ALBUQUERQUE, N.M. — Infrastructure construction for a park in the center of the Winrock Town Center will begin soon thanks to a recent $21.5 million bond issuance to the mall’s developers.
The bond is financed through tax money generated at the shopping center through Winrock’s Tax Increment Development Districts. To date, Goodman Realty Group, the developers behind the Uptown project, have received close to $66 million from the TIDD.
“As (the park) comes to life, everything around Winrock will kind of come to life and we’re hoping that it becomes this great community gathering spot that we’ve been wanting for a long time,” said Scott Goodman, the company’s vice president.
This will be the second bond issued to Goodman Realty Group through the TIDD.
TIDDs allow for developers to finance large infrastructure projects with money generated through gross receipts and property taxes of the new development.
The first bond was used to improve utility lines in Uptown and build a new parking garage at the shopping center.
This time, the bond will go towards creating a large water feature, pedestrian bridges and other features at the park, Goodman said.
Goodman said Goodman Realty Group is currently working with the water authority to build an on-site water treatment plant which will be used to provide water for the park and for the Uptown area.
He estimates that the park will be halfway done by the end of 2021, with the second half of the park and the water treatment facility to be finished by the end of 2022.
The park won’t be the only construction happening next year at Winrock, Goodman said.
In addition to breaking ground on the park, Goodman said there are plans to begin construction on six other buildings including mixed-use office and retail buildings, a 100-unit high end apartment building and a limited-service hotel.
He said the ground breaking of multiple projects will result in many construction jobs as well.
“It’s been 12 years in the making and I think we finally see the light at the end of the tunnel,” Goodman said.