime Properties Breaks Ground on $70M Retail Development in South Valley

By Camelia Bulea, Associate Editor

The long awaited Las Estancias retail project in the South Valley is finally set to break ground.

Scheduled for Feb. 16, the groundbreaking ceremony will mark phase one of the area’s first large-scale retail development, a project that has been in the works for several years, as reported by the Albuquerque Business First.

Spanning over 146,000 square feet of space, the $70 million project received $1.5 million in Local Economic Development Act funds from Bernalillo County last year. Developers Prime Properties, previously known as SCM Property Co., have chosen a 79.15-acre site near Coors Boulevard and Rio Bravo to build the retail project, which is expected to create 1,170 construction jobs and 568 long-term jobs.

According to the official grant application for LEDA funds, the project will be built in multiple stages, the initial stages including construction of retail uses, restaurants and entertainment businesses.

At the moment, there are already some tenants announced for Las Estancias: Dion’s Pizza and New Mexico Bank & Trust, as well as an unnamed medical facility and an assisted living community, according to Keith Meyer, a broker with NAI Maestas & Ward. Analysts believe that the major retail project will be a major success and more tenants will soon show interest in leasing space there, due to the fact that it’s being developed in an under-served area.

According to the Prime Properties website, the developer is currently working on five other projects in New Mexico: Five Points and the Presbyterian project in Albuquerque; Venada Plaza in Bernalillo; Rio Rancho Shopping Center and Southern & Unser in Rio Rancho.

Image credits: NAI Maestas & Ward

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