California developer Avi Schlesinger once again is eyeing Albuquerque’s Renaissance corridor for what looks to be a future medical facility.
The founder and president of AS Realty Investors confirmed that he’s bought a vacant six-acre site across the road from the Spanish Trails Rehabilitation Suites, which his development firm completed last summer for a national long-term care operator.
The new development eventually “will be health care-related,” but it won’t be another skilled-nursing facility, said Schlesinger, who declined to be more specific about the category of user. “We’re waiting for the right operator (tenant) to finalize terms with,” he said of negotiations now underway.
Schlesinger’s company recently purchased two parcels of raw land at Renaissance and Commerce for an undisclosed amount. Handling the transaction on behalf of the seller, Union Pension Trust 93-2, was Lisa Allen-Urrea, an Albuquerque commercial real estate broker who also represented the buyer.
“We should have the final use for the site locked down in the next 30 days, which will be followed by another five months of planning and permitting,” said Schlesinger.
The timeline for construction and project costs will be announced at a later date.
Depending on the needs of the future operator, AS Realty will then solicit bids for design and construction services. At this point, Schlesinger envisions a facility in the 40,000 square foot range.
In late 2015, AS Realty Investors, which is based out of Culver City, Calif., announced plans to build a 130-bed skilled nursing facility at 1610 Renaissance NE. The $12 million, 68,000-square-foot Spanish Trails Rehabilitation Suites opened in July 2017. It is operated by Sparks, Md.-based Fundamental Long Term Care, which currently operates four health care facilities in New Mexico.