Wednesday, April 7, 2010

New Twist in Real Estate Land Grant Property Development

In 2007, SunCal developers bought the last of one of New Mexico's largest land grant holdings from Westland Corporation with fanfare and great promise of development. With no direction in which to expand  but west, the acquisition of the vast tract of land west of the city of Albuquerque seemed to offer great promise for development. With this latest announcement, however, the immediate future of the old Atrisco Land Grand property  is in doubt. SunCal, for the moment, appears to be yet another casualty of the real estate and economic downturn.

Westward is the only direction in which the city of Albuquerque can expand. The Sandia Mountains block eastward expansion. Kirtland Air Force Base and the airport restrict expansion southward and the city of Rio Rancho and Native American lands block expansion to the north. The SunCal properties (formerly Westland Corporation and Atrisco Land Grant) is the last large tract of open, undeveloped space near Albuquerque. It is valuable land and without a doubt will one day, sooner or later, be an extension of Albuquerque roof tops or a new city on the west mesa, extending westward into the sunset. 
Eloise Gift,CRS

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