Next fall, students at the University of New Mexico Health Sciences Center will have the use of 67,000 square feet of additional classroom, lecture and laboratory space, thanks to a new building for which the first phase of construction has been completed.
University officials and other guests recently gathered for a topping-out ceremony in which a final steel beam was hoisted into place. About 50 people donned hard hats and orange reflective vests for the ceremony, which included a chance to sign the white-painted steel I-beam before it was placed atop the structure.
The new building, the third phase of a complex that has been under development since the late 1990s, will cost about $27 million. The three-story structure will be joined by a sky bridge to adjacent buildings in the Domenici Center for Health Sciences Education. The health education complex replaced five decrepit Quonset huts at the corner of Stanford and Marble NE that dated back to the founding of the UNM School of Medicine in 1964.
The project, which has created more than 320 construction jobs, is supported by a Bernalillo County general obligation bond, internal Health Sciences Center funding, state general fund money and revenue from state severance taxes.
The energy-saving design includes windows with electrochromatic glazing that automatically darken or lighten based on sun exposure, reducing the energy needed to heat and cool the building. It will also include solar panels to further reduce energy use.
Kids, you’re on your own!
According to the National Association of Realtors, millennials made up 35 percent of homebuyers in 2015, making them the largest generation of homebuyers. Of those, 67 percent were first-timers.
Additional findings from the NAR found that first-time buyers relied less on gifts from relatives or friends in order to finance their down payments. Seventy-six percent of first-time buyers financed their down payments through savings, while the share relying on gifts fell from 27 percent to 24 percent between 2015 and 2016. In the field, Realtors see a variety of situations unfolding. Some buyers want to retain their independence and keep their parents at arm’s length but, in many cases, their parents simply aren’t in a financial position to offer help.
Roughly 35 million baby boomers have no retirement savings whatsoever and 30 percent of baby boomers have ceased contributing to their retirement accounts, have had difficulty paying mortgages or rents, or have postponed their plans to retire, according to the NAR.
New leader at AGC
Patrick Thomas of Summit Construction is the new president of AGC New Mexico board of directors for 2017.
Thomas will take over from current chapter President John Stroud of J.B. Henderson Construction.
“As we begin the new year, AGC New Mexico is looking forward to 2017 with optimism on a number of fronts. In the Albuquerque region, we see encouraging activity in the commercial construction market. Many of our members are busier and certain high-profile projects should generate more growth over the next several years,” said Thomas. “We also hope stronger trends in our state’s largest market create more opportunities in other communities and for companies across New Mexico.
“I remain honored and eager for the opportunity to lead our state chapter into a more promising market.”
AGC New Mexico members are active in the commercial construction realm, including general and specialty contractors, suppliers and professional service affiliates. Its membership represents more than 50 percent of the commercial construction industry in the state, according to a spokeswoman.
Steve Sinovic is the real estate reporter for the Journal. He can be reached at firstname.lastname@example.org. Or call 505-823-3919.