What's going on, Albuquerque?

Goodbye Pulse, Hello Expensive Condos?

KOB just had a report about a developer that will be taking down the Pulse building and putting up a four story building.
First floor will be retail and the top 3 floors condos.

So will this be $25 a sq foot retail space and $300k condos?

Any info on this?

Tags: hill, nob

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Permalink Reply by A3OT on June 18, 2008 at 11:01pm

I live right across the street from the Aliso I and II projects. Aliso I as of a couple of months ago was 100% sold, but a couple of the units are back on the market. Aliso II has about half of the units sold no matter what the sign or the website says. Almost all of the people that live in Aliso I are from out of state so interpret that as you may. Sheffield Partners owns about 15% of the properties East of Carlisle and has been planning a taller structure for quite a while. They also completed the project across the street from the one on Gold that was the cause of the big hoopla recently for the silver hills neighborhood.
While life might not be too easy for them with the market how it is I know that they paid roughly 1.2M for the the site of Aliso I. I imagine that construction costs were around 4M and the sale prices were on average 350K. They probably reinvested the profits of 1M or so back into the development corporation. For Aliso II they are most likely around the break even point. I don't car to guess what they've made on the project on Gold.
In general I would say that these condo/loft projects around Albuquerque succeed of fail based upon their own merit and should not be grouped together as if they offer identical products. There are a lot of people that don't want to deal with a yard and want to live in a more urban environment that the suburbs.

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Permalink Reply by Phil_0 on June 20, 2008 at 7:35pm

There's been a Sheffield sale sign up for quite some time now...I think they were hoping to ditch the Pulse property if the 2000 Gold project came through.

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Permalink Reply by A3OT on June 21, 2008 at 9:24am

Until the building is torn down they will certainly be hedging their bets. Otherwise, I've heard that they really are serious about building on the Pulse property and this is not some maneuvering to influence the council, EPC or whomever.

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Permalink Reply by escapee on June 23, 2008 at 2:37pm

Ok, so admittedly, I didn't go through the whole muck of responses you got so you may already have an answer, in case not:

The developer is Sheffield Partners and they plan to have it down by the beginning of next year with the new construction complete in 2010. Check the KOB website:

http://kob.com/article/stories/s481030.shtml

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Permalink Reply by Khan on June 28, 2008 at 10:06am

It's my impression that these super-high-end condo sitch's are not doing that hot in Albuquerque, but I might be wrong. The splended mess over on 100's Copper SE are still almost 100% empty, by the looks. Sheffield is welcome to whatever, far as I'm concerned, I won't miss that raunchy old Pulse building, even if I did see Alexis Arquette rip it up there, and still-industrial Thrill Kill Kult there more than once. (Memories...)

There are inherent class issues involved in such a project, though, no matter what. And in Albuquerque, not unlike most towns, ritzy types can and do massage their fingers under the skin of the Council and the Planners. But welcome to America, right?

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Permalink Reply by Khan on June 28, 2008 at 11:53am

Not if I can help it, but thank you for the clarification. Good to know Central Ave/Nob Hill will get some housing, potentially, for people who actually work there!