All in Vacant Land

3.2 Acres of Land on Paseo del Norte Purchased by MVG Development and Morningstar Senior Living

One of the last remaining commercial land parcels in the east Paseo del Norte corridor has been sold to a Denver-based development partnership between MVG Development and MorningStar Senior Living.  The 3.2 acre property, located at just east of Wyoming Blvd on the south side of Paseo del Norte, is one of the largest contiguous parcels in the immediate area and is desirable due to its visibility and proximity to a high density of medium income households.

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.