{"id":1004140712,"date":"2016-03-31T01:31:11","date_gmt":"2016-03-31T09:31:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140712"},"modified":"2020-04-06T07:46:18","modified_gmt":"2020-04-06T15:46:18","slug":"construction-to-start-on-live-work-play-building-in-the-duke-city","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/construction-to-start-on-live-work-play-building-in-the-duke-city\/","title":{"rendered":"Construction to Start on ‘Live-Work-Play’ Building in The Duke City"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

\"Architectural<\/a>

Architectural rendering of the new Innovate ABQ building<\/em><\/p><\/div>\n

Albuquerque, N.M.<\/strong>\u2014The University of New Mexico<\/a> Board of Regents approved an agreement with a local development group to start work on\u00a0Phase I of the Innovate ABQ<\/a>\u00a0mixed-use development<\/a>\u00a0at the northwest corner of Broadway Boulevard and Central Avenue in Albuquerque. Construction on the nearly 159,000-square-foot building is set to\u00a0begin this summer.<\/p>\n

\u201cThis has been our vision from the start,\u201d UNM President Robert Frank said in a prepared statement. \u201cWe\u2019ve been working with our public and private partners to bring our students and researchers together with entrepreneurs and innovators in an inspired environment that can spur economic development and create jobs that benefit all of us.\u201d<\/p>\n

The new building will go up six stories and will be built north of the existing structure known as the former First Baptist Church of Albuquerque. The ground floor will be used for the University\u2019s technology transfer and economic development division\u2014STC.UNM, academic space for Innovation Academy, a Nusenda Credit Union<\/a> branch, caf\u00e9 and small fitness center. The five upper floors will consist of 155 two-bedroom\/two-bath units.<\/p>\n

\u201cThis extraordinary opportunity is a catalyst for our city, higher education and downtown,\u201d said Albuquerque Mayor Richard Berry. \u201cThis project will help the revitalization of downtown Albuquerque by bringing UNM’s Innovation Academy and student housing to the Innovate ABQ site. I want to thank President Frank and the regents for their leadership as we diversify opportunity in our local economy.\u201d<\/p>\n

\"Innovate<\/a>

Innovate ABQ Elevations<\/em><\/p><\/div>\n

The project’s estimated cost is\u00a0$35 million, but there is no upfront cost for UNM as the three-member development team is responsible for the first phase of the development\u2019s site planning and construction\u2014Signet Development<\/a> of Ohio, Goodman Realty Group<\/a> of New Mexico and Dekker\/Perich\/Sabatini<\/a> will pay for the building. The development group will be the landlord and the UNM Board of Regents will be listed as the tenant in a 30-year lease on the building. Innovate ABQ Inc. will lease the land to the developer.<\/p>\n

“This is another step in our journey to bring about greater economic opportunity for our community and the State of New Mexico,\u201d said Terry Laudick, chairman of Innovate ABQ Inc.’s Board of Directors. \u201cWith the University\u2019s commitment to increasing access to their research and students through Innovate ABQ, more companies and entrepreneurs will soon congregate and collaborate at this hub of innovation.\u201d<\/p>\n

The operating expenses and maintenance will be paid for by UNM. The initial rent cost to the university will be $1.8 million with escalation clauses at regular intervals. Rent in year 30 will be just over $3.3 million.<\/p>\n

\u201cThis building will be the nucleus of Innovate ABQ in the same way that Innovate ABQ will be the nucleus of the larger innovation district in Albuquerque,\u201d said Lisa Kuuttila, STC.UNM CEO & chief economic development officer.<\/p>\n

Renderings courtesy of Dekker\/Perich\/Sabatini<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Innovate ABQ debuts first building phase after receiving approval from the University of New Mexico.<\/p>\n","protected":false},"author":237,"featured_media":1004140714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1577,21784,21782,21783,21752,21742,15],"tags":[],"class_list":["post-1004140712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-albuquerque","category-brokerage","category-development","category-investment","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"\nConstruction to Start on 'Live-Work-Play' Building in The Duke City - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/construction-to-start-on-live-work-play-building-in-the-duke-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction to Start on 'Live-Work-Play' Building in The Duke City\" \/>\n<meta property=\"og:description\" content=\"Innovate ABQ debuts first building phase after receiving approval from the University of New Mexico.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/construction-to-start-on-live-work-play-building-in-the-duke-city\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-31T09:31:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T15:46:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/Architectural-rendering-of-the-new-Innovate-ABQ-building.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"560\" \/>\n\t<meta property=\"og:image:height\" content=\"320\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Construction to Start on ‘Live-Work-Play’ Building in The Duke City\",\"datePublished\":\"2016-03-31T09:31:11+00:00\",\"dateModified\":\"2020-04-06T15:46:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/Architectural-rendering-of-the-new-Innovate-ABQ-building.jpg\",\"articleSection\":[\"Albuquerque\",\"Brokerage\",\"Development\",\"Investment\",\"Mixed Use\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/construction-to-start-on-live-work-play-building-in-the-duke-city\\\/\",\"name\":\"Construction to Start on 'Live-Work-Play' Building in The Duke City - 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