Plans for the building of a single-family development in Rio Rancho have taken a step forward with the purchase of a 49.5-acre tract of land belonging to the New Mexico State Land Office. The South Jordan, Utah-based Cleveland Heights LLC has purchased the property located inside the nearly 600-acre Paseo Gateway master planned community for $2.5 million. The currently vacant land in question is located just east of Unser Boulevard NE, running adjacent to the Sue Cleveland High School at 4800 Laban Road NE. Of the $2.5 million figure, almost $1.7 million will, by State Land Trust regulations, go to the Land Grant Permanent Fund. That fund supports various public school and universities in New Mexico, providing more than $638 million in support last year. In a statement, Aubrey Dunn, commissioner of the State Land Office, said the sale to Cleveland Heights will “trigger development in the Paseo Gateway master plan area, thus increasing the value of adjacent trust land, spur construction jobs, increase the tax base for the City of Rio Rancho, and generate revenue for education.” In development for more than a decade, Paseo Gateway is described in the Paseo Gateway Master Plan compiled by the Albuquerque-based Consensus Planning, Inc., as “an appropriate mix of residential, commercial and employment uses.” By Garry Boulard
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Plans have been announced for the construction of a $250 million, 21,000-seat soccer stadium in Phoenix that will be the home to the two year-old Phoenix Rising Football Club.
Set to go up on property 10 miles east of downtown that is currently owned by the Salt River Pima-Maricopa Indian Community, the open-air stadium will feature a 360-degree concourse, with a misting system, water walls, and canopies to provide shading. As envisioned by the architectural firms of Kansas City-based Populous, and Gould Evans of Phoenix, the stadium will have an asymmetrical design, partially in order to provide for a greater wind and air flow across the stadium field. Unlike many sports facilities across the country, construction of the stadium will be privately financed, and is contingent upon the Phoenix Rising Football Club becoming a Major League Soccer expansion team. Details regarding a final purchase price for the property, located just northeast of the Phoenix campus of Arizona State University, have yet to be fully worked out with the Salt River Pima-Maricopa Indian Community. By Garry Boulard A building owner and management industry leader is urging Congress to restore a federal tax credit designed to help the owners of commercial buildings pay for energy efficiency measures.
The Energy Efficient Commercial Building Tax Credit, otherwise known by its Internal Revenue Service code number 179D, expired at the end of last year. The deduction, first enacted in 2005, provides owners of commercial structures, including warehouses and garages, a credit of up to $1.80 per square foot for the upgrading of lighting, ventilation and air conditioning systems. Speaking before the House Ways and Means Subcommittee, Henry Chamberlain, president of the Building Owners and Management Associates, said 179D has helped “real estate owners who might not otherwise have the necessary capital make the decision to design, retrofit, and operate energy-efficient structures.” Chamberlain additionally suggested not just bringing back 179D, but making it permanent, noting that earlier short-term extensions of the incentive were impractical. Such extensions, Chamberlain continued, “don’t account for real estate planning horizons, which are generally three to five years for a capital investment.” The committee is expected to take action on the energy efficiency tax credit later this year. By Garry Boulard Investors interested in redeveloping several historic downtown El Paso buildings long off the market may soon be getting a chance to make a bid on those structures. Western District of Texas Bankruptcy Judge Christopher Mott has handed down a ruling appointing a trustee to oversee the sale of a handful of structures owned by El Paso businessman William “Billy” Abraham. The decision was made in response to a request by Ivan Aguilera, son of the late singer Juan Gabriel, who last year won a $1 million judgment against Abraham resulting from a 2015 Gabriel concert contract dispute. The trustee, as part of a general bankruptcy process, will be tasked with selling at least some of the 29 buildings Abraham currently owns in metro El Paso, including 15 that are in the city’s downtown area and are mostly vacant. Many of those buildings have been regarded by area preservationists as being of historic significance, with investors interested in their redevelopment potential. Despite offers through the years by various parties to purchase those properties, Abraham has steadfastly declined to put them on the market. According to court documents, the total value of Abraham’s properties is nearly $32 million. Among the buildings listed in his name are the former Newberry Department Store at 201 N. Stanton Street; the Caples Building at 300 E. San Antonio Avenue; and the Toltec Club Building at 717 E. San Antonio Avenue. The Newberry structure was built in 1935, the Caples Building went up in 1909, and the Toltec Building dates to 1910. All three buildings are listed on the National Register of Historic Places. By Garry Boulard In a growing city where both the average home price and apartment monthly rent continues to climb, the nonprofit Greccio Housing has announced plans to build a complex geared especially for low-income seniors.
The 50-unit project in Colorado Springs is slated for construction on a currently empty 1-acre site at the corner of Austin Bluffs Parkway and Templeton Gap Road on the northeast side of the city. Officials with Greccio Housing, which is dedicated to expanding the affordable housing stock in Colorado Springs, say that roughly 62 percent of city residents aged 65 years or age or older are currently living in “cost burdened” housing situations. With the current average Colorado Springs home priced at $267,000 and one-bedroom apartment rents at $1,000 a month and rising, the prospects of more seniors no longer being able to find affordable housing is challenging city officials. The 50-unit apartment proposal starts out with one decided advantage: the site was donated to the City of Colorado Springs with the stipulation that it be sold to a nonprofit for one dollar. Public input meetings on the project are expected to be held in Colorado Springs later this spring. By Garry Boulard According to a report published by the International Council of Shopping Centers, the news that the juvenile products giant Toys “R” Us is closing and selling most of its 736 stores may not be entirely bad.
In fact, many of the real estate investment trust companies that own Toys “R” Us locations, “are particularly well-positioned.” The REITs may well find that they can fill up the spaces left behind by the closing Toys “R” Us stores with national chain retailers, particular where those stores are a part of a larger shopping center, rather than a separate stand-alone store. ICSC also reports that once Toys “R” Us completes it store liquidation, “it will be good news for many landlords that have been hoping to recapture space for more profitable tenants.” According to Bloomberg News, Amazon is looking at moving into some of the soon-to-be abandoned Toys “R” Us stores, not to continue the chain’s offerings, but to use the spaces for its own purposes. Amazon’s possible move comes just a year after it purchased Whole Foods Market, Inc., and its more than 450 stores. Toys “R” Us filed for chapter eleven bankruptcy protection last fall. It has said that its decision to close the vast majority of its U.S. stores was due to lackluster Christmas sales and the continued competition from retailers WalMart and Target. While Toys “R” Us outlets typically measure between 20,000 and 50,000 square feet, some locations are as small as 20,000 square feet, and others as large as 65,000 square feet. By Garry Boulard Up to $750,000 in severance tax bonds have been approved for the track rehabilitation and related infrastructure improvements on the famous Cumbres and Toltec rail line. The funding, passed by members of the New Mexico State Legislature and signed into law by Governor Susana Martinez, will allow the Cumbres and Toltec Scenic Railroad Commission to also pay for improvements to passenger cars on the lines, as well as general locomotive and boiler upgrades in compliance with Federal Railroad Administration standards. Running a 64-mile route between the towns of Chamas, New Mexico and Antonito, Colorado, the railroad is the longest steam rail line of its kind, pushing up into the 10,000-foot Cumberland Pass. The railroad consists of five active locomotives and 19 passenger cars, running daily passenger services. Originally launched in 1880, the railroad was last used for freight purposes in the late 1960s. In 1970, the combined state railroad authorities of New Mexico and Colorado purchased the railroad for just over $500,000. Through the years, both states have approved appropriations for the upkeep and operation of the railroad. In the process, the two states also created the Cumbres and Toltec Scenic Railroad Commission, tasked with keeping the railroad running. The railroad was named a National Historic Landmark Designation in 2012. By Garry Boulard A pipeline running slightly west of Tucson to the southern town of Sasabe near the international border with Mexico is expected to see upwards of $55 million in planned improvements beginning next year.
The Houston-based energy infrastructure giant Kinder Morgan says that what is being called the Sierrita Compressor Expansion Project, which is expected to win the approval of the Federal Energy Regulatory Commission later this year, could take up to a year to complete. As planned, work on the project would see the construction of a compressor station off of Arizona State Route 86, as well as new suction and discharge piping. The project, to be undertaken by the Sierrita Gas Pipeline Company, a limited liability affiliate of Kinder Morgan, will enhance piping infrastructure that was originally built in 2014 and is just over 60 miles in length. Documents filed with the FERC indicate that the project will have a one-year construction schedule, with a rough completion date of spring 2020. By Garry Boulard The construction job rate is up in 248 out of 358 metro areas across the U.S.
A study just released by the Washington-based Associated General Contractors of America additionally indicates that construction jobs declined in only 68 of those 358 areas, while remaining level in 42. Despite the overall strong numbers, the Associated General Contractors is expressing concern that continued job growth could be negatively impacted by President Trump’s proposal to increase tariffs on imported steel and aluminum products. Noting that the tariff increase will eventually make such products more expensive in the U.S., Ken Simonson said, “Most contractors will be unable to pass along these increased costs, leaving less money to invest, ironically, in steel construction equipment as well as personnel.” Simonson is the Associated General Contractors’ chief economist. Among the top areas recording significant job growth is the Phoenix-Mesa-Scottsdale area, with a 9 percent jump over last year and 9,900 news jobs; Greeley, Colorado with a 23 percent jump and 3,500 new jobs; and the Albuquerque metro area, which a 7 percent increase, and more than 1,500 new jobs. State-wide, Arizona is seeing a 9 percent construction job increase over early 2017, with Colorado up by 7 percent, and New Mexico’s numbers increased by 10 percent. By Garry Boulard A move to build a 13,600 square-foot facility at the intersection of I-25 and Cerilllos Road in Santa Fe has suffered a reversal, but will be finally decided in May by members of the Santa Fe County Commission. The Knoxville, Tennessee-based Pilot Flying J Travel Company announced last spring that it wanted to build what it calls a travel center on the 10-acre site. According to the official plans for the project, the center would serve as a gas and diesel station, while housing in its main building convenience stores, fast food restaurants, and restrooms. The 10 acres would comprise only a portion of a larger 26.4-acre site that would be developed in several stages and would eventually include two 130-room hotels, a full-service restaurant, retail stores, and a warehouse. Residents living near the site, including members of the Santa Fe Gateway Alliance, a county-wide group concerned with sustainability issues, have made their presence known during a series of public input meetings, raising concerns about noise and light pollution that may be caused by the project, as well as the traffic it would attract. Now, in a signal victory for those opposed to the idea, the Santa Fe County Planning Commission has unanimously recommended that the Santa Fe County Commission should reject the proposal. Planning Commission members said the $10 million project was not eligible for a conditional use permit within the parameters of the Community College District it would be built in. The matter will now go to the Santa Fe County Commission for what is expected to be a pivotal vote on May 8. With more than 550 locations nationally, Pilot Flying J announced earlier this year that it plans to build twenty new sites this year, while renovating fifty that are already up and running. By Garry Boulard |
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