"Rio Rancho has been experiencing tremendous population growth,but there's a lack of retail shopping alternatives. Everyone has todrive the 15 minutes to Albuquerque," says Joshua Pristaw, managingdirector with GoldenTree InSite Partners of New York City, which isthe equity partner for Midland Development Group of Jacksonvillefor the project. He says that a ground-breaking date on thestill-unnamed center at Northern Boulevard and 40th Street has notyet been determined.

Pristaw tells GlobeSt.com that a specific tenant mix hasn't beendetermined for the center, but the developers are receivinginquiries from big-box retailers as well as smaller boutique shopsand restaurants. He expects construction and stabilization to takeabout 18 months. "We're optimistic there will be sufficient tenantdemand to build the whole project at once rather than in phases,"he adds. "We like the demographic profile of Albuquerque and wouldbe interested in investing more capital there."

The master-planned Loma Colorado, just north of Albuquerque, isbeing developed by Pulte Homes of New Mexico. The developer has 33additional acres earmarked for non-residential projects in the443-acre development.