Preparing Rail Yards for development could cost up to $80 million
August 29, 2019 06:16 PM
ALBUQUERQUE, N.M. - The City of Albuquerque has big plans to redevelop the Rail Yards, south of downtown.
The site sits mostly in disrepair, used mainly for the Rail Yards Market and film shoots.
The city wants to change that.
"Creating a public, private partnership that helps bring a lot more activity and energy to the site," said Lawrence Rael, the city’s chief operating officer.
A consulting firm estimates it could cost between $50 million and $80 million dollars to get the site ready for redevelopment.
It needs contamination cleanup, structural renovations and infrastructure.
The city is still in the process of finding ways to fund the project.
"Remember this is not all just a public project,” said Rael. “The goal here is to entice development to come in, the private sector investment. A lot of the stabilization of the buildings will be part of the private investment as they look at the sites.”
Rael said despite the huge cost of getting the site ready, the city is moving forward with plans to redevelop the Rail Yards, bring in businesses and create jobs.
"We know for sure that we're going to have some community space for just the city as a whole, for people to come and enjoy the yards," he said.
Rael said state lawmakers have already set aside $7.5 million for the project.
Updated: August 29, 2019 06:16 PM
Created: August 29, 2019 05:58 PM
Copyright 2019 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved