The acquisition of this land has been a long time coming.
The University of New Mexico has closed on about four acres of land on its south campus that will be used for athletic expansion.
Known as the Sunshine Terrace subdivision, the land consists of 59 lots west of University Boulevard, just south of the baseball and softball fields and the Lobo Village student apartments. After a condemnation process and a court settlement, UNM recently picked up 24 family-owned lots for $1,259,500. The land had been appraised for $1,145,000.
UNM Real Estate Director Tom Neale said UNM already owned 26 lots, which now leaves nine lots that the school still wants to acquire. Those nine lots are owned by four different family owners, which makes acquisition a complex endeavor, Neale said.
Neale said that the Sunshine Terrace parcels are not part of the commercial projects that are soon to hit south campus. That is a 43-acre College Town development headed up by Cleveland-based Fairmount Properties. The project is intended to transform the area from The Pit to Gibson Boulevard into a mix of commercial development, including restaurants and retail.
The Sunshine Terrace land is designated for expansion of UNM athletics, whether for facilities or parking. Neale said it will likely be used for parking in the interim as the school embarks on acquiring the remaining nine lots.
The first Sunshine Terrace acquisition took place in 1975 when seven lots were donated to UNM. The last successful acquisition was in 1988.
The Keith Bandoni-John Ransom-Tim With team at Colliers International represented the family in the latest transaction. Ransom said Colliers has other lots listed at Sunshine Terrace.