The Board of Regents of the University of New Mexico has approved a road map for developing land in Mesa del Sol in Albuquerque’s southeast quadrant. Forest City Covington (FCC), a major national land developer, will be responsible for the actual development.
UNM will participate in a land exchange with the State Land Office allowing FCC to move ahead with the development in return for an opportunity to participate in some development projects.
“They’re eventually going to have 90,000 residents out there,” said UNM Board of Regents Chairman Jamie Koch. “This is going to be another Rio Rancho. Everybody is going to make money on this deal.”
The agreement is part of a complex land exchange involving the UNM, Cochiti Pueblo and the State Land Office. UNM, which owns the Young Ranch southeast of Santa Fe will trade the ranch to the State Land Office, in exchange for 3,000 acres of state owned land in the Mesa del Sol development. Part of the Young Ranch includes land regarded by Cochiti Pueblo as sacred. Two hundred fifteen acres important to the Pueblo were returned to Cochiti last December in a ceremony hosted by the Cochiti Tribal Council.
The 3,000 acres of land at Mesa del Sol includes two future campus sites, one of approximately 440 acres and one of approximately 40 acres. UNM will retain that land, and sell approximately 2,520 acres, plus 480 acres the university already owns to Forest City Covington.
The UNM campus parcels will only be developed with land use and facilities typically associated with the educational and research mission of a major public research university, and may include a research park, university affiliated non-profits and institutes, community service, athletics, student activities, housing for faculty, student and staff, health clinics and other Health Science Center uses. Forest City Covington will size the backbone infrastructure to serve the projected level of intensity of development on the campus parcels.
As part of the agreement, UNM will sell the land to FCC at acquisition cost from the State Land Office. UNM would also have the right to participate in the Forest City Covington Capital limited liability company for 15 percent. This portion of the agreement might include participation in specific projects the company develops at Mesa del Sol.
“This is a great step forward in our partnership with Forest City,” said Associate Vice President for Facilities Steve Beffort.
Complete development plans for Mesa del Sol would have to be approved through normal planning and zoning channels in the City of Albuquerque and County of Bernalillo.
Contact: Karen Wentworth, (505) 277-5627