Retail MX-L or 230 Apartment Units EPC Approved or Senior Housing

Vacant Land for Sale
Catylist Listing ID: 14150226
Property Subtypes: Multi-Family, Office, Retail
Gross Land Area: 9.05 Acres
Sale Price: $2,350,000
Unit Price: $259,668 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/30/2021

Overview / Comments

The IDO Conversion Map shows the entire Heritage Marketplace zoning as MX-L, which allows commercial uses equivalent to C-1 and residential uses equivalent to R-2. However, Tract B-1 does have declaration restrictions on C-1 development.

MX-L zoning has no cap on residential density. It includes dimensional standards that address maximum building height (35 feet unless along a major transit corridor) and setbacks, minimum parking standards, which are less for senior living facilities, etc. MX-L also allows age-restricted zoning, which is essentially multi-family residential with senior residents.

Relative to senior housing, the MX-L zoning allows assisted living facility and nursing home permissively, and independent living as an accessory use to either an assisted living facility or nursing home and as part of a continuing care community that allows residents to transfer to higher levels of care as needed. A change in the site plan for senior housing will require approval by the EPC.

Tract B-1 also has an EPC approved site plan for 230 apartment units could go directly to DRB for Site Plan for Building Permit. Offsite improvements have been completed. Site Development Plan for Building Permit and architect work product for 40 West is under Photos & Documents. Total of 230 units: 94 (1-bedroom units), 64 (2-bedroom units), and 72 (3-bedroom units). Appeal 16-2 was accepted by the City Council on April 4, 2016 and reversed the decision of the Environmental Planning Commission by accepting and adopting the recommendation and findings of the Land Use Hearing Officer. The Notice of Decision, Findings and Conditions are under Photos & Documents. The appeal period expired May 13, 2016 with no appeal. It is possible the existing site plan could be amended administratively. Potential Buyers are responsible for confirming the status of the approved site plan and any amendment to the site plan with the City of Albuquerque.

The Wal-Mart Neighborhood Market with a pharmacy and gas has been joined by Starbucks, Taco Bell, Burger King, Taco Bell, Great Clips, Verizon, Sprint, Circle K.

Lower Petroglyphs is home to Mirehaven - Del Webb (Age 55 restricted) Community will have 600 residential units and is 75% sold out and Pulte Multi-Generational has 300 units and is sold out. Inspiration by Pulte Multi-Generational has 327 lots approved. Inspiration opened in March of 2020 and has 65 pending sales. These projects are adjacent to the Petroglyph National Monument on Tierra Pintada west of Unser.

Albuquerque Public Schools' Community Stadium is just southwest of the Mirehaven projects. Tres Volcanes Community Collaborative K-8 at the NWC of Arroyo Vista & Tierra Pintada started classes in August of 2018.

These projects are 1.5 miles west of the SEC of Unser and Ladera.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: West Mesa
Taxing Authority: Bernalillo County
Tax ID/APN: 100905952600140105
Zoning: MX-L - Mixed-use: Low Intensity
Market Type: Large
Property Located Between: Unser & Market
Side of Street: East
Road Type: Paved
Property Visibility: Excellent
Legal Description: Tract B-1 of Heritage Marketplace (Being a Replat of Tract B, Heritage Marketplace), Document # 2015079607
Largest Nearby Street: Ladera and Unser
Traffic/Vehicle Count: 33,100
Transportation: Bus, Highway
Highway Access: North of I-40 on Unser to SEC of Unser & Ladera.
Airports: Albuquerque Sunport International Airport & Double Eagle
Zoning Description: Su-2, SU-1 for Planned Office Park and Commercial, EPC Approval for Site Plan For Building Permit April 04, 2016.
Part of Planned Development?: Yes
Development Name: Heritage Marketplace
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,893 90,867 212,400
Median Age: 30.24 32.67 33.83
Households: 5,690 32,432 76,806
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