ALBUQUERQUE, N.M. (KRQE) – UNM is selling off almost 40 acres of land that they said will be turned into a large shopping center near University Stadium and the Pit. It’s part of the university’s plan for major development, meant to boost the local economy.
“It’s been a tough go for retail in Albuquerque. I think this kind of signifies a new birth,” said Josh Simon, CEO of SimonCRE.
A vacant property off Gibson, south of the UNM Football Stadium, will soon see new life. On June 30, the UNM Board of Regents approved the sale of 38 acres of land owned by the university to SimonCRE, right next to the future site of the new In-N-Out Burger, which UNM said construction should start next year. The CEO of the Phoenix-based firm, Simon, said that once his company goes through the approval process, they plan to build a more than 360,000 square-foot open-air shopping center. “Shop space, hopefully restaurants and local businesses, but really just catering to that part of Albuquerque,” said Simon.
Multiple construction projects planned for UNM campus this summer
The developer plans to purchase the land for more than $11.7 million from the university. “We think it’s going to completely energize our south campus. To bring much-needed development to this part of town,” said Thomas Neale, Chief Operating Officer with Lobo Development…