Blue Dot Corp., developer of Albuquerque’s downtown Six Street Lofts, announced that they have assembled eight city lots in the downtown Albuquerque area to construct a 30-story condominium high-rise tower known as Residences at Packard Place. With a floor plate of 30,000 sq ft, the tower would contain 408 residences priced from the low 200’s to $1 million for the penthouse suites.

Packard Place will be located in the core of downtown Albuquerque’s West End and if built would become the city’s tallest structure. The development calls for retail and commercial space on the ground level, eight levels of parking containing over 700 parking spaces, a 30,000-sq-ft community floor and 20 floors of residences. The community level, located on the 10th floor above the parking levels, will include amenities such as a steam room, sauna, hot tub, lap pool and game area, library, a rock climbing wall, cooking area, outside fireplace, driving range (with net), treatment rooms, putting green, meeting room and a suspended 1/8th-mi. track around the perimeter of the building.

While plans are still tentative, the project cost is estimated at $175 million, with completion planned for 2010.

Blue Dot is also the developer of Anasazi Downtown Condominiums, currently under construction in downtown Alqubuerque. The nine-story, 51-unit condominium construction project is estimated to cost $16 million.

NMDOT Hosts Groundbreaking
for Manuelito Rest Area and Visitor Center

Transportation Secretary Rhonda Faught, State Tourism Secretary Michael Cerletti and other state and local officials broke ground on the Manuelito Rest Area and Visitor Center. Built in 1971, the facility located at the New Mexico/Arizona border will soon greet travelers with a newly-constructed 9,500-sq-ft visitor center, 16 picnic shelters and parking spaces for 80 cars and 46 trucks. Nearly doubling its current capacity, the redesign will accommodate approximately one million visitors.

This is the second rest area and visitor center the department has broken ground on this year, the first being the Glenrio Center at the New Mexico/Texas border in March.
David Montoya Construction Inc. and Longhorn Construction were awarded the project. The $6.1 million endeavor is expected to be complete by December. Until then, the rest area will be closed to traffic. The cost includes building the new visitor center, installation of phone lines and plumbing, reconstruction of new parking lots, installation of new drainage systems and new concrete side walks.

New Mixed-Income Residential
Planned for Downtown Albuquerque

Albuquerque-based Romero Rose LLC will redevelop two sites in downtown Albuquerque, within the city’s Alvarado Transit District. The project encompasses five acres on two adjacent sites, and when complete will provide a mix of live/work studios, affordable multi-family units, market-rate townhomes and possibly retail and office space. Working with Calthorpe Associates, the team has framed a master plan that weaves the various unit types into a diverse and balanced footprint, linking the surrounding context together and providing ample street level space for public and private interaction. Key features of the plan are its connection to the transportation center, an interior courtyard based on the historic Alvarado Hotel and continuity in streetscaping throughout.

At East Second Street, the live/work component consists of 53 flexible units in three, three-story buildings as well as landscaped open space and a 210-space surface parking area. The two-phased, mixed income multifamily rental development will be built in a four-story, U-shaped structure surrounding an interior courtyard enclosed on one side by a parking structure with a total of 110 units.

The West Second Street site will be developed for mixed income, owner-occupied housing and possibly office and retail space. Its design is modular, allowing substitution of unit types depending on market demand as the phased construction progresses, and will consist of between 76 to 136 units. The city has allowed for flexibility with respect to final uses of the site, enabling the project to begin development without commitment to uses which may not prove viable.

Architects for the project include OZ Architecture, Claudio Vigil Architects and Workshop Architects. Landscape architect is Consensus Planning.

Governor Bill Richardson Announces
Major Investment Round for Advent Solar

Governor Bill Richardson announced that the state is making a significant investment in New Mexico-based Advent Solar, a worldwide leader in the development of advanced technology solar cells and modules. New Mexico’s commitment is part of a new investment round that will secure more than $70 million in series D funding to allow Advent Solar to expand and meet strong customer demand.

“Today marks another important milestone for a New Mexico company leading the way to provide clean, sustainable energy around the globe, while also creating hundreds of high wage jobs for New Mexicans,” Richardson says. “New Mexico is blazing a trail in clean energy policy, getting in on the ground floor of a growing industry, and investing in home-grown companies like Advent.”

The state’s $10 million commitment to Advent comes via the New Mexico State Investment Council (SIC), which manages the state’s $15.5 billion permanent funds. The SIC makes venture capital investments in New Mexico companies through its New Mexico Private Equity Investment Program, managed by Sun Mountain Capital of Santa Fe. Over the life of the program, NMPEIP has invested in 41 New Mexico companies, which have created more than 2,000 jobs and spent more than $194 million in New Mexico annually.

Advent Solar is expected to hire up to 1,000 employees in the next few years as it ramps up and expands production at its photovoltaic research, production and manufacturing plant, which opened at Mesa Del Sol in Bernalillo County earlier this year.

“The state of New Mexico has prudently supported the growth of Advent over the years,” says Rusty Schmit, president and CEO of Advent Solar. “Both Governor Richardson and the State Investment Council have demonstrated their commitment to Advent, including participation in this current round of funding. This has directly led to the creation of nearly 200 jobs with more expected next year as the company expands.”

Advent’s exclusive cell technology was developed at Sandia National Laboratories and is the basis for its high-performance products, a class of solar cells referred to as back-contact cells. This unique technology brings the potential to dramatically lower costs compared to conventional solar photovoltaic panels.

“Venture investments like this play a vital role in the state’s portfolio, and when we can find top flight companies like Advent in our own backyard, it’s a double win for all New Mexicans,” says State Investment Officer Gary Bland.

The state, which also invested in Advent’s $30 million round in November 2005, was joined in the funding by several prominent technology and venture firms. Ziff Brothers Investments led the round, and was joined by Battery Ventures, Globespan Capital Partners, EnerTech Capital Partners, @Ventures, and New Mexico Co-Investment Partners. Over its B, C and D investment rounds, New Mexico has invested more than $17 million in Advent. 

To submit New Mexico news announcements, please send information and color photographs to: Scott Blair, editor, at scott_blair@mcgraw-hill.com.

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