ALBUQUERQUE, NM—The troubled Anasazi high-rise building in Downtown Albuquerque is out of bankruptcy and has a new developer.

Dayna Gardner, director of communications for Albuquerque Mayor Richard Berry, told Albuquerque Business First that the property emerged from bankruptcy earlier this month, and the new developer is PEM Real Estate Group of Scottsdale, AR. The publication also obtained a copy of the quitclaim deed detailing the transfer of the real estate to PEM from Anasazi Downtown LLC.

“It’s out of bankruptcy and [PEM] will be remodeling it and putting a new skin on the building,” Gardner said.

She added that the development will begin with a focus on first floor retail spaces and second floor parking.

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