SANTA FE — The State Land Office is offering a 50-acre parcel for sale for residential development in Rio Rancho.
The property, located within the Paseo Gateway master-planned community east of Unser Boulevard and next to Sue Cleveland High School, is being offered for a minimum bid of $2.51 million, according to a news release from the Land Office. Bids for less than the entire tract or that propose a property exchange will not be considered, the office said.
“State Trust Lands often lie in the path of development and have new potential for residential, commercial, and industrial development,” State Land Commissioner Aubrey Dunn said in a prepared statement. “In Rio Rancho, City Center lands, Paseo Gateway, and Loma Barbon are ripe for development that will enhance the city’s quality of life and generate revenue for education.”
Previous state trust lands sold, leased or exchanged in Rio Rancho include properties that are now home to City Hall, the Santa Ana Star Center, Hewlett-Packard, UNM West, CNM Rio Rancho, UNM Sandoval Regional Medical Center and a number of residential neighborhoods, according to the news release.
The land now for sale is currently under a planning and development lease to Paseo Gateway, LLC, which has installed some infrastructure. Under that lease, which will be relinquished at the closing of the sale, according to the Land Office, Paseo Gateway will be obligated to complete sewer and water infrastructure and roadways.
Bids are due on Nov. 6.
Proceeds from the sale of trust lands flow into the Land Grant Permanent Fund, a percentage of which is distributed to public schools, universities, hospitals and other beneficiaries.