News and Events
Albuquerque Journal
Friday, June 27, 2008
Winrock Unveils Makeover Plans with space
Tired of looking at the lonely 83-acre stretch we call Winrock? Get ready for a vision of retail, restaurants, movie theater, hotel, and office, residential and arts space in a Spanish/Mediterranean style.
Winrock Town Center is no more than a vision at this point. It could include up to 60 retail outlets and 15 restaurants, many of them local. Developers would seek national stores new to the area, such as Nordstrom. And a mini-Rio Grande is suggested, winding its way past an ethnic food court.
Private commercial financing to the tune of several hundred million dollars would be needed.
And the developers plan to seek public support in the form of a "TIDD," which allows a percentage of future property and gross receipts tax revenues to be used on the development's infrastructure.
About 500 residents of the Winrock area were the first in the community to view the vision Thursday night at Winrock Center's former food court, where presentations, speakers, easels and renderings put a face and some numbers on the developer's dream.
Though reaction was mixed, it tended toward the positive.
"I love it," said Armando Parra, who lives near Eubank and Constitution. "If they do develop it, we'll be here all the time."
However, David Duff, who has been in Albuquerque since 1973, said "I'm not sure yet. I'd like to keep it enclosed. The heat here? The wind? But I know they're not going to do that."
Gary Goodman, president of Goodman Realty Group, and Mike Kelly, president of mortgage and investment company Q10, formed Winrock Partners LLC in September when they purchased the mall from PruWinrock LLC in New Jersey. Ever since, Goodman, majority owner, has been planning one of the biggest real estate developments ever undertaken in Albuquerque for the area bordered by I-40, Indian School, Pennsylvania and Louisiana.
A priority is for it to be built green.
"My goal is to have it consume 50 percent of the energy a development of this nature normally would consume," he said.
There are few definites, although the names Nordstrom and Crate and Barrel did come up. Don't get too excited, though. Goodman swears everything is still in the conversation phase; no ink is drying on a page. Dillard's would continue to anchor the shopping area.
Talk to the man who's handling the retail leasing, and he'll suggest, "Use your imagination. We are." That's Steve Maestas, managing partner and qualifying broker of Maestas and Ward, the "got space?" people.
"We're looking at some well-known name brands that aren't necessarily here now," Maestas said.
Michelle Jordan, 27, who attended the show and tell, said, "I'd like a few more designer shops, like Baby Phat and Calvin Klein. And a couple of pet stores would be cool in this area."
The project would be done in phases, starting with the south end, a "Winrock Avenue," leading to a plaza and movie theater, anchored by a dozen restaurants. The area bordering I-40 would be geared toward the younger crowd with youth-oriented clothing and electronics.
Goodman hopes to break ground in spring 2009 and open Phase 1 in 2012. About 60 percent of the existing mall would be torn down and all businesses, with little exception if any, would face out.
Goodman and Maestas are short on numbers - like per-square-foot lease rates, ratio of national to local retail, residential sizes and prices. That's partly because financing comes together as leases are signed and loans are granted - in this case private commercial financing.
The city, county and state would need to approve making the area a TIDD, or a tax increment development district, an economic tool that allows governments to dedicate up to 75 percent of future property and gross receipts taxes to the building of streets, lighting and free parking. The developer pays for it first and is reimbursed with the TIDD money.
As Goodman envisions Winrock, this would be local and state government's return on their go ahead: 83 acres of xeriscaped, green-built, multiuse urban lifestyle, with trolleys connecting it to ABQ Uptown and Coronado, and eventually, some public transportation connecting it to Downtown. Benefits for the existing Winrock neighborhood would include about 12 acres of amenities: a grocery, pharmacy, dry cleaner, health club, possibly a medical facility, a police substation, a bank and a transportation center, all at the north end along Indian School.
Part of Thursday night's event was to determine current residents' interests and needs. With a Trader Joe's coming to ABQ Uptown, Goodman said residents need to make clear their preference for another natural food store or a chain grocery. Space may be allotted for a farmers market.
"We have talked with Smith's," Goodman said. "They have some fine departments. We're starting to talk with the natural groceries, too."
Goodman wants to create a draw for one-stop entertainment. He thinks having as many as 15 restaurants is a good start. "You park once," Goodman said. Before or after a meal, visitors could stroll, shop, see a movie, or linger for live music or a theater performance. A string of six or seven ethnic eateries, probably local, would form a food court. Higher-end establishments, some local, would offer a different experience.
A 16-screen movie theater, with one Imax, would be the big entertainment draw, with varying live music and theater, art markets and three plazas. One, about the size of Old Town Plaza, would be in front of the movie theater.
Goodman has a few ideas to keep the kids happy as well.
"I have a bead on a couple of antique carousels," he said. And he's considering a water feature similar to the one in ABQ Uptown, which intermittently shoots water through holes in the ground.
Businesses get space in the center of the development - 120,000 square feet above retail shops. Goodman is hoping to attract new companies to Albuquerque.