Sapir Real Estate Development this week described an ambitious goal of transforming one of the last big chunks of land available in the Northeast Heights into the 125,000-square-foot Snow Heights Promenade, according to a broker who is lining up new tenants.
In keeping with the new retail reality, expect a lot of entertainment, food and booze tenants, said Glenn Wright, a retail specialist with SVN/Walt Arnold Commercial Brokerage.
Commitments have been inked with Donut Mart, which will have a drive-thru on the Eubank side of the facility; a hair and nail salon, a pizza purveyor and the soon-to-be announced “award-winning local brewery” that’s looking to open a 2,800-square-foot taproom at the site, said Wright.
The site plan has been approved for three drive-thru tenants, said Wright.
Walkability is a planned hallmark of the Promenade, with plenty of benches and bike racks envisioned so visitors — as well as their canine companions — can linger and people watch, said Wright. On the entertainment front, a trampoline park is another targeted tenant.
At one point, Wright was trying to lure a gym to the site, but the company ultimately backed out. “Scratch that — that prospect just died,” said Wright, who’s also in conversations with the Fatburger restaurant chain, which would be an Albuquerque first if negotiations are successful. Michael Sapir, the owner and developer, grew up in Orange County with the family that founded Fatburger, said Wright. A scenario being considered is Sapir covering the franchise costs and turning over day-to-day operation to an on-site partner.
Wright said leasing for the Promenade starts at $8 per square feet for anchor tenants to $37 a square foot for drive-thru pad sites.
Demolished in 2008, the former Snowheights Shopping Center at one point was home to a Piggy Wiggly supermarket and a Pistol Pete’s Pizza parlor, said Wright. The property is adjacent to the former Octopus Car Wash, now a Mister Car Wash, made famous for its use in the television series “Breaking Bad.” Other nearby tenants include Walgreens, CVS, KFC, Bank of the West and Wienerschnitzel.
Wright will be pitching to retailers not already in the market at the upcoming International Council of Shopping Centers convention.