While site work already is underway at the 12.5-acre parcel on the north side of Central Avenue, a zoning amendment request to build a 74-unit apartment complex will be considered by the city Environmental Planning Commission on Dec. 8.
Like other Titan apartment communities in Albuquerque, it will carry the Broadstone name, according to a company spokeswoman.
With city approval, applicant Cedar Investors can pull building permits on 2.2 acres on the corner of Tijeras Avenue and Cedar Street. At full buildout, Titan envisions two multifamily communities, a hotel, and multiple retail and restaurant establishments, according to a city staff report.
The market-rate apartments will consist of studio, one- and two-bedroom units, according to the spokeswoman. Once the necessary permits are in hand, company officials will reveal more details, such as the construction schedule, the categories of tenants being targeted and the economic development boost the project will bring.
The development will serve the strong housing demand generated from nearby job centers, such as Presbyterian, the new Innovation District, Downtown employers and the University of New Mexico, according to the staff report. The site is one block north of the Albuquerque Rapid Transit Project.
Presbyterian is a minority partner in the development being planned, company officials said in an earlier Journal article.
Presbyterian officials said the land was acquired over a 25-year span. The health care system had considered it for hospital operations, but was able to build on the hospital’s existing campus and at Presbyterian Rust Medical Center in Rio Rancho.
New Mexico Mutual
Speaking of an economic boost, an all-New Mexican labor force of about 200 construction workers will be involved in the yearlong project culminating in New Mexico Mutual’s new home office on a five-acre site at San Mateo and Balloon Fiesta Parkway NE.
“We have a great team assembled,” said Jim Lloyd, vice president and senior project manager for Bradbury Stamm, the company selected to build the 58,000-square-foot headquarters. He said it will be a boon for the company’s construction partners, who will supply large amounts of glass and stone materials that will figure prominently on the facade of New Mexico Mutual’s headquarters.
The “heavily windowed building” will allow light and fresh air into the premises. A bike storage facility and a walking trail also will be included.
The $17.2 million facility is designed to meet the needs of the workers’ compensation insurer’s workforce for years to come.
In addition to New Mexico-based Bradbury Stamm, New Mexico Mutual has also retained Architectural Research Consultants, RMKM Architecture and adviser John Pate, an architect with Molzen Corbin, to carry out the job.
Steve Sinovic is the Journal’s commercial real estate reporter. Developers, brokers, architects, lenders – basically anyone with a hand in the commercial real estate market – may send news tips, high-resolution photos and illustrations to firstname.lastname@example.org or call 505-823-3919.