ART will boost single family home rentals in Albuquerque. The city has officially signed an $82.6 million contract September 10 that calls for the local construction company to finish work on the Albuquerque Rapid Transit “ART” project by late 2017. Heavy demolition and disruptions along a nine-mile stretch of Central Avenue expect to begin in mid-October as Bradbury Stamm puts hundreds of people to work building a network of bus-only lanes and bus stations between Louisiana and Coors.
The $82.6 million contract with Bradbury Stamm covers the bulk of the construction work. City officials say it guarantees a maximum price, unless the city asks for extra work. The project overall is still expected to cost about $119 million when the cost of design, buying buses and other work is added in. Most of the money comes from the federal government. Cynthia Schultz, CEO of Bradbury Stamm, said she expects the project to employ the equivalent of 300 full-time workers over the next year. About 1,000 people altogether might work on it in some way, she said.
A Big drawback for Albuquerque for attracting millennials and retirees to our city has been the lack of public transportation, especially to downtown and major shopping areas. This demographic is especially important for the rental industry for single-family home rentals; as there is not the density of population as in an apartment community. ART will spur redevelopment along the Central Avenue corridor and provide faster, more reliable service than the regular bus system. The project’s design is to mimic light rail, but at a fraction of the cost. A vitalized downtown and easy access is one of the major points millennials and retiring seniors list when choosing a city to relocate. In our property management experience these demographic now make up over 60% of the people who are now renting a home in Albuquerque.