Keller Administration Report: Metropolitan Redevelopment Agency Invests More Than $521 Million in Project Investments
The City of Albuquerque’s Metropolitan Redevelopment Agency (MRA) released its annual report this week, including details on more than $116 million invested in 2020. The report also takes a look back at 20 years of significant economic impact in Albuquerque’s urban core, in addition to highlights from last fiscal year and priorities for the coming year.
“The investments we make through the Metropolitan Redevelopment Agency create a healthier, more vibrant community and opportunities for businesses and residents to thrive,” said Mayor Tim Keller. “This has boosted our city.”
Over the past 20 years, MRA has collaborated with local and community partners to bring $521 million in total project investment and has leveraged every dollar of private investment into $10 dollars of economic impact. In total, these projects have created 4,240 jobs, to go along with 1,920 residential units, 550 hotel rooms and 703,000 square feet of retail and office space.
“Albuquerque has a unique gritty soul and the creative bones to develop into a premier City. With over $100 million of projects in the pipeline and a strong housing market, we are preparing to leverage this momentum by focusing on development in downtown, at the Rail Yards, and along the Rail Trail,” said Karen Iverson, Metropolitan Redevelopment Agency Manager.
“The Albuquerque High project was one of the main reasons we moved our business to EDo. By making these investments, the City is leading ABQ into the next generation,” said Lauren Greene Owner Grove Café and Market.
In FY20, MRA brought $116 million in total project investment that helped create developments such as the De Anza, which features 25 multi-family units, 15 hospitality suites and 3,800 square feet of office, retail and amenity space. Other projects include the Rail Yards, Broadstone Highlands Master Plan, the National Institute of Flamenco Office at Sawmill, and the Franz.
Looking forward, MRA will focus on the Rail Trail Strategy, which is a comprehensive suite of strategies to attract investment along the Rail Trail by improving pedestrian connectivity and access. In addition, MRA will continue to move forward key projects, including De Anza, the commercial corner of Unser and Central and the Rail Yards, which will include significant restoration activity.