Downtown Entertainment Hub Breaks Ground
January 4, 2017
Albuquerque, NM- Mayor Richard J. Berry, the Planning Department’s Metropolitan Redevelopment Agency (MRA) and One Central Associates, LLC are pleased to announce that they have completed the transfer of property on the northeast corner of 1st Street and Central Avenue and have broken ground on a downtown entertainment hub.
The private-public partnership between the City and One Central Associates, LLC, will transform the property into a premier entertainment hub with 21st century amenities. The facility will feature approximately 39,000 square feet of entertainment and commercial space to create a magnetic experience that draws people into the urban core of Albuquerque. In addition, it will also have approximately 60 residential market-rate apartment units.
Another key component of the project is the construction of an above-ground parking structure with 423 parking spaces available. The parking garage will gain of 303 parking spaces that are estimated to generate an additional $29 million in net new economic activity in the downtown area over the existing surface lot. The garage will be owned by the private developer One Central Associates, LLC for 10 years and operated by the City of Albuquerque. After the 10 years, the City has the option to purchase the garage from the developer at a nominal cost of $1,000.
The transfer of the property, along with $17.55 million from various funding sources, was contributed by the City to assist with the creation of this catalytic project that will remove blight, stimulate economic development, create housing and job opportunities, and enhance the overall appeal of Albuquerque’s Downtown area. The developer will also bring an additional $19 million of their own funding to this unique and community-oriented project.
“The One Central Project is another great addition to downtown and our innovation district,” said Mayor Richard J. Berry. “This important transit-oriented development project will create a synergy with Innovate ABQ, the Convention Center, Civic Plaza and the Imperial Building that will lead to further Downtown revitalization. Through public/private partnerships the City is leveraging opportunities to recreate downtown as a thriving place to live, collaborate, learn and enjoy.”
The groundbreaking ceremony today signals the start of construction. It is anticipated that the parking garage will be completed in 2017 along with the shell building for the entertainment hub. The construction of the project should be completed in 2018.