ALBUQUERQUE, N.M. (KRQE) – A major downtown development is approved, with a catch. Developers won’t get all the tax breaks they need to get going right away, despite strong support from city administration.
The County Commission voted Tuesday night to approve a 15 year tax break for the developer of the the multi-use development set to cost millions. However, the developer says he was expected a 30 year break. Now, he says he has to start over.
The group heading up “One Central” proposed the sort of multi-use development you often see in big cities, where apartments, retail, restaurants, entertainment and a parking garage are all situated in one sprawling spot.
“One Central” proposed for the corner of Central and 1st Street, would include all of the above, including room for a bowling alley and 400 parking spaces. According to reps from the mayor’s office, a brewery too.
They are all for it and have been working with developers to make this happen. The mayor’s representatives claim “One Central” is what downtown needs to attract more locals.
The vote Tuesday night to shorten the tax break was a close one, three to two. Commissioner Debbie O’Malley, who was one of those two, questions whether it’s a smart investment.
O’Malley told KRQE News 13 on Wednesday night, the 30 year tax abatement wasn’t fair to tax payers, and other businesses that don’t get tax breaks at all.
Developers initially expected to break ground on “One Central” Monday, but held a meeting Wednesday afternoon to determine what the next step for the project will be.