![]() A group of investors is thinking about building an indoor venue with a seating capacity of around 5,500. That would be combined with an outdoor amphitheater capable of holding up to 8,000 people. The project would be built near the Sunland Park Racetrack & Casino, and is being explored by a group of investors, one of whom includes a Latino concert promoter and real estate developer from Colorado. Sunland Park, located in Dona Ana County, borders Texas and the Mexican state of Chihuahua. As planned, the project would be built within the boundaries of the Sunland Park Racetrack & Casino, which was originally opened in 1959. Future plans are likely to provide details of the ambitious music venture idea as investors and developers meet with City officials to more fully discuss the idea. By Garry Boulard
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![]() By a large 66.1% to 33.8%, voters in New Mexico gave their approval to a ballot question calling for $24.2 million in bonds for the building and improvement of senior citizen facility improvements across the state. Those facilities are in nearly two dozen counties and six pueblos. Around $19.2 million in bond funding was approved for improvements to the state’s public and school-based libraries, winning by 63% to 37%; while 62% of voters gave their approval to Bond 3, which called for allocating up to $216 million, for higher education facility upgrades. The bonds will support projects in the big University of New Mexico and New Mexico State University systems, as well as around two dozen community and Tribal college facility projects. In Mesa, Arizona, voters approved a $157 million bond re-question that will go to fund new fire and medical facilities; police facilities; and public safety facilities. Voters also gave their approval to facility bond proposals in the Tempe Union High School District, as well as the Phoenix Elementary School District, the Union Elementary School District, and the growing Queen Creek Unified School District. In Douglas County, Colorado, it appeared that a $60 million bond for school facilities, including the construction of three new elementary schools, was heading for a narrow defeat. In the Weld County School District RE-4, a $271 million bond supporting school facility work for schools in both the cities of Windsor and Severance appears to have passed. By Garry Boulard ![]() An ambitious plan is being aired in Phoenix to create what would be the city’s Entertainment District. The plan comes by way of the Phoenix Convention Center, which is located at 100 N 3rd Street, and includes the expansion of the center itself, as well as the construction of a new hotel. Officials with the center have long wanted to create a kind of entertainment district in order to attract visitors to the downtown area and mulled the possibility of a market feasibility study two years ago. Similar projects have been launched in other U.S. cities and typically include restaurants, nightclubs, and hotels. According to published reports, the Phoenix entertainment district would be expected to feature up to 800 hotel rooms. Plans now call for a nonprofit group called Visit Phoenix to work with the convention center on a plan for building the district. By Garry Boulard ![]() 15-year-old modern structure some 10 miles to the northeast of downtown Albuquerque is listed for sale for $3.4 million. The 4,587 square foot structure, located at 8150 Paseo Del Norte, has served as the home to R. Greenleaf Organics, which offers a wide variety of cannabis products. The company operates similar stores in Grants, Roswell, Las Cruces, and Santa Fe, among other locations. The attractively designed building was built in 2007, and just underwent an extensive renovation. Sitting on a less than half-acre site, the property was formerly the home to the Cuticle Lounge Nail Salon, and before that was an outlet for the Tribal Arts store. The property is being listed by the San Francisco-based Cushman & Wakefield. By Garry Boulard ![]() The nation’s commercial real estate sector may see business prospects getting worse before they get better within the next year. That is one of the take-aways of a NAIOP CRE Sentiment Index looking at overall conditions as of late September. The current index has a reading of 47, down significantly from where things stood earlier this spring. Last fall, with respondents indicating a more buoyant mood, the index had a 56 reading. The NAIOP CRE Sentiment Index is designed to both get a feel for where things in the industry currently stand, while also forecasting where things are likely to be in the next year. The survey did reveal some latent optimism regarding individual projects. In a statement, Marc Selvitelli, chief executive officer of NAIOP, noted that “uncertainty with respect to the interest rates and inflation certainly contribute to the current index.” Selvitelli added: “However, we do see signs of longterm strength in our industry.” By Garry Boulard ![]() Up to $100 million in funding is being committed to the expansion Arizona’s nationally known semiconductor industry. In a statement, Governor Doug Ducey noted that the Grand Canyon State has “earned a place as one of the world’s leading destinations for chip design, manufacturing, and innovation.” The Governor added that the $100 million is in keeping with Arizona’s efforts in recent year to work with the private sector to build out the state’s semiconductor ecosystem. In a statement, Sandra Watson, chief executive officer of the Arizona Commerce Authority, noted that Arizona has taken strides in investing in both an advanced manufacturing workforce as well as the state’s research capabilities, and adding: “Thus funding promises to take that transformation even further.” Arizona’s predominance in pushing for an expansive semiconductor industry has prompted Forbes magazine to call the state “Semiconductor Central.” Some of the most significant projects has seen the Taiwan Semiconductor Manufacturing Company announcement to build a $12 billion new plant in Phoenix. Early last year, Intel announced plans to build two new production facilities in the state. By Garry Boulard ![]() Nearly 300 one-, two-, and three-bedrooms units are planned for construction in the San Tan Valley area of Pinal County, Arizona as part of an innovative project called the Village at Borgata. The Empire Group of Scottsdale has purchased the land for the project, located at the southwest corner of Thompson Road and Hunt Highway, for a reported $13.8 million. As planned, the homes will range in size from 680 square feet to 1,300 square feet. A gated community, the Village Borgata will also include a community clubhouse, fitness center, barbeque and fire pit areas, as well as walking paths. The project is part of a larger master-planned development called Borgata at San Tan, a 100-acre project that will also include commercial space, apartments, and condominiums. Rezoning approval for the project site was secured earlier this summer by the Pinal County Board of Supervisors. By Garry Boulard ![]() The share of first of first-time home buyers has dropped to a new low, according to the National Association of Realtors just-released Profile of Home Buyers and Sellers. The report, which has been issued annually since 1981, provides a comprehensive view of the preferences of both buyers and sellers, noting that first-time buyers currently make up only 26% of the market, down from 34% in 2021. In a statement, Jessica Lautz, vice-president of demographics and behavioral insights for the NAR, said, “It’s not surprising that the share of first-time buyers shrank to the lowest level ever recorded, given the housing market’s combination of historically low inventory, persistently high home prices and rapidly escalating interest rates.” Lautz added that in today’s market, “those who have housing equity hold the cards and they’ve fared very well in the current real estate market.” The report additionally noted that the share of buyers who purchased homes in small towns and rural areas, at 29% and 19% respectively, were at the highest levels ever recorded. At the same time, home purchases in suburban and urban areas, at 39% and 10% respectively, had declined since late 2021. By Garry Boulard ![]() Design work is underway on a unique two-tower mixed-use multifamily residential project set to go up in Denver’s Arapahoe Square District. The project, which is called the Evolve Towers, will measure just under 400,000 square feet, and is expected to cost around $122 million to complete. Targeting a “net zero” goal, the project is emphasizing a combination of energy efficient technologies as well as sustainable construction methods. The two towers in the project are set to include ground-level retail space, and above-grade parking. Altogether, the project, developed by eVolve Development Holdings LLC/Ubuntu Partners, is expected to see the construction of 331 residential units. The design work is being spearheaded by the Denver-based Oz Architecture in collaboration with Sanzpont Arquitectura of Barcelona, Mexico. In the talking stage for several years, the Evolve Towers will go up just to the south of the Historic Cutis Park Neighborhood. If all goes well with the permitting process, work could begin on the project by no later than next summer. The project, which earlier won the approval of Arapahoe’s Downtown Design Advisory Board, has been advertised as balancing smart design with compelling aesthetics in a move to attract “conscientious consumers.” Upon completion, the Evolve Towers will mark the city’s largest residential/condo project in more than a decade. By Garry Boulard ![]() Up to $759 million is being made available through the federal Department of Agriculture to fund a series of broadband infrastructure projects across the country. In announcing the historic funding, Tom Vilsack, Agriculture Department Secretary, noted that “people living in rural towns across the nation need high-speed internet to run their businesses, go to school and connect with loved ones.” The funding is coming out of the Department of Agriculture’s ReConnect Program and is designed to work with local entities to build needed broadband infrastructure in even the most remote places. In Colorado, by way of example, the Reconnect Program is sending an $18.7 million grant to the Eastern Slope Rural Telephone Association to connect “thousands of people, 898 farms, 110 businesses, and 17 educational facilities” in some nine Colorado counties. Additional awards have been announced for similar efforts in some 25 states, including Arizona and New Mexico. The Navajo Tribal Utility Authority in Arizona is receiving $7.1 million for the building of internet infrastructure in Navajo County. A second grant of just under $10 million is going to the Tohono O’odham Utility Authority for broadband infrastructure construction in three counties, as well as the Tohono O’odham National Reservation. Funding in New Mexico is going to four separate projects: the Kit Carson Electric Cooperative is receiving $23.6 million to build high-speed internet infrastructure in Rio Arriba County; while the Leaco Rural Telephone Cooperative is receiving $24.9 million for infrastructure work in Chaves and Lea counties. Additional New Mexico projects: $34.8 million for the Western New Mexico Telephone Company to build high speed internet in Catron, Grant, and Hidalgo counties; along with $24.9 million to the WNM Communication Corporation for infrastructure work in Grant and Luna counties. By Garry Boulard |
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