ALBUQUERQUE, N.M. — Mixed-use properties are becoming the go-to opportunity for many developers and investors in and around Downtown Albuquerque.
Many Albuquerque developers either have mixed-use projects that are opening soon, rising on construction sites or teeing up. They are so prevalent these days that NAIOP New Mexico, the commercial real estate development association, recently hosted a panel discussion featuring some of the more active players.
Several of the NAIOP speakers laid out a rosy vision of building mixed-use properties with hundreds of new rental apartments Downtown – living spaces offering vibrant designs and unique amenities, and primarily tailored to millennials and baby boomers. These future renters, they asserted with the highest of hopes, are eager to ditch their cars to “live, work and play” in walkable, transit-accessible neighborhoods, with merchants on the ground floor eager to sell them coffee, food and entertainment.
One mixed-use project, which will soon take shape along Central across from Presbyterian Hospital, is clearly on steroids when one considers its size, expense and future economic impact.
“Mixed-use projects are an expression of the (development) industry adapting to changes in the culture – especially the ways some of us now work, live and buy,” said Steve Maestas, a prominent leader in the town’s commercial real estate sector. His company, Maestas Development Group, is teaming on a privately funded $100 million project called The Highlands with Titan Development and Alliance Residential.