Continuing with our roll-out of sections of the draft report on potential improvements along Albuquerque’s historic Central Avenue Corridor, today’s release considers ways to overcome financial hurdles that might prevent getting the most out of what’s proposed for the Corridor.
The new transit line can potentially catalyze $2.9 billion of real estate redevelopment and influence the creation of more than 9,500 jobs along the corridor over 10 to 20 years, according to The Scale of the Prize analysis by the Center for Neighborhood Technology. However, there are barriers in the way of maximizing the financial opportunities.
Three separate reports for the City of Albuquerque suggest that, depending upon site uses and intensity of development, tax value per acre could grow as much as 30 times higher than current values under a new Integrated Development Ordinance (IDO). So the opening portion of the financial chapter in the draft report considers the implications of various development patterns on the regional economy. That lays the groundwork for analyses of strategies to build the added value.
This draft section prioritizes financial incentives for the high yield development scenarios outlined in the station area chapters of the plan. Among the suggested actions:
- Make Premium Transit Corridors a priority for public investment, and seek prioritization by lenders in dedicating resources to TOD.
- Create a Tax Increment for Development District (TIDD) within the Central Avenue Premium Transit Corridor.
- Create mechanisms for effective land assembly, which may include land trusts, land banks, pre-development funds to reactivate underutilized properties.
- Create a finance forum to nurture a larger pool of effective investors and developers by building competency in best practices. Use this forum to make connections within a working community of practice in Albuquerque focused on making walkable urban development patterns a reality.
- Open regular channels of communication with “wholesale” lenders, credit enhancement resources, and financial services regulators including FHA, Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency.
This chapter of the action plan concludes with a public sector project pipeline, summarizing and prioritizing ideas from the specific station area chapters.
Download and review the draft:
Then, dig into more details in the newly-released Infrastructure Needs Assessment from Crabtree Group, Inc. professional engineers here:
While your input and feedback is welcome anytime on the comment form here on the website, we invite you to join us in person for a community focus group on issues and opportunities related specifically to finance in Albuquerque’s Central Ave Corridor:
Community Focus Group
Opportunities for Financing (Re)Development on Central Avenue
Tuesday, October 17, 2 P.M.
Mid-Region Council of Governments
809 Copper Ave NW
Albuquerque, NM 87102