![]() New plans for the redevelopment of a former college campus in Santa Fe are expected to be presented to the city’s Planning Commission in mid-September, before a final overall presentation is made to the city council on November 9. Located at 1600 St. Michaels Drive, the 64-acre site has been the subject of dozens of public input meetings centering on its future, with most of the input emphasizing the need for new affordable housing. The property, which was purchased by the city more than a decade ago for $30 million, was formerly the home to the Santa Fe University of Art and Design, before that institution ceased operations in the spring of 2018. Now the city has submitted documents to both the planning and land use departments detailing a master plan for the site. In a statement, Santa Fe Mayor Alan Webber remarked: “Community voices continue to play a key role in defining what will happen on the site and we’re hearing from interested developers who recognize Midtown as the new center of Santa Fe.” The master plan and community development documents, added Webber, “represent the culmination of several years of planning with the public, city staff, consultants, developers, and elected officials.” It is thought that while upwards of 1,110 new housing units could be built on the campus, at least 30% of those units will de designated as affordable. By Garry Boulard
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![]() More than 4,400 retail stores for a variety of brand names and chains are expected to be opened nationally before the end of this year. That’s according to a just-released study by the New York-based Coresight Research, which also indicates that the 4,130 tsunami of store closures seen in 2021 has substantially decreased to well under 2,000. One of the most aggressive gainers is the Goodlettsville, Tennessee-based Dollar General company, on track with plans to open just over 1,100 stores this year. That new store space, according to the Coresight report, equates to 11.7 million square feet of retail square footage. Dollar Tree, meanwhile, with headquarters in Chesapeake, Virginia, will most likely see the opening of 590 stores. The Philadelphia-based trendy retail chain Five Below, which was launched in 2002 and features a variety of products with price tags of $5 or below, has announced a goal of building at least 1,000 new locations between now and 2025. At least 400 of those locations are expected to be completed by the end of this year. In the strictly clothing end of the industry, the Burlington sportswear and apparel chain, growing from a base of 840 stores nationally, hopes to add another 90 new stores by December 31. In a separate report issued last month, Coresight noted that altogether the country’s retailers are on track to open some 75 million square feet of new retail space by the end of this year. Even though the discount chain Big Lots has endured a 7.6% drop in sales during the second quarter of this year, it has recently revealed plans to build 500 new stores by the year 2030. Headquartered in Columbus, Ohio, Big Lots, launched in 1967, currently has more than 1,400 stores nationally. By Garry Boulard ![]() A project that will see the construction of 118 upscale condominium units spread out over a span of 13 buildings in Steamboat Springs has cleared an important city hurdle. The project, which has been in the discussion stage since 2019, will go up at the northeast corner of High Point Drive and U.S. Route 40 on the south side of the city in a largely residential area. Despite the opposition of some residents, the project has now won the approval on a close 4 to 3 vote of the Steamboat Springs City Council, after earlier getting a green light from the city’s planning commission. City officials and the project’s developer, Longview Village Incorporated, also of Steamboat Springs, have also agreed on a plan to rebuild and extend a portion of High Point Drive heading into the condominium complex. The condominium units are expected to be priced at around $750,000 each. A rendition of the project shows a series of three-story units with balconies on the second floor and garage space on the ground level. The condominium market in Colorado has proven explosive in recent years after the state legislature passed a bill making it more difficult for condo owners to sue builders and developers for construction defect reasons. Since then, the growth of the industry has seen a double-digit increase, with the average price per condo, according to industry sources, now between $500,000 and more than $800,000. By Garry Boulard ![]() An unusual listing is seeing nearly 500 acres of land in central New Mexico up for sale for just a few pennies south of $500,000. The massive stretch of land borders the Santa Fe National Forest, some 95 miles or so to the northeast of Albuquerque and 35 miles to the southwest of Las Vegas, New Mexico. The closest sign of civilization is the unincorporated town of Villanueva, with a general store, church, and post office, and population of around 200 people. As mentioned in an advertisement for the listing, the land includes an abundance of trees, open clearings, and a seasonal creek feeding into the Pecos River, which flows north to south. The property is accessed via San Miguel County Road B29A. The price of the land for so much acreage has prompted some comment: “500 acres of beautiful New Mexican land for less than the cost of 1 bedroom apartment in Manhattan,” exclaimed the site Unofficial Networks. “Incredible.” The property is being listed by the Sedona, Arizona-based Landio company. By Garry Boulard ![]() More than half of nearly 200 business economists surveyed in a recent industry poll say they are doubtful that the Federal Reserve is going to successfully reduce the nation’s inflation rate by the end of the year. The findings of the Economic Policy Survey, as published by the Washington-based National Association for Business Economics, indicate that 52% of respondents thought the idea of getting the inflation rate down to 8.5% was unrealistic. Even more, a strong 47% of the respondents said they thought a recession will be underway by either late this year or in the first quarter of 2023. Even more, just under 20% of the respondents said that they thought the country was already in a recession. Other respondents forecast a recession some ways down the road, with 20% seeing it taking place sometime in the second quarter of 2023. In a statement, David Altig, National Association for Business Economics president, said what he called the “split opinions” regarding when and if a recession will take place “suggests that there is less clarity than usual about the outlook.” Further poll results reveal that 59% of the polled respondents believe fiscal policy coming out of Washington should be focused more on robust economic growth in the “medium-to-long term,” while only 25% thought the emphasis should be placed on reducing the deficit and overall debt levels. Indicating a more activist approach, a commanding 76% of respondents said they were supportive of the recently passed Inflation Reduction Act. An equally strong 69% had no problem with a minimum 15% corporate tax. Another large 63% said they were generally in favor of private-public investments, rebates, and subsidies designed to combat climate change. By Garry Boulard ![]() City officials in Aurora are looking over plans calling for the construction of a new 7-mile access road that would be designed to alleviate traffic feeding into the busy Denver International Airport. The project, which for the present is being called the Aerotropolis Parkway, would also be just under 2 miles to the east of the toll road Colorado E479. At present, the primary access road to the airport is the 30-year-old Pena Boulevard, a 14-mile S-curve route connecting Interstate 70 to the facility. The new route is envisioned as having six lanes and most likely no traffic lights. According to the publication Denver Gazette, the proposed road would “pass new communities along the corridor between the parkway’s route and the E-470 beltway.” Those communities, making up a large segment of the open land in Aurora to the east and south of the airport, are seeing the construction of upwards of 700 new homes either completed or under construction, with plans in the works for more than 12,000 homes in the future. Opened in 1995, the Denver International Airport is listed as the fifth busiest airport in the country and tenth largest in the world, serving more than 32.2 million passengers in just the first quarter of this year. By Garry Boulard ![]() A project calling for the construction of a new facility for go-kart fans in Albuquerque has secured initial approval. Members of the Albuquerque Environmental Planning Commission have now given their approval to a go-kart racing facility that will go up on a 24-acre site between Alexander Boulevard NE and Montano Road. The project, to be built by the Andretti Indoor Karting & Games company, which is headquartered in Orlando, would see the construction of a very large 95,000 square foot structure. As planned, the facility will also house food and event space, as well as room for laser tag and video games. Additional amenities: a mini-golf course, and bar. Andretti Indoor Karting currently has half a dozen up and running locations, and just recently announced plans to build its second metro Phoenix facility, measuring 96,000 square feet, in Chandler, Arizona. The company opened a 100,000 square foot facility in metro Dallas in 2020. The Andretti company was established in 2001 and is named in honor of racing legend Mario Andretti, who has been instrumental in the planning of each one of the go-kart facilities. By Garry Boulard ![]() Interest rates currently hovering in the 2.2% to 2.5% range could be up to 3.8% by the end of the year, with Federal Reserve Chairman Jerome Powell warning that inflation is still not under control. Speaking in Jackson Hole, Wyoming at the Kansas City Fed’s annual policy forum, Powell remarked that “restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.” The Fed Chairman also noted that “while the lower inflation readings for July are welcome,” just a single month’s performance is not enough to convince members of the Federal Open Market Committee that the trend lines are substantially moving in the right direction. “Without price stability, the economy does not work for anyone,” Powell continued. “In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all.” Powell added: “The burdens of high inflation fall heaviest on those who are least able to bear them.” In analyzing Powell’s remarks, the publication Forbes said, “For investors, this means that there is likely to be a lot of central bank intervention to come, with the aim of getting inflation back under control.” Noting that the Dow Jones Industrial Average dropped more than 1,000 points in the aftermath of Powell’s speech, the Wall Street Journal said the chairman’s remarks “disappointed investors who had hoped inflation had peaked and the Fed would shift from raising rates to lowering them sometime next year.” Last month, the Consumer Price Index pegged the national inflation rate at 8.5%. While that is a decrease over June’s numbers, when the rate had reached its highest in decades at 9.0%, it is still significantly up from last year at this time when the rate stood at 5.3%. By Garry Bolard ![]() Plans are now fully underway for the construction of a bike and pedestrian bridge that will cross a riverbed in south Phoenix. The city has received support to the tune of $25 million as part of a Rebuilding American Infrastructure with Sustainability and Equity federal grant. The bridge will be aligned with the mostly residential 3rd Street and is a part of a long-desired plan to create a non-vehicle path between the south part of the city and downtown Phoenix. According to a press release issued by the City of Phoenix, the new structure will “provide residents with increased recreational and exercise options with its proximity to the trails within the Rio Salado Habitat Restoration Area.” The project will see the construction of a 12- to 18-foot-wide walking and biking crossway, with concrete sidewalks, gutters, and street lighting. Curb ramps in the project will be built for Americans with Disabilities Act compliance. Full scale planning for the project is expected to be underway this fall. By Garry Boulard ![]() Planning is now underway for the long-delayed expansion of the Bridge of the Americas Port of Entry which connects El Paso with Juarez. The project late last year secured $600 million in federal funding via the Infrastructure Investment and Jobs Act. The bridge, located some 3 miles to the east of downtown El Paso, was completed and opened in 1967. It annually serves more than 3.8 million crossings, a number that has been steadily increasing over the last decade. Local officials say the bridge is not adequate for current traffic volumes. An updating project would include modernizing the facility’s technology and implementing carbon reduction strategies. That technology will specifically be used by the US Customs and Border Protection agency to detect drug trafficking and increase overall security. According to a press release issued earlier this year by the General Services Administration, the project will also “improve traffic flow and decrease wait times.” At the time of the bridge’s opening in the fall of 1967, President Lyndon Johnson met Mexican President Gustavo Diaz Ordaz at the halfway point for a well-choreographed handshake. An exact timetable for when actual work on the bridge will begin remains to be announced. By Garry Boulard |
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