ALBUQUERQUE, N.M. (KRQE) – It may not look like much, but developers say the 110 acres near I-40 and 98th St. is prime real estate for a big need in Albuquerque. “There’s a huge need in this market to be able to provide top-notch industrial class A warehouse on probably the best location available in the region, right off of I-40,” said Brian Patterson, Senior Vice President for Titan Development.

Some work is already being done, but on Wednesday, Titan Development and the City of Albuquerque will hold an official groundbreaking ceremony for the incoming 150,574-square-foot warehouse. “There is less than 1% vacancy in this market,” said Patterson. “We just don’t have that industrial space available.”

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They’ve already leased about a third of the space and expect to have the rest leased out in a few months. While they haven’t released the names of the companies just yet, Patterson said the companies they’re talking to could use the space for light manufacturing, assembly, and storage. “We’re already seeing a number of users interested in coming to this space for a variety of reasons,” said Patterson.

He said those reasons include being close to I-40 and within six hours of places like Phoenix and Denver. “With what the vacancy’s at, with the interest both outside and existing local users are looking for and really demanding for right now, we’re seeing a lot of interest,” said Patterson.

Patterson said the $22 million project could bring around 150 construction jobs and possibly hundreds of jobs when the warehouse is filled. It’s expected to be completed in May 2023. After selling some of the property to Maverick gas station and a tire mart, Patterson said they still have about 90 acres of that property they could bring more development to.