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Posted 19 Oct 16 By: No comments yet

South Valley’s first Starbucks joining high-profile development

Starbucks aggressively expanded in the Albuquerque market last year, with activity on at least five new stores in several neighborhoods throughout the city. But one area the Seattle-based company hadn't ventured yet was into the South Valley. The closest location was Downtown.

Now the developers behind Las Estancias, the $70 million retail development near Rio Bravo and Coors boulevards, have announced Starbucks will open a drive-thru there.

The 2,000-square-foot store will be built between Dion's and McDonald's, fronting Coors Boulevard.

Las Estancias broke ground in early 2013 and has been steadily adding tenants. It's being developed by Steve Maestas, CEO of Maestas Development Group, and Mike Mechenbier, a prominent New Mexico landowner and rancher, among other things.

"Starbucks has been one of the most requested brands at Las Estancias from the community," Maestas said.

Maestas said they had been talking to Starbucks' people for a couple of years, waiting until Starbucks felt it made sense for them to move forward with a new location. Las Estancias was represented by NAI Maestas & Ward's Clayton King and Keith Meyer. Starbucks was represented by Linda Davis with CBRE.

Maestas said the South Valley wasn't a hard sell for Starbucks, it just took some time.

"I think it's the continuing story of people learning about the opportunities in the South Valley and the broad and deep market that's available for businesses," Maestas said. "Once someone spends the time to educate themselves and understand what the market is, it's a compelling opportunity for businesses."

Construction on the new Starbucks location has started. The general contractor is Albuquerque-based Wilger Enterprises. Starbucks is scheduled to open in February.

Maestas said work to open more stores at Las Estancias is ongoing.

"The process always seems to take longer than you'd like. But we expect to have a fairly robust lineup of national brands in this next phase," Maestas said.

The next phase is about 150,000 square feet of large-scale tenants, including fashion retailers and some food brands, which will be announced next year. Maestas said construction on that 150,000 square feet will start in 2017.

By:  Stephanie Guzman, Reporter-Albuquerque Business First

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