ALBUQUERQUE, N.M. — Zydeco 66 development officials, business partners and representatives from the city are expected to be on hand Friday to highlight the progress of the $4.5 million Zocalo Lofts mixed-used project, which now is taking shape on the 500 block of 4th Street in the Barelas neighborhood.
Although construction already is underway, a ground-breaking ceremony is scheduled for 2 p.m. at the site on the southwest corner of 4th Street and Coal Avenue. Mayor Tim Keller is slated to attend and detail the several years of planning engagement with the Barelas community leading up to construction.
The nearly one-acre parcel was acquired from the city in 2017 by Quatro Y Carbon LLC. The winning bid came after the city’s Metropolitan Redevelopment Agency, which promotes improvement of blighted neighborhoods, requested development plans for the site.
Richard Yates of Santa Fe is the owner of Quatro Y Carbon and principal of the development company funding the project, said Andy Wilkinson, Zocalo Lofts development coordinator. In Mexico, the word zócalo is used to refer to a city or town’s main plaza.
A condition of the sale/development agreement was that Zydeco, which is building the project with private financing, devote a good portion of the footprint to commercial space to help spur economic development for the Barelas area. Wilkinson said the community also is interested in having incubator space at Zocalo to help foster small business owners.
“The project is coming along great,” said Wilkinson.
The development calls for the three separate structures ranging from one to three stories. General contractor Insight Construction and architecture firm The Design Group, both of which are based in Albuquerque, are working on the infill project, which had been on the city’s redevelopment radar since 2014, said Wilkinson.
The residential component will comprise 14,000 square feet and another 10,000 square feet will be devoted to retail space.
Plans call for 21 market-rate apartments, including spacious studio, one-, two- and three-bedroom units, which feature modern finishes and European-inspired floor plans, said Wilkinson. Other amenities are two secure rooftop decks for residents and guests, on-site and in-unit laundry facilities, a second-floor gym and a communal lobby area with workstations.
Floor plans and a pre-lease interest list are available at www.zocalolofts.com
The project, which kicked off in April, has a 13-month construction timeline.