Compare to downtown Austin, which commands $54/sqft/yr, and San Francisco, which commands $72/sqft/yr. This means a minimum of 30 years' payback when you factor in depreciation, operating expenses, and taxes. Let's also say they can find enough tenants (I have no idea where they'll come from) at $15/sqft/yr to peg it at 100% occupancy. Let's say the city can somehow get this thing built for $100/sqft by giving away the store in terms of incentives and tax abatements (because short-term construction equals long-term jobs somehow). It's not unusual to find office buildings for less than $50/sqft total. $15/sqft/yr goes unoccupied left and right already. Class A office real estate in Albuquerque's downtown has been heading downward to unprecedented lows in the past few years. This proposed building looks beyond out of place in Albuquerque, with its height, girth, and curvature sticking out from an otherwise square- and 45-degree cornered downtown.īut hey, what do I know. Something we don't (or at least I don't) want people to think of when they think of downtown.Īt least the Washington monument took its inspiration from the obelisks of ancient Egypt. I don't think I'm being dirty-minded here, but this building's shape is highly reminiscent of something. The Albuquerque Development Commission said Symphony Tower was "more grand in scope" than the other but felt it needed refining and more detail for full consideration, according to Planning Department Public Information Officer Melissa Perez. Symphony Tower beat a different proposal by Albuquerque Skyline Partners LLC that was being considered. The developer for Symphony Tower – which includes lead developer Geltmore LLC and SC3 Development LLC – has to go back to the drawing board and revise the plan with the Metropolitan Redevelopment Agency team. Symphony Tower LLC's proposal for "Symphony Tower" has been pushed forward but there's still tweaking to be done. Now details on the proposal moving on have been released but ground is far from broken. Little was known about the project's plans as the mayor's office said the proposals were kept a secret from them in the name of confidentiality, even declining to disclose the number received. In February, Albuquerque Business First reported on the mayor's call to investors and developers to heighten up Albuquerque's skyline and in August KRQE reported the proposals were in and the competition was closed. The city's plan to make Albuquerque taller is inching forward. See the project moving forward in skyline competition
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