ALBUQUERQUE-One of the first master-planned commercial sites in the far western tier has come to market. The 27.1-acre tract, listed for $15 million, could support up to 450,000 sf of office, retail or hotel space.
The Fountain Hills tract, if developed in line with its zoning, could add roughly $100 million of development to the submarket, according to Tom With, vice president in Grubb & Ellis Co.'s New Mexico office. "The good thing about this land is that it's fully approved for development," he tells GlobeSt.com. "It's been through city council and homeowners' associations so this'll save a developer a lot of headaches. It's ready to go."
With and Grubb & Ellis colleague John Ranson are marketing the land on behalf of Fountain Hills/Ameri Contractors LLC of Albuquerque. With says the acreage is situated between Paseo del Norte and Paradise boulevards in the West Mesa submarket, which is beginning to boom from a residential standpoint. He says more than 70% of the city's residential building permits that are being pulled are destined for West Mesa.
With says interest is starting to build, primarily from developers in the western quadrant. Most calls, though, have been fact-finding in nature, he acknowledges.
With believes most of the submarket's land will be gone within 18 months because Albuquerque is becoming such a hotspot for investment. "Albuquerque has been in a lot of major publications lately," he says, "and we're getting calls from people who are reading those articles and wanting to find developable land."
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