ALBUQUERQUE, N.M. — Work is officially underway on the new Cabela’s at Paseo and I-25, anchoring what will ultimately be a $68 million, mixed-use development including other retail, restaurants and apartments.
The 21-acre development, called Legacy Journal Center, is being developed by Titan Development, the project’s managing partner.
“Having a great anchor like Cabela’s is going to be a strong attractor for us to spur further development,” Kurt Browning, Titan’s chief development officer, said at a groundbreaking Wednesday morning.
Titan is already in negotiations with other retailers and restaurants interested in the site, which is at the southwest corner of Interstate 25 and Paseo del Norte.
Cabela’s, a purveyor of hunting, fishing and outdoor gear, is shooting to open this fall, Browning said, and will hire an estimated 150- full-time, part-time and seasonal employees for the 70,000-square-foot store, the first in New Mexico for the Sidney, Nebraska, company.
Browning said total construction and infrastructure costs would be $68 million during a six-year buildout. Once retailers and restaurants are operating, they will generate an estimated $70 million in sales annually. Browning said the center will create 300 permanent jobs, 40 of which will be managerial, and about 600 construction jobs.
General contractor Kraus-Anderson Construction Co. Minnesota said 70 percent of its subcontractors on Cabela’s will be local vendors.
Titan has plans to build an apartment complex nearby at Headline Boulevard and Lang Avenue, perhaps with its signature Broadstone name but with a more “urban” look.
“What today is an 8-to-5 workplace will be more live-work-play,” said Browning of the development, in which Journal Center Corp. is a partner “The residential component is a game changer,” he said.
“We are excited about the future jobs and development that will grow this site,” said Mayor Richard Berry at the event.
An avid hunter and fisherman, Berry said Cabela’s will draw visitors from around the state. “With that great brand that they have, it will be a huge draw,” predicted Berry.
“It’s going to be one more reason to stay a bit longer, to do a little more more shopping,” generating revenue that will help support city services, said Berry.