ALBUQUERQUE, N.M. — The University of New Mexico Board of Regents unanimously approved a master plan Monday morning for the 7 acre Innovate ABQ site at Central Ave. and Broadway Boulevard Downtown.
Perkins & Will, the design firm that created the master plan, presented its general framework for development of the site to regents, accompanied by members of the Innovate ABQ board of directors. The plan envisions a mixture of research and laboratory facilities, business offices, administrative space, residential housing for students and others, and possibly a hotel and retail shops.
The site would be developed in phases over 10 to 20 years at a cost of between $50 and $150 million, said David Green, the Perkins & Will principal leading the project. Between 60 and 80 percent of the development costs would be private investment by developers. The rest would be largely investments by the city and county in infrastructure in and around the site as part of the innovation district that UNM and the city, county and business community expect to build up along Central from Downtown to the university campus.
The Innovate ABQ board released a request in January for private developers to express interest in leading the project.
“We’ve gotten a number of responses from highly qualified developers, both locally and nationally, some of whom are proposing to work together,” Terry Laudick, Nusenda Credit Union CEO and chair of the Innovate ABQ board, told regents. “The next step is to engage an independent third party to review the expressions of interest and develop a framework for a formal request for proposals, which will issue by late April.”