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Albuquerque Business First
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Popular coffee chain planned near National Hispanic Cultural Center
A new Dunkin' could be headed to a South Albuquerque neighborhood near one of the city's most prominent cultural centers. <\p> The City of Albuquerque's Environmental Planning Commission (EPC) approved plans to change the zoning at 310 Avenida Cesar Chavez SW for a drive-thru Dunkin' restaurant. The 1-acre site is tucked between Second Street SW and Fourth Street SW on an empty lot, a few doors down from the National Hispanic Cultural Center. <\p>
How to prep for real estate uncertainty
If there’s one common theme that resonates across the real estate market, from property owners, to investors and developers, it’s uncertainty. <\p> Constant changes in the market, such as interest rates, inflation and rising operational costs, to name just a few, have the potential to negatively affect real estate businesses. With no crystal ball to read the future, all levels of ownership are seeing changes to their investments and bottom lines.<\p>
Hispano Chamber Foundation awards 115 scholarships
The Albuquerque Hispano Chamber of Commerce Foundation plans to dole out $120,000 in scholarships, marking the 37th year of its Excellence in Education Scholarship Program. <\p> A total of 115 students will be awarded the funds for higher education pursuits. A ceremony is slated for 9:30 a.m. Thursday at the Albuquerque Hispano Chamber of Commerce's courtyard at 1309 Fourth St. SW. <\p>
Space industry conference puts New Mexico on display
It's been six years since Albuquerque aerospace nonprofit NewSpace Nexus first hosted its State of the Space Industrial Base Conference. This year's event, held last week at the Sheraton Airport Hotel, was the nonprofit's largest, said its CEO Casey DeRaad.<\p> More than 275 people attended the conference this year, per NewSpace Nexus' count. It was supported in part by the Defense Innovation Unit, an organization under the U.S. Department of Defense, the U.S. Space Force and the Air Force Research Laboratory. <\p>
City acquires Uptown hotel for housing
The City of Albuquerque has acquired a hotel property near Uptown, with plans to convert it into a housing navigation center for young adults.<\p> Bought for nearly $4.8 million, the former San Mateo Inn, located at 2424 San Mateo Blvd. NE, was an operating hotel until late April.<\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Go inside 40 Under 40; nominate for Diverse Business Leader Awards
Last week, Albuquerque Business First celebrated 40 young professionals who go above and beyond in their careers and communities. <\p> Emceed by former 40 Under 40 honoree Kyle Stepp, an elite para triathlete for Team USA, the ceremony was held at the Indian Pueblo Cultural Center on May 31. Each of the 2024 honorees were recently featured in print and online. <\p>
Iconic restaurant to shutter last ABQ location
After more than a half-century in business, a beloved local barbecue restaurant is shutting down its last remaining location in Albuquerque.<\p> Mr. Powdrell's Barbecue House is closing its 4,400-square-foot facility at 5209 Fourth St. NW on June 29, Owner Joe Powdrell said. The eatery will host a farewell celebration on July 4 from 10:30 a.m. to 5 p.m. <\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Three firms nab City airport contracts
Three Albuquerque-based firms will soon begin work for the Albuquerque International Sunport and Double Eagle II Airport — both for on-call services and a specific project.<\p> The Albuquerque City Council Monday night, as part of its consent agenda, approved FBT Architects, Molzen Corbin and WHPacific to serve as architectural consultants on three separate contracts. They will serve as on-call consultants for the facilities amid a period of extensive renovations to both. All three have previously worked for the City of Albuquerque.<\p>
Space Force manager makes move to ABQ firm
Verus Research, an Albuquerque-based advanced technology and research firm with a slew of big-dollar federal contracts, said a former U.S. Space Force and Air Force Research Laboratory manager will lead its space- and autonomy-related work.<\p> Victor Gallardo, who spent over a decade leading acquisitions and contracting for the Air Force Research Laboratory and the U.S. Space Force's Space Systems Command, will work as Verus Research's director of space and autonomy, the company announced May 31.<\p>
This is why Tania Armenta loves to sell Albuquerque
In New Mexico, where culture meets desert beauty, Tania Armenta shines as a leader in promoting Albuquerque's tourism. <\p> As president and CEO of Visit Albuquerque, a nonprofit destination marketing organization, Armenta has spent over two decades showcasing her home state to the world. Raised in San Juan County, Armenta returned to New Mexico in 1998 after a stint in Nebraska for her education and early career. <\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
German space startup picks ABQ for U.S. HQ
A German startup developing advanced pieces of space hardware has picked Albuquerque as the headquarters of its wholly owned U.S. subsidiary, with customer and employee growth expected in the Duke City after rolling out a new product offering. <\p> iBOSS GmbH, founded in 2017 in Aachen, Germany, has spent the past half-decade developing a space technology called ISSI, or Intelligent Space System Interface. Thomas Schervan, the startup's co-founder and CEO, described the technology as a sort of "USB for space." <\p>
Contractor relocates ABQ HQ; opens Rio Rancho location
Albuquerque-based First Rate Plumbing, Heating and Cooling has relocated its Albuquerque office and added a second location in Rio Rancho to better serve its expanding clientele of about 50,000. <\p> The company, previously known as Desert Suns Heating and Cooling, moved its Albuquerque operations to a new, larger facility at 3004 Second St. NW. The complex, which officially opened at the beginning of the year, spans 5,000 square feet and replaces its previous 2,000-square-foot space at 2420 Midtown Place NE, which the company vacated at the end of December 2023 due to rapid growth following its recent acquisitions, CEO Andrea Griego said. <\p>
Global firm's $40M ABQ expansion on track
ABB Installation Products Inc., a subsidiary of multinational corporation ABB Ltd., said Monday it's on track to finish its $40 million West Albuquerque expansion by year's end after being issued a building permit for the buildout of a 90,000-square-foot-plus manufacturing facility. <\p> ABB first announced its Albuquerque expansion plans in late March 2023. The 93,744-square-foot expansion would double the company's production capacity for electric utility products under its Elastimold brand, which includes a range of underground cable accessories, fuses and switchgears.<\p>
Monica Armenta departs APS
After almost 25 years as executive director of the Albuquerque Public Schools Communications Department, Monica Armenta will become the new executive director of the New Mexico Broadcasters Association, effective July 22.<\p> She replaces Paula Maes, who has led the organization for the last 30 years and announced her retirement earlier this year. The New Mexico Broadcasters Association facilitates cooperation and understanding among broadcasters, both radio and television, as well as promotes relationships with businesses and other organizations throughout the state, according to the organization's website.<\p>
Meet the 2024 Best Places to Work honorees
What makes a good workplace? <\p> Is it the culture? Maybe it’s the benefits? Does it offer a fulfilling mission? Ask 10 people and you will likely get 10 different answers. But to earn the official Best Places to Work designation, an organization needs to check all those boxes — and more. <\p>
$29M commercial building permit issued last week
The City of Albuquerque issued 14 commercial building permits between May 28 and May 31. <\p> The permit for the largest project in terms of estimated cost was issued on May 30 to Cole Bishop for a new building at 6625 Bluewater Road NW. The project is estimated to be about 93,744 square feet. The estimated cost of the work is about $29 million. The work will be done by David E. Harvey Builders Inc.<\p>
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