Construction of $35 Million Building Slated for Summer

BY RENE THOMPSON

A 159,000-square-foot, six-story building from Innovate ABQ and UNM is scheduled to open by August of 2017 at the Northeast corner of Central and Broadway.

The University of New Mexico Board of Regents approved an agreement with a local development group to start what will just be the beginning of the InnovateABQ project, according to the UNM Newsroom. UNM President Robert G. Frank said, “We’ve been working with our public and private partners to bring our students and researchers together with entrepreneurs and innovators in an inspired environment that can spur economic development and create jobs that benefit all of us.”

The building will feature dorms and offices steered toward researchers and entrepreneurs. Specifically, in the top five floors, there will be 155 two-bedroom student apartments for upper-level undergraduate and graduate students—enough space for up to 310 people.

The 30-year lease is just the beginning. “This has been our vision from the start,” Frank said.

The total cost of the project is estimated to be $35 million. Private developers will build the building, UNM will rent and pay operating expenses and maintenance. The initial rent cost to the university will be $1.8 million, with escalation clauses at regular intervals. Rent in year 30 will be just over $3.3 million.

(Photo credit: Innovate ABQ)

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Rene Thompson

Rene Thompson is a staff reporter at ABQ Free Press. Email her at rene@freeabq.com.

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