Despite Albuquerque’s anemic job growth, several significant development project have sprouted throughout our sprawling city in recent months. We set out to identify a few keystone projects – those that represent something significant going on in commercial real estate. Each of these five corridors have at least one project that has been or could be a major catalyst for other developments, whether multifamily, retail or restaurants. Some are already creating buzz, and others are cetain to make their marks in time. To be sure, there are other keystone projects around the city. But these five projects, and the personalities behind them, are shaping up to have long-lasting effects on how Albuquerque lives and works.
South - Las Estancias
The massive 80-acre Las Estancias development in Albuquerque’s South Valley required assembling a lot of different players and puzzle pieces to get off the ground.
Developers Steve Maestas and Mike Mechenbier are working with C & S on the centerpiece of the development – WW Healthcare, which is an 88-bed skilled nursing/assisted living facility.
The assisted-living facility helped Maestas and his partners land $1.5 milion in LEDA money through Bernalillo County, catapulting the development into action. WW Healthcare is expected to create at least 110 long-term jobs. The entire development has created hundreds of temporary construction jobs thus far.
Reprinted from Business First New Mexico May 2, 2014
