ALBUQUERQUE, N.M. — Two local real estate developers are requesting a total of $26.4 million in metropolitan redevelopment bonds from the city to build a Marriott Springhill Suites near Presbyterian Hospital near Downtown.
The proposal by Titan Development and Maestas Development Group, applying under the name Urban Hospitality NM, will come before the Albuquerque Development Commission on Thursday. Final approval by the City Council is required before the deal is executed.
The bonds are a mechanism for providing a property tax abatement to developers working in distressed neighborhoods. In this case, the abatement totals about $3.2 million over a seven-year period, according to city filings. The developers estimate the project will create 123 full-time construction jobs for one year and between 50 and 58 full-time jobs once the hotel is complete.
The site is part of The Highlands, a $95 million, 12-acre mixed-use project north of Central Avenue near Presbyterian Hospital being developed by Titan and Maestas. The parcel on which the Marriott will be built is about 1.23 acres. Construction is expected to begin in December.
In a statement, Titan Chief Development Officer Kurt Browning called The Highlands “the model for urban, walkable development in Albuquerque and a stimulant for continued economic growth along historic Route 66.”
Maestas Development Group CEO Steve Maestas described the Highlands as “an important and catalyzing project in Albuquerque,” that will create a total of 500 new jobs when completed.
“This development will change the landscape of Central Avenue,” said Maestas in an email.
The building plans for the Marriott include a sky bridge over Central Avenue that would connect the hotel to the hospital. The Marriott will contain 118 rooms; an additional 20 rooms are designated for use by the Ronald McDonald House Charities of New Mexico, which provides housing for families seeking medical treatment for their children at little or no cost. The developers wrote in the filings that they believe this will create the first Ronald McDonald House in the country to be built as part of a newly constructed hotel.
The cost to complete the project is $26.4 million, the amount of the bonds. The market value of the property is expected to be $29.1 million once it is completed in December 2019, according to the filings.