LACDC Withdraws Proposal to Develop 1010 Central

The LACDC has withdrawn its proposal to pursue development of the 1010 Central project in downtown Los Alamos. Courtesy photo
Los Alamos Daily Post

Los Alamos County Administrator Harry Burgess has received notification that the Los Alamos Commerce and Development Corporation (LACDC) has withdrawn its proposal to pursue development at 1010 Central Ave., in downtown Los Alamos.

The project included new construction of a two-story, 32,000-square-foot retail/office condominium building in the west parking lot of the new Municipal Building Complex.

“The desire for retail development at the 1010 location was a part of the original plan for this location (including the Municipal Building); and prior to my arrival, Council had initiated this concept and staff had issued an RFP,” Burgess said.

The County awarded the contract to the LACDC in 2012. The LACDC has not been able to garner sufficient interest to move the project forward. An 80 percent or 24,000-square-feet tenant purchaser commitment was needed to secure funding, LACDC Executive Director Scott Randall said this morning.

“We were wallowing in the 18,000-19,000-square-feet range,” he said. “The County had issued a deadline of a signed purchase agreement by March. We contacted 10 to 12 new businesses but the interest wasn’t there and we had a couple more defections (businesses previously indicating interest) so we notified the County … bottom line, there was just a lack of interest in the type of project we were proposing, which was an owner occupied space.”

In regard to what the County intends to do with the 0.6 acres of prime downtown property, Burgess said the LACDC’s notification of withdrawal from the project came at the same time that the County was completing its publication of the annual budget and now has four budget hearings scheduled over the next two weeks with the County Council.

“Given these current pressures, I have not had the opportunity to schedule a discussion with Council regarding any alternate paths forward, but I do expect that to be our next step,” Burgess said.

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