NOB Hill Development Opportunity

Highlights:

• 1.34-acre Central Avenue redevelopment site in Nob Hill
• Approximately 58,540 square feet of land area
• MX-M zoning: mixed-use, multifamily and commercial development
• Located within Nob Hill/Highland CPO-8 (Sub area 3)
• Potential base height of five stories, 65 feet
• Potential bonus height of 7 stories, 89 feet (requires qualifying features)
• Existing improvements total approximately 10,549 square feet (Restaurant & Office)
• ART Highland Station sits directly along Central Ave frontage
• Walkable to Nob Hill dining, retail and neighborhood services
• Near De Anza, Broadstone, and Platinum apartments (250+ market rate & luxury apartments)
• Potential to “vacate” alleyway for contiguous development
• Central/Highland/Upper Nob Hill MRA - potential 7-14 year property-tax freeze

Description:

PROPERTY OVERVIEW
4310 Central Avenue SE presents a rare 1.34-acre redevelopment opportunity along Albuquerque’s historic Central Avenue corridor. The property is assembled from 13 individual platted lots approximately 58,540 square feet and is currently improved with approximately 10,500 square feet of existing commercial space, formerly occupied by O’Niell’s Pub and consisting of a restaurant/event venue with an attached office component. The southern portion of the property includes a substantial paved parking field, while the site benefits from prominent Central Avenue frontage and additional visibility from Washington Street and Graceland Drive.

The property is zoned MX-M (Mixed-Use – Moderate Intensity) and lies within the Nob Hill/Highland CPO-8, Sub-area 3, creating significant potential for multifamily, mixed-use, commercial or other qualifying redevelopment. Sub-area 3 permits a base building height of 65 feet / five stories, with up to two additional 12-foot / one-story height bonuses available for qualifying workforce housing, structured parking and/or ground-floor commercial development. This creates potential for development of up to 89 feet / seven stories, subject to applicable IDO requirements, positioning the property primarily as a significant infill development opportunity rather than simply an existing-building acquisition.

While we believe the property’s highest and best use is redevelopment, particularly for multifamily or mixed-use development, the existing improvements may also offer near-term adaptive reuse opportunities. The approximately 10,500 square feet of restaurant and office space could potentially be renovated and repositioned for continued commercial use.


LOCATION OVERVIEW
Positioned in the Nob Hill/Highland corridor, 4310 Central enjoys an unusually strong transit-oriented location with the Highland ART Station immediately in front of the property. The station is served by both the 766 Red Line and 777 Green Line, providing direct connectivity along Albuquerque’s Central Avenue transit spine. The property sits within one of Albuquerque’s most established urban neighborhoods, surrounded by a growing concentration of restaurants, retailers, services and higher-density residential development, while remaining a short distance east of the University of New Mexico and UNM-area employment and amenities.

The immediate area has already demonstrated demand for higher-quality urban housing. Nearby projects include Broadstone Nob Hill (80+ Units) at 4101 Central, the Platinum Apartments (75+ units) at 4100 Silver, and the redevelopment of the historic De Anza directly across Central (30+ units). Broadstone and Platinum are positioned as upscale/luxury apartment communities, while the De Anza redevelopment combines contemporary residential development with the preservation of an iconic Route 66 property. This concentration of market-rate and luxury housing, combined with ART access, Nob Hill amenities and proximity to UNM, reinforces the site’s potential for a substantial transit-oriented residential or mixed-use redevelopment.

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