A plan to build an entertainment district just west of the Dreamstyle Stadium in Albuquerque is in need of a new developer.
In late 2015 members of the University of New Mexico’s Board of Regents voted unanimously to give a green light to building a unique project that would see a combination of socializing and retail space, along with restaurants and bars, on the current site of a parking lot at University Boulevard and Avenido Cesar Chavez.
In giving the project their approval, the regents entered into an agreement with the Albuquerque-based 54 Development LLC to make the district proposal a reality, ratifying an earlier approval of the Lobo Development Corporation, a nonprofit that handles the development and management of UNM real estate and facilities.
But in recent months UNM officials have expressed concern about the timeline for the project, with the Lobo Development board finally voting to terminate its lease with 54 Development, saying the company had failed to submit a development plan for what is officially called the South Campus Sports and Entertainment District.
The project has been plagued with delays: in early 2015, UNM and the Albuquerque-based Marble Development failed to come to an agreement on a plan for the district, prompting the regents to subsequently go with 54 Development.
It was then thought that work on the project could begin as early as the first part of 2017. A target date for construction was later extended to late 2017.
By Garry Boulard
