Albuquerque, New Mexico, has a new plan to

Albuquerque, New Mexico, has a new plan to revitalize its languishing downtown, where office and retail vacancy rates both top 15 percent. As reported in The Wall Street Journal, the Alvarado project is unusual because it is financed primarily by a partnership between new urbanist developer Arcadia Land Co. of Santa Fe, New Mexico, and two nonprofit groups. The city of Albuquerque will provide $10 million worth of land, parking, and infrastructure, but Alvarado is meant to otherwise survive without public subsidies. The $73 million, 525,000 square foot project was master planned by Stefanos Polyzoides of Moule & Polyzoides in Pasadena, California, and will include retail, offices, and 300 housing units. A 14-screen movie theater will anchor the development on the city’s eastern edge. Trammel Crow Co. of Dallas and Housing Solutions of Santa Fe have committed to building the retail and housing, respectively.