Plans for the building of a single-family development in Rio Rancho have taken a step forward with the purchase of a 49.5-acre tract of land belonging to the New Mexico State Land Office.
The South Jordan, Utah-based Cleveland Heights LLC has purchased the property located inside the nearly 600-acre Paseo Gateway master planned community for $2.5 million.
The currently vacant land in question is located just east of Unser Boulevard NE, running adjacent to the Sue Cleveland High School at 4800 Laban Road NE.
Of the $2.5 million figure, almost $1.7 million will, by State Land Trust regulations, go to the Land Grant Permanent Fund. That fund supports various public school and universities in New Mexico, providing more than $638 million in support last year.
In a statement, Aubrey Dunn, commissioner of the State Land Office, said the sale to Cleveland Heights will “trigger development in the Paseo Gateway master plan area, thus increasing the value of adjacent trust land, spur construction jobs, increase the tax base for the City of Rio Rancho, and generate revenue for education.”
In development for more than a decade, Paseo Gateway is described in the Paseo Gateway Master Plan compiled by the Albuquerque-based Consensus Planning, Inc., as “an appropriate mix of residential, commercial and employment uses.”
By Garry Boulard
