The city of Albuquerque is working with the state to raise money to buy and redevelop the property currently owned by Walmart.
The retail giant announced in early February it would close the location at 301 San Mateo SE on March 10.
“We saw an opportunity to get ahead instead of waiting on Walmart to walk away,” City Council President Pat Davis told KRQE. “We’re hoping to get ahead by envisioning what could be better and hoping they’d be willing to sell to us when they’re ready.”
Albuquerque Mayor Tim Keller’s office issued a news release stating the city's goal is to eventually “repurpose the site to serve local residents.”
The city said state lawmakers, led by Sen. Antoinette Sedillo Lopez (D-Albuquerque) and Rep. Janelle Anyanonu (D-Albuquerque), have $2 million in capital funding from the state legislature that could go toward a future acquisition or project on the site.
Davis told KRQE the opportunity to purchase the property could address several needs facing the city.
“We need housing,” he said. “We need a grocery store again. We need a pharmacy. We need a place for small businesses to get started again. All of that can happen in this lot, which could either be the city’s biggest abandoned shopping center lot or it could be our biggest economic development revitalization project in a decade.”
When announcing the closing, Walmart said the facility will be re-evaluated for future use at a later date and still has not said it is willing to sell the building or the property. According to KRQE, Bernalillo County property records show the site is 17.6 acres and valued at more than $3.5 million.
The city hopes to receive additional funding for the site acquisition through the proposed Senate Bill 251, which, according to the Mayor’s Office, “would expand the city’s ability to use gross receipts taxes to invest in redevelopment for projects such as the Walmart site.”
The bill passed the Senate Tax, Business, and Transportation Committee, but has yet to go to a full vote before either the Senate or the New Mexico House.
“We’re working hard to bring together community leaders, elected officials and Walmart to create a path forward for this property so that it can be a community asset and provide critical access to food and other essentials for the International District,” Keller said in the news release. “Investing in a solution that can help fill the void is important and it’s key that it be a community-driven decision on what that ultimately looks like.”