Here’s an update from Developer David Oberstein on renovation of historic Memorial Hospital at I-25 & Central: “We are currently working through the application process for a federal New Markets Tax Credit allocation through the NM Finance Authority.  That along with the Industrial Revenue Bond will complete the elements we need to fund and finance this project.  Assuming we receive the tax credits and the IRB, we will break ground late spring followed by an opening date approximately one year later.  Estimated job creation is 200 construction and 34 hotel.  Projected cost of the project is $17,000,000.
“The Hotel will consist of 73 rooms with a projected first year occupancy of 62%. The opening average daily rate is projected at $135 per night. As Central Avenue is the primary gateway to downtown, the restoration and rehabilitation of the property will result in a new, exciting, introduction to EDo for both residents and visitors. We believe this will add economic activity to the neighborhood.”
City Council approval of the IRB is anticipated at their February 2nd meeting.

For several years Mayor Martin Chavez along with local civic and business leaders have been pushing for an event center and hotel complex in the Downtown area and it appears the project is gaining momentum.

The City, along with Hunt Development, the creators of ABQ Uptown, is promoting the new enterprise, to be located across the street from the Lofts at Albuquerque High.

The project plans include a 550-room, nationally branded hotel with approximately 35,000 sq. ft. of meeting space and a 12,000 seat event center. It would be constructed on the 10-acre Baptist Church property at the northwest corner of Central and Broadway. Additionally, the plan includes a restaurant, retail spaces, residential apartments and condominiums.

According to the project’s website, “… proximity to and connectivity between the Albuquerque Convention Center, the Rail Runner, the Albuquerque International Sunport, and Alvarado Station make it the ideal location.”

Since the project will require public financing, Downtown City Councilors Ike Benton and Debbie O’Malley have suggested a special “mail-in ballot” election would give Albuquerque voters the ultimate decision-making authority.

“I think we will decide all of this sometime after the holiday season,” said Councilor Benton, adding, “The cost could actually come down with competitive construction prices. Trends in the bidding, even material costs, are coming down. It’s the perfect time to be doing this. The economic analysis shows a huge boost to the city in the first three years, right when it needs it.”

For more information, visit www.abqfuture.com or Contact City Council 768-3100

Public transportation received a vote of confidence recently when residents of seven counties approved a 1/8 percent sales tax dedicated to the operation of Rail Runner Express and commuter buses.

According to KRQE.com, the seven counties will comprise two new taxing districts, covered by Rail Runner’s northern expansion.  One covers Bernalillo, Sandoval and Valencia counties, the other Santa Fe, Los Alamos, Rio Arriba and Taos counties. “The sales tax will generate more than $34 million in the first year with more expected in later years, ” reported KRQE. “Half of that will go to the Rail Runner while the other half purchases buses in those counties to get people to the trains.”

Finally, the Rail Runner Express is connected to Santa Fe! The schedules are currently posted online at www.nmrailrunner.com.