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Posted 29 May 15 By: No comments yet

Las Estancias Development Update

Restaurant interest increases as construction on South Valley movie theater hits midpoint

Albuquerque residents or visitors driving by the Las Estancias development in Albuquerque's South Valley may have noticed a massive structure taking shape. It's the new 47,000-square-foot Carmike Cinemas (Nasdaq: CKEC) movie theater — the first such amenity in the South Valley in recent memory and the second IMAX theater in Albuquerque.
Las Estancias is the 550,000-square-foot, $70 million retail development with a health care facility on almost 80 acres at the southeast corner of Rio Bravo and Coors boulevards.

Officials say the theater is about 50 percent complete and it is driving additional restaurant and retail interest. Click on the accompanying images to see the  theater under construction.

Keith Meyer and Clayton King with NAI Maestas & Ward are leasing the retail properties at Las Estancias. Meyer said some name-brand restaurants that have no existing locations in southwest Albuquerque are now looking at the site because of the Carmike construction.

"They like the site because it's a good opportunity for people to eat before and after the movies," Meyer said. Tenants already at Las Estancias or that are in the pipeline include T-Mobile, Great Clips, Dion's Pizza, McDonald's, Planet Fitness and New Mexico Bank & Trust.

Meyer said he has letters of intent (LOI) on 100,000 square feet of additional retail space at the development. Who those tenants will be announced in the future, he said.

Meyer said there has been good feedback from the surrounding community, too, who are excited about the amenities the center already has and will bring. "There's a good buzz about it," Meyer said. "There were certain things where you'd have to get in your car and drive to another part of the city. Las Estancias will remedy that."

By:  Stephanie Guzman, Reporter-Albuquerque Business First

Update as of June 2015 include:

  • Carmike theater is 60% complete and expected to open before the holidays.
  • New Businesses to coming Las Estancias include: Sushis King, MVD Now, T-Mobile, Papa Murphy's

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