By Ron Davis – Reporter, Albuquerque Business First Feb 24, 2022, 4:43pm EST
Total Management Systems and Allen Sigmon Real Estate Group took the next step for its latest Uptown project by breaking ground on a new-to-market hotel.
In September, the two Albuquerque development companies confirmed they were building the state’s first Element by Westin hotel, a project that sat in their pipelines for about two years. Total Management System’s development and design manager Adriana Gronager said preliminary construction began on Jan. 17 to get the pad site ready. In a matter of weeks, Gronager expects construction to start building vertically for the seven-story hotel and for it to be completed by the third quarter of 2023.
After the building permit was issued from the city of Albuquerque in early January, Gronager said the attention turned to locking in prices with subcontractors to best mitigate supply chain concerns and rising prices. One material needed was steel, which will make up the frame of the hotel. “We were able to lock in the majority of our big orders early with the pricing,” she said. “Instead of ordering on-demand, we’ve just done it early … way earlier than what we normally would for a project.” In September, Gronager said the hotel would cost $32.5 million. Because of the rising prices, she said the total has increased just slightly.
Sundaram Builders Inc., Total Management Systems’ construction arm, is the building contractor. Base4 is the architecture firm handling the design, Gronager said. Upon completion, the hotel will be managed by Total Management Systems. Southwest Capital Bank will provide the financing for the project. The Marriott-branded hotel will be seven stories tall, offer 120 rooms and a rooftop bar called Volaré, which translates to “to fly,” Gronager said. The hotel will offer both overnight and extended-stay options which Gronager previously compared to a mini studio apartment with a kitchen. The hotel is planned for 2430 Louisiana Blvd. NE, adjacent to the Lewis University building, also known as Uptown Tower. Allen Sigmon principals Brad Allen and Lance Sigmonand Total Management Systems Prakash Sundarampurchased the building in early 2019. “The hotel deal is going to add density to that entire corridor,” Allen Sigmon’s director of development Gannon Coffman said. “We’re going to be developing the out-parcel pad fronting Lousiana as well. There’s going to be a lot of activity — three active construction sites all going on over there at the same time. …We are doing everything we can to contribute to the improvements of the Uptown corridor.”
Originally reported on ABQ Biz First: https://www.bizjournals.com/albuquerque/news/2022/02/24/developers-break-ground-on-new-uptown-hotel.html Allen Sigmon Real Estate Group is a full-service commercial real estate company based in Albuquerque with expertise in acquisitions, brokerage, development, and property management. As a local company, we pride ourselves in our knowledge of the New Mexico commercial market and the relationships we are able to foster compared to larger national firms. Our office works with every kind of commercial property; including office, industrial, retail, land, and multifamily. Our understanding of client needs and concerns not only comes from our experience as an office but also as owners and investors of commercial property ourselves. We have an excellent team in place that is eager to work on your behalf; our results speak for themselves.