On June 30, University of New Mexico’s Board of Regents approved a land-transfer of 38-acres of University land that will become the Lobo Retail Crossing Center. The center seeks to provide students at Lobo Village and the surrounding areas, including the University’s sports arenas, with easy access to grocery stores, restaurants, and merchandise shops.
The site was purchased by SimonCRE, a commercial real estate company based in Phoenix, Arizona. The site is located on the west side of University Boulevard, south of Sunshine Terrace and north of Gibson Boulevard, on the south campus of UNM.
The property will provide a “much-needed” space of general merchandise and food centers for students living at Lobo village, patrons of the athletic complex, and the employees of the Science and Technology Park, Tom Neale, chief operating officer of the Lobo Development Corporation, said.
The site is set to be completed in the beginning of Fall 2026, Neale said.
“One of the things in our market analysis about this particular site is that this area of town, especially the area south of Central, is a food desert and underserved by retail,” Neale said. “So high-quality retail development does not currently exist in the southern portion of the city, so it'll bring a much-needed grocery store, general merchandise and a number of other large retail users.”
Food deserts are areas where residents can’t access affordable and healthy food options due to the absence of local grocery stores, according to the Food Empowerment Project.
Improved walkability is an important aspect for the site developers, Neale said.
“Our students will have easy access to the project, so they won't have to get in a car anymore to go grab something to eat or go grocery shopping. They'll have good pedestrian access to the South Campus,” Neale said.
According to Joshua Simon, the founder and CEO of SimonCRE, the shopping center will be composed of national, regional and local tenants.
“I can say that the transaction was contingent on the developer securing a large general food and grocery and general merchandise retailer. With that user comes junior anchors, and some of those will be in the apparel area,” Neale said.
The project was not affordable in the past decade, but with the City of Albuquerque and Lobo Development’s creation of a Tax Increment for Development District, the project was made feasible, Neale said.
A Tax Increment for Development District is a mechanism to support economic development and job creation by providing gross receipts tax financing and property tax financing, according to Taxation and Revenue New Mexico.
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“It's been sitting here for so long. But I also think that's a testament to the challenges of the site too. You've got 40 feet of fall across the site,” Simon said.
Developers have faced challenges with the property's details, including construction debris and large amounts of fill, Neale said.
“The deal’s not as far from being fully done. There's a lot of challenges for us to figure out. As far as site development challenges, there's topography, there's a lot of hands in the cookie jar with different groups that have to grant approval as part of the entitlement process,” Simon said.
Despite these challenges, SimonCRE and UNM are working together to resolve the entitlement issues of the site, Simon said.
“It's been challenging to get to where we are today, but there's still general entitlement issues with the site itself that we've got to work through, but I think UNM will be a good partner to help get that figured out,” Simon said.
Dannely Verduzco is a freelance reporter for the Daily Lobo. She can be reached at news@dailylobo.com
