Construction Underway on Second Phase of Las Estancias Development
ALBUQUERQUE, N.M. – New national retailers are breaking ground in the South Valley. Bernalillo County and local developers Steve Maestas of Maestas Development Group and Mike Mechenbier welcome Hobby Lobby, Ross Dress for Less and Shoe Department Encore to Las Estancias. The new businesses will create needed jobs, help stimulate further economic growth and provide necessary services near Coors and Rio Bravo.
“This type of name brand retail has been a long time coming for the south valley,” says Bernalillo County Commission Chair Steven Michael Quezada. “We work hard every day to make sure that this area looks just like the rest of our community and that the residents of the south valley can shop near their homes and support the area they live in.”
“I am absolutely thrilled,” says Albuquerque City Councilor Klarissa Peña. “Las Estanicas has already filled a void in our community with some amazing shops, and with the additional retailers being announced, it will only enhance the development and provide great shopping opportunities in our own neighborhood!”
“Las Estancias is growing, creating jobs and bring needed services to the South Valley,” says Steve Maestas, CEO Maestas Development Group. “This groundbreaking marks the next phase of the project, and as we celebrate the success of existing businesses, we want to thank all those who join in our vision and believe in the South Valley community.”
Las Estancias is an 80 acre, $100 million development that’s already created 300 permanent jobs in the first phase of the project. With only 9-square-feet of existing retail per person in the area, compared to a citywide average of 45 square feet, residents near Las Estancias continue to request anchor stores and additional food, retail and entertainment opportunities.
Hobby Lobby will occupy 55,000 square feet of retail space, Ross Dress for Less will occupy 22,000 square feet and Shoe Department Encore will occupy 10,000 square feet. Discussions are in the works with a fourth retailer who will also occupy 10,000 square feet. The businesses are scheduled to open in the fourth quarter of 2019.