Transfer of Land for the Downtown Grocery Store is Complete
ALBUQUERQUE- Today, Mayor Richard J. Berry, along with government and business leaders broke ground on a mixed-use development that is the latest catalyst in Downtown’s revitalization efforts. The City of Albuquerque has executed the agreements needed to transfer the City-owned property on Silver between 2nd and 3rd Streets to UR 205 Silver LLC to build the Imperial Building. The Imperial Building will include a 12,000 square foot grocery store around 10,000 square feet of additional retail/commercial space, 74 rental apartments, and approximately 90 parking spaces, including one level of underground parking. Additionally, the rooftop will house an urban garden, operated in cooperation with the Veteran Farmers Project.
“The grocery store will be one of the great catalysts for downtown. It will support the Innovation Central District and the surrounding neighborhoods,” said Mayor Richard Berry. “That’s good for everyone who wants to live in the heart of our city.”
The housing component of the Imperial Building will be developed and leased by UR 205 Silver LLC, which is managed by YES Housing, Inc. The retail will be developed and leased by UR 205 Silver Retail LLC, a Geltmore, LLC affiliated company.
YES Housing, Inc. develops and owns multi-family and commercial developments. Its mission is to build and revitalize communities with quality, affordable housing and accessible social services and to be a positive agent for change within the community. YES Housing, Inc. will construct the parking garage, rental apartments, and the shell of the retail space of the Imperial Building. It will also build out and lease the rental housing.
Chris Baca, President and CEO if YES Housing states: “YES Housing, Inc. is extremely excited in moving forward with the Imperial Project. We believe it is going to be an integral part of the revitalization of Downtown Albuquerque. Along with the other developments that are occurring in the area, we think that this is an historic opportunity to be a partner with the City of Albuquerque, the New Mexico Mortgage Finance Authority, and Geltmore, LLC in getting this accomplished. A grocery store, affordable apartments, and a roof top garden that will supply fresh fruit and vegetables to citizens in the area is a dream come true. We are privileged to be involved in this development.”
Geltmore, LLC is a family-owned real estate and development firm based in Albuquerque. This local business has experience with over 44 unique development projects, including retail, office, warehouse, self-storage, hotel, restaurant and residential units.
“After several years of hard work, we are thrilled that the Imperial Building has taken another critical step towards becoming a reality,” said Paul L. Silverman, Manager and CEO of Geltmore, LLC. “The City of Albuquerque, YES Housing, Bernalillo County, and the New Mexico Mortgage Finance Authority have been tremendous partners, and we are proud that we all share in the vision of a vibrant Downtown. Bringing a grocery store and more residents to the heart of our city will continue to fuel the renaissance that is taking place, for which our City can be proud.”
“There will also be a significant multiplier effect,” explained David Silverman, Principal and Vice President of Retail Development at Geltmore, LLC, and co-developer of the project. “With new housing, and new retail in Downtown, the dollars will be circulated many times over.”
City Councilor, Isaac Benton, who represents District 2, which includes the Downtown area, stated, “Thousands of new residents have moved into Downtown within the last few years. A grocery store will be a much-welcome addition, keeping the district and surrounding neighborhoods on a trajectory of revitalization.”