NAIOP & ENR AWARD OF MERIT WINNER
In 2008, the 9 story, 90,000 square foot Anasazi Downtown project was put on indefinite hold and its future was shadowed by negativity. The City of Albuquerque ordered it boarded up and it sat untouched, approximately 65% complete, for 4 years. An out of state developer, PEM Real Estate out of Phoenix Arizona, bought the building in a bank auction and sought out qualified bidders to resurrect the project. AIC’s team of project managers performed a detailed inspection of the building and came up with several creative ways for the building to be completed for the best possible combination of price, product and timeline.
The best way to complete the project, AIC felt, was to seek out the original subcontractors who had worked on the building and negotiate a completion cost that was acceptable to all. Some of the subcontractor base had been financially hurt by the original building owner and AIC felt that this was a way to help them finish the project they started and also maintained some “project memory” as well. “It was the right thing to do”, in other words. The original design team at Mullen Heller Architecture was also brought in to help finish this beautiful building. Soon, a 1 year clean up and completion schedule was set in place and the building was complete. To date, the Anasazi has enjoyed several residents living in its 45 individual loft style units in the heart of Downtown Albuquerque.
A true definition of collaboration of an out of state developer using local talent to achieve a common goal.
Project Location: 524 Central Avenue, Albuquerque
Owner: PEM Real Estate
Architect: Mullen Heller