Albuquerque has embraced the current trend for more residential urban rentals in the downtown area. The latest addition to the Albuquerque Downtown Entertainment Design is One Central, a residential and entertainment center to be build in an empty lot at First Street SE and Central Ave. The project is scheduled to break ground in January 2017. One Central will include 60 apartments above about 40,000 square feet of commercial space that developers hope to fill with a bowling alley, a brewery, restaurants and more. The parking garage will have 423 spaces, and the city will take over immediate management and operation duties, with an option to eventually buy it.t into One Central, a five-story residential/commercial building with an attached parking structure.
Albuquerque businessmen Jerry Mosher, Dale Armstrong and Tony Pisto will develop the site under One Central Operating Associates LLC. But the city of Albuquerque will play a major role in the undertaking too, ultimately contributing about half the total cost in a collaboration both parties say is essential to the project’s viability.
One Central will cost an estimated $40 million to develop. The city will chip in $17.55 million – most of it coming from lodgers’ tax collections – plus land valued at $1.4 million, accounting for just under $19 million. Bernalillo County has also approved an industrial revenue bond package that includes property and gross receipts tax breaks.