Urban redevelopment has helped keep the economy afloat and announces upcoming $ 160 million projects to continue the robust recovery
September 3, 2021
Today, the city released details of more than $ 160 million in upcoming projects as part of the Metropolitan Redevelopment Agency (MRA) annual report for 2021. The report highlights the projects completed in 2020 that helped keep the economy afloat and outlines the significant economic impact that downtown Albuquerque’s redevelopment and revitalization will have on the city’s robust pandemic recovery.
“Coming together to keep our city going and keep the economy going during the pandemic has paved the way for the robust recovery we are now achieving,” said Mayor Tim Keller. “With an additional $ 160 million in projects in the pipeline, we are preparing to create new opportunities for small businesses, reinvigorating our downtown core, and creating a built environment our city is proud of and additional Attracts investment. “
MRA collaborations have turned every dollar of public investment into ten dollars of economic impact. In fiscal 2021 alone, MRA projects spurred the construction of 178 residential and 138 hotel units, assisted 110 small businesses with COVID-19 aids, which resulted in $ 78.7 million being invested back in the city.
“These innovative projects and revitalization programs for main streets will ensure that our inner city is pleasant and dynamic again,” said Karen Iverson, manager of the Metropolitan Redevelopment Agency. “With our upcoming projects, we’re creating catalytic, equitable change and attracting more businesses and investments to Albuquerque.”
Some of the projects completed in FY21 include the residential portion of the Nuevo Atrisco development, which created 86 affordable housing units; the Highland Springhill Suites with 118 hotel rooms, 20 dedicated long-term stay units for the Ronald McDonald House and a pedestrian bridge; and nearly half a million dollars in al fresco dining grants to be given to business owners in Albuquerque to help create COVID-safe dining spaces.
“Our Parquito has enabled us to bring color, happiness and a sense of normalcy to our dining experience during COVID,” said Gurubachan Khalsa, owner of Mata G Vegetarian Kitchen. “It gets people in the door because they want to sit in a cozy place to relax and have fun. We plan to keep our terrace even after COVID. “
The upcoming project highlights include the Rail Trail, which will connect the city center with the nearby neighborhoods, mass transport facilities and the Rail Yards redevelopment area; and the renovation of the Imperial Inn in the east of the city center with 13 micro-restaurants and micro-retail spaces, 58 upgraded guest rooms, 16 short-term and long-term residential units and event rooms.
For the full report of the Metropolitan Redevelopment Agency’s completed and upcoming projects, visit cabq.gov/MRAreport.