Published April 19th, 2008 by Mickey
Thinking big: Whether Uptown or Downtown, commercial real estate developers set their sights way up there
The commercial real estate market was marked by big projects in 2007, from malls to hotels to condo projects.
Two hospitals were put on the market. Memorial Hospital, at 806 Central Ave. SE just east of Downtown, was offered for sale at $4.6 million for 47,000 square feet on 2.27 acres. It remains unsold by its Albuquerque and Santa Fe owners, which include Oberstein Properties of Santa Fe. The hefty cost of redeveloping the 1920s-era building could be a reason it hasn’t sold.
In October, Pennsylvania’s Ashley Development Corp. backed out of its purchase of Lovelace Hospital’s Gibson Boulevard facility. It was to have closed on the deal in July for an undisclosed price. An Ashley rep cited the “global credit crunch” as a reason for its decision.
Developer Gary Goodman of Goodman Realty Group had a busy year. It was reported in April that he was in the process of acquiring 48 acres of the former Schwartzman meatpacking plant site at 2nd Street and Rio Bravo. He had tentative plans to convert part of the industrial brownfield site west of the Sunport into a one-million-square-foot mixed-use development.
Source: bizjournals.com