County commissioners approve industrial revenue bond for boutique hotel project in Nob Hill

A development project aiming to bring a new 112-room boutique hotel received a boost with the approval of an industrial revenue bond.

The Bernalillo County Commission considered an ordinance for the IRB, valuing the future property at $34 million, at a meeting on Tuesday. The commission unanimously approved the ordinance in a 5-0 vote, which greenlights a key development incentive for the Hiway Hotel project planned for Nob Hill.

“This is a good development for the community,” said Commissioner Adriann Barboa before the vote.

The ordinance establishes a tax exemption for the project’s real and personal property using an IRB — a tool “used by projects to defer a portion of the taxes,” Bernalillo County Economic Development Officer Marcos Gonzales said. He said the developers make a payment in lieu of taxes for a term of 25 years, making “the capital stack and the cash flow work for the project.”

Josh Rogers, a partner with Titan Development, said the abatement will save the development group $200,000 annually. Titan will see the benefit of the IRB come into play when the hotel opens, Rogers said.

“We’re very happy that the county commissioners supported the project, and were really enthusiastically behind it,” Rogers said. “It is a catalytic project for Nob Hill, and we’re excited to bring it to fruition.”

Construction on the project will begin in early 2026, and the hotel will open in 2027, according to a presentation. The hotel, a Tribute by Marriott, will include meeting rooms, a restaurant and bar, and a retail space, the presentation package says.

The hotel will create more than 80 jobs and draw in foot traffic, including an annual estimate of 31,000 hotel guests, according to the package. The package clarified that the restaurant expects 45,000 guests per year, not per month, as a county document of the project’s IRB application previously suggested.

The project replaces the now-demolished Hiway House Motel, which the IRB application described as a crime-ridden blight for the area.

“I think this is a great project. If you think about what was there before, it was a building that had caught on fire multiple times,” Commissioner Eric Olivas said at Tuesday’s meeting. “It was really an eyesore in one of the most popular and vibrant districts of the city, and now you’ll have a brand new boutique hotel there.”

Titan is currently drawing up construction and interior design plans, Rogers said. He added Titan has submitted its development plans to the city for discussion at a hearing on June 4.

“Everybody’s just so excited, and we absolutely love that. It’s really a dream come true to be doing a project like this,” Rogers said.