High-end rentals, retail planned for Gibson/University - New Mexico Business Weekly:

aleksanovlsys.blogspot.com
's 16-acre will encompass 240 high-end units in two- and three-storg buildings on 12 acres fronted by Gibson Boulevard SE on the southj and bounded by University Boulevare and BuenaVista Drive. There will be 60 townhomes measuring 850to 1,55t square feet with attached garages and 180 garden homesa of 750 to 1,300 square feet. Rents will range from $800 to $1,350p a month. The remaining four acres are set asidefor 45,000p square feet of commercial space on four pad sites. A 1.
6-acre commerciao tract wraps around the corner of Gibson and The other tracts are an acre Bob Hutt, managing director and a partnee in Alliance, hopes to attract users that will complemenf the residences, such as a bank, restaurants, small shope and other neighborhood services. The pad sitexs are for sale or lease, and construction will follows establisheddesign guidelines. It took two yearsw and about $1 million -- not includingg cost of the land, which was not disclosed -- untilo ground could be broken, Hutt "Land is very difficult, and when you raise the entitlement fees and fees and construction costds andgreen certification, these things raisw the costs, which makes future multi-familg development that much more difficult to he says.
's Jim Hakeem, who representedf both the land's sellers and says assembling the purchase from multiple ownerse wasa challenge. Alliance has been developing high-end multi-familyu complexes in Albuquerque for20 years. Hutt estimates it has builty 2,900 units here. It was the first to build a multi-familyy complex east of Tramway in the High Desert Hutt says. "We were the first property to sell in High Deserrt in the middleof million-dollar homes," he says. "Wde like the upper-end only because the nicer productr design is a much morestable investment, with bettetr longevity.
" Alliance is one of the top three multi-famil developers in the country, with $1 billion in current activity, Hutt says. It manages 45,000 apartment of which it owns about 20 It managesabout 2,000 unitsz in the Albuquerque area, half of which it Hutt expects Broadstone Townw Center's first residential unitsd and a residents' clubhous e to be completed by January 2009. The residentiall portion should be finished byJuly 2009. It will be a gatexd community, Hutt says, and will include a full suitdeof amenities: business center, workout a 20-seat mini movie theater and swimminbg pools.
He believes the Phoenix-basedd Alliance chose an excellent location forthe "We like the fact you've got the employment base from the airport, the university, the Air Force he says. "We've found that peoples like to live wherethey We're confident this site will do well becauses of the access to employment. And there'sw not a lot of competition inthis area. You've got a lot of antiquatedx apartments." Yanni's owners stay busy with new eatery, Lovelaces The owners of the recentlyhexpanded Yanni's restaurant in Nob Hill have hirex an architect to design their new Far Northeast Heights restaurant.
Nick Kapnison and businesd partnerJim Daskalos, who didn't identify the plan a two-story, 300-seat restaurant with an outdoor patio, privat party room and lounge next to a four-story officr building at the corner of San Pedrp Drive NE and Holly Avenue, just nortn of Paseo del Norte. They have not selected a name yet, but Kapnisoh says the menu willfeatur steaks, fresh seafood and Mediterranean dishes. Ground should be broken withi n the nextsix months.
The other venture, the old Lovelace hospital facility onGibson Boulevard, is 50 percent leased to medical professionals, Kapnison They finalized their purchase of the 55-year-old facilitty for an undisclosed price last November and renamefd it Gibson Medical Center. "It's been a great move for us," Kapnison says. They are renovating the and Kapnison hopes it will be 80 percentt leased in the next 60 to75 days.