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Members of Mariachi Norteño perform during groundbreaking on Feb. 16 for Las Estancias, a 550,000-square-foot commercial development near Rio Bravo and Coors SW. (Marla Brose/Albuquerque Journal)
The long-awaited Las Estancias retail project near Coors and Rio Bravo in the South Valley recently broke ground.
The multi-phase 550,000-square-foot development will include a skilled nursing facility with medical services and a mix of large and small retail businesses, said Keith Meyer and Clayton King of NAI Maestas and Ward, the leasing agents.
“I think it’s going to be a development that people are going to be proud of,” said Bernalillo County Commissioner Art De La Cruz.
The Las Estancias commercial center is designed to have a village-like environment with walkable areas. This rendering shows what it will look like when complete. (Courtesy of Bernalillo County)
While not mentioning names, Meyer and King said there has been strong interest in the project from local businesses and regional and national retail chains.
“I believe we will have a major anchor announcement soon. There is tremendous retail interest,” Meyer said, adding that Dion’s Pizza and New Mexico Bank & Trust have committed to the site.
The $70 million project is being developed by Steve Maestas and Mike Mechenbier.
“We’re focused on providing services for the immediate community that are not currently available,” Maestas said.
Initial work will involve providing water, drainage and roadway improvements, including traffic signals on Coors, to the 79-acre site, just south of the Walmart on Coors. Meyer said construction of buildings is expected to begin in the fall.
Bernalillo County in August approved a $1.5 million grant toward water, wastewater and roadway infrastructure improvements for the project, under a Local Economic Development Act (LEDA) agreement. The agreement contains a clawback formula requiring the developer to repay a portion of the amount if it falls short of the targeted number of jobs.
The initial employer will be an 88-bed skilled nursing and rehabilitation facility, which will create 110 jobs, according to the project participation agreement with the county.
The master plan design by Dekker/Perich/Sabatini is intended to create a village-like walkable environment where residents of the area can shop, eat and enjoy socializing.
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