Titan Development and HB Construction held a groundbreaking ceremony for a $35 million-dollar multifamily project in Northeast Albuquerque, Tuesday.
Beyond the formality of plunging shovels into the earth with a city official, the design phase of what will be called Allaso Olivine has been completed with the earthwork and grading already in progress since March.
The single u-shaped building containing 105 units within three floors, both one and two-bedroom, will rest on a 2.7-acre lot on the northwest corner of Alameda Boulevard and Louisiana Boulevard in Albuquerque.
In a press release by Titan Development, it states that the project will have a resort-style pool, fitness center, leasing office and units averaging 904 square feet completed by the end of next summer.
“The building permit is with the city right now on second review comments. We’re anticipating that to be stamped and sealed tomorrow or within a couple days,” said Construction Manager with Titan Development Bob Kearney.
The design by Dekker Perich Sabatini includes similar characteristics which are novel to multifamily developments in Albuquerque.
Allaso Journal is another recent Titan Development property in Northeast Albuquerque.
Supply chain delays are one thing Allaso Journal and Allaso Olivine have in common. Kearney said that electrical service panels and breakers have been the culprit here.
Much like Allaso Journal, Allaso Olivine will connect tenants through a community-wide wifi network through Comcast and will also share a centralized hot water system through Teal Systems, said Kearney.
“Teal is also a product that doesn’t have a foothold in New Mexico. Up until last week, there was nobody in the state doing Teal. Now they have about seven clients right now that are going to deploy Teal,” said Kearney.
Kearney explained while on site that the Teal system is classified as high-grade market brand boiler that comes with a controller pack for the operator.
Future tenants have already been put on leases and move-ins could start months before final completion, according to Kearney.
What the price will be per month, by square foot, is still being evaluated by the operator, Greystar. Justin Stone, Greystar’s regional property manager for the project, said that the price range will be close to the Allaso Journal’s and projected averages.
“Right now, Journal Center’s doing an average of about two dollars and eleven cents a square foot, so it would be similar or higher than that depending on the unit breakdown,” said Stone.
Based on the Allaso Olivine’s average unit in square feet and Stone’s estimate for the Allaso Journal units, a home here could cost up to $1,907 per month.
Partners at Titan Development, Kurt Browning and Josh Peters, made statements alongside Albuquerque City Councilor Brooke Bassan prior to ground breaking.
Bassan said that there will be up to 250-300 construction workers employed by HB Construction over the course of the project, in addition to subcontractors like Montano Earthworks LLC.
“The relationship that Titan has with the community, with the neighbors, leverages the point that all of the rest of you who are involved in this, can help out and build our economy,” said Bassan.
Bassan also announced that the city would be breaking ground on the North Domingo Baca Aquatic Center in the same area later this year.
By Dane Vaughn
