Development of the Mesa del Sol master-planned community will gradually transition over the next year to Albuquerque-based Daly Real Estate Investments, headed by Mike Daly, in partnership with Covington Capital.
Cleveland-based Forest City Enterprises, which has spearheaded the project since its inception in 2005, is dropping out of Mesa del Sol in order to to focus on projects in core markets like Boston, New York City and Denver.
Daly, a Forest City employee for 27 years, has been president of the Forest City Covington partnership since its inception. Covington Capital is a large development company that nationwide owns 11,000 acres and 11 million square feet of commercial buildings. It has developed more than 2,500 residential lots.
Daly Real Estate and Covington Capital will form a new partnership to replace the original partnership between Forest City and Covington to continue to develop the opening phase of 3,000 acres of Mesa del Sol’s total of more than 12,000 acres.
Located south of the airport, the community has about 1 million square feet of commercial space and about 75 homes.