The Albuquerque Development Commission has given its approval to a $30 million Metropolitan Redevelopment Bond to update and enhance a structure once known as the Bank of America Centre.
What is being called “Elevate @ 3rd and Lomas,” is being defined as an infill mixed-use project that will see the building of ground floor retail space, upper floor office space, and 174 two-bedrooms apartments.
Also included in the project will be a business center, conference room, dog park, theater room, and fitness center, among other amenities.
First phase work on the project, which will start this summer, will include the creation of nearly 17,000 square feet of ground floor retail; 21,000 square feet of offices; and 114,000 square feet of residential space.
Beginning in either late 2019 or early 2020, the project’s second phase will see a final 6,700 square feet of ground floor retail; nearly 38,000 square feet of residential; and 7,000 more square feet of office space.
The $30 million redevelopment bond secured by the project is designed as a tax abatement tool, allowing the owners to use money that would otherwise go to taxes for building the project instead.
Bordered by Lomas Boulevard on the north and Roma Avenue on the south, the structure, built for $4 million in 1975, is located in a section of downtown dominated by public and private-use office buildings.
By Garry Boulard
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