Albuquerque to lease land at Balloon Fiesta Park for New Mexico United stadium
ALBUQUERQUE, N.M. — The City of Albuquerque is planning on leasing seven acres of Balloon Fiesta Park to New Mexico United for a multi-purpose stadium.
Officials say no city funding will be used and United is expected to invest $30 million to build the stadium.
“We’re using state money, federal money, and existing money that we had to do the utilities, the Earthwork, the electrical work that it takes to put in the stadium,” Keller said Friday .”We mostly had to do that anyway because we want to do those improvements at the Balloon Fiesta that have to do with Vendor Row.”
The city says New Mexico United would not be allowed to host matches at the stadium during the Albuquerque International Balloon Fiesta. The site identified in the lease would not interfere with ballooning in the rest of the park, according to a release.
In addition to the annual fee for rent, New Mexico United would pay the city a percentage of parking revenue. The lease term is 30 years, with options to extend the lease two 15-year terms.
The lease requires approval by Albuquerque City Council and is being introduced on Monday, Oct. 2.
In 2021, voters shot down a $50 million bond for a stadium near downtown.
New Mexico United Owner Peter Trevisani shared the following statement:
“It should come as no surprise that we’ve been working relentlessly for several years to find a location and a plan that would not only be a catalyst for our community, but also ensure the longevity of New Mexico United. This plan does that. We’re excited to privately build a stadium that creates jobs and economic impact, improves Balloon Fiesta Park, and shows that New Mexicans can do whatever they set their minds to.”