City’s Metropolitan Redevelopment Helped Keep Economy Afloat, Announces $160M in Upcoming Projects to Continue Robust Recovery
Sept. 3, 2021
Today, the City released details on more than $160 million in upcoming projects as part of the Metropolitan Redevelopment Agency’s (MRA) 2021 annual report. The report highlights projects completed in 2020 that helped keep the economy afloat, and outlines the significant economic impact that redevelopment and revitalization of Albuquerque’s urban center will have on the City’s robust pandemic recovery.
“Coming together to keep our city running and economy moving during the pandemic paved the way for the robust recovery we are achieving now,” said Mayor Tim Keller. “With another $160 million in projects in the pipeline, we’re preparing to create new opportunities for small businesses, reinvigorate our downtown core, and create a built environment that our city is proud of, drawing in additional investment.”
The MRA’s collaborations have leveraged every single dollar of public investment into ten dollars of economic impact. In fiscal year 2021 alone, MRA projects have fostered the construction of 178 residential and 138 hotel units, supported 110 small businesses with COVID-19 relief funding, resulting in $78.7 million invested back into the City.
“These innovative projects and main street revitalization programs will ensure our Downtown is enjoyable and dynamic once again,” said Karen Iverson, Metropolitan Redevelopment Agency Manager. “With our upcoming projects, we are creating catalytic, equitable change, and attracting more businesses and investment 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 outdoor dining grants, distributed to Albuquerque business owners to aid in creating COVID-safe dining spaces.
“Our parquito allowed us to bring color, happiness, and a sense of normality to our dining experience during COVID,” said Gurubachan Khalsa, owner of Mata G Vegetarian Kitchen. “It brings people in the door because they want to sit in a cozy place to relax and enjoy themselves. We plan to keep our patio even after COVID.”
Upcoming project highlights include the Rail Trail, which will link the Downtown core to nearby neighborhoods, mass transportation options, and the Rail Yards redevelopment site; and the renovation of the Imperial Inn in east downtown, with 13 micro-restaurant and micro-retail spaces, 58 upgraded guest rooms, 16 short- and long-term living units, and event space.
To explore the complete report of the Metropolitan Redevelopment Agency’s completed and upcoming projects, visit cabq.gov/MRAreport.