Latest news with #TIDD
Yahoo
21-03-2025
- Yahoo
UNM purchases crime-ridden Motel 6, a step forward in revitalizing South Campus
Mar. 20—A local hotspot for crime is on its way to becoming part of the University of New Mexico's effort to revamp the South Campus area. UNM regents last month acquired the Motel 6 on Avenida Cesar Chavez for $5 million following years of what officials described as criminal activity that posed a threat to the safety of students and the surrounding community. Demolishing the motel, university officials say, is a key step toward redeveloping the area into a vibrant hub for food, retail and housing. "I can't understate the importance of removing that property from the area in terms of reduction in criminal activity," Tom Neale, UNM's director of real estate and interim executive director for Lobo Development Corp., told the Journal. "What we found after we acquired the property just reinforced all that we've heard about." Among the university's discoveries were vandalized rooms and evidence of recent manufacturing of methamphetamine, Neale said. A report shared by Lobo Development Corp. officials, put together by the Albuquerque Police Department, shows nearly 300 police calls — 150 for violent crimes, 124 for property crimes — from 2019 through 2024. Criminal activity at the property and potential solutions have been on the university's radar for years. The property is now in the hands of the Lobo Development Corp., UNM's private development arm and master developer of its South Campus Tax Increment Development District, or TIDD. The TIDD incentivizes growth on land that UNM owns by giving developers a share of future tax revenue for their investment into the land's public infrastructure. The corporation will handle demolishing the 22,224-square-foot motel and marketing the site to developers looking to bring projects to the area. Neale said demolishing the motel should eliminate much of the crime threat, but that officials also have plans in place for future crime mitigation. "I don't envision that we will sell any of those parcels," Neale said. "We will either develop those parcels along (Avenida) Cesar Chavez ourselves or build-to-suit agreements or potentially ground leases." He added that UNM can restrict what uses are brought in and ensure "any use we put in that area will have a benefit and not bring any element or use ... that's adverse to our goals." Neale, who has been with UNM for 19 years, said the site is designated for commercial development and will likely bring in restaurants, retail or a combination of both. "This area of Albuquerque is really, really underserved with retail and restaurants, Neale said. "We're starting to see a lot of interest in our lands at South Campus." He added, "Coming out of COVID and the COVID hangover, now retailers and restaurants are starting to focus on development opportunities again, and we're seeing that in South Campus." Some of the university's land was sold to Raising Cane's and a site on Gibson is currently under contract with In-N-Out Burger, Neale said, adding he expects the In-N-Out transaction to close in May. Neale said the corporation has many more developments in the works and that removing Motel 6 is an important piece in moving UNM's vision for development and creating a revitalized gateway into South Campus. The timeline of the Motel 6 site's development will depend on the market. But UNM is "targeting a transformational development in that corridor over the next few years," Neale said.
Yahoo
27-02-2025
- Business
- Yahoo
Public backlash as officials hold meeting on future of Expo New Mexico
ALBUQUERQUE, N.M. (KRQE) – Bernalillo County held a meeting Wednesday to discuss the future of the State Fairgrounds and to provide information on the proposed Tax Increment Development District (TIDD) that would help fund the future infrastructure on the property. However, the public expressed frustration over the matter, ignoring for the most part the TIDD, asking about whether or not the State Fair will move from Expo New Mexico. Story continues below Space News: The role NM scientists play in preventing asteroid collisions Larry Barker Investigation: Albuquerque penalized $500,000 for 'willful' safety violations Weird: Bird invasion forces New Mexico Veterans Memorial to close Last year, Governor Michelle Lujan Grisham announced the potential of turning the area into affordable housing and moving the state fair elsewhere. Earlier this month, the county announced it would help by changing the area's tax district. 'This is a big piece of property in the middle of our city and in a part of our city that has seen really historically disinvestment or lack of reinvestment in that area so I think this is a real opportunity to bring some new life into that area new ideas,' said Bernalillo County Commission Chair Eric Olivas at the meeting on February 3. If approved, it would create the TIDD, which would generate money for infrastructure upgrades at the site like sewer lines and road work. That money would come from gross receipts and property taxes. With the proposed move of EXPO New Mexico, more than the state fair's location is up in the air. The area is also home to the weekend flea market and Tingley Coliseum, which hosts events like live performances and graduations. At Wednesday's meeting, officials held the meeting with intentions to discuss the TIDD, saying it would be vital for the future of the area. 'The current trend is not sustainable. We have to do something to rescue our community,' said Martin Chavez, former mayor of Albuquerque and current federal infrastructure adviser to the governor. The public spoke against not only the TIDD but the proposed move. 'You're just wasting money! Who's pocket is this going into?!', one man asked. Many in the public spoke out against the move, citing that the large homeless population and crime in the area have driven out other businesses from the neighborhood. 'We have lost Walmart, we have lost Walgreens, we are in a food desert. And you guys talk about doing this, you need to put your money somewhere else!' Others argued that the funding should be used to help the homeless rather than remove them. 'You have a community of 5,000 homeless people, 55% of which are veterans who've served this country. And this is where our taxpayer money is going. To restructure our fairground or change our fair' said another public commenter. The county will vote to approve the measure for the tax district at its next meeting on March 3. It then goes to the state for approval. The TIDD would then lead to the development of request for proposal (RFP) masterplan for the future development of the area or if EXPO New Mexico should stay. That process would take six months to complete. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
