Oregon-based Palindrome communities is planning to redevelop the Imperial Inn Motel in Albuquerque, located Downtown at 701 Central Ave NE. Approval has been granted by the city council to begin this redevelopment project, which was marked by the city’s Metropolitan Development Agency as one of the key projects for the year.
Albuquerque city has also commenced negotiations for the construction of a pedestrian bridge to connect the convention center parking lot to the planned mix-used buildings as part of the redevelopment project.
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The developer is being partially financed through city’s Metropolitan Renovation Agency funds and has secured a ten-year, forgivable loan worth $700,000. Revamping the Imperial Inn Motel in Albuquerque is estimated at $7.6 million in total and Palindrome Communities will also be investing around $2 million of its own money as well.
Palindrome Communities President, Chad Rennaker mentioned that they were happy to partner with the city and help in making a positive change to the community.
Isaac Benton, The Councilor of Albuquerque City also emphasized on how hopeful they were for this project’s completion, as the redevelopment is meant to bring life to the area, as well as help in supporting the businesses of the east downtown corridor.
The new Imperial Inn Motel in Albuquerque will consist of 16 residential suites and 52 guest rooms. It will also include 4,410 square feet of commercial space for retail and restaurant businesses, as well as an event center. The project is scheduled for completion sometime mid next year.
Mayor Tim Keller said, “Projects like these revitalize Albuquerque’s icons and honor our place as the capital of Route 66. Our downtown core has grown over the past years, and the new Imperial Inn will be a great landmark.”
According to the MRA director Karen Iverson, the Imperial Inn Motel in Albuquerque, will be owned and operated by the management arm of Palindrome Communities after its completion. They will be in charge of the selection process of commercial tenants as well. Although the building permits are still yet to be filed for the revamp, by Palindrome Communities, their ultimate goal is to ensure the activation of these sites.
