Downtown Revitalization

Downtown Albuquerque has in the last few years built momentum as a destination for locals and visitors to gather.  To further energize the urban core and ensure its vitality for years to come, Mayor Richard J. Berry announced in late 2015 a plan that will capitalize on recent upgrades made to the Convention Center and Civic Plaza.

Starting or Moving Your Business

In this metropolitan area of nearly 1million people, business and city leaders remain as accessible as those in a one-light town and take a genuine interest in connecting entrepreneurs with the resources they need to succeed. Whether taking the first steps to launching a business in Albuquerque or figuring out how to move an existing one, here are some places to begin:

Starting a business in Albuquerque:
City of Albuquerque Economic Development Department

Moving or expanding your business, and locating office space or property:
Albuquerque Economic Development
Demographics and community data
State programs and resources

Albuquerque is an affordable alternative to established tech havens like Silicon Valley, Boston, San Francisco and New York. Real estate and labor prices are more affordable, allowing entrepreneurs to bootstrap more effectively while launching their companies. The average home price is $185,200 and home prices have appreciated by 9.1% over the past year.1 There also low cost living options for young college grad tech startup workers with a median rent price of $1,200.

You know your business or startup idea is one in a million, which is why you can’t risk being viewed as just another number in a crowd of entrepreneurs. Getting acknowledged and getting help from the right people, at the right time, is critical. Albuquerque makes it easy. Albuquerque lies at the center of the New Mexico Technology Corridor, a concentration of high-tech private companies and government institutions along the Rio Grande. The city is home to a number of attendant contracting companies, Sandia National Laboratories and Kirtland Air Force Base. It is home to University of New Mexico, National American University, Trinity Southwest University of which the strength of the universities turning out well-educated graduates with strong tech backgrounds, is contributing to the emerging growth of the local startup scene.
Entrepreneurship restores creativity to the soul of the global economy. Across all industries – high tech, defense, clean-tech, social impact, retail, and life sciences – startups are transforming people’s lives.

 

Business Incentives

NM Small Business Assistance: The New Mexico Small Business Assistance (NMSBA) Program allows New Mexico small businesses facing a technical challenge to access the unique expertise and capabilities of Los Alamos and Sandia national laboratories. At no cost to the business, small businesses with a technical challenge can seek assistance from lab scientists or engineers for projects that require testing, design consultation and access to special equipment or facilities. http://www.nmsbaprogram.org

City of Albuquerque Incentives

New Mexico State Incentives

Albuquerque Stats at a Glance

Metro Population: 907,100
Major Industries: Technology, Defense
Gross Metro Product: $40.8 B
Median Household Income: $48,981
Median Home Price: $187,100
House Price Change: 9.1% appreciation last 12 months
Unemployment: 5.5%
Cost of Living: 2.7% below nat'l avg

Innovation is breaking ground in Albuquerque

EquiSeq gallops into the mainstream

  Albuquerque’s genetic horse-testing startup EquiSeq trotted into the center of this month’s edition of the Painted Horse Journal, a national magazine produced by the country’s second-largest horse association. In the horse industry, that’s the equivalent of...

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Downtown Revitalization

The multi-faceted plan includes:

  • Convention Center Renovation ($25 million): The Albuquerque Convention Center recently received a structural and aesthetic facelift to not only better reflect Albuquerque culture but also to handle larger local and traveling events. The project included the installation of a new glass façade overlooking Civic Plaza, a new stain and re-stucco for the exterior of the West Building, a new balcony, a new executive conference room, renovations to the atrium common spaces and meeting rooms, including carpeting and finishes.
  • Civic Plaza ($4 million): As an extension of the Convention Center, Civic Plaza will also receive an upgrade. Proposed plans would replace the fountain with an interactive, family-friendly, modern and sustainable water element along with improvements to the surrounding area for shade, access and activities.
  • One Central Entertainment District ($38.5 million): The City is set to break ground in Fall 2016 on a mixed-use entertainment hub at the intersection of First Street and Central Avenue. The new facility will have several amenities including a 10-lane upscale bowling lounge, coffee shops, local brewery taprooms, casual eateries and various types of retail and a 400- space parking structure.
  • Downtown Parking ($1 million): A variety of proposals are being studied to improve and modernize downtown parking facilities, including garages, lots and on-street spaces.

Expected completion dates vary per project, but all are expected to be finished by Fall 2017.

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