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Albuquerque Business First
Former New Mexico congresswoman joins Lockheed Martin board
A former U.S. House of Representatives member for New Mexico and current president of the University of Texas at El Paso has joined the board of Lockheed Martin. <\p> The Maryland-based defense company announced May 22 that Heather Wilson, Ph.D., will join its board effective immediately. <\p>
$29M Westside housing project breaks ground
To address an aging population and improve housing access for seniors, the Supportive Housing Coalition of New Mexico and an out-of-state developer broke ground on a $29 million affordable housing project on Albuquerque's Westside May 20.<\p> La Serena Apartments, a 100-unit complex, is located at 457 Coors Blvd. NW. The 86,800-square-foot project is being developed by Thomas Development, an Idaho-based multifamily and commercial development company, in collaboration with HB Construction and Erstad Architects.<\p>
$95M award means hiring, more work for this major firm in ABQ
A new, nearly $100 million contract award could lead to hiring growth and expanded directed energy work in Albuquerque for a major aerospace and defense contractor a few months after the firm announced its largest acquisition deal to date. <\p> BlueHalo, based in Arlington, Virginia, said Tuesday it was awarded a $95.4 million contract from the U.S. Army Space and Missile Defense Command, or SMDC. The award is for advanced directed energy prototype development, with contract dollars being used for the designing and building of "cutting-edge laser weapon systems," the company's release notes.<\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
City breaks ground on $17M multi-gen center
Northwest Albuquerque will soon have its own multigenerational center, with construction underway after years of planning and securing funds. <\p> The 15,000-square-foot building located near the intersection of Cibola Loop and Cuba Road aims to give seniors another access point for City services and programs. <\p>
UMB/HTLF merger will look like this in New Mexico
UMB Financial Corp.'s acquisition of Heartland Financial USA Inc. is expected to close in the first quarter of 2025, creating a financial institution in the top 1% of the U.S. by asset size. <\p> The combined entity is expected to have $64.5 billion in assets, $52.2 billion in deposits and $35 billion in loans. It’s expected to have a $6.2 billion market capitalization and a footprint of 197 branches across 13 states. <\p>
New $14M early learning center coming to Old Town ABQ
Central New Mexico Community College and Explora announced Tuesday the two are partnering on a new $14 million educational facility to be built in Old Town Albuquerque, with work expected to start later this year. <\p> Called the Brilliante Early Learning Center, the 14,000-square-foot building will stand just behind the New Mexico Museum of Natural History and Science and adjacent to the Explora Science Center and Children's Museum. Albuquerque-based RMKM Architecture PC designed the facility alongside Weil Construction, based in Albuquerque. <\p>
New Mexico woman's lawsuit against Wells Fargo changes venues
After a lengthy dispute, a New Mexican woman’s lawsuit against Wells Fargo has been moved to a new venue, with the judge in the case citing the lack of plaintiffs who live in its current district.<\p> The case was originally filed in the United States District Court’s Northern District of California, which encompasses the counties along the northern half of the state’s coast. Attorneys for plaintiff Sabrina Perez claimed the venue was appropriate due to Wells Fargo headquarters being located in San Francisco.<\p>
After half century, Northeast Albuquerque cigar shop to close
Monte’s Cigars and Pipe Tobacco, a Northeast Albuquerque tobacco store and lounge of nearly 50 years, will soon close its doors. <\p> Matthew Monte, the third-generation owner of the shop his grandfather opened in 1976, told Albuquerque Business First the culmination of the difficulties placed on the tobacco industry in recent years, such as increased regulation, have made it difficult to maintain business.<\p>
Intel report shows hiring growth, New Mexico investment figures
A statewide economic impact report published by Intel Corp. Monday highlights hiring growth and hundreds of millions of dollars in spending by the semiconductor giant within New Mexico over the past year.<\p> The company's (NASDAQ: INTL) New Mexico Community Investment Report shows Intel hired 581 people in New Mexico in 2023, 396 of which were New Mexico residents. That total number is the highest reported by the company in over two decades and represents a year-over-year growth of nearly 30% between 2022 and 2023. <\p>
What's filming in New Mexico? Here's a roundup.
Since the conclusion of the Screen Actor's Guild-American Federation of Television and Radio Actors (SAG-AFTRA) strike in November 2023, New Mexico's film and television industry has exploded, with several projects currently filming and planning to film in the Land of Enchantment.<\p> While there are likely more high-profile films and series' in production throughout the state, the secrecy around them makes it difficult to confirm the exact number. However, the following projects have been confirmed by the New Mexico Film Office to be currently filming.<\p>
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