ALBUQUERQUE, N.M. — Crews will break ground Wednesday on One Central, the $40 million mixed-use development at the northeast corner of 1st and Central.
The development features street-level commercial space — including some designated for entertainment purposes — plus 60 apartments and a 423-space parking garage.
The parking garage is scheduled for completion by late 2017, with the rest of the project expected to wrap about three months later.
Klinger Constructors is the general contractor. SMPC Architects designed One Central.
Like the Imperial Building before it, One Central represents a public-private partnership in the heart of Downtown.
Private developer One Central Operating Associates LLC will build it on land contributed by the City of Albuquerque – land that currently houses a parking lot. The city also will pay $17.55 million upon the completion of the parking garage for the exclusive right to operate the garage and for the option to buy it from One Central for $1,000 after 10 years.
The project was created in response to the city’s request for proposals for a downtown “entertainment district.” It will boast at least one entertainment venue, which One Central’s Jerry Mosher has long indicated would likely involve bowling. One Central’s agreement with the city also indicates it will have at least two other “restaurant, retail and/or entertainment tenants.”