Don Pizzolato of Duke City Fix met with Gary Goodman, the developer of La Posada de Albuquerque. The historic hotel, as you may recall, is in limbo because renovations have been more expensive than anticipated, and Goodman is seeking $9 million in industrial revenue bonds to finish the project.
Pizzolato’s entry is worth reading as a whole, but this excerpt stood out:
I have no reason to doubt Mr. Goodman’s sincerity in wanting to help bring about these kinds of changes, but as with most grand plans the devil is in the details. Talking with him you sense both his passion for the property as well as a hint of buyers remorse. He admits the project has presented more challenges than expected, but is determined to see it through. Right now everything hinges on the city granting his $9 million dollar IRB. If that does not happen Goodman is not sure what his “Plan B” is. Selling the property is an option, but he would most likely incur a loss; he purchased a functioning hotel, he would be selling an empty, semi-gutted former hotel space.
After meeting with him, I’ll move Mr. Goodman from the “greedy developer” column to “well intentioned developer”, but I still think his IRB is a long shot.
If the bond request fails, Pizzolato advocates the city buying the whole block where the hotel sits and waiting for a more comprehensive, viable development for that area.