ALBUQUERQUE, N.M. — Editor’s note: This story was updated this morning to include final action by regents. The action includes a different rent-escalation clause than previously reported.
University of New Mexico regents voted unanimously this morning to approve the development plan for the parking lot of university stadium.
Development group 54 development was given the go ahead to draw up official peaking and construction plans for one acre of the lot at avenida Cesar Chavez and university.
The project will include bars, restaurants, retail and socializing space.
Developers will pay the university about $75,000 annual rent with a 10 percent escalation every 5 years for 40 years with an option to continue to 60 years. The group will also give the university 2 percent of retail sales from the site.
The area will be a “festive fun environment,” said Paul krebs, Athletic director for the school.
The University of New Mexico has moved closer to building an entertainment district on its South Campus after regents on Thursday gave preliminary approval to a 25,000 square-foot restaurant, bar and retail development plan.