Economy claims major real estate project

THE COUNTY ALSO SAYS IT LOST OUT ON A LOT OF SALES TAX REVENUE BECAUSE OF THE LOW ATTENDANCE TH...  More »

THE COUNTY ALSO SAYS IT LOST OUT ON A LOT OF SALES TAX REVENUE BECAUSE OF THE LOW ATTENDANCE THIS YEAR AT BALLOON FIESTA AND THE STATE FAIR. STATE FAIR ATTENDANCE WAS DOWN 17-PERCENT. YOU'LL RECALL THE WEATHER WIPED OUT 3 WEEKEND MASS ASCENSIONS AT THIS YEAR'S BALLOON FIESTA ... A COUPLE OF GLOWDEOS WERE ALSO SCRUBBED. THAT'S A LOT OF PEOPLE WHO DIDN'T GO OUT TO BALLOON FIESTA PARK TO SPEND THEIR MONEY. WE CALLED AROUND TO SEE IF THE FINANCIAL CRISIS COULD SPELL DOOM FOR SOME HIGH-PROFILE PROJECTS AROUND ALBUQUERQUE -- AND WE DID FIND ONE VICTIM. REMEMBER LAST YEAR WHEN A DEVELOPER ANNOUNCED HE WANTED TO BUILD ALBUQUERQUE'S TALLEST BUILDING? HE TOLD US ON THE PHONE THAT THE FINANCIAL CRUNCH HAS DERAILED HIS PLANS... AT LEAST FOR NOW. HE WANTED TO BUILD TWO 30-STORY TOWERS AT 6TH AND GOLD AT A COST OF 175 MILLION DOLLARS. WE CALLED THE MAYOR'S OFFICE -- AND HIS SECOND-IN- COMMAND TOLD US HE DOESN'T THINK THIS ECONOMIC DOWNTURN OR LENDING CRUNCH WILL DERAIL A PRIVATE DEVELOPER'S PLANS FOR WINROCK MALL. THE DEVELOPER WANTS TO TEAR DOWN THE MALL AND BUILD AN OUTDOOR SHOPPING DISTRICT THERE... ALONG WITH CONDOS AND OFFICES AND A HOTEL. HE WANTS TO GET STARTED NEXT YEAR. THE MAYOR'S OFFICE ALSO TOLD US IF THE CITY DOES EVENTUALLY DECIDE TO GO AHEAD WITH ITS DOWNTOWN ARENA PLANS ... IT DOESN'T EXPECT TO RUN INTO FINANCING PROBLEMS....BECAUS E IT THINKS THE ECONOMY WILL BE IN BETTER SHAPE BY THEN. THE CITY IS LOOKING AT BUILDING A 12- THOUSAND SEAT ARENA NEAR CENTRAL AND BROADWAY ...WITH SHOPS ...HOUSING AND A MASSIVE HOTEL JUST ACROSS THE TRACKS. THE ESTIMATED COST IS JUST UNDER 400-MILLION  « Less