Mixed-Use Development Breaks Ground in Downtown ABQ
- Jan 13, 2017
Albuquerque, N.M.—In the heart of Albuquerque, at the northeast corner of 1st Street and Central Avenue, a public-private partnership broke ground on a mixed-use development dubbed One Central. The building, poised to become an entertainment hub, is slated for completion by late 2017.
Private developer One Central Operating Associates LLC will build on land provided by the City of Albuquerque valued at $1.4 million. In addition, the city increased its contribution from $17.25 million to $17.55 million, money that comes from tax funds, general obligations and parking revenue bonds.
One Central’s existence was questionable after Bernalillo County commissioners restructured tax breaks for the project, but Mayor Richard Berry announced last November that the city and the developer had both reached an agreement and gathered the additional resources needed for the development to be built.
The $35 million project features 44,000 square feet of street-level commercial space intended for a bowling alley, brewery and other entertainment purposes as well as 66 apartments and a 423-space parking garage, reports Albuquerque Business First. The parking garage should be completed by the end of the year, while the rest of the project is estimated to require a few more months, according to KRQE. The project was originally scheduled to break ground in November.
Image courtesy of Innovation Central