Feds still hold stalled condo project

ALBUQUERQUE (KRQE) - Looming nine stories over downtown Albuquerque stands an unfinished monument to the recession.

Construction on the Anasazi Downtown residential and retail building stopped a year ago, and now it remains a stark reminder of the financial meltdown and real estate crash.

Developers from Blue Dot Corp. told KRQE News 13 in December 2007 that the building was scheduled to be completed by the spring of 2009.

"It will be the tallest building on Central in the downtown sector," Vincent Garcia said then.

But the tallest building on Central Avenue at 6th Street SW is just that. No one lives there, and there's no telling when anyone will move in.

"It was a bummer that it happened," Roy Johnson, owner of Sumner and Dene Creations in Art across the street, said.

The project ground to a halt last year when the federal government took over the Kansas bank that was providing the $9 million in financing. One year later the feds still have hold of the building.

City officials told News 13 the FDIC bundled this property with others financed by the seized bank in Kansas and plans to sell them as a package. But local leaders are trying to separate Anasazi from that group so it's easier to sell to investors.

Chrissy Pumphrey works downtown and said she feels lucky she decided to pass on buying one of the 51 condos at Anasazi.

"You know, it's just kind of disappointing," Pumphrey said. "There are kids that skate in there and break into the building."

But others who live and work near Anasazi Downtown told News 13 they're hopeful. There is interest from local developers, and once building begins again the Anasazi is expected to help revitalize Albuquerque's downtown.

"It's so funny how people walk in here going, 'Man that's amazing. What's happening with it?'" Johnson said.

He said the people who want to call the building home are waiting and so are he and other downtown business owners.

In the past Blue Dot Corp. has said there's only about three months of work still do on the building.

"I think they're going to be fighting over it," Johnson said. "So it'll be a very big effect for all of us.

"There'll be shopping and eating downtown and there will be lots of brand new retail downstairs so."