ALBUQUERQUE (KRQE) – It appears Innovate ABQ will soon have a home.
UNM Regents approved the purchase of the First Baptist Church on Broadway and Central in downtown Albuquerque.
The seven acre site is listed at $7.5 million.
Money for the project is coming from the feds, the city and county, private investors, and the university.
The regents approved the deal Friday but there are still several hurdles to clear and the UNM Board of Directors needs to approve the deal.
There also needs to be an agreement in place on how to develop the seven acre site.
The idea of Innovate ABQ is to bring more entrepreneurial businesses downtown and create a live, work and play community.