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Albuquerque Business First
Idaho developer on track to finish first Las Cruces project
An Idaho-based multifamily and commercial development company remains on track to complete its first senior living complex in Las Cruces by spring 2025, following its groundbreaking in March.<\p> Located at 801 E. Farney Lane, Thomas Development Co. is the developer behind the $25 million Pedrena Apartments. The company is working with Las Cruces-based Crestline Building Corp., Idaho-based Erstad Architects and Albuquerque-based Tierra West. <\p>
Prominent Albuquerque metro economic developer heads to Carlsbad
Kristen Gamboa, a prominent Albuquerque metro economic developer, will soon head up the City of Carlsbad’s Department of Development, a pivot back to public service after a one-year private sector stint. <\p> Gamboa was most recently an economic development specialist for the Public Service Company of New Mexico (NYSE: PNM), but is most known for her work a senior economic director for the Village of Los Lunas, where she was credited with shepherding a $2.2 billion Meta data center and $2.3 billion aluminum rolling mill project to the municipality. Before that, she worked as an economic development associate and later director of business development for the New Mexico Partnership.<\p>
Resume gaps aren't the dealbreaker they once were, but there's a catch
Job seekers worried about gaps in their resume might still have to deal with some pushback from hiring managers, but the market today has become more forgiving to such openings than it once was.<\p> According to a recent Express Employment Professionals-Harris Poll survey, while 36% of hiring managers said they might be deterred by applicants' unexplained work gaps, the vast majority (95%) believe there are valid reasons to explain career gaps. The top reasons cited were health issues, staying home with a child, going back to school and caring for an elderly parent.<\p>
6 commercial building permits issued last week by City of Albuquerque
The City of Albuquerque issued six commercial building permits between May 20 and May 24.<\p> The permit for the largest project in terms of square footage and estimated cost was issued on May 22 to Betsy McLelland for alterations at 3700 Bosque Plaza NW. The project is estimated to be about 4,809 square feet. The estimated cost of the work is about $350,000. The work will be done by Wilger Enterprises Inc.<\p>
The AI boom is coming for these at-risk manager roles
For years, front-line workers have worried about automation taking their jobs. It may end up being middle managers who are most in danger.<\p> Companies are gaining access to new artificial-intelligence tools and capabilities at the same time many are re-assessing their operations in a challenging post-pandemic economic environment. That combination of potential new efficiencies and a desire for cost savings is putting management-level employees in the crosshairs.<\p>
ABQ medical tech company gets first FDA clearance
Indica Labs, a medical technology company based in Albuquerque, said May 8 it received clearance from the Food and Drug Administration to take one of its flagship pathology products into clinical markets in the U.S. <\p> That product, called HALO AP Dx, is designed to assist pathologists in diagnosing disease via review and interpretation of digital images of scanned pathology slides — a digital, remote diagnosis process instead of relying on glass slides and optical microscopes only. It's built on the Albuquerque company's HALO AP software platform, which integrates artificial intelligence to make those diagnostic processes more efficient, according to a May 8 release from Indica Labs. <\p>
Multifamily demand sees shift
As expenses climb, one local multifamily broker has noticed a surge in demand for smaller units and value-added properties.<\p> Multifamily broker Anthony Lotto III joined NAI SunVista in February after a short stint as a leasing agent for Rhino Realty, a property management and investment company. With over two years of experience in the multifamily market, Lotto chose to aim his efforts at becoming an expert in the commercial real estate industry in New Mexico rather than pursue a college degree. He was mentored by John Lopez, a associate broker at Coldwell Banker Legacy. <\p>
See inside: Abiquiu home near art history hits market
Abiquiu has long stood as a destination for New Mexicans and out-of-staters alike to gather and appreciate the art of Georgia O’Keeffe, one of the state’s most prominent artists. For those who want to turn their visit into a lifestyle, a new home recently hit the market. <\p> A 5.76-acre plot, located at 23 Rancho Acequias, overlooks O'Keeffe's personal estate and Plaza Blanca. Built in 2020, the 1,170-square-foot one-bedroom, one-bathroom house still sports traditional architectural notes, like custom adobe walls, wood and brick floors and hand-hewn headers and vigas. <\p>
Meet Enrico Gradi of Yes Housing
Enrico Gradi’s career started as an intern at Bernalillo County’s planning department. Twenty-five years later, he’s recently retired as the county’s deputy county manager for community services, overseeing several of the county’s internal and external agencies, including Communications and Marketing, Senior Services, Housing, Parks, Recreation and Open Space, ABC Community Schools Partnership and the Planning and Development Services Department. <\p> And, after taking a few months off for some R and R, he’s now started a new role as senior vice president of planning and economic development at Yes Housing, which aims to provide quality, affordable housing and mixed-use development in New Mexico and Arizona.<\p>
What were the biggest Q1 multifamily trends in ABQ?
As the election year heats up and inflation continues, one local multifamily broker doesn't expect to see much positive traction in the sector until 2025. <\p> Former University of New Mexico starting baseball pitcher Joe Romero — who was named senior vice president and principal at Colliers International in 2018 — graduated from the university in 1993 with a bachelor's in political science. He has since built a career in commercial real estate that spans 30 years with a focus on multifamily, land and investment brokerage and 1031 tax-deferred exchanges.<\p>
Isotopes near completion of MLB-mandated park upgrades
A series of upgrades to The Lab mandated by Major League Baseball will soon be complete, with the final renovations slated for the upcoming offseason.<\p> The new facilities and renovations will cost the City of Albuquerque, who owns Rio Grande Credit Union Field at Isotopes Park, millions of dollars by Opening Day 2025, when they must be finished due to an overhaul of MLB’s minor league system in 2021.<\p>
UNM Hospital to hire 700 employees
More than 700 jobs are about to become available for health care workers and others as the University of New Mexico Hospital begins staff recruitment for its new Critical Care Tower. <\p> According to UNMH officials, a webpage has been created where potential workers can see what jobs are open in the new, nine-level, 684,000-square-foot structure.<\p>
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
What employers need to know about the crushing childcare costs
In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child-care options. <\p> But child-care costs are soaring, thanks to the child-care cliff, a lack of new child-care centers and workforce shortages in the industry, among other factors. <\p>
Proposed water rules could give companies 'stability'
Last week, the New Mexico Environment Department's Water Quality Control Commission held its first round of hearings on a proposed rule that would govern water reuse in the state. <\p> During a five-day initial hearing, various stakeholders — including individuals from environmental groups, industry associations and private companies, among others — spoke on the proposed rule during public comment. <\p>
JTIP sees new record in May
The State of New Mexico’s Job Training Incentive Program, referred to as JTIP, broke a new record in allotted funding in May, with over $6 million given to companies.<\p> Thirteen companies are set to receive funds from the program this month, which grants money to help alleviate the cost of training and education for employees and reimbursing a percentage of wages paid during said training. Those companies are:<\p>
Texas Roadhouse headed to Santa Fe
Santa Fe will soon be home to a new Texas Roadhouse, the Louisville, Kentucky-based chain primarily known for its steaks, rolls and other Texan fare.<\p> It will be the company’s eighth location in New Mexico, following its two in Albuquerque and ones in Farmington, Las Cruces, Clovis, Roswell and Hobbs. <\p>
Titan Development acquires Hiway House Motel, plans boutique hotel
To help breathe new life into Albuquerque’s Nob Hill neighborhood, Titan Development will transform the rundown Hiway House Motel on Central Avenue into a boutique hotel.<\p> Titan officially acquired the property, located at 3200 Central Ave. SE, on April 19. Demolition of the existing structure should occur this summer, with new construction slated to begin in 2025, Titan Development Partner Josh Rogers said.<\p>
Florida solar firm flips switch on $250M-plus NM energy project
NextEra Energy Resources, a subsidiary of Juno Beach, Florida-based NextEra Energy Inc. (NYSE: NEE), and the Public Service Co. of New Mexico, on Thursday officially commissioned a new 240-megawatt-total solar generation and battery storage facility in Valencia County. <\p> Dubbed the Sky Ranch Solar Energy Center, the site is located southwest of the Village of Los Lunas, sprawling hundreds of acres just west of Interstate 25. The project, owned and operated by a NextEra Energy Resources subsidiary, includes 190 megawatts of photovoltaic solar energy generation and 50 megawatts of battery energy storage, connected to a Public Service Co. of New Mexico (PNM) substation. <\p>
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