Just west of The Pit, a major retail center will begin construction next month.
The development will stretch across 365,000 square-feet and include a Target, Marshalls, Home Goods, Burlington and Old Navy, in addition to several smaller retailers and restaurants. It is scheduled to finish construction in fall 2027.
Lobo Crossing is a project the University of New Mexico has been trying to develop for nearly a decade, the Chief Operating Officer of Lobo Development Corporation Tom Neale said.
“This is kind of really a project that required (a) tremendous amount of persistence to stick with it,” Neale said.
Phoenix-based real estate development firm SimonCRE has been cleared to purchase and develop the land, though construction is in accordance with plans approved by UNM, according to a UNM press release.
The sale of the land to SimonCRE was a way for UNM to ensure quality development of the land but not take on the risks of directly developing the land, Neale said.
“We have a lot of the same benefits, but we reduced our risk associated with retail development, and then our covenants give us a lot of protection on what happens in the future,” he said.
Neale said the retail center seeks to attract local business to the space.
“The national tenants provide a strong, stable backbone, but a lot of the local tenants (are) what really provides the flavor and excitement and makes this more destination-oriented,” he said.
One of the reasons the development has been able to successfully move forward is the designation of South Campus as a Tax Increment Development District, Neale said.
A TIDD is an area where the taxes collected from the district are used for public projects to benefit the community, according to the City of Albuquerque.
“One of the challenges that we had developed for the site over the last several decades is it’s a very difficult site to develop,” Neale said. “There’s a tremendous amount of terrain issues. There is a major drainage structure that traverses the site.”
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Neale said he expects the development to have a strong impact on the students who live in Lobo Village and also park near South Campus and commute to class.
“We’ll have places for them to hang out, have a cup of coffee, have a meal, gather and study (in) groups,” Neale said. “We think it will have a really dramatic benefit on our students, but it’ll also have (a) similar benefit to the surrounding community.”
The Lobo Crossing will serve as a catalyst for development on South Campus, Neale said.
“Our goal is to create a really exciting sports entertainment technology district at our South Campus,” Neale said. “Right now, we have vast seas of parking areas that are largely empty when there’s not an athletic event, and we have vacant land that has been targeted for development for quite a while. So the Lobo Crossing project really puts a focus and highlights the financial feasibility of development in this overlooked area of town.”
Neale said that the developers looked at a number of sustainable features for the project, including solar fields.
“We did a lot of analysis, cost-benefit analysis on solar fields, and it just didn’t quite make financial sense, but things like (electric vehicle) charging stations will be part of the shopping center,” he said.
Neale said the crossing will be a walkable environment and that visitors at the athletic venues won’t have to get in a car to go to the shopping center.
“I think that’s a really strong testament to what we can do,” Neale said. “We can do big things when we work together. What I’m most proud about is how all governmental entities came together to make this a reality.”
Jaden McKelvey-Francis is the editor-in-chief of the Daily Lobo. He can be reached at editorinchief@dailylobo.com or on X @jadenmckelvey
