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District 1

BernCo Approves Economic Incentives for New Hotel Chaco

05/13/2015

Bernco LogoThe Bernalillo County Commission  on May 12 approved a $40 million industrial revenue bond package that clears the way for construction of a new hotel in Albuquerque’s Old Town neighborhood. The Hotel Chaco will be built next to Hotel Albuquerque at 800 Rio Grande Blvd. NW. Developers also intend to construct a new artisanal food market, Sawmill Market. Both projects are expected to create 215 permanent jobs over time. During the building phase, the project is expected to create 543 temporary construction jobs.

“Bernalillo County is proud to support new construction and tourism jobs, which are major economic drivers throughout New Mexico,” District 1 Commissioner Debbie O’Malley says. “I’m confident Hotel Chaco will prove to be a world-class gateway for visitors from all over the world to experience New Mexico heritage and culture.”

The bonds are privately financed and enable the developer, Hotel Albuquerque Tenancy and Sawmill Bellamah Properties, LLC, to be exempt from certain taxes. The county will hold title to the property until the developer repays the bondholders.

Hotel Chaco will include 118 guestrooms, a rooftop event terrace, conference rooms, a restaurant, spa and outdoor pool.

Developers intend to ask the county to support a separate $10 million industrial revenue bond to support construction of the Sawmill Market later this year.

Since 2010, the Bernalillo County Commission has supported 20 projects that have created more than 2,000 new jobs and more than $200 million in new private investment activity.

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